Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | SWEDISH EXPORT CREDIT CORP /SWED/ |
Entity Central Index Key | 352,960 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IN SUMMARY - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IN SUMMARY | |||||||
Interest revenues | kr 1,257 | kr 1,056 | kr 987 | kr 2,313 | kr 1,873 | kr 3,896 | |
Interest expenses | (911) | (674) | (565) | (1,585) | (1,021) | (2,213) | |
Net interest revenues | 346 | 382 | 422 | 728 | 852 | 1,683 | |
Net fee and commission expense | (8) | (5) | (7) | (13) | (13) | (28) | |
Net results of financial transactions | 27 | (59) | (36) | (32) | (30) | (102) | |
Total operating income | 365 | 318 | 379 | 683 | 809 | 1,553 | |
Personnel expenses | (78) | (79) | (89) | (157) | (168) | (320) | |
Other administrative expenses | (67) | (56) | (62) | (123) | (122) | (232) | |
Depreciation and impairment of non-financial assets | (9) | (8) | (12) | (17) | (23) | (45) | |
Total operating expenses | (154) | (143) | (163) | (297) | (313) | (597) | |
Operating profit before net credit losses | 211 | 175 | 216 | 386 | 496 | 956 | |
Net credit losses | 13 | (10) | 51 | ||||
Net credit losses for IFRS 9 | 25 | 5 | 30 | ||||
Operating profit | 236 | 180 | 229 | 416 | 486 | 1,007 | |
Tax expenses | (60) | (44) | (55) | (104) | (115) | (235) | |
Net profit | [1] | 176 | 136 | 175 | 312 | 371 | 772 |
Items to be reclassified to profit or loss | |||||||
Available-for-sale securities | [2] | (20) | (28) | (33) | |||
Derivatives in cash flow hedges | [2] | (7) | (6) | (28) | (13) | (57) | (91) |
Tax on items to be reclassified to profit or loss | 2 | 1 | 11 | 3 | 19 | 27 | |
Net items to be reclassified to profit or loss | (5) | (5) | (37) | (10) | (66) | (97) | |
Items not to be reclassified to profit or loss | |||||||
Own credit risk | [2] | 113 | 71 | 184 | |||
Revaluation of defined benefit plans | [2] | (19) | (11) | (17) | (30) | (13) | (4) |
Tax on items not to be reclassified to profit or loss | (21) | (13) | 4 | (34) | 3 | 1 | |
Net items not to be reclassified to profit or loss | 73 | 47 | (13) | 120 | (10) | (3) | |
Total other comprehensive income | 68 | 42 | (50) | 110 | (76) | (100) | |
Total comprehensive income | [1] | kr 244 | kr 178 | kr 125 | kr 422 | kr 295 | kr 672 |
Basic earnings per share (in SEK per share) | [3] | kr 44 | kr 34 | kr 44 | kr 78 | kr 93 | kr 193 |
Diluted earnings per share (in SEK per share) | [3] | kr 44 | kr 34 | kr 44 | kr 78 | kr 93 | kr 193 |
[1] | The entire profit is attributable to the shareholder of the Parent Company | ||||||
[2] | See the Consolidated Statement of Changes in Equity. | ||||||
[3] | Net profit divided by average number of shares, which amounts to 3,990,000 for each period. |
CONSOLIDATED STATEMENT OF COMP3
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IN SUMMARY (Parenthetical) - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IN SUMMARY | ||||||
Weighted average number of shares (in shares) | 3,990,000 | 3,990,000 | 3,990,000 | 3,990,000 | 3,990,000 | 3,990,000 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - SEK (kr) kr in Millions | Jun. 30, 2018 | Dec. 31, 2017 | |
Assets | |||
Cash and cash equivalents | [1] | kr 5,348 | kr 1,231 |
Treasuries/government bonds | 3,505 | 4,382 | |
Other interest-bearing securities except loans | 43,644 | 39,807 | |
Loans in the form of interest-bearing securities | 40,060 | 41,125 | |
Loans to credit institutions | 24,951 | 23,198 | |
Loans to the public | 158,548 | 141,111 | |
Derivatives | 10,795 | 7,803 | |
Property, plant, equipment and intangible assets | 82 | 88 | |
Other assets | 4,317 | 3,556 | |
Prepaid expenses and accrued revenues | 2,504 | 2,091 | |
Total assets | 293,754 | 264,392 | |
Liabilities and equity | |||
Borrowing from credit institutions | 3,939 | 2,317 | |
Senior securities issued | 244,554 | 222,516 | |
Derivatives | 21,001 | 16,480 | |
Other liabilities | 1,204 | 826 | |
Accrued expenses and prepaid revenues | 2,419 | 2,063 | |
Deferred tax liabilities | 553 | 531 | |
Provisions | 70 | 45 | |
Subordinated securities issued | 2,236 | 2,040 | |
Total liabilities | 275,976 | 246,818 | |
Share capital | 3,990 | 3,990 | |
Reserves | (278) | 30 | |
Retained earnings | 14,066 | 13,554 | |
Total equity | [2] | 17,778 | 17,574 |
Total liabilities and equity | kr 293,754 | kr 264,392 | |
[1] | Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date. | ||
[2] | The entire equity is attributable to the shareholder of the Parent Company. |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN SUMMARY - SEK (kr) kr in Millions | Share capital | Hedge reserve | Fair value reserve | Own credit risk | Defined benefit plans | Retained earnings. | Total | ||
Balance at the beginning of the year at Dec. 31, 2016 | kr 3,990 | kr 96 | kr 35 | kr (1) | kr 13,016 | kr 17,136 | |||
Net profit for the year | 371 | 371 | [1] | ||||||
Other comprehensive income | (44) | (22) | (10) | (76) | |||||
Total comprehensive income | (44) | (22) | (10) | 371 | 295 | [1] | |||
Dividend | (234) | (234) | |||||||
Balance at the end of the year at Jun. 30, 2017 | [2] | 3,990 | 52 | 13 | (11) | 13,153 | 17,197 | ||
Balance at the beginning of the year at Dec. 31, 2016 | 3,990 | 96 | 35 | (1) | 13,016 | 17,136 | |||
Net profit for the year | 772 | 772 | [1] | ||||||
Other comprehensive income | (71) | (26) | (3) | (100) | |||||
Total comprehensive income | (71) | (26) | (3) | 772 | 672 | [1] | |||
Dividend | (234) | (234) | |||||||
Balance at the end of the year at Dec. 31, 2017 | [2] | 3,990 | 25 | 9 | (4) | 13,554 | 17,574 | ||
Effects of the implementation of IFRS 9 | [3] | (9) | kr (409) | 432 | 14 | ||||
Balance at the end of the year at Jan. 02, 2018 | 3,990 | 25 | (409) | (4) | 13,986 | 17,588 | |||
Balance at the beginning of the year at Dec. 31, 2017 | [2] | 3,990 | 25 | kr 9 | (4) | 13,554 | 17,574 | ||
Net profit for the year | [1] | 312 | |||||||
Other comprehensive income | 110 | ||||||||
Total comprehensive income | [1] | 422 | |||||||
Balance at the end of the year at Jun. 30, 2018 | [2] | 3,990 | 15 | (265) | (28) | 14,066 | 17,778 | ||
Balance at the beginning of the year at Jan. 02, 2018 | 3,990 | 25 | (409) | (4) | 13,986 | 17,588 | |||
Net profit for the year | 312 | 312 | |||||||
Other comprehensive income | (10) | 144 | (24) | 110 | |||||
Total comprehensive income | (10) | 144 | (24) | 312 | 422 | ||||
Dividend | (232) | (232) | |||||||
Balance at the end of the year at Jun. 30, 2018 | [2] | kr 3,990 | kr 15 | kr (265) | kr (28) | kr 14,066 | kr 17,778 | ||
[1] | The entire profit is attributable to the shareholder of the Parent Company | ||||||||
[2] | The entire equity is attributable to the shareholder of the Parent Company. | ||||||||
[3] | The effects of IFRS 9 differ from the effects presented in Note 1b in SEK’s 2017 Annual Report. The difference is related to the calculation of accumulated gains and losses that arise from changes in SEK’s own credit risk, and do not have any net effect on equity. |
STATEMENT OF CASH FLOWS IN THE
STATEMENT OF CASH FLOWS IN THE CONSOLIDATED GROUP IN SUMMARY - SEK (kr) kr in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |||
Operating activities | |||||
Operating profit | kr 416 | kr 486 | kr 1,007 | ||
Adjustments for non-cash items in operating profit | |||||
Adjustments for non-cash items in operating profit | 290 | 144 | 274 | ||
Income tax paid | (183) | (182) | (365) | ||
Changes in assets and liabilities from operating activities | (6,648) | (1,556) | 8,534 | ||
Cash flow from operating activities | (6,125) | (1,108) | 9,450 | ||
Investing activities | |||||
Capital expenditures | (11) | (10) | |||
Cash flow from investing activities | (11) | (10) | |||
Financing activities | |||||
Change in senior debt | 1,022 | 4,852 | (9,919) | ||
Derivatives, net | 9,061 | (3,882) | (4,931) | ||
Dividend paid | (232) | (234) | (234) | ||
Cash flow from financing activities | 9,851 | 736 | (15,084) | ||
Cash flow for the period | 3,715 | (372) | (5,644) | ||
Cash and cash equivalents at beginning of the period | 1,231 | [1] | 7,054 | 7,054 | |
Exchange-rate differences on cash and cash equivalents | 402 | (227) | (179) | ||
Cash and cash equivalents at end of the period | [1] | kr 5,348 | kr 6,455 | kr 1,231 | |
[1] | Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date. |
Applied accounting principles a
Applied accounting principles and impacts from changes in accounting principles | 6 Months Ended |
Jun. 30, 2018 | |
Applied accounting principles and impacts from changes in accounting principles | |
Applied accounting principles and impacts from changes in accounting principles | Note 1. Applied accounting principles and impacts from changes in accounting principles This condensed interim report is presented in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting. The Group’s consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) together with the interpretations from IFRS Interpretations Committee (IFRS IC). The IFRS standards applied by SEK are all endorsed by the European Union (EU). The accounting also follows the additional standards imposed by the Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) (ÅRKL) and the regulation and general guidelines issued by Finansinspektionen (the Swedish FSA), “Annual Reports in Credit Institutions and Securities Companies” (FFFS 2008:25). In addition to this, the supplementary accounting rules for groups (RFR 1) issued by the Swedish Financial Reporting Board have been applied. SEK also follows the state’s general guidelines regarding external reporting in accordance with its corporate governance policy and guidelines for state-owned companies. During the second quarter of 2018, the winding-down of the subsidiary Venantius AB, including its wholly-owned subsidiary VF Finans AB, was completed. The winding-down did not have any material effect on the Group’s results, assets or liabilities. The Consolidated Group as of June 30, 2018 encompasses SEK and its newly-formed, wholly-owned, non-active subsidiary, SEKETT AB. These are jointly referred to as the “Consolidated Group” or the “Group”. The accounting policies, methods of computation and presentation of the Consolidated Group are, in all material aspects, the same as those used for the 2017 annual financial statements except for the application of the new and amended standards from IASB that entered into force beginning January 1, 2018. This interim report does not include all the disclosures required in the annual financial statements, and should be read in conjunction with the company’s annual financial statements as of December 31, 2017. As of January 1, 2018, SEK began applying IFRS 9 Financial Instruments, which replaced the previous regulatory framework IAS 39 Financial Instruments: Recognition and Measurement. The impact of the transition to IFRS 9 on SEK is summarized as follows: · As of January 1, 2018, SEK assessed its liquidity investments, which were previously classified as available-for-sale assets. The conclusion of the assessment was that liquidity investments are included in a portfolio where the business model entails measurement at fair value and, accordingly, they are recognized at fair value through profit or loss (FVTPL). Liquidity investments that were previously classified at fair value pursuant to the fair value option (FVO) are also classified at FVTPL. Certain fixed-rate liquidity investments were previously subject to hedge accounting and, as of January 1, 2018, these hedge accounting relationships have been terminated since liquidity investments are now measured at FVTPL. · SEK’s lending meets the conditions for the solely payments of principal and interest (SPPI) tests and uses a business model that aims to collect contractual cash flows, which means SEK’s lending is measured at amortized cost. · Gains and losses that arise from changes in SEK’s own credit risk on liabilities designated at fair value are recognized in the reserve for own credit risk under Other comprehensive income and are not reclassified to profit or loss in the financial statements of the Group. · The principle applied for the impairment of exposures has changed from an approach based on incurred credit loss events under IAS 39 to an approach based on expected credit losses (ECL). IFRS 9 requires that all assets measured at amortized cost, including credit commitments and financial guarantees, are to be tested for any impairment, · As of December 31, 2017, the transition to IFRS 9 had a total impact on the Group’s equity of Skr 14 million. IFRS 9 has no material impact on the Group’s capital adequacy and large exposure ratios. SEK is not restating comparative periods. Comparative information for 2017 is reported pursuant to IAS 39 and is not comparable with the information presented for 2018 under IFRS 9. Differences arising from the introduction of IFRS 9 are recognized directly in retained earnings as of January 1, 2018. Beginning January 1, 2018, SEK has also begun applying IFRS 9 for hedge accounting. Additional information on new accounting policies associated with IFRS 9 and quantitative transition information can be found in Note 1b to the Consolidated Financial Statements in SEK’s 2017 Annual Report. As of January 1, 2018, SEK began applying the new standard IFRS 15 Revenue from Contracts with Customers. IFRS 15 is not applicable to financial instruments or leasing agreements. IFRS 15 had a minor effect on SEK’s financial reporting during the first half of 2018. Future changes to IFRS In January 2016, the IASB issued the new accounting standard IFRS 16 Leases, with changes for lessees. All leases (with the exception of short-term and low-value leases) are to be recognized as right-of-use assets subject to depreciation with corresponding liabilities in the lessee’s balance sheet, and the lease payments recognized as repayments and interest expenses. Lessor accounting remains essentially unchanged. Additional disclosures are also required. SEK’s preliminary assessment is that the standard will primarily affect SEK’s recognition of operational leases for rental premises, which is not expected to have any material impact on SEK’s financial statements or capital adequacy or large exposure ratios. The standard will be applicable beginning January 1, 2019. There are no other IFRS or IFRS IC interpretations that are not yet applicable that are expected to have a material impact on SEK’s financial statements, capital adequacy or large exposure ratios. |
Net interest revenues
Net interest revenues | 6 Months Ended |
Jun. 30, 2018 | |
Net interest revenues | |
Net interest revenues | Note 2. Net interest revenues Skr mn Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan–Jun Jan-Dec Interest revenues Loans to credit institutions Loans to the public Loans in the form of interest-bearing securities Interest-bearing securities excluding loans in the form of interest-bearing securities Derivatives -43 -74 -87 -117 -204 -372 Administrative remuneration CIRR-system 1 Other assets Total interest revenues 2 Interest expenses Interest expenses -848 -604 -517 -1,452 -924 -2,020 Resolution fee -63 -70 -48 -133 -97 -193 Total interest expenses -911 -674 -565 -1,585 -1,021 -2,213 Net interest revenues 1 Including administrative remuneration for concessionary loans of Skr 1 million during the period January-June 2018 (1H17:Skr 1 million). 2 Interest revenues calculated using the effective interest method amounted to Skr 1,959 million during the period January - June 2018 (1H17: Skr 1,595 million). |
Net results of financial transa
Net results of financial transactions | 6 Months Ended |
Jun. 30, 2018 | |
Net results of financial transactions | |
Net results of financial transactions | Note 3. Net results of financial transactions Skr mn Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan–Jun Jan-Dec Derecognition of financial instruments not measured at fair value through profit or loss -1 Financial assets or liabilities at fair value through profit or loss 1 -39 -38 -1 -51 -48 Financial instruments under fair-value hedge accounting -11 -21 -1 -32 -53 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value -5 -4 -1 Total net results of financial transactions 2 -59 -36 -32 -30 -102 1 SEK classifies IFRS 9 liquidity investments as financial assets valued at fair value, which means that unrealized gains and losses are also recognized in net results of financial transactions. Due to IFRS 9 market value changes, arising from changes in credit spread on SEK’s own debt, are not reported in net results of financial transactions, but in other comprehensive income. 2 Difference between Parent Company and Consolidated group for the period Jan-Jun 2018 is due to different accounting principles regarding changes in SEK’s own credit risk, see Note 1. SEK’s general business model is to hold financial instruments measured at fair value to maturity. The net market value changes are mainly attributable to changes in credit spread on own debt, which, due to IFRS 9, are reported in other comprehensive income, and basis spreads, which is reported in net results of financial transactions. The changes could be significant in a single reporting period, but will not affect earnings over time since the lifetime cumulative changes in the instrument’s market value will net to zero if it is held to maturity and is a performing instrument. When financial instruments are not held to maturity, realized gains and losses can occur, as in cases where SEK repurchases its own debt, or where lending is repaid early and the related hedging instruments are terminated prematurely. The effects reported in the following line items of net results of financial transactions in the table above include realized as well as unrealized changes in fair value: “Derecognition of financial instruments not measured at fair value through profit or loss”, “Financial assets or liabilities at fair value through profit or loss” and “Financial instruments under fair-value hedge accounting”. “Financial assets or liabilities at fair value through profit or loss” and “Financial instruments under fair-value hedge accounting”. |
Impairments
Impairments | 6 Months Ended |
Jun. 30, 2018 | |
Impairments | |
Impairments | Note 4. Impairments Skr mn Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan–Jun Jan-Dec Impairment of financial assets — -27 -59 Reversal of previous write-downs — — — Net impairment and reversals -10 Established losses — — — — -47 -47 Reserves applied to cover established credit losses — — — — Recovered credit losses — — Net credit losses -10 Loss Allowance Opening balance -135 -155 -230 -155 -254 -254 Adjustments to opening balance due to IFRS 9 — Reserves applied to cover established credit losses — — — — Net impairment and reversals -10 Exchange-rate differences -6 -3 — -9 Closing balance -116 -135 -217 -116 -217 -155 Loss Allowance, January-June 2018 Stage 1 Stage 2 Stage 3 Skr mn Individually measured allowances Total Opening balance -38 -33 -66 -137 Increases due to origination and acquisition -6 -6 Net remeasurement of loss allowance Transfer to stage 1 — Transfer to stage 2 Transfer to stage 3 Decreases due to derecognition Decrease in allowance account due to write-offs — — — — Exchange-rate differences -3 -1 -5 -9 Closing balance -30 -19 -67 -116 of which lending -29 -19 -65 -113 of which off balance -1 -2 -3 |
Financial assets and liabilitie
Financial assets and liabilities at fair value | 6 Months Ended |
Jun. 30, 2018 | |
Financial assets and liabilities at fair value | |
Financial assets and liabilities at fair value | Note 5. Financial assets and liabilities at fair value June 30, 2018 Skr mn Book value Fair value Surplus value (+)/ Cash and cash equivalents — Treasuries/governments bonds — Other interest-bearing securities except loans — Loans in the form of interest-bearing securities Loans to credit institutions Loans to the public Derivatives — Total financial assets Borrowing from credit institutions — Senior securities issued Derivatives — Subordinated securities issued Total financial liabilities December 31, 2017 Skr mn Book value Fair value Surplus value (+)/ Cash and cash equivalents — Treasuries/governments bonds — Other interest-bearing securities except loans — Loans in the form of interest-bearing securities Loans to credit institutions Loans to the public Derivatives — Total financial assets Borrowing from credit institutions — Senior securities issued Derivatives — Subordinated securities issued Total financial liabilities Determination of fair value The determination of fair value is described in SEK’s 2017 Annual Report, see Note 1a (h) (viii) Principles for determination of fair value of financial instruments and (ix) Determination of fair value of certain types of financial instruments. Financial assets in fair value hierarchy Financial assets at fair value through Available-for-sale under IAS 39 1 Skr mn Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Treasuries/governments bonds — — Other interest-bearing securities except loans — — Derivatives — Total, June 30, 2018 — Total, December 31, 2017 — — 1 Due to the transition to IFRS 9, the financial assets classified as available-for-sale under IAS 39 are now classified as “Financial assets at fair value through profit or loss” . Financial liabilities in fair value hierarchy Financial liabilities at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Senior securities issued — Derivatives — Subordinated securities issued — — — — Total, June 30, 2018 — Total, December 31, 2017 — There were no transfers made between levels during the period January-June 2018 (year-end 2017: Skr - million). Financial assets and liabilities at fair value in Level 3, June 30, 2018 Skr mn January 1, Purchases Settlements Transfers Transfers Gains (+) 1 Gains (+) Exchange- June 30, Other interest-bearing securities except loans — — — — — — — — — Senior securities issued -42,995 -2,432 — — -3,976 -42,224 Derivatives, net -846 -10 — — -2,002 — -2,669 Net assets and liabilities, 2018 -43,841 -2,431 — — -3,788 -44,893 Financial assets and liabilities at fair value in Level 3, December 31, 2017 Skr mn January 1, Purchases Settlements Transfers Transfers Gains (+) 1 Exchange- December 31, Other interest-bearing securities except loans — -250 — — -6 -1 — Senior securities issued -48,217 -19,077 — — -1,372 -42,995 Derivatives, net -2,404 -4,342 — — -1,202 -846 Net assets and liabilities, 2017 -50,364 -19,074 — — -164 -43,841 1 Gains and losses through profit or loss, including the impact of exchange-rates, is reported as net interest revenues and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange-rates, held as of June 30, 2018, amounted to a Skr 115 million gain (year-end 2017: Skr 768 million loss) and are reported as net results of financial transactions. Uncertainty of valuation of Level 3 instruments As the estimation of the parameters included in the models to calculate the market value of Level 3 instruments is associated with subjectivity and uncertainty, SEK has, in accordance with IFRS 13, conducted an analysis of the difference in fair value of Level 3 instruments using other established parameter values. Option models and discounted cash flows are used to value the Level 3 instruments. For Level 3 instruments with a longer duration where extrapolated discount curves are used, a sensitivity analysis has been conducted with regards to the interest. The revaluation of the portfolio is made using an interest rate shift of +/– 10 basis points. For the Level 3 instruments that are significantly affected by different types of correlations, which are not based on observable market data, a revaluation has been made by shifting the correlations. The basis for this sensitivity analysis is therefore the revaluation of the relevant part of the portfolio, where the correlations have been adjusted by +/– 10 percentage points. After the revaluation is performed, the max/min value for each transaction is identified. For Level 3 instruments that are significantly affected by non-observable market data, such as SEK’s own creditworthiness, a revaluation has been made by shifting the credit curve. The revaluation is made by shifting the credit spreads by +/– 10 basis points, which has been assessed as a reasonable change in SEK’s credit spread. The analysis shows the impact of the non-observable market data on the market value. In addition, the market value will be affected by observable market data. The result of the analysis corresponds with SEK’s business model where issued securities are linked with a matched hedging derivative. The underlying market data is used to evaluate the issued security as well as to evaluate the fair value in the derivative. This means that a change in fair value of the issued security, excluding SEK’s own credit spread, is offset by an equally large change in fair value in the derivative. Sensitivity analysis — level 3 assets and liabilities June 30, 2018 Assets and liabilities Fair Value Unobservable Range of estimates 1 Valuation method Sensitivity Sensitivity Interest rate Credit spreads 10BP - (10BP) Discounted cash flow Sum other interest-bearing securities except loans Equity -370 Correlation 0.70 - (0.03) Option Model -1 Interest rate Correlation 0.14 - (0.08) Option Model -94 FX -3,095 Correlation 0.90 - (0.82) Option Model -21 Other -168 Correlation 0.60 - 0.04 Option Model Sum derivatives, net -2,669 -69 Equity -697 Correlation 0.70 - (0.03) Option Model -1 Credit spreads 10BP - (10BP) Discounted cash flow -13 Interest rate -41,396 Correlation 0.14 - (0.08) Option Model -95 Credit spreads 10BP - (10BP) Discounted cash flow -107 FX -32 Correlation 0.90 - (0.82) Option Model -25 Credit spreads 10BP - (10BP) Discounted cash flow -99 Other -99 Correlation 0.60 - 0.04 Option Model Credit spreads 10BP - (10BP) Discounted cash flow -4 Sum senior securities issued -42,224 -295 Total effect on total comprehensive income 2 -226 Other interest-bearing securities except loans, December 31, 2017 Derivatives, net, December 31, 2017 -846 -167 Senior securities issued, December 31, 2017 -42,995 -366 Total effect on total comprehensive income, December 31, 2017 2 -211 1 Represents the range of correlations that SEK has determined market participants would use when pricing the instruments. The structures are represented both in the security and the derivative hedging the bond. The sensitivity analysis is based on a shift in the interval for correlation between 0.1 and –0.1. The correlation is expressed as a value between 1 and –1, where 0 indicates no relationship, 1 indicates maximum positive relationship and -1 indicates maximum negative relationship. The maximum correlation in the range of unobservable inputs can thus be from 1 to –1. The table presents the scenario analysis of the effect on Level 3 instruments, with maximum positive and negative changes. 2 Of the total impact on total comprehensive income, the sensitivity effect of SEK’s own credit spread was Skr 226 million (year-end 2017: Skr 211 million) under a maximum scenario and Skr -223 million (year-end 2017: Skr -208 million) under a minimum scenario. Fair value related to credit risk Fair value originating from credit risk The period’s change in fair value Skr mn June 30, 2018 December 31, 2017 Jan–Jun 2018 Jan–Jun 2017 CVA/DVA, net 1 -15 -8 -7 OCA 2 -339 -578 -86 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties’ credit risk as well as SEK’s own credit rating affects the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affects the fair value of financial liabilities measured at fair value through profit and loss.Changes in creditworthiness is, as of January 1, 2018 presented in other comprehensive income according to IFRS 9. The effect of IFRS 9 differs from the closing balance as of December 31, 2017. The difference is related to the calculation of accumulated gains and losses that arise from changes in SEK’s own credit risk, and do not have any net effect on equity. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2018 | |
Derivatives. | |
Derivatives | Note 6. Derivatives Derivatives by categories June 30, 2018 December 31, 2017 Skr mn Assets Liabilities Nominal Assets Liabilities Nominal Interest rate-related contracts Currency-related contracts Equity-related contracts Contracts related to commodities, credit risk, etc. — -1,920 — -1,183 Total derivatives In accordance with SEK’s policies with regard to counterparty, interest rate, currency exchange, and other exposures, SEK uses, and is a party to, different kinds of derivative instruments, mostly various interest rate-related and currency exchange-related contracts primarily to hedge risk exposure inherent in financial assets and liabilities. These contracts are carried at fair value in the statements of financial position on a contract-by-contract basis. |
CIRR-system
CIRR-system | 6 Months Ended |
Jun. 30, 2018 | |
CIRR-system | |
CIRR-system | Note 7. CIRR-system Pursuant to the company’s assignment as stated in its owner instruction issued by the Swedish government, SEK administers credit granting in the Swedish system for officially supported export credits (CIRR-system). SEK receives compensation from the Swedish government in the form of an administrative fee, which is calculated based on the principal amount outstanding. All assets and liabilities related to the CIRR-system are included in the consolidated statement of financial position and in the Parent Company’s balance sheet since SEK bears the credit risk for the lending and acts as the counterparty for lending and borrowing. Unrealized revaluation effects on derivatives related to the CIRR-system are recognized on a net basis under Other assets. SEK has determined that the CIRR-system should be considered an assignment whereby SEK acts as an agent on behalf of the Swedish government, rather than being the principal in individual transactions. Accordingly, interest income, interest expense and other costs pertaining to CIRR-system assets and liabilities are not recognized in SEK’s statement of comprehensive income. The administrative compensation received by SEK from the Swedish government is recognized as part of interest income in SEK’s statement of comprehensive income since the commission received in compensation is equivalent to interest. Any income for SEK that arises from its credit arranger role is recognized in SEK’s statement of comprehensive income under net interest revenues. Net credit losses are shown in the statement of comprehensive income for SEK as SEK bears the credit risk for the lending. Refer also to Note 1a (f) in SEK’s 2017 Annual Report. The administrative fee paid by the state to SEK as compensation is recognized in the CIRR-system as administrative compensation to SEK. Arrangement fees to SEK are recognized together with other arrangement fees as interest expenses. Refer to the following tables. In addition to the CIRR-system, SEK administers the Swedish government’s previous concessionary credit program according to the same principles as the CIRR-system. No new lending is being offered under the concessionary credit program. As of June 30, 2018, concessionary loans outstanding amounted to Skr 745 million (year-end 2017: Skr 754 million) and operating profit for the program amounted to Skr -21 million for the first half of 2018 (1H17: Skr -22 million). The administrative compensation to SEK amounted to Skr -1 million (1H17: Skr -1 million). Statement of Comprehensive Income for the CIRR-system Skr mn Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan–Jun Jan-Dec Interest revenues Interest expenses -344 -316 -262 -660 -526 -1,115 Net interest revenues Interest compensation Exchange-rate differences -3 -4 -6 Profit before compensation to SEK Administrative remuneration to SEK -38 -32 -31 -70 -63 -123 Operating profit CIRR-system -8 Reimbursement to (–) / from (+) the State -39 -55 -31 -92 -125 Statement of Financial Position for the CIRR-system (included in SEK’s statement of financial position) Skr mn June 30, 2018 December 31, 2017 Cash and cash equivalents -54 Loans Derivatives Other assets Prepaid expenses and accrued revenues Total assets Liabilities Derivatives Accrued expenses and prepaid revenues Total liabilities Commitments Committed undisbursed loans Binding offers |
Pledged assets and contingent l
Pledged assets and contingent liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Pledged assets and contingent liabilities | |
Pledged assets and contingent liabilities | Note 8. Pledged assets and contingent liabilities Skr mn June 30, 2018 December 31, 2017 Collateral provided Cash collateral under the security agreements for derivative contracts Contingent liabilities 1 Guarantee commitments Commitments 1 Committed undisbursed loans Binding offers 1 For expected credit losses in guarantee commitments, committed undisbursed loans and binding offers see Note 4. |
Capital adequacy
Capital adequacy | 6 Months Ended |
Jun. 30, 2018 | |
Capital adequacy | |
Capital adequacy | Note 9. Capital adequacy Capital adequacy analysis June 30, 2018 December 31, 2017 Capital ratios excl. of buffer requirements 1 Common Equity Tier 1 capital ratio % % Tier 1 capital ratio % % Total capital ratio 2 % % Institution-specific Common Equity Tier 1 capital requirement incl. buffers 3 % % of which minimum Common Equity Tier 1 requirement % % of which Capital conservation buffer % % of which Countercyclical Buffer % % of which Systemic Risk Buffer — — Common Equity Tier 1 capital available to meet buffers 4 % % Total capital ratio according to Basel I floor n.a. % 1 Capital ratios excl. of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012) have fully come into force in Sweden without regard to the transitional period. The minimum requirements are 4.5 percent, 6.0 percent and 8.0 percent related to Common Equity Tier 1 capital, Tier 1 capital and total Own Funds respectively. 2 The reduction in Total capital ratio is mainly due to the fact that the Tier 2 capital is no longer included in Own funds. See footnote 1 in the table “Own funds - Adjusting items” below. 3 Expressed as a percentage of total risk exposure amount. 4 Common Equity Tier 1 capital ratio as reported less minimum requirement of 4.5 percent (excluding buffer requirements) and less 1.5 percent, consisting of Common Equity Tier 1 used to meet the Tier 1 requirements, since SEK does not have any Additional Tier 1 capital. For further information on capital adequacy and risks, see the section entitled “Risk and capital management” in SEK’s 2017 Annual Report. Own funds — Adjusting items Skr mn June 30, 2018 December 31, 2017 Share capital Retained earnings Accumulated other comprehensive income and other reserves -278 Independently reviewed profit net of any foreseeable charge or dividend Common Equity Tier 1 (CET1) capital before regulatory adjustments Additional value adjustments due to prudent valuation -475 -396 Intangible assets -54 -66 Fair value reserves related to gains or losses on cash flow hedges -15 -25 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing Negative amounts resulting from the calculation of expected loss amounts -129 -65 Total regulatory adjustments to Common Equity Tier 1 capital -414 -106 Total Common Equity Tier 1 capital Additional Tier 1 capital — — Total Tier 1 capital Tier 2-eligible subordinated debt 1 — Credit risk adjustments 2 — — Total Tier 2 capital — Total Own funds Total Own funds according to Basel I floor n.a. 1 SEK has received permission from its competent authority (Swedish FSA) to call itsTier 2 eligible subordinated debt instrument in accordance with its terms. As a result of the permission from Swedish FSA, SEK were required to reduce the level of own funds by the outstanding principal amount of the instrument. If the Board of directors of SEK decides not to call the instrument , the outstanding principal amount of the instrument will be reinstated to own funds and Tier 2 capital. 2 Expected loss amount calculated according to the IRB approach is a gross deduction from Own funds. The gross deduction is decreased by impairment related to exposure ratios for which expected loss is calculated. Excess amounts of such impairment will increase Own funds. This increase is limited to 0.6 percent of SEK’s risk exposure amount according to the IRB approach related to exposures to central governments, corporates and financial institutions. As of June 30, 2018, the limitation rule has not had any effect (year-end 2017: no effect). Minimum capital requirements exclusive of buffer June 30, 2018 December 31, 2017 Skr mn EAD 1 Risk exposure Minimum EAD 1 Risk exposure Minimum Credit risk standardized method Corporates Total credit risk standardized method Credit risk IRB method Central Governments Financial institutions 2 Corporates 3 Assets without counterparty Total credit risk IRB method Credit valuation adjustment risk n.a. n.a. Foreign exchange risk n.a. n.a. Commodities risk n.a. n.a. Operational risk n.a. n.a. Total Adjustment according to Basel I floor n.a. n.a. n.a. n.a. Total incl. Basel I floor n.a. n.a. n.a. n.a. 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 4,396 million (year-end 2017: Skr 4,131 million), Risk exposure amount of Skr 1,622 million (year-end 2017: Skr 1,574 million) and Capital requirement of Skr 130 million (year-end 2017: Skr 126 million). 3 Of which related to specialized lending: EAD Skr 3,715 million (year-end 2017: Skr 2,478 million), Risk exposure amount of Skr 2,438 million (year-end 2017: Skr 1,643 million) and Capital requirement of Skr 195 million (year-end 2017: Skr 131 million). Credit risk For risk classification and quantification of credit risk, SEK uses the IRB approach. Specifically, SEK applies the Foundation Approach. Under the Foundation Approach, the company determines the probability of default within one year (PD) for each of its counterparties, while the remaining parameters are established in accordance with CRR. The Swedish FSA has approved SEK’s IRB approach. Certain exposures are, by permission from the Swedish FSA, exempted from application of the IRB approach, and, instead, the standardized approach is applied. Counterparty risk exposure amounts in derivatives are calculated in accordance with the mark-to-market method . Credit valuation adjustment risk Credit valuation adjustment risk is calculated for all over-the-counter derivative contracts, except for credit derivatives used as credit protection and transactions with a qualifying central counterparty. SEK calculates this capital requirement according to the standardized method . Foreign exchange risk Foreign exchange risk is calculated according to the standardized approach, whereas the scenario approach is used for calculating the gamma and volatility risks. Commodities risk Capital requirements for commodity risk are calculated in accordance with the simplified approach under the standardized approach. The scenario approach is used for calculating the gamma and volatility risks. Operational risk Capital requirement for operational risk is calculated according to the standardized approach. The company’s operations are divided into business areas as defined in the CRR. The capital requirement for each area is calculated by multiplying a factor depending on the business area by an income indicator. The factors applicable for SEK are 15 percent and 18 percent. The income indicators consist of the average operating income for the past three financial years for each business area. Transitional rules On January 1, 2018, capital requirements and reporting applicable to the Basel I floor ceased to apply. The Basel I floor constituted a minimum capital requirement introduced as a transitional rule in 2007 that was valid until 2017. Capital buffer requirements SEK expects to meet capital buffer requirements with Common Equity Tier 1 capital. The mandatory capital conservation buffer is 2.5 percent. The countercyclical buffer rate that is applied to exposures located in Sweden was increased from 1.5 percent to 2.0 percent as of March 19, 2017. As of June 30, 2018, the capital requirement related to relevant exposures in Sweden is 68 percent (year-end 2017: 67 percent) of the total relevant capital requirement regardless of location; this fraction is also the weight applied on the Swedish buffer rate when calculating SEK’s countercyclical capital buffer. Buffer rates applicable in other countries may have effects on SEK, but as most capital requirements for SEK’s relevant credit exposures are related to Sweden, the potential effect is limited. As of June 30, 2018, the contribution to SEK’s countercyclical buffer from buffer rates in other countries was 0.07 percentage points (year-end 2017: 0.05 percentage points). SEK has not been classified as a systemically important institution by any financial regulatory authority. The capital buffer requirements for systemically important institutions that came into force January 1, 2016 therefore do not apply to SEK. Leverage Ratio Skr mn June 30, 2018 December 31, 2017 Exposure measure for the leverage ratio On-balance sheet exposures Off-balance sheet exposures Total exposure measure Leverage ratio % % The leverage ratio is defined by CRR as the quotient of the Tier 1 capital and an exposure measure. Currently there is no minimum requirement for the leverage ratio. Internally assessed economic capital excl. buffer Skr mn June 30, 2018 December 31, 2017 Credit risk Operational risk Market risk Other risks Capital planning buffer Total SEK regularly conducts an internal capital adequacy assessment process, during which the company determines how much capital is needed in order to cover its risks. The result of SEK’s assessment of capital adequacy is presented above. For more information regarding the internal capital adequacy assessment process and its methods, please see the Risk and Capital management section of SEK’s 2017 Annual Report. |
Exposures
Exposures | 6 Months Ended |
Jun. 30, 2018 | |
Exposures | |
Exposures | Note 10. Exposures Net exposures are reported after taking into consideration effects of guarantees and credit default swaps. Amounts are calculated in accordance with capital adequacy calculations, but before the application of credit conversion factors. Total net exposures Skr bn Credits & interest-bearing securitites Undisbursed credits, Total Classified by type of June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 counterparty Amount % Amount % Amount % Amount % Amount % Amount % Central governments Regional governments — — — — Multilateral development banks — — Public Sector Entity — — — — Financial institutions Corporates Total Net exposure by region and exposure class, as of June 30, 2018 Skr bn Middle Asia excl. Japan North Oceania Latin Sweden West Central- Total Central governments — — Regional governments — — — — — — — Multilateral development banks — — — — — — — — Public Sector Entity — — — — — — — — Financial institutions — Corporates — Total Net exposure by region and exposure class, as of December 31, 2017 Skr bn Middle Asia excl. Japan North Oceania Latin Sweden West Central- Total Central governments — — Regional governments — — — — — — — Multilateral development banks — — — — — — — — Public Sector Entity — — — — — — — — Financial institutions — Corporates — Total Net exposure European countries, excluding Sweden Skr bn June 30, 2018 December 31, 2017 France United Kingdom Norway Finland Denmark Germany Poland Spain The Netherlands Switzerland Luxembourg Austria Belgium Ireland Latvia Iceland Italy Russia Estonia Hungary Total |
Transactions with related parti
Transactions with related parties | 6 Months Ended |
Jun. 30, 2018 | |
Transactions with related parties | |
Transactions with related parties | Note 11. Transactions with related parties Transactions with related parties are described in Note 28 in SEK’s 2017 Annual Report. No material changes have taken place in relation to transactions with related parties compared to the descriptions in SEK’s 2017 Annual Report. |
Events after the reporting peri
Events after the reporting period | 6 Months Ended |
Jun. 30, 2018 | |
Events after the reporting period | |
Events after the reporting period | Note 12. Events after the reporting period No events with significant impact on the information in this report have occurred after the end of the reporting period. |
Net interest revenues (Tables)
Net interest revenues (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Net interest revenues | |
Schedule of net interest revenues | Skr mn Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan–Jun Jan-Dec Interest revenues Loans to credit institutions Loans to the public Loans in the form of interest-bearing securities Interest-bearing securities excluding loans in the form of interest-bearing securities Derivatives -43 -74 -87 -117 -204 -372 Administrative remuneration CIRR-system 1 Other assets Total interest revenues 2 Interest expenses Interest expenses -848 -604 -517 -1,452 -924 -2,020 Resolution fee -63 -70 -48 -133 -97 -193 Total interest expenses -911 -674 -565 -1,585 -1,021 -2,213 Net interest revenues 1 Including administrative remuneration for concessionary loans of Skr 1 million during the period January-June 2018 (1H17:Skr 1 million). 2 Interest revenues calculated using the effective interest method amounted to Skr 1,959 million during the period January - June 2018 (1H17: Skr 1,595 million). |
Net results of financial tran20
Net results of financial transactions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Net results of financial transactions | |
Schedule of net results of financial transactions | Skr mn Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan–Jun Jan-Dec Derecognition of financial instruments not measured at fair value through profit or loss -1 Financial assets or liabilities at fair value through profit or loss 1 -39 -38 -1 -51 -48 Financial instruments under fair-value hedge accounting -11 -21 -1 -32 -53 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value -5 -4 -1 Total net results of financial transactions 2 -59 -36 -32 -30 -102 1 SEK classifies IFRS 9 liquidity investments as financial assets valued at fair value, which means that unrealized gains and losses are also recognized in net results of financial transactions. Due to IFRS 9 market value changes, arising from changes in credit spread on SEK’s own debt, are not reported in net results of financial transactions, but in other comprehensive income. 2 Difference between Parent Company and Consolidated group for the period Jan-Jun 2018 is due to different accounting principles regarding changes in SEK’s own credit risk, see Note 1. |
Impairments (Tables)
Impairments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Impairments | |
Schedule of impairments | Skr mn Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan–Jun Jan-Dec Impairment of financial assets — -27 -59 Reversal of previous write-downs — — — Net impairment and reversals -10 Established losses — — — — -47 -47 Reserves applied to cover established credit losses — — — — Recovered credit losses — — Net credit losses -10 Loss Allowance Opening balance -135 -155 -230 -155 -254 -254 Adjustments to opening balance due to IFRS 9 — Reserves applied to cover established credit losses — — — — Net impairment and reversals -10 Exchange-rate differences -6 -3 — -9 Closing balance -116 -135 -217 -116 -217 -155 |
Schedule of reconciliation of changes in loss allowances by stages | Stage 1 Stage 2 Stage 3 Skr mn Individually measured allowances Total Opening balance -38 -33 -66 -137 Increases due to origination and acquisition -6 -6 Net remeasurement of loss allowance Transfer to stage 1 — Transfer to stage 2 Transfer to stage 3 Decreases due to derecognition Decrease in allowance account due to write-offs — — — — Exchange-rate differences -3 -1 -5 -9 Closing balance -30 -19 -67 -116 of which lending -29 -19 -65 -113 of which off balance -1 -2 -3 |
Financial assets and liabilit22
Financial assets and liabilities at fair value (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Sub-classifications of financial informations | |
Financial assets and liabilities at fair value | June 30, 2018 Skr mn Book value Fair value Surplus value (+)/ Cash and cash equivalents — Treasuries/governments bonds — Other interest-bearing securities except loans — Loans in the form of interest-bearing securities Loans to credit institutions Loans to the public Derivatives — Total financial assets Borrowing from credit institutions — Senior securities issued Derivatives — Subordinated securities issued Total financial liabilities December 31, 2017 Skr mn Book value Fair value Surplus value (+)/ Cash and cash equivalents — Treasuries/governments bonds — Other interest-bearing securities except loans — Loans in the form of interest-bearing securities Loans to credit institutions Loans to the public Derivatives — Total financial assets Borrowing from credit institutions — Senior securities issued Derivatives — Subordinated securities issued Total financial liabilities |
Schedule of fair value measurement of assets | Financial assets at fair value through Available-for-sale under IAS 39 1 Skr mn Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Treasuries/governments bonds — — Other interest-bearing securities except loans — — Derivatives — Total, June 30, 2018 — Total, December 31, 2017 — — 1 Due to the transition to IFRS 9, the financial assets classified as available-for-sale under IAS 39 are now classified as “Financial assets at fair value through profit or loss” . |
Schedule of fair value measurement of liabilities | Financial liabilities at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Senior securities issued — Derivatives — Subordinated securities issued — — — — Total, June 30, 2018 — Total, December 31, 2017 — |
Schedule of fair value related to credit risk | Fair value related to credit risk Fair value originating from credit risk The period’s change in fair value Skr mn June 30, 2018 December 31, 2017 Jan–Jun 2018 Jan–Jun 2017 CVA/DVA, net 1 -15 -8 -7 OCA 2 -339 -578 -86 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties’ credit risk as well as SEK’s own credit rating affects the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affects the fair value of financial liabilities measured at fair value through profit and loss.Changes in creditworthiness is, as of January 1, 2018 presented in other comprehensive income according to IFRS 9. The effect of IFRS 9 differs from the closing balance as of December 31, 2017. The difference is related to the calculation of accumulated gains and losses that arise from changes in SEK’s own credit risk, and do not have any net effect on equity. |
Level 3 | |
Sub-classifications of financial informations | |
Schedule of financial assets and liabilities at fair value | Skr mn January 1, Purchases Settlements Transfers Transfers Gains (+) 1 Gains (+) Exchange- June 30, Other interest-bearing securities except loans — — — — — — — — — Senior securities issued -42,995 -2,432 — — -3,976 -42,224 Derivatives, net -846 -10 — — -2,002 — -2,669 Net assets and liabilities, 2018 -43,841 -2,431 — — -3,788 -44,893 Skr mn January 1, Purchases Settlements Transfers Transfers Gains (+) 1 Exchange- December 31, Other interest-bearing securities except loans — -250 — — -6 -1 — Senior securities issued -48,217 -19,077 — — -1,372 -42,995 Derivatives, net -2,404 -4,342 — — -1,202 -846 Net assets and liabilities, 2017 -50,364 -19,074 — — -164 -43,841 1 Gains and losses through profit or loss, including the impact of exchange-rates, is reported as net interest revenues and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange-rates, held as of June 30, 2018, amounted to a Skr 115 million gain (year-end 2017: Skr 768 million loss) and are reported as net results of financial transactions. |
Schedule of sensitivity analysis - level 3 | June 30, 2018 Assets and liabilities Fair Value Unobservable Range of estimates 1 Valuation method Sensitivity Sensitivity Interest rate Credit spreads 10BP - (10BP) Discounted cash flow Sum other interest-bearing securities except loans Equity -370 Correlation 0.70 - (0.03) Option Model -1 Interest rate Correlation 0.14 - (0.08) Option Model -94 FX -3,095 Correlation 0.90 - (0.82) Option Model -21 Other -168 Correlation 0.60 - 0.04 Option Model Sum derivatives, net -2,669 -69 Equity -697 Correlation 0.70 - (0.03) Option Model -1 Credit spreads 10BP - (10BP) Discounted cash flow -13 Interest rate -41,396 Correlation 0.14 - (0.08) Option Model -95 Credit spreads 10BP - (10BP) Discounted cash flow -107 FX -32 Correlation 0.90 - (0.82) Option Model -25 Credit spreads 10BP - (10BP) Discounted cash flow -99 Other -99 Correlation 0.60 - 0.04 Option Model Credit spreads 10BP - (10BP) Discounted cash flow -4 Sum senior securities issued -42,224 -295 Total effect on total comprehensive income 2 -226 Other interest-bearing securities except loans, December 31, 2017 Derivatives, net, December 31, 2017 -846 -167 Senior securities issued, December 31, 2017 -42,995 -366 Total effect on total comprehensive income, December 31, 2017 2 -211 1 Represents the range of correlations that SEK has determined market participants would use when pricing the instruments. The structures are represented both in the security and the derivative hedging the bond. The sensitivity analysis is based on a shift in the interval for correlation between 0.1 and –0.1. The correlation is expressed as a value between 1 and –1, where 0 indicates no relationship, 1 indicates maximum positive relationship and -1 indicates maximum negative relationship. The maximum correlation in the range of unobservable inputs can thus be from 1 to –1. The table presents the scenario analysis of the effect on Level 3 instruments, with maximum positive and negative changes. 2 Of the total impact on total comprehensive income, the sensitivity effect of SEK’s own credit spread was Skr 226 million (year-end 2017: Skr 211 million) under a maximum scenario and Skr -223 million (year-end 2017: Skr -208 million) under a minimum scenario. |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivatives. | |
Schedule of derivatives | June 30, 2018 December 31, 2017 Skr mn Assets Liabilities Nominal Assets Liabilities Nominal Interest rate-related contracts Currency-related contracts Equity-related contracts Contracts related to commodities, credit risk, etc. — -1,920 — -1,183 Total derivatives |
CIRR-system (Tables)
CIRR-system (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
CIRR-system | |
The disclosure of information about CIRR-systems. | Skr mn Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan–Jun Jan-Dec Interest revenues Interest expenses -344 -316 -262 -660 -526 -1,115 Net interest revenues Interest compensation Exchange-rate differences -3 -4 -6 Profit before compensation to SEK Administrative remuneration to SEK -38 -32 -31 -70 -63 -123 Operating profit CIRR-system -8 Reimbursement to (–) / from (+) the State -39 -55 -31 -92 -125 Skr mn June 30, 2018 December 31, 2017 Cash and cash equivalents -54 Loans Derivatives Other assets Prepaid expenses and accrued revenues Total assets Liabilities Derivatives Accrued expenses and prepaid revenues Total liabilities Commitments Committed undisbursed loans Binding offers |
Pledged assets and contingent25
Pledged assets and contingent liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Pledged assets and contingent liabilities | |
Schedule of pledged assets and contingent liabilities | Skr mn June 30, 2018 December 31, 2017 Collateral provided Cash collateral under the security agreements for derivative contracts Contingent liabilities 1 Guarantee commitments Commitments 1 Committed undisbursed loans Binding offers 1 For expected credit losses in guarantee commitments, committed undisbursed loans and binding offers see Note 4. |
Capital adequacy (Tables)
Capital adequacy (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Capital adequacy | |
Schedule of capital adequacy | June 30, 2018 December 31, 2017 Capital ratios excl. of buffer requirements 1 Common Equity Tier 1 capital ratio % % Tier 1 capital ratio % % Total capital ratio 2 % % Institution-specific Common Equity Tier 1 capital requirement incl. buffers 3 % % of which minimum Common Equity Tier 1 requirement % % of which Capital conservation buffer % % of which Countercyclical Buffer % % of which Systemic Risk Buffer — — Common Equity Tier 1 capital available to meet buffers 4 % % Total capital ratio according to Basel I floor n.a. % 1 Capital ratios excl. of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012) have fully come into force in Sweden without regard to the transitional period. The minimum requirements are 4.5 percent, 6.0 percent and 8.0 percent related to Common Equity Tier 1 capital, Tier 1 capital and total Own Funds respectively. 2 The reduction in Total capital ratio is mainly due to the fact that the Tier 2 capital is no longer included in Own funds. See footnote 1 in the table “Own funds - Adjusting items” below. 3 Expressed as a percentage of total risk exposure amount. 4 Common Equity Tier 1 capital ratio as reported less minimum requirement of 4.5 percent (excluding buffer requirements) and less 1.5 percent, consisting of Common Equity Tier 1 used to meet the Tier 1 requirements, since SEK does not have any Additional Tier 1 capital. |
Schedule of own funds | Skr mn June 30, 2018 December 31, 2017 Share capital Retained earnings Accumulated other comprehensive income and other reserves -278 Independently reviewed profit net of any foreseeable charge or dividend Common Equity Tier 1 (CET1) capital before regulatory adjustments Additional value adjustments due to prudent valuation -475 -396 Intangible assets -54 -66 Fair value reserves related to gains or losses on cash flow hedges -15 -25 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing Negative amounts resulting from the calculation of expected loss amounts -129 -65 Total regulatory adjustments to Common Equity Tier 1 capital -414 -106 Total Common Equity Tier 1 capital Additional Tier 1 capital — — Total Tier 1 capital Tier 2-eligible subordinated debt 1 — Credit risk adjustments 2 — — Total Tier 2 capital — Total Own funds Total Own funds according to Basel I floor n.a. 1 SEK has received permission from its competent authority (Swedish FSA) to call itsTier 2 eligible subordinated debt instrument in accordance with its terms. As a result of the permission from Swedish FSA, SEK were required to reduce the level of own funds by the outstanding principal amount of the instrument. If the Board of directors of SEK decides not to call the instrument , the outstanding principal amount of the instrument will be reinstated to own funds and Tier 2 capital. 2 Expected loss amount calculated according to the IRB approach is a gross deduction from Own funds. The gross deduction is decreased by impairment related to exposure ratios for which expected loss is calculated. Excess amounts of such impairment will increase Own funds. This increase is limited to 0.6 percent of SEK’s risk exposure amount according to the IRB approach related to exposures to central governments, corporates and financial institutions. As of June 30, 2018, the limitation rule has not had any effect (year-end 2017: no effect). |
Schedule of minimum capital requirements exclusive of buffers | June 30, 2018 December 31, 2017 Skr mn EAD 1 Risk exposure Minimum EAD 1 Risk exposure Minimum Credit risk standardized method Corporates Total credit risk standardized method Credit risk IRB method Central Governments Financial institutions 2 Corporates 3 Assets without counterparty Total credit risk IRB method Credit valuation adjustment risk n.a. n.a. Foreign exchange risk n.a. n.a. Commodities risk n.a. n.a. Operational risk n.a. n.a. Total Adjustment according to Basel I floor n.a. n.a. n.a. n.a. Total incl. Basel I floor n.a. n.a. n.a. n.a. 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 4,396 million (year-end 2017: Skr 4,131 million), Risk exposure amount of Skr 1,622 million (year-end 2017: Skr 1,574 million) and Capital requirement of Skr 130 million (year-end 2017: Skr 126 million). 3 Of which related to specialized lending: EAD Skr 3,715 million (year-end 2017: Skr 2,478 million), Risk exposure amount of Skr 2,438 million (year-end 2017: Skr 1,643 million) and Capital requirement of Skr 195 million (year-end 2017: Skr 131 million). |
Schedule of leverage ratio | Skr mn June 30, 2018 December 31, 2017 Exposure measure for the leverage ratio On-balance sheet exposures Off-balance sheet exposures Total exposure measure Leverage ratio % % |
Schedule of internally assessed economic capital excluding buffer | Skr mn June 30, 2018 December 31, 2017 Credit risk Operational risk Market risk Other risks Capital planning buffer Total |
Exposures (Tables)
Exposures (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Exposures | |
Schedule of credit grades | Skr bn Credits & interest-bearing securitites Undisbursed credits, Total Classified by type of June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 counterparty Amount % Amount % Amount % Amount % Amount % Amount % Central governments Regional governments — — — — Multilateral development banks — — Public Sector Entity — — — — Financial institutions Corporates Total Skr bn Middle Asia excl. Japan North Oceania Latin Sweden West Central- Total Central governments — — Regional governments — — — — — — — Multilateral development banks — — — — — — — — Public Sector Entity — — — — — — — — Financial institutions — Corporates — Total Skr bn Middle Asia excl. Japan North Oceania Latin Sweden West Central- Total Central governments — — Regional governments — — — — — — — Multilateral development banks — — — — — — — — Public Sector Entity — — — — — — — — Financial institutions — Corporates — Total Skr bn June 30, 2018 December 31, 2017 France United Kingdom Norway Finland Denmark Germany Poland Spain The Netherlands Switzerland Luxembourg Austria Belgium Ireland Latvia Iceland Italy Russia Estonia Hungary Total |
Applied accounting principles28
Applied accounting principles and impacts from changes in accounting principles (Details) kr in Millions | Dec. 31, 2017SEK (kr) |
Applied accounting principles and impacts from changes in accounting principles | |
Total impact of transition to IFRS 9 on group's equity | kr 14 |
Net interest revenues (Details)
Net interest revenues (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Interest revenues were related to: | ||||||
Total interest revenues | kr 1,257 | kr 1,056 | kr 987 | kr 2,313 | kr 1,873 | kr 3,896 |
Interest expenses | ||||||
Interest expenses | (848) | (604) | (517) | (1,452) | (924) | (2,020) |
Resolution fee | (63) | (70) | (48) | (133) | (97) | (193) |
Total interest expenses | (911) | (674) | (565) | (1,585) | (1,021) | (2,213) |
Net interest revenues | 346 | 382 | 422 | 728 | 852 | 1,683 |
Administrative remuneration for concessionary loans | 1 | 1 | ||||
Interest revenues using effective interest method | 1,959 | 1,595 | ||||
Loans to credit institutions | ||||||
Interest revenues were related to: | ||||||
Total interest revenues | 344 | 242 | 198 | 586 | 360 | 789 |
Loans to the public | ||||||
Interest revenues were related to: | ||||||
Total interest revenues | 624 | 572 | 589 | 1,196 | 1,124 | 2,265 |
Loans in the form of interest-bearing securities | ||||||
Interest revenues were related to: | ||||||
Total interest revenues | 170 | 159 | 160 | 329 | 325 | 629 |
Interest-bearing securities excluding loans in the form of interest-bearing securities | ||||||
Interest revenues were related to: | ||||||
Total interest revenues | 123 | 124 | 95 | 247 | 202 | 458 |
Derivatives | ||||||
Interest revenues were related to: | ||||||
Total interest revenues | (43) | (74) | (87) | (117) | (204) | (372) |
Administrative remuneration CIRR-system | ||||||
Interest revenues were related to: | ||||||
Total interest revenues | 39 | 32 | 32 | 71 | 64 | 125 |
Other assets | ||||||
Interest revenues were related to: | ||||||
Total interest revenues | kr 0 | kr 1 | kr 0 | kr 1 | kr 2 | kr 2 |
Net results of financial tran30
Net results of financial transactions (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Net results of financial transactions | ||||||
Derecognition of financial instruments not measured at fair value through profit or loss | kr 5 | kr 0 | kr 3 | kr 5 | kr 3 | kr (1) |
Financial assets or liabilities at fair value through profit or loss | 38 | (39) | (38) | (1) | (51) | (48) |
Financial instruments under fair-value hedge accounting | (11) | (21) | (1) | (32) | 19 | (53) |
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value | (5) | 1 | 0 | (4) | (1) | 0 |
Total net results of financial transactions | kr 27 | kr (59) | kr (36) | kr (32) | kr (30) | kr (102) |
Impairments (Details)
Impairments (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||||||
Impairment of financial assets | kr 25 | kr 5 | kr 30 | kr (27) | kr (59) | |
Reversal of previous write-downs | kr 13 | 17 | 110 | |||
Net impairment and reversals | 25 | 5 | 13 | 30 | (10) | 51 |
Established losses | (47) | (47) | ||||
Reserves applied to cover established credit losses | 47 | 46 | ||||
Recovered credit losses | 0 | 0 | 0 | 1 | ||
Net credit losses | 13 | (10) | 51 | |||
Net credit losses for IFRS 9 | 25 | 5 | 30 | |||
Loss Allowance | ||||||
Opening balance | (135) | (155) | (230) | (155) | (254) | (254) |
Adjustments to opening balance due to IFRS 9 | 18 | 18 | ||||
Reserves applied to cover established credit losses | 47 | 46 | ||||
Net impairment and reversals | 25 | 5 | 13 | 30 | (10) | 51 |
Exchange-rate differences | (6) | (3) | (9) | 0 | 2 | |
Closing balance | kr (116) | kr (135) | kr (217) | kr (116) | kr (217) | kr (155) |
Impairments - Loss Allowance (D
Impairments - Loss Allowance (Details) kr in Millions | 6 Months Ended |
Jun. 30, 2018SEK (kr) | |
Increase (decrease) in financial assets [abstract] | |
Financial assets at beginning of period | kr 258,657 |
Financial assets at end of period | 286,851 |
Expected credit losses individually assessed | Accumulated impairment | |
Increase (decrease) in financial assets [abstract] | |
Financial assets at beginning of period | (137) |
Increases due to origination and acquisition | (6) |
Net remeasurement of loss allowance | 23 |
Transfer to stage 1 | 0 |
Transfer to stage 2 | 0 |
Transfer to stage 3 | 0 |
Decreases due to derecognition | 13 |
Exchange-rate differences | (9) |
Financial assets at end of period | (116) |
Of which lending | (113) |
Of which off balance | (3) |
12-month expected credit losses | Expected credit losses individually assessed | Accumulated impairment | |
Increase (decrease) in financial assets [abstract] | |
Financial assets at beginning of period | (38) |
Increases due to origination and acquisition | (6) |
Net remeasurement of loss allowance | 13 |
Transfer to stage 1 | 0 |
Transfer to stage 2 | 0 |
Transfer to stage 3 | 0 |
Decreases due to derecognition | 4 |
Exchange-rate differences | (3) |
Financial assets at end of period | (30) |
Of which lending | (29) |
Of which off balance | (1) |
Lifetime expected credit losses | Expected credit losses individually assessed | Financial instruments not credit-impaired | Accumulated impairment | |
Increase (decrease) in financial assets [abstract] | |
Financial assets at beginning of period | (33) |
Increases due to origination and acquisition | 0 |
Net remeasurement of loss allowance | 6 |
Transfer to stage 1 | 0 |
Transfer to stage 2 | 0 |
Transfer to stage 3 | 0 |
Decreases due to derecognition | 9 |
Exchange-rate differences | (1) |
Financial assets at end of period | (19) |
Of which lending | (19) |
Of which off balance | 0 |
Lifetime expected credit losses | Expected credit losses individually assessed | Financial instruments credit-impaired | Accumulated impairment | |
Increase (decrease) in financial assets [abstract] | |
Financial assets at beginning of period | (66) |
Increases due to origination and acquisition | 0 |
Net remeasurement of loss allowance | 4 |
Transfer to stage 2 | 0 |
Transfer to stage 3 | 0 |
Decreases due to derecognition | 0 |
Exchange-rate differences | (5) |
Financial assets at end of period | (67) |
Of which lending | (65) |
Of which off balance | kr (2) |
Financial assets and liabilit33
Financial assets and liabilities at fair value (Details) - SEK (kr) kr in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | kr 286,851 | kr 258,657 |
Carrying amount of financial liabilities | 271,730 | 243,353 |
Surplus value (+) /Deficit value (-), financial assets | 5,859 | 5,304 |
Surplus value (+) /Deficit value (-) financial liabilities | 1,766 | 956 |
Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 292,710 | 263,961 |
Carrying amount of financial liabilities | 273,496 | 244,309 |
Borrowing from credit institutions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial liabilities | 3,939 | 2,317 |
Borrowing from credit institutions | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial liabilities | 3,939 | 2,317 |
Senior securities issued | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial liabilities | 244,554 | 222,516 |
Surplus value (+) /Deficit value (-) financial liabilities | 1,757 | 949 |
Senior securities issued | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial liabilities | 246,311 | 223,465 |
Derivatives | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial liabilities | 21,001 | 16,480 |
Derivatives | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial liabilities | 21,001 | 16,480 |
Subordinated securities issued | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial liabilities | 2,236 | 2,040 |
Surplus value (+) /Deficit value (-) financial liabilities | 9 | 7 |
Subordinated securities issued | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial liabilities | 2,245 | 2,047 |
Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 5,348 | 1,231 |
Cash and cash equivalents | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 5,348 | 1,231 |
Treasuries/government bonds | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 3,505 | 4,382 |
Treasuries/government bonds | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 3,505 | 4,382 |
Other interest-bearing securities except loans | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 43,644 | 39,807 |
Other interest-bearing securities except loans | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 43,644 | 39,807 |
Loans in the form of interest-bearing securities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 40,060 | 41,125 |
Surplus value (+) /Deficit value (-), financial assets | 1,160 | 1,227 |
Loans in the form of interest-bearing securities | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 41,220 | 42,352 |
Loans to credit institutions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 24,951 | 23,198 |
Surplus value (+) /Deficit value (-), financial assets | 135 | 253 |
Loans to credit institutions | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 25,086 | 23,451 |
Loans to the public | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 158,548 | 141,111 |
Surplus value (+) /Deficit value (-), financial assets | 4,564 | 3,824 |
Loans to the public | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 163,112 | 144,935 |
Derivatives | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | 10,795 | 7,803 |
Derivatives | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of financial assets | kr 10,795 | kr 7,803 |
Financial assets and liabilit34
Financial assets and liabilities at fair value - Financial assets & liabilities reported at fair value in fair value hierarchy (Details) - SEK (kr) kr in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | kr 286,851 | kr 258,657 |
Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value | 57,944 | 7,916 |
Book value of financial assets | 292,710 | 263,961 |
Financial liabilities at fair value | 84,189 | 79,901 |
Fair value | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value | 55,855 | 5,942 |
Financial liabilities at fair value | 37,207 | 34,086 |
Fair value | Level 3 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value | 2,089 | 1,974 |
Financial liabilities at fair value | 46,982 | 45,815 |
Fair value | Senior securities issued | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at fair value | 63,188 | |
Fair value | Senior securities issued | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at fair value | 20,964 | |
Fair value | Senior securities issued | Level 3 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at fair value | 42,224 | |
Fair value | Derivatives | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at fair value | 21,001 | |
Fair value | Derivatives | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at fair value | 16,243 | |
Fair value | Derivatives | Level 3 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at fair value | 4,758 | |
Fair value | Available-for-sale assets | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 44,076 | |
Fair value | Available-for-sale assets | Level 1 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 4,382 | |
Fair value | Available-for-sale assets | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 39,694 | |
Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 5,348 | 1,231 |
Cash and cash equivalents | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 5,348 | 1,231 |
Treasuries/government bonds | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 3,505 | 4,382 |
Treasuries/government bonds | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value | 3,505 | |
Book value of financial assets | 3,505 | 4,382 |
Treasuries/government bonds | Fair value | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value | 3,505 | |
Other interest-bearing securities except loans | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 43,644 | 39,807 |
Other interest-bearing securities except loans | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value | 43,644 | |
Book value of financial assets | 43,644 | 39,807 |
Other interest-bearing securities except loans | Fair value | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value | 43,644 | |
Loans in the form of interest-bearing securities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 40,060 | 41,125 |
Loans in the form of interest-bearing securities | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 41,220 | 42,352 |
Loans to credit institutions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 24,951 | 23,198 |
Loans to credit institutions | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 25,086 | 23,451 |
Loans to the public | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 158,548 | 141,111 |
Loans to the public | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 163,112 | 144,935 |
Derivatives | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value of financial assets | 10,795 | 7,803 |
Derivatives | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value | 10,795 | |
Book value of financial assets | 10,795 | kr 7,803 |
Derivatives | Fair value | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value | 8,706 | |
Derivatives | Fair value | Level 3 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value | kr 2,089 |
Financial assets and liabilit35
Financial assets and liabilities at fair value - Transfers made between both assets and liabilities (Details) - SEK (kr) kr in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Financial assets and liabilities at fair value | ||
Transfer from Level 1 to 2 of financial assets | kr 0 | kr 0 |
Transfer from Level 2 to 1 of financial assets | 0 | 0 |
Transfer from Level 1 to 2 of financial liabilities | 0 | 0 |
Transfer from Level 2 to 1 of financial liabilities | kr 0 | kr 0 |
Financial assets and liabilit36
Financial assets and liabilities at fair value - Financial assets and liabilities at fair value in level 3 (Details) - Level 3 - SEK (kr) kr in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Financial assets and liabilities at fair value in level 3, | ||
Financial assets and liabilities at fair value in level 3, at the beginning of period | kr (43,841) | kr (50,364) |
Purchases | (2,431) | (19,074) |
Settlements & sales | 4,913 | 20,035 |
Gains (+) and losses (-) through profit or loss | 137 | (164) |
Gains (+) and losses (-) in Other comprehensive income | 117 | |
Exchange-rate differences assets and liabilities | (3,788) | 5,726 |
Financial assets and liabilities at fair value in level 3, at the end of period | (44,893) | (43,841) |
Gains (losses) recognised in profit or loss attributable to change in unrealised gains or losses for assets and liabilities held at end of period, fair value measurement | 115 | (768) |
Other interest-bearing securities except loans | ||
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Financial assets at beginning of period | 0 | 257 |
Settlements & sales | (250) | |
Gains (+) and losses (-) through profit or loss | (6) | |
Exchange-rate differences | (1) | |
Financial assets at end of period | 0 | 0 |
Senior securities issued | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Financial liabilities at beginning of period | (42,995) | (48,217) |
Purchases liabilities | (2,432) | (19,077) |
Settlements & sales | 4,923 | 24,627 |
Gains (+) and losses (-) through profit or loss | 2,139 | 1,044 |
Gains (+) and losses (-) in Other comprehensive income | 117 | |
Exchange-rate differences | (3,976) | (1,372) |
Financial liabilities at end of period | (42,224) | (42,995) |
Derivatives | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Financial liabilities at end of period | (2,669) | |
Financial assets and liabilities at fair value in level 3, | ||
Financial assets and liabilities at fair value in level 3, at the beginning of period | (846) | (2,404) |
Purchases | 1 | 3 |
Settlements & sales | (10) | (4,342) |
Gains (+) and losses (-) through profit or loss | (2,002) | (1,202) |
Exchange-rate differences assets and liabilities | 188 | 7,099 |
Financial assets and liabilities at fair value in level 3, at the end of period | kr (2,669) | kr (846) |
Financial assets and liabilit37
Financial assets and liabilities at fair value - Assets and liabilities Sensitivity analysis - level 3 (Details) kr in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018SEK (kr) | Dec. 31, 2017SEK (kr) | Dec. 31, 2016SEK (kr) | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity, interest rate appreciation basis points | 10 | ||
Sensitivity, interest rate depreciation basis points | (10) | ||
Sensitivity, correlations appreciation percentage points | 10 | ||
Sensitivity, correlations depreciation percentage points | (10) | ||
Sensitivity, credit spreads appreciation basis points | 10 | ||
Sensitivity, credit spreads depreciation basis points | (10) | ||
Sensitivity, correlations maximum positive relationship | 1 | ||
Sensitivity correlations significant unobservable inputs maximum negative relationship | (1) | ||
Level 3 | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Net assets (liabilities) | kr (44,893) | kr (43,841) | kr (50,364) |
Level 3 | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity liabilities | 229 | 214 | |
Level 3 | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity liabilities | (226) | (211) | |
Level 3 | Credit spread | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity liabilities | 226 | 211 | |
Level 3 | Credit spread | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity liabilities | kr (223) | (208) | |
Level 3 | Interest rate | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Credit spreads asset | 10 | ||
Level 3 | Interest rate | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Credit spreads asset | (10) | ||
Level 3 | Other interest-bearing securities except loans | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial assets at fair value | kr 0 | 0 | 257 |
Level 3 | Other interest-bearing securities except loans | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity asset | 0 | 0 | |
Level 3 | Other interest-bearing securities except loans | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity asset | 0 | 0 | |
Level 3 | Other interest-bearing securities except loans | Interest rate | Discounted cash flow | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial assets at fair value | 0 | ||
Level 3 | Other interest-bearing securities except loans | Interest rate | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity asset | 0 | ||
Level 3 | Other interest-bearing securities except loans | Interest rate | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity asset | 0 | ||
Level 3 | Derivatives | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial liabilities at fair value | (2,669) | ||
Net assets (liabilities) | (2,669) | (846) | (2,404) |
Level 3 | Derivatives | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity liabilities | (69) | (167) | |
Level 3 | Derivatives | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity liabilities | 69 | 155 | |
Level 3 | Derivatives | Equity | Option Model | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial liabilities at fair value | kr (370) | ||
Level 3 | Derivatives | Equity | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation asset | 0.70 | ||
Sensitivity liabilities | kr 1 | ||
Level 3 | Derivatives | Equity | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation asset | (0.03) | ||
Sensitivity liabilities | kr (1) | ||
Level 3 | Derivatives | Interest rate | Option Model | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial liabilities at fair value | kr 964 | ||
Level 3 | Derivatives | Interest rate | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation asset | 0.14 | ||
Sensitivity liabilities | kr (94) | ||
Level 3 | Derivatives | Interest rate | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation asset | (0.08) | ||
Sensitivity liabilities | kr 91 | ||
Level 3 | Derivatives | Currency risk | Option Model | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial liabilities at fair value | kr (3,095) | ||
Level 3 | Derivatives | Currency risk | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation liabilities | 0.90 | ||
Sensitivity liabilities | kr 24 | ||
Level 3 | Derivatives | Currency risk | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation liabilities | (0.82) | ||
Sensitivity liabilities | kr (21) | ||
Level 3 | Derivatives | Other | Option Model | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial liabilities at fair value | kr (168) | ||
Level 3 | Derivatives | Other | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation liabilities | 0.60 | ||
Sensitivity liabilities | kr 0 | ||
Level 3 | Derivatives | Other | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation liabilities | 0.04 | ||
Sensitivity liabilities | kr 0 | ||
Level 3 | Senior securities issued | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial liabilities at fair value | (42,224) | (42,995) | kr (48,217) |
Level 3 | Senior securities issued | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity liabilities | 298 | 381 | |
Level 3 | Senior securities issued | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Sensitivity liabilities | kr (295) | kr (366) | |
Level 3 | Senior securities issued | Equity | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Credit spreads liabilities | 10 | ||
Sensitivity liabilities | kr 13 | ||
Level 3 | Senior securities issued | Equity | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Credit spreads liabilities | (10) | ||
Sensitivity liabilities | kr (13) | ||
Level 3 | Senior securities issued | Equity | Option Model | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial liabilities at fair value | kr (697) | ||
Level 3 | Senior securities issued | Equity | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation liabilities | 0.70 | ||
Sensitivity liabilities | kr (1) | ||
Level 3 | Senior securities issued | Equity | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation liabilities | (0.03) | ||
Sensitivity liabilities | kr 1 | ||
Level 3 | Senior securities issued | Interest rate | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Credit spreads liabilities | 10 | ||
Sensitivity liabilities | kr 110 | ||
Level 3 | Senior securities issued | Interest rate | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Credit spreads liabilities | (10) | ||
Sensitivity liabilities | kr (107) | ||
Level 3 | Senior securities issued | Interest rate | Option Model | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial liabilities at fair value | kr (41,396) | ||
Level 3 | Senior securities issued | Interest rate | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation liabilities | 0.14 | ||
Sensitivity liabilities | kr 98 | ||
Level 3 | Senior securities issued | Interest rate | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation liabilities | (0.08) | ||
Sensitivity liabilities | kr (95) | ||
Level 3 | Senior securities issued | Currency risk | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Credit spreads liabilities | 10 | ||
Sensitivity liabilities | kr 99 | ||
Level 3 | Senior securities issued | Currency risk | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Credit spreads liabilities | (10) | ||
Sensitivity liabilities | kr (99) | ||
Level 3 | Senior securities issued | Currency risk | Option Model | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial liabilities at fair value | kr (32) | ||
Level 3 | Senior securities issued | Currency risk | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation liabilities | 0.90 | ||
Sensitivity liabilities | kr (25) | ||
Level 3 | Senior securities issued | Currency risk | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation liabilities | (0.82) | ||
Sensitivity liabilities | kr 22 | ||
Level 3 | Senior securities issued | Other | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Credit spreads liabilities | 10 | ||
Sensitivity liabilities | kr 4 | ||
Level 3 | Senior securities issued | Other | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Credit spreads liabilities | (10) | ||
Sensitivity liabilities | kr (4) | ||
Level 3 | Senior securities issued | Other | Option Model | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial liabilities at fair value | kr (99) | ||
Level 3 | Senior securities issued | Other | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation liabilities | 0.60 | ||
Sensitivity liabilities | kr 0 | ||
Level 3 | Senior securities issued | Other | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Correlation liabilities | 0.04 | ||
Sensitivity liabilities | kr 0 |
Financial assets and liabilit38
Financial assets and liabilities at fair value - Fair value related to credit risk (Details) - SEK (kr) kr in Millions | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Net CVA/DVA(1) | |||
Fair value related to credit risk | |||
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease) | kr (15) | kr (8) | |
The period's change in fair value originating from credit risk (+ income/ - loss) | (7) | kr 10 | |
OCA2 | |||
Fair value related to credit risk | |||
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease) | (339) | kr (578) | |
The period's change in fair value originating from credit risk (+ income/ - loss) | kr 185 | kr (86) |
Derivatives - Hedge accounting
Derivatives - Hedge accounting (Details) - SEK (kr) kr in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Assets Fair Value | kr 10,795 | kr 7,803 |
Liabilities Fair Value | 21,001 | 16,480 |
Nominal amounts | 437,451 | 397,465 |
Interest rate-related contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets Fair Value | 5,023 | 3,781 |
Liabilities Fair Value | 11,260 | 9,132 |
Nominal amounts | 268,731 | 245,788 |
Currency-related contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets Fair Value | 5,476 | 3,772 |
Liabilities Fair Value | 8,925 | 6,879 |
Nominal amounts | 159,758 | 139,614 |
Equity-related contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets Fair Value | 296 | 250 |
Liabilities Fair Value | 648 | 303 |
Nominal amounts | 10,882 | 13,246 |
Contracts related to commodities, credit risk, etc. | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liabilities Fair Value | 168 | 166 |
Nominal amounts | kr (1,920) | kr (1,183) |
CIRR-system - Subclassification
CIRR-system - Subclassifications of financial information (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Jan. 02, 2018 | Dec. 31, 2016 | ||||||||
Comprehensive income | ||||||||||||||||
Concessionary loans outstanding | kr 745 | kr 745 | kr 745 | kr 754 | ||||||||||||
Administrative compensation for concessionary loans | (1) | kr (1) | ||||||||||||||
Operating result of previous concessionary credit program | (21) | (22) | ||||||||||||||
Interest revenues | 1,257 | kr 1,056 | kr 987 | 2,313 | 1,873 | 3,896 | ||||||||||
Interest expenses | (911) | (674) | (565) | (1,585) | (1,021) | (2,213) | ||||||||||
Net interest revenues | 346 | 382 | 422 | 728 | 852 | 1,683 | ||||||||||
Total comprehensive income | 244 | [1] | 178 | [1] | 125 | [1] | 422 | [1] | 422 | 295 | [1] | 672 | [1] | |||
Financial position | ||||||||||||||||
Cash and cash equivalents | 5,348 | [2] | 6,455 | [2] | 5,348 | [2] | 5,348 | [2] | 6,455 | [2] | 1,231 | [2] | kr 7,054 | |||
Derivatives | 10,795 | 10,795 | 10,795 | 7,803 | ||||||||||||
Other assets | 4,317 | 4,317 | 4,317 | 3,556 | ||||||||||||
Prepaid expenses and accrued revenues | 2,504 | 2,504 | 2,504 | 2,091 | ||||||||||||
Total assets | 293,754 | 293,754 | 293,754 | 264,392 | ||||||||||||
Derivatives | 21,001 | 21,001 | 21,001 | 16,480 | ||||||||||||
Accrued expenses and prepaid revenues | 2,419 | 2,419 | 2,419 | 2,063 | ||||||||||||
Equity | 17,778 | [3] | 17,197 | [3] | 17,778 | [3] | 17,778 | [3] | 17,197 | [3] | 17,574 | [3] | kr 17,588 | kr 17,136 | ||
Total liabilities and equity | 293,754 | 293,754 | 293,754 | 264,392 | ||||||||||||
CIRR-System | ||||||||||||||||
Comprehensive income | ||||||||||||||||
Interest revenues | 395 | 338 | 339 | 733 | 671 | 1,343 | ||||||||||
Interest expenses | (344) | (316) | (262) | (660) | (526) | (1,115) | ||||||||||
Net interest revenues | 51 | 22 | 77 | 73 | 145 | 228 | ||||||||||
Interest compensation | 19 | 0 | 12 | 19 | 14 | 26 | ||||||||||
Exchange-rate differences | 7 | 2 | (3) | 9 | (4) | (6) | ||||||||||
Profit before compensation to SEK | 77 | 24 | 86 | 101 | 155 | 248 | ||||||||||
Administrative remuneration to SEK | (38) | (32) | (31) | (70) | (63) | (123) | ||||||||||
Operating profit CIRR-system | 39 | (8) | 55 | 31 | 92 | 125 | ||||||||||
Reimbursement to (-) / from (+) the State | (39) | kr 8 | kr (55) | (31) | kr (92) | (125) | ||||||||||
Financial position | ||||||||||||||||
Cash and cash equivalents | (54) | (54) | (54) | 10 | ||||||||||||
Loans | 64,865 | 64,865 | 64,865 | 49,124 | ||||||||||||
Derivatives | 1,647 | 1,647 | 1,647 | 522 | ||||||||||||
Other assets | 3,091 | 3,091 | 3,091 | 3,472 | ||||||||||||
Prepaid expenses and accrued revenues | 485 | 485 | 485 | 364 | ||||||||||||
Total assets | 70,034 | 70,034 | 70,034 | 53,492 | ||||||||||||
Liabilities | 65,045 | 65,045 | 65,045 | 49,252 | ||||||||||||
Derivatives | 4,542 | 4,542 | 4,542 | 3,789 | ||||||||||||
Accrued expenses and prepaid revenues | 447 | 447 | 447 | 451 | ||||||||||||
Total liabilities and equity | 70,034 | 70,034 | 70,034 | 53,492 | ||||||||||||
Committed undisbursed loans | 56,758 | 56,758 | 56,758 | 69,166 | ||||||||||||
Binding offers | kr 1,315 | kr 1,315 | kr 1,315 | kr 628 | ||||||||||||
[1] | The entire profit is attributable to the shareholder of the Parent Company | |||||||||||||||
[2] | Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date. | |||||||||||||||
[3] | The entire equity is attributable to the shareholder of the Parent Company. |
Pledged assets and contingent41
Pledged assets and contingent liabilities (Details) - SEK (kr) kr in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Collateral provided | ||
Cash Collateral Under Security Agreements For Derivative Contracts | kr 12,795 | kr 10,314 |
Contingent assets | ||
Guarantee commitments | 3,190 | 3,360 |
Commitments | ||
Committed undisbursed loans | 62,041 | 72,914 |
Binding offers | kr 1,445 | kr 1,211 |
Capital adequacy - Capital adeq
Capital adequacy - Capital adequacy analysis (Details) | Jun. 30, 2018 | Dec. 31, 2017 |
Capital adequacy | ||
Common Equity Tier 1 ratio | 20.20% | 20.60% |
Tier 1 capital ratio | 20.20% | 20.60% |
Total capital ratio | 20.20% | 23.00% |
Institution specific Common Equity Tier 1 capital requirement incl. of buffers | 8.40% | 8.40% |
Institution specific Common Equity Tier 1 capital requirement incl. of buffers, of which Common Equity Tier 1 capital requirement | 4.50% | 4.50% |
Institution specific Common Equity Tier 1 capital requirement incl. of buffers, of which capital conservation buffer | 2.50% | 2.50% |
Institution specific Common Equity Tier 1 capital requirement incl. of buffers, of which countercyclical buffer | 1.40% | 1.40% |
Common Equity Tier 1 capital available as a buffer | 14.20% | 14.60% |
Total capital ratio according to Basel I floor | 21.90% | |
Minimum requirement of Common Equity Tier 1 capital | 4.50% | |
Minimum requirement of Tier 1 capital | 6.00% | |
Minimum requirement of total Own Funds | 8.00% | |
Difference between minimum requirement of Tier 1 capital and Common Equity Tier 1 capital ratio | 1.50% |
Capital adequacy - Own funds (D
Capital adequacy - Own funds (Details) - SEK (kr) kr in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | kr 17,684 | kr 17,342 |
Total regulatory adjustments to Common Equity Tier 1 capital | (414) | (106) |
Total Common Equity Tier-1 capital | 17,270 | 17,236 |
Total Tier-1 capital | 17,270 | 17,236 |
Tier 2-eligible subordinated debt | 2,049 | |
Total Tier 2 capital | 2,049 | |
Total Own funds | kr 17,270 | 19,285 |
Total Own funds according to Basel I floor | kr 19,350 | |
IRB approach | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Threshold percentage to increase own funds | 0.60% | 0.60% |
Share capital | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | kr 3,990 | kr 3,990 |
Retained earnings. | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 13,754 | 12,782 |
Accumulated other comprehensive income and other reserves | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | (278) | 30 |
Independently reviewed profit net of any foreseeable charge or dividend | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 218 | 540 |
Additional value adjustments due to prudent valuation | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Total regulatory adjustments to Common Equity Tier 1 capital | (475) | (396) |
Intangible assets | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Total regulatory adjustments to Common Equity Tier 1 capital | (54) | (66) |
Hedge reserve | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Total regulatory adjustments to Common Equity Tier 1 capital | (15) | (25) |
Own credit risk | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Total regulatory adjustments to Common Equity Tier 1 capital | 259 | 446 |
Negative Amounts Resulting From The Calculation Of Expected Loss Amounts [Member] | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Total regulatory adjustments to Common Equity Tier 1 capital | kr (129) | kr (65) |
Capital adequacy - Minimum capi
Capital adequacy - Minimum capital requirements exclusive of buffers (Details) - SEK (kr) kr in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of credit risk exposure [line items] | ||
EAD | kr 320,242 | kr 305,659 |
Risk exposure amount | 85,307 | 83,831 |
Minimum capital requirements | 6,825 | 6,707 |
Risk exposure amount adjustment according to Basel I floor | 4,503 | |
Minimum capital requirement adjustment according to Basel I floor | 360 | |
Total risk exposure amount including Basel I floor | 88,334 | |
Total minimum capital requirement including Basel I floor | 7,067 | |
Credit valuation adjustment risk | ||
Disclosure of credit risk exposure [line items] | ||
Risk exposure amount | 2,056 | 1,989 |
Minimum capital requirements | 164 | 159 |
Currency risk | ||
Disclosure of credit risk exposure [line items] | ||
Risk exposure amount | 1,006 | 1,326 |
Minimum capital requirements | 81 | 106 |
Commodities risk | ||
Disclosure of credit risk exposure [line items] | ||
Risk exposure amount | 11 | 13 |
Minimum capital requirements | 1 | 1 |
Operational risk | ||
Disclosure of credit risk exposure [line items] | ||
Risk exposure amount | 3,284 | 3,284 |
Minimum capital requirements | 263 | 263 |
Standardized approach | Credit risk | ||
Disclosure of credit risk exposure [line items] | ||
EAD | 1,539 | 1,316 |
Risk exposure amount | 1,539 | 1,316 |
Minimum capital requirements | 123 | 105 |
Standardized approach | Credit risk | Corporates | ||
Disclosure of credit risk exposure [line items] | ||
EAD | 1,539 | 1,316 |
Risk exposure amount | 1,539 | 1,316 |
Minimum capital requirements | 123 | 105 |
IRB approach | Credit risk | ||
Disclosure of credit risk exposure [line items] | ||
EAD | 318,703 | 304,343 |
Risk exposure amount | 77,411 | 75,903 |
Minimum capital requirements | 6,193 | 6,073 |
IRB approach | Credit risk | Central governments | ||
Disclosure of credit risk exposure [line items] | ||
EAD | 173,572 | 161,429 |
Risk exposure amount | 9,881 | 9,331 |
Minimum capital requirements | 791 | 747 |
IRB approach | Credit risk | Financial institutions | ||
Disclosure of credit risk exposure [line items] | ||
EAD | 31,135 | 38,163 |
Risk exposure amount | 9,463 | 12,688 |
Minimum capital requirements | 757 | 1,015 |
IRB approach | Credit risk | Corporates | ||
Disclosure of credit risk exposure [line items] | ||
EAD | 113,882 | 104,630 |
Risk exposure amount | 57,953 | 53,763 |
Minimum capital requirements | 4,636 | 4,301 |
IRB approach | Credit risk | Assets without counterparty | ||
Disclosure of credit risk exposure [line items] | ||
EAD | 114 | 121 |
Risk exposure amount | 114 | 121 |
Minimum capital requirements | 9 | 10 |
IRB approach | Credit risk | Specialized lending | ||
Disclosure of credit risk exposure [line items] | ||
EAD | 3,715 | 2,478 |
Risk exposure amount | 2,438 | 1,643 |
Minimum capital requirements | 195 | 131 |
IRB approach | Counterparty risk | Financial institutions | ||
Disclosure of credit risk exposure [line items] | ||
EAD | 4,396 | 4,131 |
Risk exposure amount | 1,622 | 1,574 |
Minimum capital requirements | kr 130 | kr 126 |
Capital adequacy - Credit risk
Capital adequacy - Credit risk by PD grade (Details) - SEK (kr) kr in Millions | 6 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | Mar. 18, 2017 | |
Disclosure of credit risk exposure | |||
EAD | kr 320,242 | kr 305,659 | |
Institution Specific Common Equity Tier One Capital Ratio Countercyclical Buffer | 1.40% | 1.40% | |
Sweden | |||
Disclosure of credit risk exposure | |||
Mandatory capital conservation buffer percentage | 2.50% | ||
Institution Specific Common Equity Tier One Capital Ratio Countercyclical Buffer | 2.00% | 1.50% | |
Capital requirement exposure | 68.00% | 67.00% | |
Exporter | |||
Disclosure of credit risk exposure | |||
Institution Specific Common Equity Tier One Capital Ratio Countercyclical Buffer | 0.07% | 0.05% | |
Operational risk | Standardized approach | |||
Disclosure of credit risk exposure | |||
Fiscal years for each business area to calculate income indicators | 3 years | ||
Minimum | Operational risk | Standardized approach | |||
Disclosure of credit risk exposure | |||
Capital requirement multiple factor | 15.00% | ||
Maximum | Operational risk | Standardized approach | |||
Disclosure of credit risk exposure | |||
Capital requirement multiple factor | 18.00% |
Capital adequacy - Leverage rat
Capital adequacy - Leverage ratio (Details) - SEK (kr) kr in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Capital adequacy | ||
On-balance sheet exposures | kr 271,799 | kr 249,244 |
Off-balance sheet exposures | 39,500 | 42,168 |
Total exposure measure | kr 311,299 | kr 291,412 |
Leverage ratio | 5.50% | 5.90% |
Capital adequacy - Internally a
Capital adequacy - Internally assessed economic capital excl. buffer (Details) - SEK (kr) kr in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of credit risk exposure [line items] | ||
Capital requirements | kr 17,270 | kr 19,285 |
Internal credit grades | ||
Disclosure of credit risk exposure [line items] | ||
Capital requirements | 10,465 | 10,788 |
Credit risk | Internal credit grades | ||
Disclosure of credit risk exposure [line items] | ||
Capital requirements | 7,064 | 6,898 |
Operational risk | Internal credit grades | ||
Disclosure of credit risk exposure [line items] | ||
Capital requirements | 142 | 142 |
Market risk | Internal credit grades | ||
Disclosure of credit risk exposure [line items] | ||
Capital requirements | 1,118 | 1,573 |
Other | Internal credit grades | ||
Disclosure of credit risk exposure [line items] | ||
Capital requirements | 175 | 170 |
Capital planning buffer | Internal credit grades | ||
Disclosure of credit risk exposure [line items] | ||
Capital requirements | kr 1,966 | kr 2,005 |
Exposures - Total net exposure
Exposures - Total net exposure (Details) - Credit risk - SEK (kr) kr in Billions | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 338.6 | kr 327.2 |
Percentage of net exposures | 100.00% | 100.00% |
Central governments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 168 | kr 167.1 |
Percentage of net exposures | 49.60% | 51.10% |
Regional governments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 19.8 | kr 11.4 |
Percentage of net exposures | 5.80% | 3.50% |
Multilateral development banks | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 0.1 | kr 0 |
Percentage of net exposures | 0.00% | 0.00% |
Public Sector Entity | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 0.2 | kr 0.4 |
Percentage of net exposures | 0.10% | 0.10% |
Financial institutions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 31.5 | kr 38.6 |
Percentage of net exposures | 9.30% | 11.80% |
Corporates | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 119 | kr 109.7 |
Percentage of net exposures | 35.20% | 33.50% |
Loans and interest-bearing securities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 267.5 | kr 245 |
Percentage of net exposures | 100.00% | 100.00% |
Loans and interest-bearing securities | Central governments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 110 | kr 97.1 |
Percentage of net exposures | 41.10% | 39.60% |
Loans and interest-bearing securities | Regional governments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 19.8 | kr 11.4 |
Percentage of net exposures | 7.40% | 4.70% |
Loans and interest-bearing securities | Multilateral development banks | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 0.1 | kr 0 |
Percentage of net exposures | 0.00% | 0.00% |
Loans and interest-bearing securities | Public Sector Entity | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 0.2 | kr 0.4 |
Percentage of net exposures | 0.10% | 0.20% |
Loans and interest-bearing securities | Financial institutions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 25.8 | kr 32.7 |
Percentage of net exposures | 9.60% | 13.30% |
Loans and interest-bearing securities | Corporates | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 111.6 | kr 103.4 |
Percentage of net exposures | 41.80% | 42.20% |
Undisbursed loans, derivatives | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 71.1 | kr 82.2 |
Percentage of net exposures | 100.00% | 100.00% |
Undisbursed loans, derivatives | Central governments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 58 | kr 70 |
Percentage of net exposures | 81.60% | 85.10% |
Undisbursed loans, derivatives | Multilateral development banks | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 0 | |
Percentage of net exposures | 0.00% | |
Undisbursed loans, derivatives | Financial institutions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 5.7 | kr 5.9 |
Percentage of net exposures | 8.00% | 7.20% |
Undisbursed loans, derivatives | Corporates | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net exposure | kr 7.4 | kr 6.3 |
Percentage of net exposures | 10.40% | 7.70% |
Exposures - Net exposure by reg
Exposures - Net exposure by region and class (Details) - Credit risk - SEK (kr) kr in Billions | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of credit risk exposure [line items] | ||
Net exposure | kr 338.6 | kr 327.2 |
Central governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 168 | 167.1 |
Regional governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 19.8 | 11.4 |
Multilateral development banks | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.1 | 0 |
Public Sector Entity | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.2 | 0.4 |
Financial institutions | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 31.5 | 38.6 |
Corporates | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 119 | 109.7 |
Middle East/ Africa/Turkey | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 4.6 | 4.9 |
Middle East/ Africa/Turkey | Corporates | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 4.6 | 4.9 |
Asia excl. Japan | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 6.4 | 7.3 |
Asia excl. Japan | Central governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.7 | 0.7 |
Asia excl. Japan | Financial institutions | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 2.5 | 3 |
Asia excl. Japan | Corporates | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 3.2 | 3.6 |
Japan | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 5.6 | 6.2 |
Japan | Central governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 2.6 | 4 |
Japan | Financial institutions | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.4 | 0.5 |
Japan | Corporates | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 2.6 | 1.7 |
North America | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 12.9 | 14.9 |
North America | Central governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 2.3 | 2.4 |
North America | Financial institutions | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 6.4 | 9.6 |
North America | Corporates | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 4.2 | 2.9 |
Oceania | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 1.2 | 1.2 |
Oceania | Financial institutions | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 1.2 | 1.2 |
Latin America | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 4.6 | 5.3 |
Latin America | Central governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.9 | 0.9 |
Latin America | Financial institutions | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.4 | 1.1 |
Latin America | Corporates | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 3.3 | 3.3 |
Sweden | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 252.3 | 235.4 |
Sweden | Central governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 146.3 | 145.1 |
Sweden | Regional governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 19.5 | 11.2 |
Sweden | Financial institutions | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 6.8 | 6.9 |
Sweden | Corporates | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 79.7 | 72.2 |
West Europe excl. Sweden | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 47.4 | 48.5 |
West Europe excl. Sweden | Central governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 12 | 10.9 |
West Europe excl. Sweden | Regional governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.3 | 0.2 |
West Europe excl. Sweden | Multilateral development banks | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.1 | 0 |
West Europe excl. Sweden | Public Sector Entity | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.2 | 0.4 |
West Europe excl. Sweden | Financial institutions | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 13.5 | 16 |
West Europe excl. Sweden | Corporates | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 21.3 | 21 |
Central and East European countries | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 3.6 | 3.5 |
Central and East European countries | Central governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 3.2 | 3.1 |
Central and East European countries | Financial institutions | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.3 | 0.3 |
Central and East European countries | Corporates | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | kr 0.1 | kr 0.1 |
Exposures - Net exposures Europ
Exposures - Net exposures European countries, excluding Sweden by exposure classes (Details) - Credit risk - SEK (kr) kr in Billions | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of credit risk exposure [line items] | ||
Net exposure | kr 338.6 | kr 327.2 |
France | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 10.7 | 10.3 |
United Kingdom | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 7.7 | 7.7 |
Norway | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 6.2 | 6.2 |
Finland | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 6.2 | 7.1 |
Denmark | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 3.9 | 4.8 |
Germany | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 3.3 | 4.7 |
Poland | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 3.2 | 3.1 |
Spain | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 2.5 | 2.6 |
The Netherlands | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 2.5 | 2.6 |
Switzerland | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 1 | 0.5 |
Luxembourg | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 1 | 0.4 |
Austria | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.9 | 0.1 |
Belgium | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.8 | 0.9 |
Ireland | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.4 | 0.4 |
Latvia | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.2 | 0.2 |
Iceland | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.2 | 0.2 |
Italy | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.1 | 0.1 |
Russia | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.1 | 0.1 |
Estonia | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.1 | 0.1 |
Hungary | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0 | 0 |
European countries excl. Sweden | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 51 | 52.1 |
Central governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 168 | 167.1 |
Regional governments | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 19.8 | 11.4 |
Multilateral development banks | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.1 | 0 |
Public Sector Entity | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 0.2 | 0.4 |
Financial institutions | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | 31.5 | 38.6 |
Corporates | ||
Disclosure of credit risk exposure [line items] | ||
Net exposure | kr 119 | kr 109.7 |