Swedbank uses senior unsecured debt to fund parts of its liquidity reserve and to ensure that the overcollateralisation level in the cover pool can withstand significant unexpected house price fluctuations. For this purpose and as preparation for the anticipated future bank resolution regime (crisis management directive) the bank has established a EUR, a USD, and a GBP benchmark curve. In addition to public benchmark transactions Swedbank also issues senior debt through private placements in various currencies and tenors.