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"What makes Swedish banks vulnerable is that they have issued a big amount of bonds on the international market. A substantial portion of their liabilities is not deposits but bonds," Tors said.

"When it comes to both Swedish banks and Deutsche Bank, the first thing talked about is not whether it will go bankrupt or not, but that it's a public company and there are very many of those who have invested in their stocks and bought bonds," Tors said.

The rates on Deutsche Bank bonds jumped in the wake of an announcement that the bank must pay a big fine to the U.S. Department of Justice.

Tors said it remains a question whether Deutsche Bank can carry out the next bond issue now that the interest it must pay is higher, and he sees the same as being a problem with Swedish banks.

"Swedish banks are in the same situation. When they go out to make a new issue, will it be possible for them to raise money on the market? That's the risk that affects us the most via Sweden," he said.

"If they can't carry out an issue it means they will start pulling together liquid buffers within the group, which means that our loan growth will disappear, although it apparently won't drop deep into negative territory by all means," Tors said.

A second and even bigger risk, according to Tors, is that should Swedish banks put substantial curbs on loan growth the development of that country's economy will come under question in the event of a decline or a confusion following the real estate boom.

"That shock may be even bigger for us, since Sweden is our biggest foreign trade partner," Tors said.