Meet The Swedish Local Government Debt Office Chief Economist Lena Bäcker

Lena Bäcker is a person who combines experience with engagement. She has worked in the banking and financial sector for twenty five years, primarily with responsibility for the public sector.

During the meeting with the Magazine Dialogue, she emphasized the power of the Swedish Local Government Debt Office. It is not just about lending money; it is equally important that money is created as part of the end result.

Dialogue: What did you know about Kommuninvest before you got the job as the company’s chief economist?

Lena Bäcker: A lot. During my time at Handelsbanken and Stadshypotek I encountered the name Kommuninvest. I soon realized that it was a competitor to be reckoned with. 

Dialogue: After a period as CEO in the Municipality of Säffle you got an assignment from the National Housing Credit Guarantee Board, the Swedish Government expert body. Tell us about this!

Lena Bäcker: There were actually two assignments, concerning construction and the housing sector in the country. The first assignment was to conduct a feasibility study, in the form of a needs and stakeholder analysis, for a new financial institution to look after bank guarantees, and the interests of both private and public sector stakeholders.

In the end, I was commissioned to suggest a model for a new Swedish guarantee organization for financing construction and housing.

Dialogue: And since the beginning of 2009 you have had the role of Chief Economist at Kommuninvest. What is your job like?

Lena Bäcker: It was an entirely new job to enhance Kommuninvest in Sweden and the organization’s role as the Swedish Local Government Debt Office. An important part of my job is to monitor and analyze the country’s macro-economic horizon in general and local government sector from a financial perspective in particular. And then I must communicate with the outside world. 

I also communicate with the Swedish government and its departments and committees in parliament. The aim is to ensure that the Swedish municipal sector in the future is able to fund itself efficiently.

My role is also to inform the local government sector about the financial point of view of various stakeholders such as international rating agencies, which can have a major impact on our ability to provide funding for our borrowers.

A lot of my work will focus on developing and cultivating relationships. Here it is important to understand that relationships must be maintained at all times.

Dialogue: After working as a chairman of a committee for the National Housing Credit Guarantee Board, what challenges do you think that the Swedish municipalities are facing?

Lena Bäcker: The task of renovating the homes built as part of the one million homes program can be described as a ticking bomb. No less than 80% of social housing is believed to be in need of renovation. An assessment of the cost of this renovation that Sweden’s municipalities have in front of them suggests a figure in the order of SEK 105 billion over a ten year period. 

Lena Bäcker:

She has a solid background from Handelsbanken and Stadshypotek where she worked for 15 years, including marketing, analysis, macro-and micro economics and risk management. In 2003 she became CEO for the Mutual Guarantee Association of Värmland. The vision of the activities here was to strengthen and enhance entrepreneurship in the county by providing loan guarantees, venture capital, business development and networking.

When she changed jobs after four years, the Mutual Guarantee Association of Värmland was one of the country’s fastest growing associations. A period Lena Bäcker was CEO in the Municipality of Säffle. She is chairman of the National Housing Credit Guarantee Board (three separate committees), which is the government’s expert body for matters concerning the financing of construction and housing.

Since January 2008, Lena Bäcker has been involved with the international organization Hand in Hand. This organization helps to maintain democracy by offering micro-credit facilities in India, Afghanistan and South Africa.

Education: A degree in Economics  and Law

Age: born 1967.
Family: Husband and two children.
Home: House in Karlstad.
Title: Chief Economist. 
Motto: “Problems are there to be solved” 
Last book read: Barack Obama’s memoir, ”My father had a dream”.
Favourite music: I like most sorts of music. Right now, it is Depeche Mode.
Strengths: Positive and engaged.
Weaknesses: I speak a little too fast on occasion, and tend to be easily excited.
Likes: Travelling. Australia is a favourite.
Dislikes: When people or animals get hurt.
In my spare time: Spend time with my family, exercise, read or get involved with some cultural activity.
In the future: Have an exciting time ahead of me at the Swedish Local Government Debt Office.
Unknown capability: Have competed in cross-country running.