Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Document and Entity Information | |
Entity Registrant Name | SWEDISH EXPORT CREDIT CORP /SWED/ |
Entity Central Index Key | 0000352960 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2021 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Comprehensive Income (unaudited) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||||
Condensed Consolidated Statement of Comprehensive Income (unaudited) | |||||||||
Interest income | kr 678 | kr 660 | kr 1,178 | [1] | kr 1,338 | kr 2,480 | [1] | kr 4,108 | |
Interest expenses | (210) | (175) | (709) | [1] | (385) | (1,606) | [1] | (2,162) | |
Net interest income | 468 | 485 | 469 | [1] | 953 | 874 | [1] | 1,946 | |
Net fee and commission expense | (7) | (10) | (10) | [1] | (17) | (17) | [1] | (42) | |
Net results of financial transactions | 9 | (17) | (24) | [1] | (8) | (91) | [1] | 83 | |
Total operating income | 470 | 458 | 435 | [1] | 928 | 766 | [1] | 1,987 | |
Personnel expenses | (98) | (89) | (92) | [1] | (187) | (177) | [1] | (347) | |
Other administrative expenses | (61) | (55) | (46) | [1] | (116) | (98) | [1] | (198) | |
Depreciation and impairment of non-financial assets | (12) | (11) | (13) | [1] | (23) | (26) | [1] | (51) | |
Total operating expenses | (171) | (155) | (151) | [1] | (326) | (301) | [1] | (596) | |
Operating profit before credit losses | 299 | 303 | 284 | [1] | 602 | 465 | [1] | 1,391 | |
Net credit losses | 13 | (12) | (151) | [1] | 1 | (175) | [1] | (153) | |
Operating profit | 312 | 291 | 133 | [1] | 603 | 290 | [1] | 1,238 | |
Tax expenses | (64) | (60) | (32) | [1] | (124) | (66) | [1] | (270) | |
Net profit | [2] | 248 | 231 | 101 | [1] | 479 | 224 | [1] | 968 |
Items not to be reclassified to profit or loss | |||||||||
Own credit risk | (2) | (18) | (62) | [1] | (20) | 49 | [1] | 18 | |
Revaluation of defined benefit plans | 4 | 31 | 8 | [1] | 35 | (1) | [1] | 1 | |
Tax on items not to be reclassified to profit or loss | 0 | (3) | 12 | [1] | (3) | (11) | [1] | (5) | |
Net items not to be reclassified to profit or loss | 2 | 10 | (42) | [1] | 12 | 37 | [1] | 14 | |
Total other comprehensive income | 2 | 10 | (42) | [1] | 12 | 37 | [1] | 14 | |
Total comprehensive income | [2] | kr 250 | kr 241 | kr 59 | [1] | kr 491 | kr 261 | [1] | kr 982 |
Basic earnings per share (in SEK per share) | [3] | kr 62 | kr 58 | kr 25 | kr 120 | kr 56 | kr 243 | ||
Diluted earnings per share (in SEK per share) | [3] | kr 62 | kr 58 | kr 25 | kr 120 | kr 56 | kr 243 | ||
[1] | Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted. | ||||||||
[2] | The entire profit is attributable to the shareholder of the Parent Company. | ||||||||
[3] | Net profit divided by average number of shares, which amounts to 3,990,000 for each period. |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income (unaudited) (Parenthetical) - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Condensed Consolidated Statement of Comprehensive Income (unaudited) | ||||||
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 (unaudited) - SEK (kr) kr in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and cash equivalents | [1] | kr 5,549 | kr 3,362 |
Treasuries/government bonds | 13,381 | 22,266 | |
Other interest-bearing securities except loans | 47,796 | 33,551 | |
Loans in the form of interest-bearing securities | 46,923 | 50,780 | |
Loans to credit institutions | 23,631 | 31,315 | |
Loans to the public | 163,723 | 171,562 | |
Derivatives | 6,453 | 7,563 | |
Tangible and intangible assets | 172 | 145 | |
Deferred tax asset | 8 | 15 | |
Other assets | 10,388 | 12,853 | |
Prepaid expenses and accrued revenues | 1,821 | 1,987 | |
Total assets | 319,845 | 335,399 | |
Liabilities and equity | |||
Borrowing from credit institutions | 2,862 | 3,486 | |
Borrowing from the public | 10,000 | 10,000 | |
Debt securities issued | 268,333 | 273,976 | |
Derivatives | 16,021 | 25,395 | |
Other liabilities | 543 | 455 | |
Accrued expenses and prepaid revenues | 1,761 | 1,924 | |
Provisions | 60 | 99 | |
Total liabilities | 299,580 | 315,335 | |
Share capital | 3,990 | 3,990 | |
Reserves | (117) | (129) | |
Retained earnings | 16,392 | 16,203 | |
Total equity | [2] | 20,265 | 20,064 |
Total liabilities and equity | kr 319,845 | kr 335,399 | |
[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. |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Equity (unaudited) - SEK (kr) kr in Millions | Share capital | Own credit risk | Defined benefit plans | Retained earnings | Total | ||
Balance at the beginning of the period at Dec. 31, 2019 | kr 3,990 | kr (98) | kr (45) | kr 15,235 | kr 19,082 | ||
Net profit | 224 | 224 | [1],[2] | ||||
Other comprehensive income | 38 | (1) | 37 | [1] | |||
Total comprehensive income | 38 | (1) | 224 | 261 | [1],[2] | ||
Balance at the end of the period at Jun. 30, 2020 | [3] | 3,990 | (60) | (46) | 15,459 | 19,343 | |
Balance at the beginning of the period at Dec. 31, 2019 | 3,990 | (98) | (45) | 15,235 | 19,082 | ||
Net profit | 968 | 968 | [2] | ||||
Other comprehensive income | 14 | 0 | 14 | ||||
Total comprehensive income | 14 | 0 | 968 | 982 | [2] | ||
Balance at the end of the period at Dec. 31, 2020 | [3] | 3,990 | (84) | (45) | 16,203 | 20,064 | |
Net profit | 479 | 479 | [2] | ||||
Other comprehensive income | (15) | 27 | 12 | ||||
Total comprehensive income | (15) | 27 | 479 | 491 | [2] | ||
Dividend | (290) | (290) | |||||
Balance at the end of the period at Jun. 30, 2021 | [3] | kr 3,990 | kr (99) | kr (18) | kr 16,392 | kr 20,265 | |
[1] | Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted. | ||||||
[2] | The entire profit is attributable to the shareholder of the Parent Company. | ||||||
[3] | The entire equity is attributable to the shareholder of the Parent Company. |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows in the Consolidated Group (unaudited) - SEK (kr) kr in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||||
Operating activities | ||||||
Operating profit | kr 603 | kr 290 | [1] | kr 1,238 | ||
Adjustments for non-cash items in operating profit | ||||||
Adjustments for non-cash items in operating profit | 111 | 322 | 140 | |||
Income tax paid | (130) | (188) | (311) | |||
Changes in assets and liabilities from operating activities | 19,023 | (12,216) | (19,055) | |||
Cash flow from operating activities | 19,607 | (11,792) | (17,988) | |||
Investing activities | ||||||
Capital expenditures | (37) | (14) | (35) | |||
Cash flow from investing activities | (37) | (14) | (35) | |||
Financing activities | ||||||
Change in senior debt | (14,472) | 14,327 | 29,460 | |||
Derivatives, net | (2,748) | 352 | (8,651) | |||
Dividend paid | (290) | |||||
Payment of lease liability | (13) | (13) | (27) | |||
Cash flow from financing activities | (17,523) | 14,666 | 20,782 | |||
Cash flow for the period | 2,047 | 2,860 | 2,759 | |||
Cash and cash equivalents at beginning of the period | 3,362 | [2] | 1,362 | 1,362 | ||
Exchange-rate differences on cash and cash equivalents | 140 | (311) | (759) | |||
Cash and cash equivalents at end of the period | [2] | kr 5,549 | kr 3,911 | kr 3,362 | ||
[1] | Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted. | |||||
[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. |
Accounting policies
Accounting policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting policies | |
Accounting policies | Note 1. Accounting policies This condensed interim report is presented in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting. The Consolidated 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 principles for external reporting in accordance with its State Ownership Policy and principles for state-owned enterprises. The accounting policies, methods of computation and presentation of the Consolidated Group are, in all material aspects, the same as those used for the 2020 annual financial statements on Form 20-F, except for the changes described below. In addition to the changes below, certain amounts reported in prior periods have been restated to conform to the current presentation. SEK analyzes and assesses the application and impact of changes in financial reporting standards that are applied within the Group. Changes that are not mentioned are either not applicable to SEK or have been determined to not have a material impact on SEK's financial reporting. The amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 in "Reform for new reference rates - phase 2" are applicable from January 1, 2021. Phase 2 of the reform of the reference rates is comprised of three main areas: hedge accounting, modifications and information. The changes clarify that hedge accounting does not have to cease just because the hedged items and hedging instruments were modified as a result of the IBOR reform. Security conditions (and associated documentation) must be changed to reflect the modifications made to the hedged item, the hedging instrument and the hedged risk. Any value adjustments resulting from the changes must be reported as hedging inefficiency. SEK has not made any changes related to the IBOR reform during the reporting period, nor entered into a hedging relationship where an alternative benchmark interest rate constitutes the hedged risk. The reform of the reference rates further clarifies that modifications required as a direct result of the IBOR reform and made in an economically equivalent way should not be reported as modifications for instruments valued at accrued acquisition value. For such modifications, the effective interest rate must be adjusted in line with those modified cash flows. SEK did not use the accounting relief rule for modifications. SEK's exposure that is directly affected by the reference interest rate reform is mainly its lending contracts to variable interest rates, its lending and borrowing contracts at fixed interest rates that are hedged at variable interest rates and currency swaps at variable interest rates. The exposures to variable interest rates are mainly against USD LIBOR, STIBOR and EURIBOR. After 2021-12-31, GBP LIBOR, CHF LIBOR and JPY LIBOR are expected to cease. For USD LIBOR, the most common maturities are expected to expire after 2023-06-30. SEK has lending contracts and derivative contracts maturing after 2023-06-30 in USD LIBOR with a nominal amount of USD 1,893 million and USD 17,829 million respectively. The changes are not expected to result in a change to SEK's hedging conditions and no significant modification gains or modification losses are expected to be reported. The changes are therefore not expected to have any significant impact on SEK's accounts, capital adequacy or large exposures when first applied. To further improve the resilience of credit institutions within the EU, a reform package was adopted in June 2019: Regulation (EU) 2019/876 (CRRII) and Directive (EU) 2019/878 (CRDV) of the European Parliament and of the Council. As of June 28, 2021, the Capital Requirements Regulation (CRRII) entered into force. This means that new requirements such as a binding leverage ratio and a binding stable net financing ratio (NSFR) are included in note 9, Capital adequacy, per 2021-06-30. The information is published in accordance with Supervisory Regulations FFFS 2014:12 and FFFS 2008:25. There are no other IFRS or IFRS Interpretations Committee 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 income
Net interest income | 6 Months Ended |
Jun. 30, 2021 | |
Net interest income | |
Net interest income | Note 2. Net interest income Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2021 2021 2020 1 2021 2020 1 2020 Interest income Loans to credit institutions 34 33 51 67 147 236 Loans to the public 919 920 1,124 1,839 2,199 4,210 Loans in the form of interest-bearing securities 189 195 243 384 456 897 Interest-bearing securities excluding loans in the form of interest-bearing securities 12 19 71 31 191 242 Derivatives -529 -558 -369 -1,087 -634 -1,708 Administrative remuneration CIRR-system 48 45 52 93 102 197 Other assets 5 6 6 11 19 34 Total interest income 2 678 660 1,178 1,338 2,480 4,108 Interest expenses Interest expenses -191 -150 -692 -341 -1,563 -2,076 Resolution fee -19 -25 -17 -44 -43 -86 Total interest expenses -210 -175 -709 -385 -1,606 -2,162 Net interest income 468 485 469 953 874 1,946 1 Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted. 2 Interest income calculated using the effective interest method amounted to Skr 2,087 million during January-June 2021 (1H20: Skr 2,622 million). |
Net results of financial transa
Net results of financial transactions | 6 Months Ended |
Jun. 30, 2021 | |
Net results of financial transactions | |
Net results of financial transactions | Note 3. Net results of financial transactions Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2021 2021 2020 2021 2020 2020 Derecognition of financial instruments not measured at fair value through profit or loss 29 1 8 30 10 14 Financial assets or liabilities at fair value through profit or loss -28 -11 1 -39 -109 -22 Financial instruments under fair-value hedge accounting 7 -4 -37 3 8 86 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value 1 -3 4 -2 0 5 Total net results of financial transactions 9 -17 -24 -8 -91 83 |
Impairments
Impairments | 6 Months Ended |
Jun. 30, 2021 | |
Impairments | |
Impairments | Note 4. Impairments Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2021 2021 2020 2021 2020 2020 Expected credit losses, stage 1 31 5 -110 36 -127 -98 Expected credit losses, stage 2 8 10 -39 18 -46 -48 Expected credit losses, stage 3 -30 -27 -2 -57 -2 -7 Established losses -3 — -20 -3 -20 -20 Reserves applied to cover established credit losses 3 — 20 3 20 20 Recovered credit losses 4 — — 4 — — Net credit losses 13 -12 -151 1 -175 -153 June 30, 2021 December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Total Loans, before expected credit losses 184,075 36,057 1,852 221,984 231,927 Off balance sheet exposures, before expected credit losses 34,259 31,184 — 65,443 62,504 Total, before expected credit losses 218,334 67,241 1,852 287,427 294,431 Loss allowance, loans -107 -38 -97 -242 -240 Loss allowance, off balance sheet exposures 1 -5 0 — -5 -9 Total loss allowance -112 -38 -97 -247 -249 Provision ratio (in percent) 0.05 0.06 5.24 0.09 0.08 1 Recognized under provision in Consolidated Statement of Financial Position. Off balance sheet exposures consist of guarantee commitments, committed undisbursed loans and binding offers, see Note 8. The table above shows the book value of loans and nominal amounts for off-balance sheet exposures before expected credit losses for each stage as well as related loss allowance amounts, in order to place expected credit losses in relation to credit exposures. Overall, the credit portfolio has an extremely high credit quality and SEK often uses risk mitigation measures, primarily through guarantees from the Swedish Export Credit Agency (EKN) and other government export credit agencies in the Organisation for Economic Co-operation and Development (OECD), which explains the low provision ratio. Loss Allowance June 30, 2021 December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Total Opening balance January 1 -147 -56 -46 -249 -128 Increases due to origination and acquisition -26 -2 -23 -51 -84 Net remeasurement of loss allowance 42 8 0 50 -69 Transfer to stage 1 -2 3 — 1 — Transfer to stage 2 0 -9 — -9 — Transfer to stage 3 0 3 -41 -38 -9 Decreases due to derecognition 21 17 7 45 8 Decrease in allowance account due to write-offs — — 7 7 20 Exchange-rate differences 1 0 -2 -1 -3 13 Closing balance -112 -38 -97 -247 -249 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. Provisions for expected credit losses (ECLs) are calculated using quantitative models based on inputs, assumptions and methods that are highly reliant on assessments. In particular, the following could heavily impact the level of provisions: the establishment of a material increase in credit risk, allowing for forward-looking macroeconomic scenarios, and the measurement of both ECLs over the next 12 months and lifetime ECLs. ECLs are based on objective assessments of what SEK expects to lose on the exposures given what was known on the reporting date and taking into account possible future events. The ECL is a probability-weighted amount that is determined by evaluating the outcome of several possible scenarios and where the data taken into consideration comprises information from previous conditions, current conditions and projections of future economic conditions. SEK’s method entails three scenarios being prepared for each probability of default curve: (i) a base scenario, (ii) a downturn scenario and (iii) an upturn scenario. The base scenario consists of GDP forecasts from the World Bank. When calculating the ECL as of June 30, 2021 the latest available forecast was the World Bank's forecast from June 2021. According to the World Bank's forecast, global economic output is expected to increase by 5.6 percent in 2021 and to increase by 4.3 percent in 2022. The base scenario has been weighted at between 75 and 78 percent, and the downturn and upturn weighted SEK’s IFRS 9 model is based on GDP growth projections estimating the impact on the probability of default. SEK’s management believes that the strong positive GDP growth projections for 2021 may understate the probability of default of the asset portfolio. In the second quarter, as the IFRS 9 model is assessed to underestimate the probability of default, SEK made an overall adjustment to increase expected credit losses which was calculated pursuant to SEK’s IFRS 9 model as of June 30, 2021. |
Financial assets and liabilitie
Financial assets and liabilities at fair value | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 5,549 5,549 — Treasuries/governments bonds 13,381 13,381 — Other interest-bearing securities except loans 47,796 47,796 — Loans in the form of interest-bearing securities 46,923 48,247 1,324 Loans to credit institutions 23,631 23,825 194 Loans to the public 163,723 171,258 7,535 Derivatives 6,453 6,453 — Total financial assets 307,456 316,509 9,053 Borrowing from credit institutions 2,862 2,862 — Borrowing from the public 10,000 10,000 — Debt securities issued 268,333 268,939 606 Derivatives 16,021 16,021 — Total financial liabilities 297,216 297,822 606 December 31, 2020 Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 3,362 3,362 — Treasuries/governments bonds 22,266 22,266 — Other interest-bearing securities except loans 33,551 33,551 — Loans in the form of interest-bearing securities 50,780 52,091 1,311 Loans to credit institutions 31,315 31,424 109 Loans to the public 171,562 180,453 8,891 Derivatives 7,563 7,563 — Total financial assets 320,399 330,710 10,311 Borrowing from credit institutions 3,486 3,486 — Borrowing from the public 10,000 10,000 — Debt securities issued 273,976 274,552 576 Derivatives 25,395 25,395 — Total financial liabilities 312,857 313,433 576 Determination of fair value The determination of fair value is described in the annual financial statements included in SEK’s 2020 Annual Report on Form 20-F, see Note 1 (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 profit or loss Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 9,836 3,545 — 13,381 Other interest-bearing securities except loans 23,518 24,278 — 47,796 Derivatives — 5,827 626 6,453 Total, June 30, 2021 33,354 33,650 626 67,630 Total, December 31, 2020 33,582 28,220 1,578 63,380 Financial liabilities in fair value hierarchy Financial liabilities at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 6,812 30,553 37,365 Derivatives — 14,366 1,655 16,021 Total, June 30, 2021 — 21,178 32,208 53,386 Total, December 31, 2020 — 29,744 43,039 72,783 Due to an increased element of subjective assessment of the input in the valuation, a transfer of Skr -1 million for derivatives was made from level 2 to level 3 (year-end 2020: a transfer of Skr -10,649 million for debt securities issued was made from level 2 to level 3, a transfer from level 3 to level 2 of Skr 6,534 million for debt securities issued was made and a transfer from level 3 to level 2 of net Skr -1,259 million for derivatives was made). Financial assets and liabilities at fair value in Level 3, 2021 Gains (+) and Gains (+) and losses (–) in Transfers losses (–) Other Exchange- January 1, Settlements & Transfers from through profit comprehensive rate June 30, Skr mn 2021 Purchases sales to Level 3 Level 3 or loss 1 income differences 2021 Debt securities issued -41,198 -6,735 17,922 — — -505 -33 -4 -30,553 Derivatives, net -263 9 -561 -1 — 847 — -1,060 -1,029 Net assets and liabilities -41,461 -6,726 17,361 -1 — 342 -33 -1,064 -31,582 Financial assets and liabilities at fair value in Level 3, 2020 Gains (+) and Gains (+) and losses (–) in Transfers losses (–) Other Exchange- January 1, Settlements & Transfers from through profit comprehensive rate December 31, Skr mn 2020 Purchases sales to Level 3 Level 3 or loss 1 income differences 2020 Debt securities issued -43,752 -10,584 16,285 -10,649 6,534 -1,345 44 2,269 -41,198 Derivatives, net 22 7 -400 — -1,259 -1,597 — 2,964 -263 Net assets and liabilities -43,730 -10,577 15,885 -10,649 5,275 -2,942 44 5,233 -41,461 1 Gains and losses through profit or loss, including the impact of exchange-rates, is reported as net interest income 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, 2021 amounted to a Skr 328 million gain (year-end 2020: Skr 36 million gain) and are reported as net results of financial transactions. Uncertainty of valuation of Level 3 instruments As the estimation of parameters included in the models used to calculate the market value of Level 3 instruments is associated with subjectivity and uncertainty, SEK has 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 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 correlation is expressed as a value between 1 and -1, where 0 indicates no relationship, 1 indicates a maximum positive relationship and -1 indicates a maximum negative relationship. The maximum correlation in the range of unobservable inputs can thus be from 1 to -1. In the analysis, the correlations have been adjusted by +/- 0.12, which represents the level SEK uses within its prudent valuation framework. For Level 3 instruments that are significantly affected by non--observable market data in the form of 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 Assets and liabilities June 30, 2021 Range of estimates Unobservable for unobservable Sensitivity Sensitivity Skr mn Fair Value input input Valuation method max min Equity -549 Correlation 0.12 - (0.12) Option Model -5 5 Interest rate 1 Correlation 0.12 - (0.12) Option Model 0 0 FX -368 Correlation 0.12 - (0.12) Option Model -49 49 Other -113 Correlation 0.12 - (0.12) Option Model 0 0 Sum derivatives, net -1,029 -54 54 Equity -6,901 Correlation 0.12 - (0.12) Option Model 5 -5 Credit spreads 10BP - (10BP) Discounted cash flow 8 -8 Interest rate -12,243 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP - (10BP) Discounted cash flow 63 -63 FX -11,293 Correlation 0.12 - (0.12) Option Model 52 -52 Credit spreads 10BP - (10BP) Discounted cash flow 52 -52 Other -116 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP - (10BP) Discounted cash flow 1 -1 Sum debt securities issued -30,553 181 -181 Total effect on total comprehensive income 127 -127 Derivatives, net, December 31, 2020 -263 -59 59 Debt securities issued, December 31, 2020 -41,198 196 -196 Total effect on total comprehensive income, December 31, 2020 137 -137 The sensitivity analysis shows the effect that a shift in correlations or SEK’s own credit spread has on Level 3 instruments. The table presents maximum positive and negative change in fair value when correlations or SEK’s own credit spread shifted by 0.12 and 10 basis points Fair value related to credit risk Fair value originating from credit risk The period's change in fair value originating (- liabilities increase/ + liabilities decrease) from credit risk (+ income/ - loss) June 30, 31 December Jan-Jun Jan-Jun Skr mn 2021 2020 2021 2020 CVA/DVA, net 1 -14 -17 3 -12 OCA 2 -127 -108 -19 49 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. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
Derivatives. | |
Derivatives | Note 6. Derivatives Derivatives by category June 30, 2021 December 31, 2020 Assets Liabilities Nominal Assets Liabilities Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 3,305 9,563 324,669 3,846 11,774 323,664 Currency-related contracts 3,061 4,443 159,838 3,249 11,236 153,838 Equity-related contracts 10 544 7,274 457 620 15,598 Contracts related to commodities, credit risk, etc. 77 1,471 8,105 11 1,765 7,513 Total derivatives 6,453 16,021 499,886 7,563 25,395 500,613 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, 2021 | |
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 compensation, which is calculated based on the principal amount outstanding. The administrative compensation paid by the state to SEK as compensation is recognized in the CIRR-system as administrative compensation to SEK. Refer to the following tables of the statement of comprehensive income and statement of financial positions for the CIRR-system, presented as reported to the owner. Interest expenses includes interest expenses for loans between SEK and the CIRR-system which reflects the borrowing cost for the CIRR-system. Interest expenses for derivatives hedging CIRR-loans are also recognized as interest expenses, which differs from SEK’s accounting principles. Arrangement fees to SEK are recognized together with other arrangement fees as interest expenses. 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, 2021, concessionary loans outstanding amounted to Skr 348 million (year-end 2020: Skr 382 million) and operating profit for the program amounted to Skr -11 million (1H20: Skr -15 million) for the period January-June 2021. SEK’s administrative compensation for administrating the concessionary credit program amounted to Skr 1 million (1H20: Skr 1 million). Statement of Comprehensive Income for the CIRR-system Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2021 2021 2020 2021 2020 2020 Interest income 498 487 582 985 1,121 2,170 Interest expenses -494 -520 -529 -1,014 -1,041 -2,087 Interest compensation 7 — 11 7 14 14 Exchange-rate differences 0 -1 -1 -1 2 4 Profit before compensation to SEK 11 -34 63 -23 96 101 Administrative remuneration to SEK -47 -45 -52 -92 -102 -196 Operating profit CIRR-system -36 -79 11 -115 -6 -95 Reimbursement to (–) / from (+) the State 36 79 -11 115 6 95 Statement of Financial Position for the CIRR-system June 30, December 31, Skr mn 2021 2020 Cash and cash equivalents 26 2 Loans 73,958 69,163 Other assets 9,277 12,528 Prepaid expenses and accrued revenues 421 407 Total assets 83,682 82,100 Liabilities 74,205 69,289 Derivatives 8,962 12,232 Accrued expenses and prepaid revenues 515 579 Total liabilities 83,682 82,100 Commitments Committed undisbursed loans 52,974 51,463 Binding offers 1,492 1,322 |
Pledged assets and contingent l
Pledged assets and contingent liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Pledged assets and contingent liabilities | |
Pledged assets and contingent liabilities | Note 8. Pledged assets and contingent liabilities June 30, December 31, Skr mn 2021 2020 Collateral provided Cash collateral under the security agreements for derivative contracts 12,535 21,979 Contingent liabilities 1 Guarantee commitments 4,311 3,969 Commitments 1 Committed undisbursed loans 59,640 57,213 Binding offers 1,492 1,322 Leases committed but not yet commenced 156 — 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, 2021 | |
Capital adequacy | |
Capital adequacy | Note 9. Capital adequacy The capital adequacy analysis relates to the parent company AB Svensk Exportkredit. The information is disclosed according to FFFS 2014:12 and FFFS 2008:25. For further information on capital adequacy and risks, see Note 30 to the annual financial statements included in SEK’s 2020 Annual Report on Form 20-F and see SEK’s 2020 Capital Adequacy and Risk Management (Pillar 3) Report. Capital Adequacy Analysis June 30, 2021 December 31, 2020 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 23.3 21.8 Tier 1 capital ratio 23.3 21.8 Total capital ratio 23.3 21.8 1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer. June 30, 2021 December 31, 2020 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 6,763 8.0 7,136 8.0 of which Tier 1 requirement of 6 percent 5,072 6.0 5,352 6.0 of which minimum requirement of 4.5 percent 3,804 4.5 4,014 4.5 Pillar 2 capital requirements 3 4,038 4.8 3,921 4.4 Common Equity Tier 1 capital available to meet buffer requirements 4 8,876 10.5 12,310 13.8 Capital buffer requirements 2,146 2.5 2,259 2.5 of which Capital conservation buffer 2,113 2.5 2,230 2.5 of which Countercyclical buffer 33 0.0 29 0.0 of which Systemic risk buffer — — — — Total risk-based capital requirement 12,947 15.3 13,316 14.9 1 Expressed as a percentage of total risk exposure amount. 2 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. 3 Individual Pillar 2 requirement according to decision from latest Swedish FSA SREP. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK cover all minimum requirements with CET1 capital - i.e. 4.5 percent, 1.5 percent and 2 percent) and from Q2 2021 pillar 2 requirements (4.8 percent). June 30, 2021 December 31, 2020 Leverage ratio Skr mn Skr mn On-balance sheet exposures 207,250 297,605 Off-balance sheet exposures 4,357 37,162 Total exposure measure 1 211,607 334,767 Leverage ratio 2 9.3 % 5.8 % 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. 2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure. June 30, 2021 December 31, 2020 Total capital requirement relating to leverage ratio Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent 6,348 3.0 — — Pillar 2 capital requirements — — — — Total capital requirement relating to leverage ratio 6,348 3.0 — — 1 Expressed as a percentage of total exposure amount. Own funds – Adjusting items June 30, December 31, Skr mn 2021 2020 Share capital 3,990 3,990 Retained earnings 15,516 14,856 Accumulated other comprehensive income and other reserves 1 325 292 Independently reviewed profit net of any foreseeable charge or dividend 272 694 Common Equity Tier 1 (CET1) capital before regulatory adjustments 20,103 19,832 Additional value adjustments due to prudent valuation -337 -306 Intangible assets 1 -106 -98 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing 94 77 Negative amounts resulting from the calculation of expected loss amounts -44 -55 Total regulatory adjustments to Common Equity Tier 1 capital -393 -382 Total Common Equity Tier 1 capital 19,710 19,450 Total Own funds 19,710 19,450 1 From December 31, 2020, SEK applies the amendments to Delegated Regulation (EU) No 241/2014 regarding deduction of software assets from Common Equity Tier 1 (CET1). The amendments introduce an exemption from the deduction of intangible assets from CET1 for prudently valued software assets of which the value is not negatively affected by resolution, insolvency or liquidation of the institution. Minimum capital requirements exclusive of buffer June 30, 2021 December 31, 2020 Minimum Minimum Risk exposure capital Risk exposure capital Skr mn EAD 1 amount requirement EAD 1 amount requirement Credit risk standardized method Corporates 2,386 2,386 191 2,238 2,238 179 Exposures in default 85 85 7 7 7 1 Total credit risk standardized method 2,471 2,471 198 2,245 2,245 180 Credit risk IRB method Central Governments 198,982 9,613 769 192,077 9,684 775 Financial institutions 2 35,868 7,601 608 30,661 6,764 541 Corporates 3 108,195 57,657 4,613 117,415 63,766 5,101 Assets without counterparty 200 200 16 163 163 13 Total credit risk IRB method 343,245 75,071 6,006 340,316 80,377 6,430 Credit valuation adjustment risk n.a. 2,681 214 n.a. 2,284 183 Foreign exchange risk n.a. 663 53 n.a. 664 52 Commodities risk n.a. 22 2 n.a. 7 1 Operational risk n.a. 3,625 290 n.a. 3,625 290 Total 345,716 84,533 6,763 342,561 89,202 7,136 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 5,933 million (year-end 2020: Skr 5,535 million), Risk exposure amount of Skr 1,999 million (year-end 2020: Skr 1,908 million) and Capital requirement of Skr 160 million (year-end 2020: Skr 153 million). 3 Of which related to specialized lending: EAD Skr 5,113 million (year-end 2020: 3,847 million), Risk exposure amount of Skr 3,651 million (year -end 2020: Skr 2,739 million) and Capital requirement of Skr 292 million (year-end 2020: Skr 219 million). Credit risk For 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. Application of the IRB approach requires the Swedish FSA’s permission and is subject to ongoing supervision. Certain exposures are, by permission from the Swedish FSA, exempted from application of the IRB approach, and, instead, the standardized approach is applied. In 2020, SEK reviewed its credit risk processes in order to comply with new regulatory requirements, EBA Guidelines EBA/GL/2016/07 and Commission Delegated Regulation (EU) 2018/171, on the definition of default. As a result, SEK established a new internal definition of default, which was subsequently approved by the Swedish FSA and later, on January 1, 2021, implemented in the IRB approach for own funds requirements calculation. 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 scenario approach Commodities risk Capital requirements for commodity risk are calculated in accordance with the simplified approach standardized approach scenario approach 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 Transitional rules The capital adequacy ratios reflect the full impact of IFRS 9 as no transitional rules for IFRS 9 were utilized. 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 lowered from 2.5 percent to 0 percent as of March 16, 2020. The reduction is made for preventive purposes, in order to counteract credit tightening due to the development and spread of COVID-19 and its effects on the economy. As of June 30, 2021, the capital requirement related to relevant exposures in Sweden was 67 percent (year-end 2020: 70 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. The countercyclical capital buffer as of June 30, 2021 for Sweden has been dissolved due to the reduction of the countercyclical buffer value to 0 percent. 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, 2021, the contribution to SEK’s countercyclical buffer from buffer rates in other countries was 0.04 percentage points (year-end 2020: 0.03 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. Internally assessed economic capital June 30, December 31, Skr mn 2021 2020 Credit risk 5,875 6,121 Operational risk 203 203 Market risk 1,233 1,140 Other risks 214 183 Capital planning buffer 1,610 2,831 Total 9,135 10,478 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 Note 30 to the annual financial statements included in SEK’s 2020 Annual Report on Form 20-F. Liquidity coverage June 30, December 31, Skr bn 2021 2020 Total liquid assets 56.6 49.0 Net liquidity outflows 1 11.0 10.1 Liquidity outflows 21.9 22.1 Liquidity inflows 11.4 13.3 Liquidity Coverage Ratio 637 % 604 % 1 Net liquidity outflows is calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows is calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61. Information on Liquidity Coverage Ratio (LCR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61. Net stable funding Skr bn June 30, 2021 December 31, 2020 Available stable funding 240.6 242.6 Requiring stable funding 166.9 179.7 Net Stable Funding Ratio 144 % 135 % Information on Net Stable Funding Ratio (NSFR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61. |
Exposures
Exposures | 6 Months Ended |
Jun. 30, 2021 | |
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 by exposure class Credits & interest-bearing Committed undisbursed loans, securities derivatives, etc. Total June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Skr bn Amount % Amount % Amount % Amount % Amount % Amount % Central -governments 134.5 46.0 131.6 45.0 56.2 79.0 53.9 80.0 190.7 52.5 185.5 51.6 Regional -governments 13.8 4.7 12.3 4.2 — — — — 13.8 3.8 12.3 3.4 Multilateral development banks 3.2 1.1 3.5 1.2 0.1 0.1 0.0 0.0 3.3 0.9 3.5 1.0 Public Sector Entity 5.2 1.8 4.2 1.5 — — — — 5.2 1.4 4.2 1.2 Financial -institutions 29.3 10.0 24.5 8.4 6.8 9.6 6.4 9.5 36.1 10.0 30.9 8.6 Corporates 106.2 36.4 116.0 39.7 8.0 11.3 7.1 10.5 114.2 31.4 123.1 34.2 Total 292.2 100.0 292.1 100.0 71.1 100.0 67.4 100.0 363.3 100.0 359.5 100.0 Net exposure by region and exposure class, as of June 30, 2021 West European Central- Middle countries and East East/ Asia excl. North Latin excl. European Skr bn Africa Japan Japan America Oceania America Sweden Sweden countries Total Central governments — 0.4 1.9 1.6 — — 167.9 16.2 2.7 190.7 Regional governments — — — — — — 13.8 0.0 — 13.8 Multilateral development banks — — — — — — — 3.3 — 3.3 Public Sector Entity — — — — — — — 5.2 — 5.2 Financial institutions 0.0 0.9 0.2 1.9 0.9 — 17.1 14.9 0.2 36.1 Corporates 1.5 1.2 4.0 4.3 — 3.0 76.7 23.0 0.5 114.2 Total 1.5 2.5 6.1 7.8 0.9 3.0 275.5 62.6 3.4 363.3 Net exposure by region and exposure class, as of December 31, 2020 West European Central- Middle countries and East East/ Asia excl. North Latin excl. European Skr bn Africa Japan Japan America Oceania America Sweden Sweden countries Total Central governments 0.1 0.4 2.4 1.6 — — 159.2 19.0 2.8 185.5 Regional governments — — — — — — 12.2 0.1 — 12.3 Multilateral development banks — — — — — — — 3.5 — 3.5 Public Sector Entity — — — — — — — 4.2 — 4.2 Financial institutions 0.0 1.2 0.6 1.7 0.8 — 11.4 15.0 0.2 30.9 Corporates 2.6 1.1 3.9 5.7 — 3.3 85.2 20.9 0.4 123.1 Total 2.7 2.7 6.9 9.0 0.8 3.3 268.0 62.7 3.4 359.5 Net exposure to European countries, excluding Sweden Skr bn June 30, 2021 December 31, 2020 Germany 10.2 8.6 France 8.2 8.0 Finland 7.1 8.9 United Kingdom 6.1 7.0 Denmark 5.9 5.2 Luxembourg 5.6 4.6 Norway 5.3 4.8 The Netherlands 3.4 3.2 Austria 3.3 5.7 Spain 3.1 1.9 Poland 2.8 2.9 Belgium 2.7 2.5 Portugal 0.6 0.7 Ireland 0.6 0.6 Switzerland 0.4 0.8 Serbia 0.2 0.3 Latvia 0.1 0.2 Iceland 0.1 0.1 Estonia 0.1 0.1 Italy 0.1 0.1 Lithuania 0.1 — Total 66.0 66.2 |
Transactions with related parti
Transactions with related parties | 6 Months Ended |
Jun. 30, 2021 | |
Transactions with related parties | |
Transactions with related parties | Note 11. Transactions with related parties Transactions with related parties are described in Note 27 to the consolidated financial statements included in SEK’s 2020 Annual Report on Form 20-F. No material changes have taken place in relation to transactions with related parties compared to that description. |
Events after the reporting peri
Events after the reporting period | 6 Months Ended |
Jun. 30, 2021 | |
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. |
Accounting policies (Policies)
Accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting policies | |
Description of accounting policies and methods of computation followed in interim financial statements | The accounting policies, methods of computation and presentation of the Consolidated Group are, in all material aspects, the same as those used for the 2020 annual financial statements on Form 20-F, except for the changes described below. In addition to the changes below, certain amounts reported in prior periods have been restated to conform to the current presentation. SEK analyzes and assesses the application and impact of changes in financial reporting standards that are applied within the Group. Changes that are not mentioned are either not applicable to SEK or have been determined to not have a material impact on SEK's financial reporting. |
Net interest income (Tables)
Net interest income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Net interest income | |
Schedule of net interest income | Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2021 2021 2020 1 2021 2020 1 2020 Interest income Loans to credit institutions 34 33 51 67 147 236 Loans to the public 919 920 1,124 1,839 2,199 4,210 Loans in the form of interest-bearing securities 189 195 243 384 456 897 Interest-bearing securities excluding loans in the form of interest-bearing securities 12 19 71 31 191 242 Derivatives -529 -558 -369 -1,087 -634 -1,708 Administrative remuneration CIRR-system 48 45 52 93 102 197 Other assets 5 6 6 11 19 34 Total interest income 2 678 660 1,178 1,338 2,480 4,108 Interest expenses Interest expenses -191 -150 -692 -341 -1,563 -2,076 Resolution fee -19 -25 -17 -44 -43 -86 Total interest expenses -210 -175 -709 -385 -1,606 -2,162 Net interest income 468 485 469 953 874 1,946 1 Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted. 2 Interest income calculated using the effective interest method amounted to Skr 2,087 million during January-June 2021 (1H20: Skr 2,622 million). |
Net results of financial tran_2
Net results of financial transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Net results of financial transactions | |
Schedule of net results of financial transactions | Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2021 2021 2020 2021 2020 2020 Derecognition of financial instruments not measured at fair value through profit or loss 29 1 8 30 10 14 Financial assets or liabilities at fair value through profit or loss -28 -11 1 -39 -109 -22 Financial instruments under fair-value hedge accounting 7 -4 -37 3 8 86 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value 1 -3 4 -2 0 5 Total net results of financial transactions 9 -17 -24 -8 -91 83 |
Impairments (Tables)
Impairments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Impairments | |
Schedule of impairments | Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2021 2021 2020 2021 2020 2020 Expected credit losses, stage 1 31 5 -110 36 -127 -98 Expected credit losses, stage 2 8 10 -39 18 -46 -48 Expected credit losses, stage 3 -30 -27 -2 -57 -2 -7 Established losses -3 — -20 -3 -20 -20 Reserves applied to cover established credit losses 3 — 20 3 20 20 Recovered credit losses 4 — — 4 — — Net credit losses 13 -12 -151 1 -175 -153 |
Schedule of balances and reconciliation of changes in loss allowances by stages | June 30, 2021 December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Total Loans, before expected credit losses 184,075 36,057 1,852 221,984 231,927 Off balance sheet exposures, before expected credit losses 34,259 31,184 — 65,443 62,504 Total, before expected credit losses 218,334 67,241 1,852 287,427 294,431 Loss allowance, loans -107 -38 -97 -242 -240 Loss allowance, off balance sheet exposures 1 -5 0 — -5 -9 Total loss allowance -112 -38 -97 -247 -249 Provision ratio (in percent) 0.05 0.06 5.24 0.09 0.08 1 Recognized under provision in Consolidated Statement of Financial Position. Off balance sheet exposures consist of guarantee commitments, committed undisbursed loans and binding offers, see Note 8. Loss Allowance June 30, 2021 December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Total Opening balance January 1 -147 -56 -46 -249 -128 Increases due to origination and acquisition -26 -2 -23 -51 -84 Net remeasurement of loss allowance 42 8 0 50 -69 Transfer to stage 1 -2 3 — 1 — Transfer to stage 2 0 -9 — -9 — Transfer to stage 3 0 3 -41 -38 -9 Decreases due to derecognition 21 17 7 45 8 Decrease in allowance account due to write-offs — — 7 7 20 Exchange-rate differences 1 0 -2 -1 -3 13 Closing balance -112 -38 -97 -247 -249 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. |
Financial assets and liabilit_2
Financial assets and liabilities at fair value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Sub-classifications of financial information | |
Schedule of financial assets and liabilities at fair value by class | June 30, 2021 Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 5,549 5,549 — Treasuries/governments bonds 13,381 13,381 — Other interest-bearing securities except loans 47,796 47,796 — Loans in the form of interest-bearing securities 46,923 48,247 1,324 Loans to credit institutions 23,631 23,825 194 Loans to the public 163,723 171,258 7,535 Derivatives 6,453 6,453 — Total financial assets 307,456 316,509 9,053 Borrowing from credit institutions 2,862 2,862 — Borrowing from the public 10,000 10,000 — Debt securities issued 268,333 268,939 606 Derivatives 16,021 16,021 — Total financial liabilities 297,216 297,822 606 December 31, 2020 Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 3,362 3,362 — Treasuries/governments bonds 22,266 22,266 — Other interest-bearing securities except loans 33,551 33,551 — Loans in the form of interest-bearing securities 50,780 52,091 1,311 Loans to credit institutions 31,315 31,424 109 Loans to the public 171,562 180,453 8,891 Derivatives 7,563 7,563 — Total financial assets 320,399 330,710 10,311 Borrowing from credit institutions 3,486 3,486 — Borrowing from the public 10,000 10,000 — Debt securities issued 273,976 274,552 576 Derivatives 25,395 25,395 — Total financial liabilities 312,857 313,433 576 |
Schedule of fair value measurement of assets | Financial assets at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 9,836 3,545 — 13,381 Other interest-bearing securities except loans 23,518 24,278 — 47,796 Derivatives — 5,827 626 6,453 Total, June 30, 2021 33,354 33,650 626 67,630 Total, December 31, 2020 33,582 28,220 1,578 63,380 |
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 Debt securities issued — 6,812 30,553 37,365 Derivatives — 14,366 1,655 16,021 Total, June 30, 2021 — 21,178 32,208 53,386 Total, December 31, 2020 — 29,744 43,039 72,783 |
Schedule of fair value related to credit risk | Fair value originating from credit risk The period's change in fair value originating (- liabilities increase/ + liabilities decrease) from credit risk (+ income/ - loss) June 30, 31 December Jan-Jun Jan-Jun Skr mn 2021 2020 2021 2020 CVA/DVA, net 1 -14 -17 3 -12 OCA 2 -127 -108 -19 49 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. |
Level 3 | |
Sub-classifications of financial information | |
Schedule of financial assets and liabilities at fair value | Financial assets and liabilities at fair value in Level 3, 2021 Gains (+) and Gains (+) and losses (–) in Transfers losses (–) Other Exchange- January 1, Settlements & Transfers from through profit comprehensive rate June 30, Skr mn 2021 Purchases sales to Level 3 Level 3 or loss 1 income differences 2021 Debt securities issued -41,198 -6,735 17,922 — — -505 -33 -4 -30,553 Derivatives, net -263 9 -561 -1 — 847 — -1,060 -1,029 Net assets and liabilities -41,461 -6,726 17,361 -1 — 342 -33 -1,064 -31,582 Financial assets and liabilities at fair value in Level 3, 2020 Gains (+) and Gains (+) and losses (–) in Transfers losses (–) Other Exchange- January 1, Settlements & Transfers from through profit comprehensive rate December 31, Skr mn 2020 Purchases sales to Level 3 Level 3 or loss 1 income differences 2020 Debt securities issued -43,752 -10,584 16,285 -10,649 6,534 -1,345 44 2,269 -41,198 Derivatives, net 22 7 -400 — -1,259 -1,597 — 2,964 -263 Net assets and liabilities -43,730 -10,577 15,885 -10,649 5,275 -2,942 44 5,233 -41,461 1 Gains and losses through profit or loss, including the impact of exchange-rates, is reported as net interest income 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, 2021 amounted to a Skr 328 million gain (year-end 2020: Skr 36 million gain) and are reported as net results of financial transactions. |
Schedule of sensitivity analysis - level 3 | Assets and liabilities June 30, 2021 Range of estimates Unobservable for unobservable Sensitivity Sensitivity Skr mn Fair Value input input Valuation method max min Equity -549 Correlation 0.12 - (0.12) Option Model -5 5 Interest rate 1 Correlation 0.12 - (0.12) Option Model 0 0 FX -368 Correlation 0.12 - (0.12) Option Model -49 49 Other -113 Correlation 0.12 - (0.12) Option Model 0 0 Sum derivatives, net -1,029 -54 54 Equity -6,901 Correlation 0.12 - (0.12) Option Model 5 -5 Credit spreads 10BP - (10BP) Discounted cash flow 8 -8 Interest rate -12,243 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP - (10BP) Discounted cash flow 63 -63 FX -11,293 Correlation 0.12 - (0.12) Option Model 52 -52 Credit spreads 10BP - (10BP) Discounted cash flow 52 -52 Other -116 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP - (10BP) Discounted cash flow 1 -1 Sum debt securities issued -30,553 181 -181 Total effect on total comprehensive income 127 -127 Derivatives, net, December 31, 2020 -263 -59 59 Debt securities issued, December 31, 2020 -41,198 196 -196 Total effect on total comprehensive income, December 31, 2020 137 -137 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivatives. | |
Schedule of derivatives | Derivatives by category June 30, 2021 December 31, 2020 Assets Liabilities Nominal Assets Liabilities Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 3,305 9,563 324,669 3,846 11,774 323,664 Currency-related contracts 3,061 4,443 159,838 3,249 11,236 153,838 Equity-related contracts 10 544 7,274 457 620 15,598 Contracts related to commodities, credit risk, etc. 77 1,471 8,105 11 1,765 7,513 Total derivatives 6,453 16,021 499,886 7,563 25,395 500,613 |
CIRR-system (Tables)
CIRR-system (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
CIRR-system | |
Information about CIRR-system | Statement of Comprehensive Income for the CIRR-system Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2021 2021 2020 2021 2020 2020 Interest income 498 487 582 985 1,121 2,170 Interest expenses -494 -520 -529 -1,014 -1,041 -2,087 Interest compensation 7 — 11 7 14 14 Exchange-rate differences 0 -1 -1 -1 2 4 Profit before compensation to SEK 11 -34 63 -23 96 101 Administrative remuneration to SEK -47 -45 -52 -92 -102 -196 Operating profit CIRR-system -36 -79 11 -115 -6 -95 Reimbursement to (–) / from (+) the State 36 79 -11 115 6 95 Statement of Financial Position for the CIRR-system June 30, December 31, Skr mn 2021 2020 Cash and cash equivalents 26 2 Loans 73,958 69,163 Other assets 9,277 12,528 Prepaid expenses and accrued revenues 421 407 Total assets 83,682 82,100 Liabilities 74,205 69,289 Derivatives 8,962 12,232 Accrued expenses and prepaid revenues 515 579 Total liabilities 83,682 82,100 Commitments Committed undisbursed loans 52,974 51,463 Binding offers 1,492 1,322 |
Pledged assets and contingent_2
Pledged assets and contingent liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Pledged assets and contingent liabilities | |
Schedule of pledged assets and contingent liabilities | June 30, December 31, Skr mn 2021 2020 Collateral provided Cash collateral under the security agreements for derivative contracts 12,535 21,979 Contingent liabilities 1 Guarantee commitments 4,311 3,969 Commitments 1 Committed undisbursed loans 59,640 57,213 Binding offers 1,492 1,322 Leases committed but not yet commenced 156 — 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, 2021 | |
Capital adequacy | |
Schedule of capital adequacy | June 30, 2021 December 31, 2020 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 23.3 21.8 Tier 1 capital ratio 23.3 21.8 Total capital ratio 23.3 21.8 1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer. June 30, 2021 December 31, 2020 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 6,763 8.0 7,136 8.0 of which Tier 1 requirement of 6 percent 5,072 6.0 5,352 6.0 of which minimum requirement of 4.5 percent 3,804 4.5 4,014 4.5 Pillar 2 capital requirements 3 4,038 4.8 3,921 4.4 Common Equity Tier 1 capital available to meet buffer requirements 4 8,876 10.5 12,310 13.8 Capital buffer requirements 2,146 2.5 2,259 2.5 of which Capital conservation buffer 2,113 2.5 2,230 2.5 of which Countercyclical buffer 33 0.0 29 0.0 of which Systemic risk buffer — — — — Total risk-based capital requirement 12,947 15.3 13,316 14.9 1 Expressed as a percentage of total risk exposure amount. 2 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. 3 Individual Pillar 2 requirement according to decision from latest Swedish FSA SREP. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK cover all minimum requirements with CET1 capital - i.e. 4.5 percent, 1.5 percent and 2 percent) and from Q2 2021 pillar 2 requirements (4.8 percent). |
Schedule of leverage ratio | June 30, 2021 December 31, 2020 Leverage ratio Skr mn Skr mn On-balance sheet exposures 207,250 297,605 Off-balance sheet exposures 4,357 37,162 Total exposure measure 1 211,607 334,767 Leverage ratio 2 9.3 % 5.8 % 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. 2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure. June 30, 2021 December 31, 2020 Total capital requirement relating to leverage ratio Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent 6,348 3.0 — — Pillar 2 capital requirements — — — — Total capital requirement relating to leverage ratio 6,348 3.0 — — 1 Expressed as a percentage of total exposure amount. |
Schedule of own funds | June 30, December 31, Skr mn 2021 2020 Share capital 3,990 3,990 Retained earnings 15,516 14,856 Accumulated other comprehensive income and other reserves 1 325 292 Independently reviewed profit net of any foreseeable charge or dividend 272 694 Common Equity Tier 1 (CET1) capital before regulatory adjustments 20,103 19,832 Additional value adjustments due to prudent valuation -337 -306 Intangible assets 1 -106 -98 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing 94 77 Negative amounts resulting from the calculation of expected loss amounts -44 -55 Total regulatory adjustments to Common Equity Tier 1 capital -393 -382 Total Common Equity Tier 1 capital 19,710 19,450 Total Own funds 19,710 19,450 1 From December 31, 2020, SEK applies the amendments to Delegated Regulation (EU) No 241/2014 regarding deduction of software assets from Common Equity Tier 1 (CET1). The amendments introduce an exemption from the deduction of intangible assets from CET1 for prudently valued software assets of which the value is not negatively affected by resolution, insolvency or liquidation of the institution. |
Schedule of minimum capital requirements exclusive of buffers | June 30, 2021 December 31, 2020 Minimum Minimum Risk exposure capital Risk exposure capital Skr mn EAD 1 amount requirement EAD 1 amount requirement Credit risk standardized method Corporates 2,386 2,386 191 2,238 2,238 179 Exposures in default 85 85 7 7 7 1 Total credit risk standardized method 2,471 2,471 198 2,245 2,245 180 Credit risk IRB method Central Governments 198,982 9,613 769 192,077 9,684 775 Financial institutions 2 35,868 7,601 608 30,661 6,764 541 Corporates 3 108,195 57,657 4,613 117,415 63,766 5,101 Assets without counterparty 200 200 16 163 163 13 Total credit risk IRB method 343,245 75,071 6,006 340,316 80,377 6,430 Credit valuation adjustment risk n.a. 2,681 214 n.a. 2,284 183 Foreign exchange risk n.a. 663 53 n.a. 664 52 Commodities risk n.a. 22 2 n.a. 7 1 Operational risk n.a. 3,625 290 n.a. 3,625 290 Total 345,716 84,533 6,763 342,561 89,202 7,136 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 5,933 million (year-end 2020: Skr 5,535 million), Risk exposure amount of Skr 1,999 million (year-end 2020: Skr 1,908 million) and Capital requirement of Skr 160 million (year-end 2020: Skr 153 million). 3 Of which related to specialized lending: EAD Skr 5,113 million (year-end 2020: 3,847 million), Risk exposure amount of Skr 3,651 million (year -end 2020: Skr 2,739 million) and Capital requirement of Skr 292 million (year-end 2020: Skr 219 million). |
Schedule of internally assessed economic capital excluding buffer | June 30, December 31, Skr mn 2021 2020 Credit risk 5,875 6,121 Operational risk 203 203 Market risk 1,233 1,140 Other risks 214 183 Capital planning buffer 1,610 2,831 Total 9,135 10,478 |
Schedule of liquidity coverage | June 30, December 31, Skr bn 2021 2020 Total liquid assets 56.6 49.0 Net liquidity outflows 1 11.0 10.1 Liquidity outflows 21.9 22.1 Liquidity inflows 11.4 13.3 Liquidity Coverage Ratio 637 % 604 % 1 Net liquidity outflows is calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows is calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61. |
Schedule of net stable funding | Skr bn June 30, 2021 December 31, 2020 Available stable funding 240.6 242.6 Requiring stable funding 166.9 179.7 Net Stable Funding Ratio 144 % 135 % |
Exposures (Tables)
Exposures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Exposures | |
Schedule of exposures | Total net exposures by exposure class Credits & interest-bearing Committed undisbursed loans, securities derivatives, etc. Total June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Skr bn Amount % Amount % Amount % Amount % Amount % Amount % Central -governments 134.5 46.0 131.6 45.0 56.2 79.0 53.9 80.0 190.7 52.5 185.5 51.6 Regional -governments 13.8 4.7 12.3 4.2 — — — — 13.8 3.8 12.3 3.4 Multilateral development banks 3.2 1.1 3.5 1.2 0.1 0.1 0.0 0.0 3.3 0.9 3.5 1.0 Public Sector Entity 5.2 1.8 4.2 1.5 — — — — 5.2 1.4 4.2 1.2 Financial -institutions 29.3 10.0 24.5 8.4 6.8 9.6 6.4 9.5 36.1 10.0 30.9 8.6 Corporates 106.2 36.4 116.0 39.7 8.0 11.3 7.1 10.5 114.2 31.4 123.1 34.2 Total 292.2 100.0 292.1 100.0 71.1 100.0 67.4 100.0 363.3 100.0 359.5 100.0 Net exposure by region and exposure class, as of June 30, 2021 West European Central- Middle countries and East East/ Asia excl. North Latin excl. European Skr bn Africa Japan Japan America Oceania America Sweden Sweden countries Total Central governments — 0.4 1.9 1.6 — — 167.9 16.2 2.7 190.7 Regional governments — — — — — — 13.8 0.0 — 13.8 Multilateral development banks — — — — — — — 3.3 — 3.3 Public Sector Entity — — — — — — — 5.2 — 5.2 Financial institutions 0.0 0.9 0.2 1.9 0.9 — 17.1 14.9 0.2 36.1 Corporates 1.5 1.2 4.0 4.3 — 3.0 76.7 23.0 0.5 114.2 Total 1.5 2.5 6.1 7.8 0.9 3.0 275.5 62.6 3.4 363.3 Net exposure by region and exposure class, as of December 31, 2020 West European Central- Middle countries and East East/ Asia excl. North Latin excl. European Skr bn Africa Japan Japan America Oceania America Sweden Sweden countries Total Central governments 0.1 0.4 2.4 1.6 — — 159.2 19.0 2.8 185.5 Regional governments — — — — — — 12.2 0.1 — 12.3 Multilateral development banks — — — — — — — 3.5 — 3.5 Public Sector Entity — — — — — — — 4.2 — 4.2 Financial institutions 0.0 1.2 0.6 1.7 0.8 — 11.4 15.0 0.2 30.9 Corporates 2.6 1.1 3.9 5.7 — 3.3 85.2 20.9 0.4 123.1 Total 2.7 2.7 6.9 9.0 0.8 3.3 268.0 62.7 3.4 359.5 Net exposure to European countries, excluding Sweden Skr bn June 30, 2021 December 31, 2020 Germany 10.2 8.6 France 8.2 8.0 Finland 7.1 8.9 United Kingdom 6.1 7.0 Denmark 5.9 5.2 Luxembourg 5.6 4.6 Norway 5.3 4.8 The Netherlands 3.4 3.2 Austria 3.3 5.7 Spain 3.1 1.9 Poland 2.8 2.9 Belgium 2.7 2.5 Portugal 0.6 0.7 Ireland 0.6 0.6 Switzerland 0.4 0.8 Serbia 0.2 0.3 Latvia 0.1 0.2 Iceland 0.1 0.1 Estonia 0.1 0.1 Italy 0.1 0.1 Lithuania 0.1 — Total 66.0 66.2 |
Accounting policies (Details)
Accounting policies (Details) - USD LIBOR - Later than two years $ in Millions | Jun. 30, 2021USD ($) |
Lending contracts | |
Reform for new reference rates | |
Nominal amounts | $ 1,893 |
Derivatives | |
Reform for new reference rates | |
Nominal amounts | $ 17,829 |
Net interest income (Details)
Net interest income (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |||
Interest income was related to: | ||||||||
Interest income | kr 678 | kr 660 | kr 1,178 | [1] | kr 1,338 | kr 2,480 | [1] | kr 4,108 |
Interest expenses | ||||||||
Interest expenses | (191) | (150) | (692) | (341) | (1,563) | (2,076) | ||
Resolution fee | (19) | (25) | (17) | (44) | (43) | (86) | ||
Total interest expenses | (210) | (175) | (709) | [1] | (385) | (1,606) | [1] | (2,162) |
Net interest income | 468 | 485 | 469 | [1] | 953 | 874 | [1] | 1,946 |
Interest income using effective interest method | 2,087 | 2,622 | ||||||
Loans to credit institutions | ||||||||
Interest income was related to: | ||||||||
Interest income | 34 | 33 | 51 | 67 | 147 | 236 | ||
Loans to the public | ||||||||
Interest income was related to: | ||||||||
Interest income | 919 | 920 | 1,124 | 1,839 | 2,199 | 4,210 | ||
Loans in the form of interest-bearing securities | ||||||||
Interest income was related to: | ||||||||
Interest income | 189 | 195 | 243 | 384 | 456 | 897 | ||
Interest-bearing securities excluding loans in the form of interest-bearing securities | ||||||||
Interest income was related to: | ||||||||
Interest income | 12 | 19 | 71 | 31 | 191 | 242 | ||
Derivatives | ||||||||
Interest income was related to: | ||||||||
Interest income | (529) | (558) | (369) | (1,087) | (634) | (1,708) | ||
Administrative remuneration CIRR-system | ||||||||
Interest income was related to: | ||||||||
Interest income | 48 | 45 | 52 | 93 | 102 | 197 | ||
Other assets | ||||||||
Interest income was related to: | ||||||||
Interest income | kr 5 | kr 6 | kr 6 | kr 11 | kr 19 | kr 34 | ||
[1] | Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted. |
Net results of financial tran_3
Net results of financial transactions (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |||
Net results of financial transactions | ||||||||
Derecognition of financial instruments not measured at fair value through profit or loss | kr 29 | kr 1 | kr 8 | kr 30 | kr 10 | kr 14 | ||
Financial assets or liabilities at fair value through profit or loss | (28) | (11) | 1 | (39) | (109) | (22) | ||
Financial instruments under fair-value hedge accounting | 7 | (4) | (37) | 3 | 8 | 86 | ||
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value | 1 | (3) | 4 | (2) | 0 | 5 | ||
Total net results of financial transactions | kr 9 | kr (17) | kr (24) | [1] | kr (8) | kr (91) | [1] | kr 83 |
[1] | Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted. |
Impairments (Details)
Impairments (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Impairment details | |||||||||
Established losses | kr (3) | kr (20) | kr (3) | kr (20) | kr (20) | ||||
Reserves applied to cover established credit losses | 3 | 20 | 3 | 20 | 20 | ||||
Recovered credit losses | 4 | 4 | |||||||
Net credit losses | kr 13 | kr (12) | (151) | [1] | kr 1 | (175) | [1] | kr (153) | |
Loans and off balance | |||||||||
Provision ratio | 0.09% | 0.09% | 0.08% | ||||||
Gross carrying amount | |||||||||
Loans and off balance | |||||||||
Loans and off balance | kr 287,427 | kr 287,427 | kr 294,431 | ||||||
Gross carrying amount | Loans | |||||||||
Loans and off balance | |||||||||
Loans and off balance | 221,984 | 221,984 | 231,927 | ||||||
Gross carrying amount | Off balance | |||||||||
Loans and off balance | |||||||||
Loans and off balance | 65,443 | 65,443 | 62,504 | ||||||
Accumulated impairment | |||||||||
Loans and off balance | |||||||||
Loans and off balance | (247) | (247) | (249) | kr (128) | |||||
Accumulated impairment | Loans | |||||||||
Loans and off balance | |||||||||
Loans and off balance | (242) | (242) | (240) | ||||||
Accumulated impairment | Off balance | |||||||||
Loans and off balance | |||||||||
Loans and off balance | (5) | (5) | (9) | ||||||
12-month expected credit losses | |||||||||
Impairment details | |||||||||
Net credit losses | kr 31 | 5 | (110) | kr 36 | (127) | (98) | |||
Loans and off balance | |||||||||
Provision ratio | 0.05% | 0.05% | |||||||
12-month expected credit losses | Gross carrying amount | |||||||||
Loans and off balance | |||||||||
Loans and off balance | kr 218,334 | kr 218,334 | |||||||
12-month expected credit losses | Gross carrying amount | Loans | |||||||||
Loans and off balance | |||||||||
Loans and off balance | 184,075 | 184,075 | |||||||
12-month expected credit losses | Gross carrying amount | Off balance | |||||||||
Loans and off balance | |||||||||
Loans and off balance | 34,259 | 34,259 | |||||||
12-month expected credit losses | Accumulated impairment | |||||||||
Loans and off balance | |||||||||
Loans and off balance | (112) | (112) | (147) | ||||||
12-month expected credit losses | Accumulated impairment | Loans | |||||||||
Loans and off balance | |||||||||
Loans and off balance | (107) | (107) | |||||||
12-month expected credit losses | Accumulated impairment | Off balance | |||||||||
Loans and off balance | |||||||||
Loans and off balance | (5) | (5) | |||||||
Lifetime expected credit losses | Financial instruments not credit-impaired | |||||||||
Impairment details | |||||||||
Net credit losses | kr 8 | 10 | (39) | kr 18 | (46) | (48) | |||
Loans and off balance | |||||||||
Provision ratio | 0.06% | 0.06% | |||||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | |||||||||
Loans and off balance | |||||||||
Loans and off balance | kr 67,241 | kr 67,241 | |||||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | Loans | |||||||||
Loans and off balance | |||||||||
Loans and off balance | 36,057 | 36,057 | |||||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | Off balance | |||||||||
Loans and off balance | |||||||||
Loans and off balance | 31,184 | 31,184 | |||||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | |||||||||
Loans and off balance | |||||||||
Loans and off balance | (38) | (38) | (56) | ||||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | Loans | |||||||||
Loans and off balance | |||||||||
Loans and off balance | (38) | (38) | |||||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | Off balance | |||||||||
Loans and off balance | |||||||||
Loans and off balance | 0 | 0 | |||||||
Lifetime expected credit losses | Financial instruments credit-impaired | |||||||||
Impairment details | |||||||||
Net credit losses | kr (30) | kr (27) | kr (2) | kr (57) | kr (2) | (7) | |||
Loans and off balance | |||||||||
Provision ratio | 5.24% | 5.24% | |||||||
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount | |||||||||
Loans and off balance | |||||||||
Loans and off balance | kr 1,852 | kr 1,852 | |||||||
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount | Loans | |||||||||
Loans and off balance | |||||||||
Loans and off balance | 1,852 | 1,852 | |||||||
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | |||||||||
Loans and off balance | |||||||||
Loans and off balance | (97) | (97) | kr (46) | ||||||
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | Loans | |||||||||
Loans and off balance | |||||||||
Loans and off balance | kr (97) | kr (97) | |||||||
[1] | Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted. |
Impairments - Loss Allowance (D
Impairments - Loss Allowance (Details) kr in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021SEK (kr)item | Dec. 31, 2022 | Dec. 31, 2021SEK (kr) | Dec. 31, 2020SEK (kr) | |
Increase (decrease) in loss allowance | ||||
Number of scenarios prepared for each PD curve | item | 3 | |||
Expected increase in global economic output | 4.30% | 5.60% | ||
Minimum | ||||
Increase (decrease) in loss allowance | ||||
Weight of base scenario for ECL calculation | 75.00% | |||
Weight of downturn scenario for ECL calculation | 11.00% | |||
Weight of upturn scenario for ECL calculation | 11.00% | |||
Maximum | ||||
Increase (decrease) in loss allowance | ||||
Weight of base scenario for ECL calculation | 78.00% | |||
Weight of downturn scenario for ECL calculation | 13.00% | |||
Weight of upturn scenario for ECL calculation | 13.00% | |||
Accumulated impairment | ||||
Increase (decrease) in loss allowance | ||||
Loans and off balance at beginning of period | kr (249) | kr (249) | kr (128) | |
Increases due to origination and acquisition | (51) | (84) | ||
Net remeasurement of loss allowance | 50 | (69) | ||
Transfer to stage 1 | 1 | |||
Transfer to stage 2 | (9) | |||
Transfer to stage 3 | (38) | (9) | ||
Decreases due to derecognition | 45 | 8 | ||
Decrease in allowance account due to write-offs | 7 | 20 | ||
Exchange-rate differences | (3) | 13 | ||
Loans and off balance at end of period | (247) | (249) | ||
12-month expected credit losses | Accumulated impairment | ||||
Increase (decrease) in loss allowance | ||||
Loans and off balance at beginning of period | (147) | (147) | ||
Increases due to origination and acquisition | (26) | |||
Net remeasurement of loss allowance | 42 | |||
Transfer to stage 1 | (2) | |||
Transfer to stage 2 | 0 | |||
Transfer to stage 3 | 0 | |||
Decreases due to derecognition | 21 | |||
Exchange-rate differences | 0 | |||
Loans and off balance at end of period | (112) | (147) | ||
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | ||||
Increase (decrease) in loss allowance | ||||
Loans and off balance at beginning of period | (56) | (56) | ||
Increases due to origination and acquisition | (2) | |||
Net remeasurement of loss allowance | 8 | |||
Transfer to stage 1 | 3 | |||
Transfer to stage 2 | (9) | |||
Transfer to stage 3 | 3 | |||
Decreases due to derecognition | 17 | |||
Exchange-rate differences | (2) | |||
Loans and off balance at end of period | (38) | (56) | ||
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | ||||
Increase (decrease) in loss allowance | ||||
Loans and off balance at beginning of period | (46) | kr (46) | ||
Increases due to origination and acquisition | (23) | |||
Net remeasurement of loss allowance | 0 | |||
Transfer to stage 3 | (41) | |||
Decreases due to derecognition | 7 | |||
Decrease in allowance account due to write-offs | 7 | |||
Exchange-rate differences | (1) | |||
Loans and off balance at end of period | kr (97) | kr (46) |
Financial assets and liabilit_3
Financial assets and liabilities at fair value (Details) - SEK (kr) kr in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | kr 307,456 | kr 320,399 |
Book value of financial liabilities | 297,216 | 312,857 |
Fair value of financial assets | 316,509 | 330,710 |
Fair value of financial liabilities | 297,822 | 313,433 |
Surplus value (+) /Deficit value (-), financial assets | 9,053 | 10,311 |
Surplus value (+) /Deficit value (-) financial liabilities | 606 | 576 |
Borrowing from credit institutions | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial liabilities | 2,862 | 3,486 |
Fair value of financial liabilities | 2,862 | 3,486 |
Borrowing from the public | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial liabilities | 10,000 | 10,000 |
Fair value of financial liabilities | 10,000 | 10,000 |
Debt securities issued | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial liabilities | 268,333 | 273,976 |
Fair value of financial liabilities | 268,939 | 274,552 |
Surplus value (+) /Deficit value (-) financial liabilities | 606 | 576 |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial liabilities | 16,021 | 25,395 |
Fair value of financial liabilities | 16,021 | 25,395 |
Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 5,549 | 3,362 |
Fair value of financial assets | 5,549 | 3,362 |
Treasuries/government bonds | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 13,381 | 22,266 |
Fair value of financial assets | 13,381 | 22,266 |
Other interest-bearing securities except loans | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 47,796 | 33,551 |
Fair value of financial assets | 47,796 | 33,551 |
Loans in the form of interest-bearing securities | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 46,923 | 50,780 |
Fair value of financial assets | 48,247 | 52,091 |
Surplus value (+) /Deficit value (-), financial assets | 1,324 | 1,311 |
Loans to credit institutions | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 23,631 | 31,315 |
Fair value of financial assets | 23,825 | 31,424 |
Surplus value (+) /Deficit value (-), financial assets | 194 | 109 |
Loans to the public | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 163,723 | 171,562 |
Fair value of financial assets | 171,258 | 180,453 |
Surplus value (+) /Deficit value (-), financial assets | 7,535 | 8,891 |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 6,453 | 7,563 |
Fair value of financial assets | kr 6,453 | kr 7,563 |
Financial assets and liabilit_4
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, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | kr 316,509 | kr 330,710 |
Fair value of financial liabilities | 297,822 | 313,433 |
Debt securities issued | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 268,939 | 274,552 |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 16,021 | 25,395 |
Financial liabilities at fair value through profit or loss | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 53,386 | 72,783 |
Financial liabilities at fair value through profit or loss | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 21,178 | 29,744 |
Financial liabilities at fair value through profit or loss | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 32,208 | 43,039 |
Financial liabilities at fair value through profit or loss | Debt securities issued | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 37,365 | |
Financial liabilities at fair value through profit or loss | Debt securities issued | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 6,812 | |
Financial liabilities at fair value through profit or loss | Debt securities issued | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 30,553 | |
Financial liabilities at fair value through profit or loss | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 16,021 | |
Financial liabilities at fair value through profit or loss | Derivatives | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 14,366 | |
Financial liabilities at fair value through profit or loss | Derivatives | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 1,655 | |
Financial assets at fair value through profit or loss. | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 67,630 | 63,380 |
Financial assets at fair value through profit or loss. | Level 1 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 33,354 | 33,582 |
Financial assets at fair value through profit or loss. | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 33,650 | 28,220 |
Financial assets at fair value through profit or loss. | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 626 | 1,578 |
Treasuries/government bonds | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 13,381 | 22,266 |
Treasuries/government bonds | Financial assets at fair value through profit or loss. | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 13,381 | |
Treasuries/government bonds | Financial assets at fair value through profit or loss. | Level 1 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 9,836 | |
Treasuries/government bonds | Financial assets at fair value through profit or loss. | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 3,545 | |
Other interest-bearing securities except loans | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 47,796 | 33,551 |
Other interest-bearing securities except loans | Financial assets at fair value through profit or loss. | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 47,796 | |
Other interest-bearing securities except loans | Financial assets at fair value through profit or loss. | Level 1 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 23,518 | |
Other interest-bearing securities except loans | Financial assets at fair value through profit or loss. | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 24,278 | |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 6,453 | kr 7,563 |
Derivatives | Financial assets at fair value through profit or loss. | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 6,453 | |
Derivatives | Financial assets at fair value through profit or loss. | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 5,827 | |
Derivatives | Financial assets at fair value through profit or loss. | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | kr 626 |
Financial assets and liabilit_5
Financial assets and liabilities at fair value - Transfers made between both assets and liabilities (Details) - Level 3 - SEK (kr) kr in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments | ||
Transfers to level 3 | kr (1) | kr (10,649) |
Transfers from level 3 | 5,275 | |
Debt securities issued | ||
Disclosure of detailed information about financial instruments | ||
Transfers to level 3 | (10,649) | |
Transfers from level 3 | 6,534 | |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Transfers to level 3 | kr (1) | |
Transfers from level 3 | kr (1,259) |
Financial assets and liabilit_6
Financial assets and liabilities at fair value - Financial assets and liabilities at fair value in level 3 (Details) - SEK (kr) kr in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in fair value measurement, liabilities | ||
Financial liabilities at beginning of period | kr (313,433) | |
Financial liabilities at end of period | (297,822) | kr (313,433) |
Level 3 | ||
Financial assets and liabilities at fair value in level 3 | ||
Financial assets and liabilities at fair value, at the beginning of period | (41,461) | (43,730) |
Purchases | (6,726) | (10,577) |
Settlements & sales | 17,361 | 15,885 |
Transfers to level 3 | (1) | (10,649) |
Transfers from level 3 | 5,275 | |
Gains (+) and losses (-) through profit or loss | 342 | (2,942) |
Gains (+) and losses (-) in Other comprehensive income | (33) | 44 |
Exchange-rate differences assets and liabilities | (1,064) | 5,233 |
Financial assets and liabilities at fair value, at the end of period | (31,582) | (41,461) |
Unrealized fair value changes | 328 | 36 |
Debt securities issued | Level 3 | ||
Reconciliation of changes in fair value measurement, liabilities | ||
Financial liabilities at beginning of period | (41,198) | (43,752) |
Purchases liabilities | (6,735) | (10,584) |
Settlements & sales | 17,922 | 16,285 |
Transfers to level 3 | (10,649) | |
Transfers from level 3 | 6,534 | |
Gains (+) and losses (-) through profit or loss | (505) | (1,345) |
Gains (+) and losses (-) in Other comprehensive income | (33) | 44 |
Exchange-rate differences | (4) | 2,269 |
Financial liabilities at end of period | (30,553) | (41,198) |
Derivatives | Level 3 | ||
Financial assets and liabilities at fair value in level 3 | ||
Financial assets and liabilities at fair value, at the beginning of period | (263) | 22 |
Purchases | 9 | 7 |
Settlements & sales | (561) | (400) |
Transfers to level 3 | (1) | |
Transfers from level 3 | (1,259) | |
Gains (+) and losses (-) through profit or loss | 847 | (1,597) |
Exchange-rate differences assets and liabilities | (1,060) | 2,964 |
Financial assets and liabilities at fair value, at the end of period | kr (1,029) | kr (263) |
Financial assets and liabilit_7
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, 2021SEK (kr) | Dec. 31, 2020SEK (kr) | Dec. 31, 2019SEK (kr) | |
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity, correlations maximum positive relationship | 1 | ||
Sensitivity correlations maximum negative relationship | (1) | ||
Financial liabilities at fair value | kr (297,822) | kr (313,433) | |
Effect related to correlation sensitivity | kr 3 | ||
Correlation input | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity, input appreciation, assets | 0.12 | ||
Sensitivity, input depreciation, assets | 0.12 | ||
Sensitivity, input appreciation, liabilities | 0.12 | ||
Sensitivity, input depreciation, liabilities | 0.12 | ||
Credit spread input | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity, input appreciation, assets | 0.10% | ||
Sensitivity, input depreciation, assets | 0.10% | ||
Sensitivity, input appreciation, liabilities | 0.10% | ||
Sensitivity, input depreciation, liabilities | 0.10% | ||
Level 3 | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | kr (31,582) | (41,461) | kr (43,730) |
Level 3 | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | 127 | 137 | |
Level 3 | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | (127) | (137) | |
Level 3 | Own credit spread | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | 124 | 137 | |
Level 3 | Own credit spread | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | (124) | (137) | |
Level 3 | Derivatives | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | (1,029) | (263) | 22 |
Level 3 | Derivatives | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | (54) | (59) | |
Level 3 | Derivatives | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | 54 | 59 | |
Level 3 | Derivatives | Equity risk | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | kr (549) | ||
Level 3 | Derivatives | Equity risk | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr (5) | ||
Level 3 | Derivatives | Equity risk | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 5 | ||
Level 3 | Derivatives | Interest rate | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | kr 1 | ||
Level 3 | Derivatives | Interest rate | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Derivatives | Interest rate | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Derivatives | Currency risk | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | kr (368) | ||
Level 3 | Derivatives | Currency risk | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr (49) | ||
Level 3 | Derivatives | Currency risk | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 49 | ||
Level 3 | Derivatives | Other | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | kr (113) | ||
Level 3 | Derivatives | Other | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Derivatives | Other | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Financial liabilities at fair value | (30,553) | (41,198) | kr (43,752) |
Level 3 | Debt securities issued | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | 181 | 196 | |
Level 3 | Debt securities issued | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | (181) | kr (196) | |
Level 3 | Debt securities issued | Equity risk | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Financial liabilities at fair value | kr (6,901) | ||
Level 3 | Debt securities issued | Equity risk | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | 10 | ||
Sensitivity impact on total comprehensive income | kr 8 | ||
Level 3 | Debt securities issued | Equity risk | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | (10) | ||
Sensitivity impact on total comprehensive income | kr (8) | ||
Level 3 | Debt securities issued | Equity risk | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 5 | ||
Level 3 | Debt securities issued | Equity risk | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr (5) | ||
Level 3 | Debt securities issued | Interest rate | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Financial liabilities at fair value | kr (12,243) | ||
Level 3 | Debt securities issued | Interest rate | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | 10 | ||
Sensitivity impact on total comprehensive income | kr 63 | ||
Level 3 | Debt securities issued | Interest rate | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | (10) | ||
Sensitivity impact on total comprehensive income | kr (63) | ||
Level 3 | Debt securities issued | Interest rate | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Interest rate | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Currency risk | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Financial liabilities at fair value | kr (11,293) | ||
Level 3 | Debt securities issued | Currency risk | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | 10 | ||
Sensitivity impact on total comprehensive income | kr 52 | ||
Level 3 | Debt securities issued | Currency risk | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | (10) | ||
Sensitivity impact on total comprehensive income | kr (52) | ||
Level 3 | Debt securities issued | Currency risk | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 52 | ||
Level 3 | Debt securities issued | Currency risk | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr (52) | ||
Level 3 | Debt securities issued | Other | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Financial liabilities at fair value | kr (116) | ||
Level 3 | Debt securities issued | Other | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | 10 | ||
Sensitivity impact on total comprehensive income | kr 1 | ||
Level 3 | Debt securities issued | Other | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | (10) | ||
Sensitivity impact on total comprehensive income | kr (1) | ||
Level 3 | Debt securities issued | Other | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Other | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 0 |
Financial assets and liabilit_8
Financial assets and liabilities at fair value - Fair value related to credit risk (Details) - SEK (kr) kr in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
CVA/DVA, net | |||
Fair value related to credit risk | |||
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease) | kr (14) | kr (17) | |
The period's change in fair value originating from credit risk (+ income/ - loss) | 3 | kr (12) | |
OCA | |||
Fair value related to credit risk | |||
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease) | (127) | kr (108) | |
The period's change in fair value originating from credit risk (+ income/ - loss) | kr (19) | kr 49 |
Derivatives (Details)
Derivatives (Details) - SEK (kr) kr in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments | ||
Assets Fair value | kr 6,453 | kr 7,563 |
Liabilities Fair value | 16,021 | 25,395 |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 6,453 | 7,563 |
Liabilities Fair value | 16,021 | 25,395 |
Nominal amounts | 499,886 | 500,613 |
Interest rate-related contracts | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 3,305 | 3,846 |
Liabilities Fair value | 9,563 | 11,774 |
Nominal amounts | 324,669 | 323,664 |
Currency-related contracts | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 3,061 | 3,249 |
Liabilities Fair value | 4,443 | 11,236 |
Nominal amounts | 159,838 | 153,838 |
Equity-related contracts | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 10 | 457 |
Liabilities Fair value | 544 | 620 |
Nominal amounts | 7,274 | 15,598 |
Contracts related to commodities, credit risk, etc. | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 77 | 11 |
Liabilities Fair value | 1,471 | 1,765 |
Nominal amounts | kr 8,105 | kr 7,513 |
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, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | ||||||
Sub-classifications of financial information | ||||||||||||
Concessionary loans outstanding | kr 348 | kr 348 | kr 382 | |||||||||
Operating result of previous concessionary credit program | (11) | (15) | ||||||||||
Administrative compensation for concessionary loans | 1 | kr 1 | ||||||||||
Comprehensive income | ||||||||||||
Interest income | 678 | kr 660 | kr 1,178 | [1] | 1,338 | 2,480 | [1] | 4,108 | ||||
Interest expenses | (210) | (175) | (709) | [1] | (385) | (1,606) | [1] | (2,162) | ||||
Exchange-rate differences | 1 | (3) | 4 | (2) | 0 | 5 | ||||||
Financial position | ||||||||||||
Cash and cash equivalents | 5,549 | [2] | 3,911 | [2] | 5,549 | [2] | 3,911 | [2] | 3,362 | [2] | kr 1,362 | |
Derivatives | 6,453 | 6,453 | 7,563 | |||||||||
Other assets | 10,388 | 10,388 | 12,853 | |||||||||
Prepaid expenses and accrued revenues | 1,821 | 1,821 | 1,987 | |||||||||
Total assets | 319,845 | 319,845 | 335,399 | |||||||||
Derivatives | 16,021 | 16,021 | 25,395 | |||||||||
Accrued expenses and prepaid revenues | 1,761 | 1,761 | 1,924 | |||||||||
Total liabilities | 299,580 | 299,580 | 315,335 | |||||||||
Committed undisbursed loans | 59,640 | 59,640 | 57,213 | |||||||||
Binding offers | 1,492 | 1,492 | 1,322 | |||||||||
CIRR-System | ||||||||||||
Comprehensive income | ||||||||||||
Interest income | 498 | 487 | 582 | 985 | 1,121 | 2,170 | ||||||
Interest expenses | (494) | (520) | (529) | (1,014) | (1,041) | (2,087) | ||||||
Interest compensation | 7 | 11 | 7 | 14 | 14 | |||||||
Exchange-rate differences | 0 | (1) | (1) | (1) | 2 | 4 | ||||||
Profit before compensation to SEK | 11 | (34) | 63 | (23) | 96 | 101 | ||||||
Administrative remuneration to SEK | (47) | (45) | (52) | (92) | (102) | (196) | ||||||
Operating profit CIRR-system | (36) | (79) | 11 | (115) | (6) | (95) | ||||||
Reimbursement to (-) / from (+) the State | 36 | kr 79 | kr (11) | 115 | kr 6 | 95 | ||||||
Financial position | ||||||||||||
Cash and cash equivalents | 26 | 26 | 2 | |||||||||
Loans | 73,958 | 73,958 | 69,163 | |||||||||
Other assets | 9,277 | 9,277 | 12,528 | |||||||||
Prepaid expenses and accrued revenues | 421 | 421 | 407 | |||||||||
Total assets | 83,682 | 83,682 | 82,100 | |||||||||
Liabilities | 74,205 | 74,205 | 69,289 | |||||||||
Derivatives | 8,962 | 8,962 | 12,232 | |||||||||
Accrued expenses and prepaid revenues | 515 | 515 | 579 | |||||||||
Total liabilities | 83,682 | 83,682 | 82,100 | |||||||||
Committed undisbursed loans | 52,974 | 52,974 | 51,463 | |||||||||
Binding offers | kr 1,492 | kr 1,492 | kr 1,322 | |||||||||
[1] | Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted. | |||||||||||
[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. |
Pledged assets and contingent_3
Pledged assets and contingent liabilities (Details) - SEK (kr) kr in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Collateral provided | ||
Cash collateral under the security agreements for derivative contracts | kr 12,535 | kr 21,979 |
Contingent liabilities | ||
Guarantee commitments | 4,311 | 3,969 |
Commitments | ||
Committed undisbursed loans | 59,640 | 57,213 |
Binding offers | 1,492 | kr 1,322 |
Leases committed but not yet commenced | kr 156 |
Capital adequacy - Capital adeq
Capital adequacy - Capital adequacy (Details) - SEK (kr) kr in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Capital adequacy | ||
Capital base requirement of 8 percent | 8.00% | |
Pillar 2 capital requirements | 4.80% | |
of which Capital conservation buffer | 2.50% | |
Minimum capital requirement one | 4.50% | |
Minimum capital requirement two | 1.50% | |
Minimum capital requirement three | 2.00% | |
Parent Company | ||
Capital adequacy | ||
Common Equity Tier 1 capital ratio | 23.30% | 21.80% |
Tier 1 capital ratio | 23.30% | 21.80% |
Total capital ratio | 23.30% | 21.80% |
Capital base requirement of 8 percent | kr 6,763 | kr 7,136 |
of which Tier 1 requirement of 6 percent | 5,072 | 5,352 |
of which minimum requirement of 4.5 percent | 3,804 | 4,014 |
Pillar 2 capital requirements | 4,038 | 3,921 |
Common Equity Tier 1 capital available to meet buffer requirements | 8,876 | 12,310 |
Capital buffer requirements | 2,146 | 2,259 |
of which Capital conservation buffer | 2,113 | 2,230 |
of which Countercyclical buffer | 33 | 29 |
Total risk-based capital requirement | kr 12,947 | kr 13,316 |
Capital base requirement of 8 percent | 8.00% | 8.00% |
of which Tier 1 requirement of 6 percent | 6.00% | 6.00% |
of which minimum requirement of 4.5 percent | 4.50% | 4.50% |
Pillar 2 capital requirements | 4.80% | 4.40% |
Common Equity Tier 1 capital available to meet buffer requirements | 10.50% | 13.80% |
Capital buffer requirements | 2.50% | 2.50% |
of which Capital conservation buffer | 2.50% | 2.50% |
of which Countercyclical buffer | 0.00% | 0.00% |
Total risk-based capital requirement | 15.30% | 14.90% |
Capital adequacy - Leverage rat
Capital adequacy - Leverage ratio (Details) - SEK (kr) kr in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Total capital requirement relating to leverage ratio | ||
Leverage ratio requirement | 3.00% | |
Parent Company | ||
Disclosure of credit risk exposure | ||
On-balance sheet exposures | kr 207,250 | kr 297,605 |
Off-balance sheet exposures | 4,357 | 37,162 |
Total exposure measure | kr 211,607 | kr 334,767 |
Leverage ratio | 9.30% | 5.80% |
Total capital requirement relating to leverage ratio | ||
Capital base requirement of 3 percent | kr 6,348 | |
Total capital requirement relating to leverage ratio | kr 6,348 | |
Capital base requirement of 3 percent | 3.00% | |
Total capital requirement relating to leverage ratio | 3.00% |
Capital adequacy - Own funds (D
Capital adequacy - Own funds (Details) - Parent Company - SEK (kr) kr in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | kr 20,103 | kr 19,832 |
Regulatory adjustments to Common Equity Tier 1 capital | (393) | (382) |
Total Common Equity Tier-1 capital | 19,710 | 19,450 |
Own funds | 19,710 | 19,450 |
Share capital | ||
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 3,990 | 3,990 |
Retained earnings | ||
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 15,516 | 14,856 |
Accumulated other comprehensive income and other reserves | ||
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 325 | 292 |
Independently reviewed profit net of any foreseeable charge or dividend | ||
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 272 | 694 |
Additional value adjustments due to prudent valuation | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | (337) | (306) |
Intangible assets | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | (106) | (98) |
Own credit risk | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | 94 | 77 |
Negative amounts resulting from the calculation of expected loss amounts | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | kr (44) | kr (55) |
Capital adequacy - Minimum capi
Capital adequacy - Minimum capital requirements exclusive of buffers (Details) - Parent Company - SEK (kr) kr in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of credit risk exposure | ||
EAD | kr 345,716 | kr 342,561 |
Risk exposure amount | 84,533 | 89,202 |
Minimum capital requirements | 6,763 | 7,136 |
Credit risk | Standardized approach | ||
Disclosure of credit risk exposure | ||
EAD | 2,471 | 2,245 |
Risk exposure amount | 2,471 | 2,245 |
Minimum capital requirements | 198 | 180 |
Credit risk | Standardized approach | Corporates | ||
Disclosure of credit risk exposure | ||
EAD | 2,386 | 2,238 |
Risk exposure amount | 2,386 | 2,238 |
Minimum capital requirements | 191 | 179 |
Credit risk | Standardized approach | Exposures in default | ||
Disclosure of credit risk exposure | ||
EAD | 85 | 7 |
Risk exposure amount | 85 | 7 |
Minimum capital requirements | 7 | 1 |
Credit risk | IRB approach | ||
Disclosure of credit risk exposure | ||
EAD | 343,245 | 340,316 |
Risk exposure amount | 75,071 | 80,377 |
Minimum capital requirements | 6,006 | 6,430 |
Credit risk | IRB approach | Central governments | ||
Disclosure of credit risk exposure | ||
EAD | 198,982 | 192,077 |
Risk exposure amount | 9,613 | 9,684 |
Minimum capital requirements | 769 | 775 |
Credit risk | IRB approach | Financial institutions | ||
Disclosure of credit risk exposure | ||
EAD | 35,868 | 30,661 |
Risk exposure amount | 7,601 | 6,764 |
Minimum capital requirements | 608 | 541 |
Credit risk | IRB approach | Corporates | ||
Disclosure of credit risk exposure | ||
EAD | 108,195 | 117,415 |
Risk exposure amount | 57,657 | 63,766 |
Minimum capital requirements | 4,613 | 5,101 |
Credit risk | IRB approach | Assets without counterparty | ||
Disclosure of credit risk exposure | ||
EAD | 200 | 163 |
Risk exposure amount | 200 | 163 |
Minimum capital requirements | 16 | 13 |
Counterparty risk in derivatives | IRB approach | Financial institutions | ||
Disclosure of credit risk exposure | ||
EAD | 5,933 | 5,535 |
Risk exposure amount | 1,999 | 1,908 |
Minimum capital requirements | 160 | 153 |
Specialized lending | IRB approach | Corporates | ||
Disclosure of credit risk exposure | ||
EAD | 5,113 | 3,847 |
Risk exposure amount | 3,651 | 2,739 |
Minimum capital requirements | 292 | 219 |
Credit valuation adjustment risk | ||
Disclosure of credit risk exposure | ||
Risk exposure amount | 2,681 | 2,284 |
Minimum capital requirements | 214 | 183 |
Currency risk | ||
Disclosure of credit risk exposure | ||
Risk exposure amount | 663 | 664 |
Minimum capital requirements | 53 | 52 |
Commodities risk | ||
Disclosure of credit risk exposure | ||
Risk exposure amount | 22 | 7 |
Minimum capital requirements | 2 | 1 |
Operational risk | ||
Disclosure of credit risk exposure | ||
Risk exposure amount | 3,625 | 3,625 |
Minimum capital requirements | kr 290 | kr 290 |
Capital adequacy - Operational
Capital adequacy - Operational risk and capital buffer requirements (Details) | 6 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2020 | Mar. 16, 2020 | Mar. 15, 2020 | |
Disclosure of credit risk exposure | ||||
Mandatory capital conservation buffer | 2.50% | |||
Sweden | ||||
Disclosure of credit risk exposure | ||||
Countercyclical buffer | 0.00% | 0.00% | 2.50% | |
Parent Company | ||||
Disclosure of credit risk exposure | ||||
Mandatory capital conservation buffer | 2.50% | 2.50% | ||
Countercyclical buffer | 0.00% | 0.00% | ||
Parent Company | Sweden | ||||
Disclosure of credit risk exposure | ||||
Capital requirement exposure | 67.00% | 70.00% | ||
Parent Company | Foreign countries | ||||
Disclosure of credit risk exposure | ||||
Countercyclical buffer | 0.04% | 0.03% | ||
Parent Company | Standardized approach | Operational risk | ||||
Disclosure of credit risk exposure | ||||
Fiscal years for each business area to calculate income indicators | 3 years | |||
Parent Company | Minimum | Standardized approach | Operational risk | ||||
Disclosure of credit risk exposure | ||||
Capital requirement multiple factor | 15.00% | |||
Parent Company | Maximum | Standardized approach | Operational risk | ||||
Disclosure of credit risk exposure | ||||
Capital requirement multiple factor | 18.00% |
Capital adequacy - Internally a
Capital adequacy - Internally assessed economic capital, Liquidity coverage and Net stable funding (Details) - Parent Company - SEK (kr) kr in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of credit risk exposure | ||
Capital requirements | kr 19,710 | kr 19,450 |
Total liquid assets | 56,600 | 49,000 |
Net liquidity outflows | 11,000 | 10,100 |
Liquidity outflows | 21,900 | 22,100 |
Liquidity inflows | kr 11,400 | kr 13,300 |
Liquidity Coverage Ratio | 637.00% | 604.00% |
Available stable funding | kr 240,600 | kr 242,600 |
Requiring stable funding | kr 166,900 | kr 179,700 |
Net Stable Funding Ratio | 144.00% | 135.00% |
Internal credit grades | ||
Disclosure of credit risk exposure | ||
Capital requirements | kr 9,135 | kr 10,478 |
Internal credit grades | Credit risk | ||
Disclosure of credit risk exposure | ||
Capital requirements | 5,875 | 6,121 |
Internal credit grades | Operational risk | ||
Disclosure of credit risk exposure | ||
Capital requirements | 203 | 203 |
Internal credit grades | Market risk | ||
Disclosure of credit risk exposure | ||
Capital requirements | 1,233 | 1,140 |
Internal credit grades | Other | ||
Disclosure of credit risk exposure | ||
Capital requirements | 214 | 183 |
Internal credit grades | Capital planning buffer | ||
Disclosure of credit risk exposure | ||
Capital requirements | kr 1,610 | kr 2,831 |
Exposures - Total net exposure
Exposures - Total net exposure (Details) - Credit risk - SEK (kr) kr in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Sub-classifications of financial information | ||
Net exposure | kr 363.3 | kr 359.5 |
Percentage of net exposures | 100.00% | 100.00% |
Central governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 190.7 | kr 185.5 |
Percentage of net exposures | 52.50% | 51.60% |
Regional governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 13.8 | kr 12.3 |
Percentage of net exposures | 3.80% | 3.40% |
Multilateral development banks | ||
Sub-classifications of financial information | ||
Net exposure | kr 3.3 | kr 3.5 |
Percentage of net exposures | 0.90% | 1.00% |
Public Sector Entity | ||
Sub-classifications of financial information | ||
Net exposure | kr 5.2 | kr 4.2 |
Percentage of net exposures | 1.40% | 1.20% |
Financial institutions | ||
Sub-classifications of financial information | ||
Net exposure | kr 36.1 | kr 30.9 |
Percentage of net exposures | 10.00% | 8.60% |
Corporates | ||
Sub-classifications of financial information | ||
Net exposure | kr 114.2 | kr 123.1 |
Percentage of net exposures | 31.40% | 34.20% |
Credits and interest-bearing securities | ||
Sub-classifications of financial information | ||
Net exposure | kr 292.2 | kr 292.1 |
Percentage of net exposures | 100.00% | 100.00% |
Credits and interest-bearing securities | Central governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 134.5 | kr 131.6 |
Percentage of net exposures | 46.00% | 45.00% |
Credits and interest-bearing securities | Regional governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 13.8 | kr 12.3 |
Percentage of net exposures | 4.70% | 4.20% |
Credits and interest-bearing securities | Multilateral development banks | ||
Sub-classifications of financial information | ||
Net exposure | kr 3.2 | kr 3.5 |
Percentage of net exposures | 1.10% | 1.20% |
Credits and interest-bearing securities | Public Sector Entity | ||
Sub-classifications of financial information | ||
Net exposure | kr 5.2 | kr 4.2 |
Percentage of net exposures | 1.80% | 1.50% |
Credits and interest-bearing securities | Financial institutions | ||
Sub-classifications of financial information | ||
Net exposure | kr 29.3 | kr 24.5 |
Percentage of net exposures | 10.00% | 8.40% |
Credits and interest-bearing securities | Corporates | ||
Sub-classifications of financial information | ||
Net exposure | kr 106.2 | kr 116 |
Percentage of net exposures | 36.40% | 39.70% |
Committed undisbursed loans, derivatives, etc. | ||
Sub-classifications of financial information | ||
Net exposure | kr 71.1 | kr 67.4 |
Percentage of net exposures | 100.00% | 100.00% |
Committed undisbursed loans, derivatives, etc. | Central governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 56.2 | kr 53.9 |
Percentage of net exposures | 79.00% | 80.00% |
Committed undisbursed loans, derivatives, etc. | Multilateral development banks | ||
Sub-classifications of financial information | ||
Net exposure | kr 0.1 | kr 0 |
Percentage of net exposures | 0.10% | 0.00% |
Committed undisbursed loans, derivatives, etc. | Financial institutions | ||
Sub-classifications of financial information | ||
Net exposure | kr 6.8 | kr 6.4 |
Percentage of net exposures | 9.60% | 9.50% |
Committed undisbursed loans, derivatives, etc. | Corporates | ||
Sub-classifications of financial information | ||
Net exposure | kr 8 | kr 7.1 |
Percentage of net exposures | 11.30% | 10.50% |
Exposures - Net exposure by reg
Exposures - Net exposure by region and class (Details) - Credit risk - SEK (kr) kr in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of credit risk exposure | ||
Net exposure | kr 363.3 | kr 359.5 |
Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 190.7 | 185.5 |
Regional governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 13.8 | 12.3 |
Multilateral development banks | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.3 | 3.5 |
Public Sector Entity | ||
Disclosure of credit risk exposure | ||
Net exposure | 5.2 | 4.2 |
Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 36.1 | 30.9 |
Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 114.2 | 123.1 |
Middle East/Africa | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.5 | 2.7 |
Middle East/Africa | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | |
Middle East/Africa | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | 0 |
Middle East/Africa | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.5 | 2.6 |
Asia excl. Japan | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.5 | 2.7 |
Asia excl. Japan | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.4 | 0.4 |
Asia excl. Japan | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.9 | 1.2 |
Asia excl. Japan | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.2 | 1.1 |
Japan | ||
Disclosure of credit risk exposure | ||
Net exposure | 6.1 | 6.9 |
Japan | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.9 | 2.4 |
Japan | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.2 | 0.6 |
Japan | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 4 | 3.9 |
North America | ||
Disclosure of credit risk exposure | ||
Net exposure | 7.8 | 9 |
North America | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.6 | 1.6 |
North America | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.9 | 1.7 |
North America | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 4.3 | 5.7 |
Oceania | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.9 | 0.8 |
Oceania | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.9 | 0.8 |
Latin America | ||
Disclosure of credit risk exposure | ||
Net exposure | 3 | 3.3 |
Latin America | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 3 | 3.3 |
Sweden | ||
Disclosure of credit risk exposure | ||
Net exposure | 275.5 | 268 |
Sweden | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 167.9 | 159.2 |
Sweden | Regional governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 13.8 | 12.2 |
Sweden | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 17.1 | 11.4 |
Sweden | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 76.7 | 85.2 |
West European countries excl. Sweden | ||
Disclosure of credit risk exposure | ||
Net exposure | 62.6 | 62.7 |
West European countries excl. Sweden | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 16.2 | 19 |
West European countries excl. Sweden | Regional governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | 0.1 |
West European countries excl. Sweden | Multilateral development banks | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.3 | 3.5 |
West European countries excl. Sweden | Public Sector Entity | ||
Disclosure of credit risk exposure | ||
Net exposure | 5.2 | 4.2 |
West European countries excl. Sweden | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 14.9 | 15 |
West European countries excl. Sweden | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 23 | 20.9 |
Central and East European countries | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.4 | 3.4 |
Central and East European countries | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.7 | 2.8 |
Central and East European countries | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.2 | 0.2 |
Central and East European countries | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | kr 0.5 | kr 0.4 |
Exposures - Net exposures Europ
Exposures - Net exposures European countries, excluding Sweden by exposure classes (Details) - Credit risk - SEK (kr) kr in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of credit risk exposure | ||
Net exposure | kr 363.3 | kr 359.5 |
Germany | ||
Disclosure of credit risk exposure | ||
Net exposure | 10.2 | 8.6 |
France | ||
Disclosure of credit risk exposure | ||
Net exposure | 8.2 | 8 |
Finland | ||
Disclosure of credit risk exposure | ||
Net exposure | 7.1 | 8.9 |
United Kingdom | ||
Disclosure of credit risk exposure | ||
Net exposure | 6.1 | 7 |
Denmark | ||
Disclosure of credit risk exposure | ||
Net exposure | 5.9 | 5.2 |
Luxembourg | ||
Disclosure of credit risk exposure | ||
Net exposure | 5.6 | 4.6 |
Norway | ||
Disclosure of credit risk exposure | ||
Net exposure | 5.3 | 4.8 |
The Netherlands | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.4 | 3.2 |
Austria | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.3 | 5.7 |
Spain | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.1 | 1.9 |
Poland | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.8 | 2.9 |
Belgium | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.7 | 2.5 |
Portugal | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.6 | 0.7 |
Ireland | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.6 | 0.6 |
Switzerland | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.4 | 0.8 |
Serbia | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.2 | 0.3 |
Latvia | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.2 |
Iceland | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.1 |
Estonia | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.1 |
Italy | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.1 |
Lithuania | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | |
European countries excl. Sweden | ||
Disclosure of credit risk exposure | ||
Net exposure | kr 66 | kr 66.2 |