Swedish Export Credit Corp /Swed (GRU) 20-F 2004 FY Annual report (foreign)

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EXHIBIT 7.1

RATIOS OF EARNINGS TO FIXED CHARGES

Calculation of Ratios of Earnings to Fixed Charges
for SEK excluding the S-system
on the Basis of U.S. Accounting Principles

		Year ended December 31,
		2004	2003	2002	2001	2000
Fixed Charges:
	Interest expenses	4,364.9	4,091.4	3,778.5	4,781.2	6,429.0
Earnings:
	Net profit (loss)	1,076.7	643.2	2,613.4	-312.3	608.7
	Taxes	418.8	250.1	1,016.5	-123.8	212.8
	Fixed charges	4,364.9	4,091.4	3,778.5	4,781.2	6,429.0
		5,860.4	4,984.7	7,408.4	4,345.1	7,250.5
Ratio of earnings to fixed charges		1.34	1.22	1.96	0.91	1.13

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EXHIBIT 7.1

RATIOS OF EARNINGS TO FIXED CHARGES Calculation of Ratios of Earnings to Fixed Charges for SEK excluding the S-system on the Basis of U.S. Accounting Principles