Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
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, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||
Condensed Consolidated Statement of Comprehensive Income (unaudited) | |||||||
Interest income | kr 994 | kr 685 | kr 678 | kr 1,679 | kr 1,338 | kr 2,719 | |
Interest expenses | (489) | (200) | (210) | (689) | (385) | (812) | |
Net interest income | 505 | 485 | 468 | 990 | 953 | 1,907 | |
Net fee and commission expense | (8) | (7) | (7) | (15) | (17) | (29) | |
Net results of financial transactions | (92) | (170) | 9 | (262) | (8) | 56 | |
Total operating income | 405 | 308 | 470 | 713 | 928 | 1,934 | |
Personnel expenses | (102) | (92) | (98) | (194) | (187) | (359) | |
Other administrative expenses | (56) | (56) | (61) | (112) | (116) | (231) | |
Depreciation and impairment of non-financial assets | (15) | (14) | (12) | (29) | (23) | (80) | |
Total operating expenses | (173) | (162) | (171) | (335) | (326) | (670) | |
Operating profit before credit losses | 232 | 146 | 299 | 378 | 602 | 1,264 | |
Net credit losses | (19) | 2 | 13 | (17) | 1 | 41 | |
Operating profit | 213 | 148 | 312 | 361 | 603 | 1,305 | |
Tax expenses | (42) | (32) | (64) | (74) | (124) | (271) | |
Net profit | [1] | 171 | 116 | 248 | 287 | 479 | 1,034 |
Items not to be reclassified to profit or loss | |||||||
Own credit risk | (6) | 70 | (2) | 64 | (20) | (24) | |
Revaluation of defined benefit plans | 16 | 30 | 4 | 46 | 35 | 24 | |
Tax on items not to be reclassified to profit or loss | (3) | (21) | 0 | (24) | (3) | 0 | |
Net items not to be reclassified to profit or loss | 7 | 79 | 2 | 86 | 12 | 0 | |
Total other comprehensive income | 7 | 79 | 2 | 86 | 12 | 0 | |
Total comprehensive income | [1] | kr 178 | kr 195 | kr 250 | kr 373 | kr 491 | kr 1,034 |
Basic earnings per share (in SEK per share) | [2] | kr 43 | kr 29 | kr 62 | kr 72 | kr 120 | kr 259 |
Diluted earnings per share (in SEK per share) | [2] | kr 43 | kr 29 | kr 62 | kr 72 | kr 120 | kr 259 |
[1] The entire profit is attributable to the shareholder of the Parent Company. 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, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
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, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and cash equivalents | [1] | kr 15,901 | kr 11,128 |
Treasuries/government bonds | 9,988 | 10,872 | |
Other interest-bearing securities except loans | 42,142 | 45,881 | |
Loans in the form of interest-bearing securities | 50,352 | 46,578 | |
Loans to credit institutions | 24,791 | 20,775 | |
Loans to the public | 200,109 | 180,288 | |
Derivatives | 14,410 | 8,419 | |
Tangible and intangible assets | 342 | 331 | |
Deferred tax asset | 11 | ||
Other assets | 545 | 7,451 | |
Prepaid expenses and accrued revenues | 2,282 | 1,913 | |
Total assets | 360,862 | 333,647 | |
Liabilities and equity | |||
Borrowing from credit institutions | 11,816 | 5,230 | |
Borrowing from the public | 10,000 | ||
Debt securities issued | 303,562 | 279,770 | |
Derivatives | 14,006 | 14,729 | |
Other liabilities | 8,460 | 1,167 | |
Accrued expenses and prepaid revenues | 2,234 | 1,875 | |
Provisions | 17 | 68 | |
Total liabilities | 340,095 | 312,839 | |
Share capital | 3,990 | 3,990 | |
Reserves | (43) | (129) | |
Retained earnings | 16,820 | 16,947 | |
Total equity | [2] | 20,767 | 20,808 |
Total liabilities and equity | kr 360,862 | kr 333,647 | |
[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. 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, 2020 | kr 3,990 | kr (84) | kr (45) | kr 16,203 | kr 20,064 | ||
Net profit | 479 | 479 | [1] | ||||
Other comprehensive income | (15) | 27 | 12 | ||||
Total comprehensive income | (15) | 27 | 479 | 491 | [1] | ||
Dividend | (290) | (290) | |||||
Balance at the end of the period at Jun. 30, 2021 | [2] | 3,990 | (99) | (18) | 16,392 | 20,265 | |
Balance at the beginning of the period at Dec. 31, 2020 | 3,990 | (84) | (45) | 16,203 | 20,064 | ||
Net profit | 1,034 | 1,034 | [1] | ||||
Other comprehensive income | (18) | 18 | 0 | ||||
Total comprehensive income | (18) | 18 | 1,034 | 1,034 | [1] | ||
Dividend | (290) | (290) | |||||
Balance at the end of the period at Dec. 31, 2021 | [2] | 3,990 | (102) | (27) | 16,947 | 20,808 | |
Net profit | 287 | 287 | [1] | ||||
Other comprehensive income | 50 | 36 | 86 | ||||
Total comprehensive income | 50 | 36 | 287 | 373 | [1] | ||
Dividend | (414) | (414) | |||||
Balance at the end of the period at Jun. 30, 2022 | [2] | kr 3,990 | kr (52) | kr 9 | kr 16,820 | kr 20,767 | |
[1] The entire profit is attributable to the shareholder of the Parent Company. 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, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |||
Operating activities | |||||
Operating profit | kr 361 | kr 603 | kr 1,305 | ||
Adjustments for non-cash items in operating profit | |||||
Adjustments for non-cash items in operating profit | 475 | 111 | 69 | ||
Income tax paid | (186) | (130) | (263) | ||
Changes in assets and liabilities from operating activities | (1,877) | 19,023 | 19,464 | ||
Cash flow from operating activities | (1,227) | 19,607 | 20,575 | ||
Investing activities | |||||
Capital expenditures | (40) | (37) | (242) | ||
Cash flow from investing activities | (40) | (37) | (242) | ||
Financing activities | |||||
Change in senior debt | 660 | (14,472) | (10,958) | ||
Derivatives, net | 4,853 | (2,748) | (1,523) | ||
Dividend paid | (414) | (290) | (290) | ||
Payment of lease liability | (9) | (13) | (24) | ||
Cash flow from financing activities | 5,090 | (17,523) | (12,795) | ||
Cash flow for the period | 3,823 | 2,047 | 7,538 | ||
Cash and cash equivalents at beginning of the period | 11,128 | [1] | 3,362 | 3,362 | |
Exchange-rate differences on cash and cash equivalents | 950 | 140 | 228 | ||
Cash and cash equivalents at end of the period | [1] | kr 15,901 | kr 5,549 | kr 11,128 | |
[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. |
Accounting policies
Accounting policies | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 annual financial statements included in SEK’s 2021 Annual Report on Form 20-F. 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. There are no 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, 2022 | |
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 2022 2022 2021 2022 2021 2021 Interest income Loans to credit institutions 73 38 34 111 67 131 Loans to the public 1,082 984 919 2,066 1,839 3,782 Loans in the form of interest-bearing securities 207 196 189 403 384 776 Interest-bearing securities excluding loans in the form of interest-bearing securities 40 12 12 52 31 50 Derivatives -475 -606 -529 -1,081 -1,087 -2,239 Administrative remuneration CIRR-system 58 56 48 114 93 198 Other assets 9 5 5 14 11 21 Total interest income 1 994 685 678 1,679 1,338 2,719 Interest expenses Interest expenses -443 -148 -191 -591 -341 -724 Resolution fee -19 -25 -19 -44 -44 -88 Risk tax -27 -27 — -54 — — Total interest expenses -489 -200 -210 -689 -385 -812 Net interest income 505 485 468 990 953 1,907 1 Interest income calculated using the effective interest method amounted to Skr 2,366 million during January-June 2022 (2Q21: Skr 2,087 million). |
Net results of financial transa
Net results of financial transactions | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2022 2021 2022 2021 2021 Derecognition of financial instruments not measured at fair value through profit or loss 1 0 29 1 30 33 Financial assets or liabilities at fair value through profit or loss -171 -151 -28 -322 -39 13 Financial instruments under fair-value hedge accounting 85 -19 7 66 3 12 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value -7 0 1 -7 -2 -2 Total net results of financial transactions -92 -170 9 -262 -8 56 |
Impairments
Impairments | 6 Months Ended |
Jun. 30, 2022 | |
Impairments | |
Impairments | Note 4. Impairments Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2022 2022 2021 2022 2021 2021 Expected credit losses, stage 1 -23 -9 31 -32 36 60 Expected credit losses, stage 2 3 6 8 9 18 29 Expected credit losses, stage 3 -5 2 -30 -3 -57 -46 Established losses — — -3 — -3 -52 Reserves applied to cover established credit losses — — 3 — 3 49 Recovered credit losses 6 3 4 9 4 1 Net credit losses -19 2 13 -17 1 41 June 30, 2022 December 31, 2021 Skr mn Stage 1 Stage 2 Stage 3 Total Total Loans, before expected credit losses 222,369 38,474 2,379 263,222 237,381 Off-balance sheet exposures, before expected credit losses 50,325 26,170 78 76,573 60,148 Total, before expected credit losses 272,694 64,644 2,457 339,795 297,529 Loss allowance, loans -115 -20 -56 -191 -157 Loss allowance, off-balance sheet exposures 1 -7 0 — -7 -7 Total loss allowance -122 -20 -56 -198 -164 Provision ratio (in percent) 0.04 0.03 2.28 0.06 0.06 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, 2022 December 31, 2021 Skr mn Stage 1 Stage 2 Stage 3 Total Total Opening balance January 1 -88 -28 -48 -164 -249 Increases due to origination and acquisition -38 0 — -38 -65 Net remeasurement of loss allowance -10 7 6 3 21 Transfer to stage 1 -1 1 — 0 0 Transfer to stage 2 1 -1 — 0 -4 Transfer to stage 3 1 2 -9 -6 -19 Decreases due to derecognition 15 0 0 15 110 Decrease in allowance account due to write-offs — — — — 49 Exchange-rate differences 1 -2 -1 -5 -8 -7 Closing balance -122 -20 -56 -198 -164 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: a base scenario, a downturn scenario, and an upturn scenario, where the scenarios are expressed in a business cycle parameter. The business cycle parameter reflects the general risk of default in each geographic segment. The parameter is standard normally distributed where zero indicates a neutral economy as the economy has been on average, historically. The business cycle parameters for the base scenario are between -0.29 and 0.29 for the various probability of default (PD) segments. The base scenarios have been weighted at 70 percent, the downturn scenarios have been weighted at 30 percent, and the upturn scenarios have been weighted at zero percent between the different PD-segments. An improvement of the PD model has taken place during the first quarter of 2022, which means, among other things, that the difference between the base and downturn/upturn scenarios has increased and that new data sources are used. Due to the current macroeconomic uncertainty, SEK has made an overall adjustment according to management’s overall assessment. This resulted in an increase of expected credit losses, which was calculated pursuant to SEK’s IFRS 9 model as of June 30, 2022. |
Financial assets and liabilitie
Financial assets and liabilities at fair value | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 15,901 15,901 — Treasuries/governments bonds 9,988 9,988 — Other interest-bearing securities except loans 42,142 42,142 — Loans in the form of interest-bearing securities 50,352 50,337 -15 Loans to credit institutions 24,791 24,730 -61 Loans to the public 200,109 198,542 -1,567 Derivatives 14,410 14,410 — Total financial assets 357,693 356,050 -1,643 Borrowing from credit institutions 11,816 11,816 — Borrowing from the public — — — Debt securities issued 303,562 303,764 202 Derivatives 14,006 14,006 — Total financial liabilities 329,384 329,586 202 December 31, 2021 Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 11,128 11,128 — Treasuries/governments bonds 10,872 10,872 — Other interest-bearing securities except loans 45,881 45,881 — Loans in the form of interest-bearing securities 46,578 47,991 1,413 Loans to credit institutions 20,775 20,993 218 Loans to the public 180,288 186,436 6,148 Derivatives 8,419 8,419 — Total financial assets 323,941 331,720 7,779 Borrowing from credit institutions 5,230 5,230 — Borrowing from the public 10,000 10,000 — Debt securities issued 279,770 280,294 524 Derivatives 14,729 14,729 — Total financial liabilities 309,729 310,253 524 Determination of fair value The determination of fair value is described in the annual financial statements included in SEK’s 2021 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 4,446 5,542 — 9,988 Other interest-bearing securities except loans 23,353 18,789 — 42,142 Derivatives — 14,281 129 14,410 Total, June 30, 2022 27,799 38,612 129 66,540 Total, December 31, 2021 32,187 32,499 486 65,172 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 — 7,167 31,390 38,557 Derivatives — 7,789 6,217 14,006 Total, June 30, 2022 — 14,956 37,607 52,563 Total, December 31, 2021 — 18,967 35,078 54,045 There were no transfers between during period due larger elements Financial assets and liabilities at fair value in Level 3, 2022 Gains (+) and Gains (+) and losses (–) in Transfers losses (–) Other Exchange- January 1, Settlements & Transfers from through profit comprehensive rate June 30, Skr mn 2022 Purchases sales to Level 3 Level 3 or loss 1 income differences 2022 Debt securities issued -32,555 -6,028 6,496 — — 1,676 -30 -949 -31,390 Derivatives, net -2,037 0 96 — — -442 — -3,705 -6,088 Net assets and liabilities -34,592 -6,028 6,592 — — 1,234 -30 -4,654 -37,478 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 December 31, Skr mn 2021 Purchases sales to Level 3 Level 3 or loss 1 income differences 2021 Debt securities issued -41,198 -10,372 19,337 — — 196 -36 -482 -32,555 Derivatives, net -263 5 -599 -1 — 411 — -1,590 -2,037 Net assets and liabilities -41,461 -10,367 18,738 -1 — 607 -36 -2,072 -34,592 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, 2022, amounted to a Skr 1,234 million gain (year-end 2021: Skr 594 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 which spreads by basis Sensitivity analysis – level 3 assets and liabilities Assets and liabilities June 30, 2022 Range of estimates Unobservable for unobservable Sensitivity Sensitivity Skr mn Fair Value input input Valuation method max min Equity -3,870 Correlation 0.12 - (0.12) Option Model -10 10 Interest rate 18 Correlation 0.12 - (0.12) Option Model 0 0 FX -2,139 Correlation 0.12 - (0.12) Option Model -44 44 Other -97 Correlation 0.12 - (0.12) Option Model 0 0 Sum derivatives, net -6,088 -54 54 Equity -12,304 Correlation 0.12 - (0.12) Option Model 10 -10 Credit spreads 10BP - ( 10BP ) Discounted cash flow 17 -17 Interest rate -9,295 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP - ( 10BP ) Discounted cash flow 89 -89 FX -9,610 Correlation 0.12 - (0.12) Option Model 45 -45 Credit spreads 10BP - ( 10BP ) Discounted cash flow 36 -36 Other -181 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP - ( 10BP ) Discounted cash flow 1 -1 Sum debt securities issued -31,390 198 -198 Total effect on total comprehensive income 144 -144 Derivatives, net, December 31, 2021 -2,037 -59 59 Debt securities issued, December 31, 2021 -32,555 181 -181 Total effect on total comprehensive income, December 31, 2021 122 -122 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 is shifted by +/– 0.12 and +/- 10 basis points , respectively. When determining the total maximum/minimum effect on total comprehensive income the most adverse/favorable shift is chosen, considering the net exposure arising from the issued securities and the derivatives, for each correlation. 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 2022 2021 2022 2021 CVA/DVA, net 1 -56 -14 -42 3 OCA 2 -68 -132 64 -19 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, 2022 | |
Derivatives. | |
Derivatives | Note 6. Derivatives Derivatives by category June 30, 2022 December 31, 2021 Assets Liabilities Nominal Assets Liabilities Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 2,067 6,503 418,806 3,192 9,464 361,160 Currency-related contracts 12,269 2,785 166,739 5,218 3,518 157,362 Equity-related contracts 2 3,872 13,818 2 895 9,801 Contracts related to commodities, credit risk, etc. 72 846 9,192 7 852 3,521 Total derivatives 14,410 14,006 608,555 8,419 14,729 531,844 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 exchangerelated 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, 2022 | |
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 is recognized in the CIRR-system as administrative remuneration 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, 2022, concessionary loans outstanding amounted to Skr 356 million (year-end 2021: Skr 315 million) and operating profit for the program amounted to Skr -9 million (2Q21: Skr -11 million) for the period January-June 2022. SEK’s administrative compensation for administrating the concessionary credit program amounted to Skr 424 thousand (2Q21: 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 2022 2022 2021 2022 2021 2021 Interest income 556 557 498 1,113 985 2,105 Interest expenses -517 -513 -494 -1,030 -1,014 -2,061 Interest compensation 2 — 7 2 7 7 Exchange-rate differences 1 1 0 2 -1 -1 Profit before compensation to SEK 42 45 11 87 -23 50 Administrative remuneration to SEK -58 -56 -47 -114 -92 -197 Operating profit CIRR-system -16 -11 -36 -27 -115 -147 Reimbursement to (–) / from (+) the State 16 11 36 27 115 147 Statement of Financial Position for the CIRR-system June 30, December 31, Skr mn 2022 2021 Cash and cash equivalents 1 8 Loans 95,031 87,872 Derivatives 4,462 36 Other assets 396 7,359 Prepaid expenses and accrued revenues 723 470 Total assets 100,613 95,745 Liabilities 99,908 88,092 Derivatives — 7,060 Accrued expenses and prepaid revenues 705 593 Total liabilities 100,613 95,745 Commitments Committed undisbursed loans 47,839 39,084 Binding offers 3,536 1,510 |
Pledged assets and contingent l
Pledged assets and contingent liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Pledged assets and contingent liabilities | |
Pledged assets and contingent liabilities | Note 8. Pledged assets and contingent liabilities June 30, December 31, Skr mn 2022 2021 Collateral provided Cash collateral under the security agreements for derivative contracts 12,221 10,417 Contingent liabilities 1 Guarantee commitments 4,939 4,767 Commitments 1 Committed undisbursed loans 67,788 53,871 Binding offers 3,846 1,510 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, 2022 | |
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 2021 Annual Report on Form 20-F and see SEK’s 2021 Capital Adequacy and Risk Management (Pillar 3) Report. Capital Adequacy Analysis June 30, 2022 December 31, 2021 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 19.7 21.6 Tier 1 capital ratio 19.7 21.6 Total capital ratio 19.7 21.6 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, 2022 December 31, 2021 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 8,152 8.0 7,371 8.0 of which Tier 1 requirement of 6 percent 6,114 6.0 5,528 6.0 of which minimum requirement of 4.5 percent 4,585 4.5 4,146 4.5 Pillar 2 capital requirements 3 3,740 3.7 3,382 3.7 Common Equity Tier 1 capital available to meet buffer requirements 4 8,182 8.0 9,149 9.9 Capital buffer requirements 2,591 2.5 2,333 2.5 of which Capital conservation buffer 2,547 2.5 2,303 2.5 of which Countercyclical buffer 44 0.0 30 0.0 Pillar 2 guidance 5 1,528 1.5 1,382 1.5 Total risk-based capital requirement including Pillar 2 guidance 16,011 15.7 14,468 15.7 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 of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA Supervisory Review and Evaluation Process (“SREP”) on September 29, 2021. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital, i.e., 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements ( 3.67 percent). The Pillar 2 requirement was not deducted in the previous year’s figure. 5 The Swedish FSA notified SEK on September 29, 2021, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement. June 30, 2022 December 31, 2021 Leverage ratio 1 Skr mn Skr mn On-balance sheet exposures 227,519 209,889 Off-balance sheet exposures 8,814 5,309 Total exposure measure 236,333 215,198 Leverage ratio 2 8.5% 9.3% 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, 2022 December 31, 2021 Total Leverage ratio requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent 7,090 3.0 6,456 3.0 Pillar 2 guidance 2 354 0.2 323 0.2 Total capital requirement relating to Leverage ratio including Pillar 2 guidance 7,444 3.2 6,779 3.2 1 Expressed as a percentage of total exposure amount. 2 The Swedish FSA has on September 29, 2021 notified SEK, within the latest SREP, that SEK may hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement. Own funds – Adjusting items June 30, December 31, Skr mn 2022 2021 Share capital 3,990 3,990 Retained earnings 16,098 15,518 Accumulated other comprehensive income and other reserves 343 323 Independently reviewed profit net of any foreseeable charge or dividend 220 601 Common Equity Tier 1 (CET1) capital before regulatory adjustments 20,651 20,432 Additional value adjustments due to prudent valuation -428 -395 Intangible assets 1 -70 -99 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing 41 98 Negative amounts resulting from the calculation of expected loss amounts -103 -111 Total regulatory adjustments to Common Equity Tier 1 capital -560 -507 Total Common Equity Tier 1 capital 20,091 19,925 Total Own funds 20,091 19,925 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, 2022 December 31, 2021 Minimum Minimum Risk exposure capital Risk exposure capital Skr mn EAD 1 amount requirement EAD 1 amount requirement Credit risk standardized method Corporates 3,123 3,087 247 2,990 2,990 239 Exposures in default 93 93 7 74 74 6 Total credit risk standardized method 3,216 3,180 254 3,064 3,064 245 Credit risk IRB method Central Governments 224,007 10,841 867 196,606 9,673 774 Financial institutions 2 46,423 10,119 810 41,082 8,843 707 Corporates 3 128,775 69,866 5,589 115,412 62,988 5,039 Assets without counterparty 437 437 35 372 372 30 Total credit risk IRB method 399,642 91,263 7,301 353,472 81,876 6,550 Credit valuation adjustment risk n.a. 3,048 244 n.a. 2,922 233 Foreign exchange risk n.a. 772 62 n.a. 645 52 Commodities risk n.a. 13 1 n.a. 11 1 Operational risk n.a. 3,622 290 n.a. 3,622 290 Total 402,858 101,898 8,152 356,536 92,140 7,371 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 7,710 million (year-end 2021: Skr 5,975 million), Risk exposure amount of Skr 2,491 million (year-end 2021: Skr 2,000 million) and Capital requirement of Skr 199 million (year-end 2021: Skr 160 million). 3 Of which related to specialized lending: EAD Skr 6,054 million (year-end 2021: 5,224 million), Risk exposure amount of Skr 4,275 million (year -end 2021: Skr 3,589 million) and Capital requirement of Skr 342 million (year-end 2021: Skr 287 million). Credit risk For classification and quantification of credit risk, SEK uses the internal ratings-based (IRB) approach. Specifically, SEK applies the Foundation Approach. Under the Foundation Approach, the company determines the PD within one year 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 standardized approach for counterparty credit risk. SEK has been applying a new standardized approach for counterparty credit risk since June 30, 2021. 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 was 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. The Swedish FSA decided on September 29, 2021 to increase the countercyclical buffer rate to 1 percent, which will apply from September 29, 2022. On June 21, 2022, the Swedish FSA decided to further increase the countercyclical buffer rate to 2 percent, which will take effect on June 22, 2023. As of June 30, 2022, the capital requirement related to relevant exposures in Sweden was 71 percent (year-end 2021: 68 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, 2022, 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, 2022, the contribution to SEK’s countercyclical buffer from buffer rates in other countries was 0.04 percentage points (year-end 2021: 0.03 percentage points). SEK has not been classified as a systemically important institution by the Swedish FSA. The capital buffer requirements for systemically important institutions that came into force January 1, 2016, therefore do not apply to SEK. Pillar 2 guidance The Swedish FSA will in connection with the Supervisory Review and Evaluation Process (”SREP”) determine appropriate levels for the institution’s own funds. The Swedish FSA will then inform the institution of the differences between the appropriate levels and requirements under the Supervisory Regulation, the Buffer Act and the Pillar 2 requirements. These notifications are called Pillar 2 guidance. The Pillar 2 guidance covers both the risk-based capital requirement and the leverage ratio requirement. Internally assessed economic capital June 30, December 31, Skr mn 2022 2021 Credit risk 6,766 6,038 Operational risk 225 225 Market risk 1,155 1,247 Other risks 244 234 Capital planning buffer 1,610 1,610 Total 10,000 9,354 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 2021 Annual Report on Form 20-F. Liquidity coverage June 30, December 31, Skr bn, 12 month average 2022 2021 Total liquid assets 53.9 56.1 Net liquidity outflows 1 8.5 10.1 Liquidity outflows 21.1 21.2 Liquidity inflows 14.2 12.2 Liquidity Coverage Ratio 836% 695% 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 June 30, December 31, Skr bn 2022 2021 Available stable funding 232.8 245.9 Requiring stable funding 190.1 176.4 Net Stable Funding Ratio 122% 139% 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, 2022 | |
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, 2022 December 31, 2021 June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Skr bn Amount % Amount % Amount % Amount % Amount % Amount % Central-governments 161.5 47.6 136.1 44.4 60.9 72.2 49.4 74.8 222.4 52.6 185.5 49.8 Regional-governments 12.0 3.5 14.3 4.7 0.9 1.1 1.0 1.5 12.9 3.1 15.3 4.1 Multilateral development banks 1.6 0.5 3.0 1.0 0.0 0.0 — — 1.6 0.4 3.0 0.8 Public Sector Entity 2.6 0.8 5.4 1.7 — — — — 2.6 0.6 5.4 1.4 Financial-institutions 37.8 11.2 34.9 11.4 8.9 10.6 6.3 9.5 46.7 11.0 41.2 11.1 Corporates 123.1 36.4 112.7 36.8 13.6 16.1 9.4 14.2 136.7 32.3 122.1 32.8 Total 338.6 100.0 306.4 100.0 84.3 100.0 66.1 100.0 422.9 100.0 372.5 100.0 Net exposure by region and exposure class, as of June 30, 2022 West European Central- Middle countries and East East/ Asia excl. North Latin excl. European Skr bn Africa Japan Japan America America Sweden Sweden countries Total Central governments 0.0 0.4 2.7 1.2 — 200.8 15.0 2.3 222.4 Regional governments — — — — — 12.9 0.0 — 12.9 Multilateral development banks — — — — — — 1.6 — 1.6 Public Sector Entity — — — — — — 2.6 — 2.6 Financial institutions 0.1 — 2.4 2.0 — 17.4 24.7 0.1 46.7 Corporates 0.2 1.0 3.3 5.4 3.4 96.2 25.9 1.3 136.7 Total 0.3 1.4 8.4 8.6 3.4 327.3 69.8 3.7 422.9 Net exposure by region and exposure class, as of December 31, 2021 West European Central- Middle countries and East East/ Asia excl. North Latin excl. European Skr bn Africa Japan Japan America America Sweden Sweden countries Total Central governments — 0.4 2.0 2.0 — 161.5 17.0 2.6 185.5 Regional governments — — — — — 15.3 0.0 — 15.3 Multilateral development banks — — — — — — 3.0 — 3.0 Public Sector Entity — — — — — — 5.4 — 5.4 Financial institutions 0.0 — 2.4 4.9 — 15.1 18.6 0.2 41.2 Corporates 1.4 1.2 3.3 5.7 3.3 82.7 23.1 1.4 122.1 Total 1.4 1.6 7.7 12.6 3.3 274.6 67.1 4.2 372.5 Net exposure to European countries, excluding Sweden June 30, December 31, Skr bn 2022 2021 Germany 10.9 10.3 France 10.5 7.8 United Kingdom 7.6 7.0 Denmark 6.9 5.4 Finland 6.7 8.2 Austria 5.5 6.0 Norway 5.2 6.8 The Netherlands 4.3 4.0 Luxembourg 3.2 4.3 Spain 3.2 2.3 Belgium 2.9 2.9 Poland 2.5 2.8 Portugal 1.1 1.0 Ireland 0.9 0.6 Switzerland 0.6 0.4 Serbia 0.4 0.4 Lithuania 0.3 0.3 Italy 0.2 0.1 Czech Republic 0.2 0.2 Latvia 0.1 0.1 Iceland 0.1 0.1 Estonia 0.1 0.1 Slovakia 0.1 0.1 Total 73.5 71.2 |
Reference interest rate reform
Reference interest rate reform | 6 Months Ended |
Jun. 30, 2022 | |
Reference interest rate reform | |
Reference interest rate reform | Note 11. Reference interest rate reform Since the 2010s, there has been an ongoing reform to replace or amend benchmark interest rates such as LIBOR and other interbank offered rates (“IBOR”). SEK’s exposure that is directly affected by the reference interest rate reform is primarily its lending contracts with floating interest rates, its lending and borrowing contracts at fixed interest rates that are hedged to floating interest rates as well as swaps to floating interest rates. The main floating interest rate exposures relate to USD LIBOR, STIBOR and EURIBOR. LIBOR is the group of benchmark interest rates that currently has a timed settlement plan. GBP LIBOR, CHF LIBOR, EUR LIBOR, JPY LIBOR and USD LIBOR 1W and USD LIBOR 2M ceased on December 31, 2021. For USD LIBOR, the rest of the maturities will expire after June 30, 2023. Outstanding exposures with a reference interest rate of USD LIBOR and a maturity after June 2023 will be converted during the period up to June 30, 2023. Change of reference interest rate during the reform will be carried out with the intention that the change shall be financially neutral for each party. SEK has lending contracts and derivative contracts maturing after June 30, 2023 in USD LIBOR with a nominal amount of USD 1,711 million and USD 17,968 million, respectively. SEK has adhered to the 2020 ISDA Fallback Protocol, which sets a market standard for handling between counterparties the conversion of derivatives to a new reference interest rate during the reference interest rate reform. For lending contracts, conversion is handled by agreement. SEK has applied the relief under IFRS 9 Reform for new reference rates. |
Transactions with related parti
Transactions with related parties | 6 Months Ended |
Jun. 30, 2022 | |
Transactions with related parties | |
Transactions with related parties | Note 12. Transactions with related parties Transactions with related parties are described in Note 27 to the annual financial statements in SEK’s 2021 Annual Report on Form 20-F. During the first quarter of 2022, SEK repaid the drawdown of Skr 10 billion that was made from the credit facility with the Swedish National Debt Office during the first quarter of 2020. Beyond that, no material changes have taken place in relation to transactions with related parties compared to the description in SEK’s 2021 Annual Report on Form 20-F. |
Events after the reporting peri
Events after the reporting period | 6 Months Ended |
Jun. 30, 2022 | |
Events after the reporting period | |
Events after the reporting period | Note 13. 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, 2022 | |
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 2021 annual financial statements included in SEK’s 2021 Annual Report on Form 20-F. 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, 2022 | |
Net interest income | |
Schedule of net interest income | Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2022 2022 2021 2022 2021 2021 Interest income Loans to credit institutions 73 38 34 111 67 131 Loans to the public 1,082 984 919 2,066 1,839 3,782 Loans in the form of interest-bearing securities 207 196 189 403 384 776 Interest-bearing securities excluding loans in the form of interest-bearing securities 40 12 12 52 31 50 Derivatives -475 -606 -529 -1,081 -1,087 -2,239 Administrative remuneration CIRR-system 58 56 48 114 93 198 Other assets 9 5 5 14 11 21 Total interest income 1 994 685 678 1,679 1,338 2,719 Interest expenses Interest expenses -443 -148 -191 -591 -341 -724 Resolution fee -19 -25 -19 -44 -44 -88 Risk tax -27 -27 — -54 — — Total interest expenses -489 -200 -210 -689 -385 -812 Net interest income 505 485 468 990 953 1,907 1 Interest income calculated using the effective interest method amounted to Skr 2,366 million during January-June 2022 (2Q21: Skr 2,087 million). |
Net results of financial tran_2
Net results of financial transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2022 2021 2022 2021 2021 Derecognition of financial instruments not measured at fair value through profit or loss 1 0 29 1 30 33 Financial assets or liabilities at fair value through profit or loss -171 -151 -28 -322 -39 13 Financial instruments under fair-value hedge accounting 85 -19 7 66 3 12 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value -7 0 1 -7 -2 -2 Total net results of financial transactions -92 -170 9 -262 -8 56 |
Impairments (Tables)
Impairments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Impairments | |
Schedule of impairments | Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2022 2022 2021 2022 2021 2021 Expected credit losses, stage 1 -23 -9 31 -32 36 60 Expected credit losses, stage 2 3 6 8 9 18 29 Expected credit losses, stage 3 -5 2 -30 -3 -57 -46 Established losses — — -3 — -3 -52 Reserves applied to cover established credit losses — — 3 — 3 49 Recovered credit losses 6 3 4 9 4 1 Net credit losses -19 2 13 -17 1 41 |
Schedule of balances and reconciliation of changes in loss allowances by stages | June 30, 2022 December 31, 2021 Skr mn Stage 1 Stage 2 Stage 3 Total Total Loans, before expected credit losses 222,369 38,474 2,379 263,222 237,381 Off-balance sheet exposures, before expected credit losses 50,325 26,170 78 76,573 60,148 Total, before expected credit losses 272,694 64,644 2,457 339,795 297,529 Loss allowance, loans -115 -20 -56 -191 -157 Loss allowance, off-balance sheet exposures 1 -7 0 — -7 -7 Total loss allowance -122 -20 -56 -198 -164 Provision ratio (in percent) 0.04 0.03 2.28 0.06 0.06 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, 2022 December 31, 2021 Skr mn Stage 1 Stage 2 Stage 3 Total Total Opening balance January 1 -88 -28 -48 -164 -249 Increases due to origination and acquisition -38 0 — -38 -65 Net remeasurement of loss allowance -10 7 6 3 21 Transfer to stage 1 -1 1 — 0 0 Transfer to stage 2 1 -1 — 0 -4 Transfer to stage 3 1 2 -9 -6 -19 Decreases due to derecognition 15 0 0 15 110 Decrease in allowance account due to write-offs — — — — 49 Exchange-rate differences 1 -2 -1 -5 -8 -7 Closing balance -122 -20 -56 -198 -164 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, 2022 | |
Sub-classifications of financial information | |
Schedule of financial assets and liabilities at fair value by class | June 30, 2022 Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 15,901 15,901 — Treasuries/governments bonds 9,988 9,988 — Other interest-bearing securities except loans 42,142 42,142 — Loans in the form of interest-bearing securities 50,352 50,337 -15 Loans to credit institutions 24,791 24,730 -61 Loans to the public 200,109 198,542 -1,567 Derivatives 14,410 14,410 — Total financial assets 357,693 356,050 -1,643 Borrowing from credit institutions 11,816 11,816 — Borrowing from the public — — — Debt securities issued 303,562 303,764 202 Derivatives 14,006 14,006 — Total financial liabilities 329,384 329,586 202 December 31, 2021 Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 11,128 11,128 — Treasuries/governments bonds 10,872 10,872 — Other interest-bearing securities except loans 45,881 45,881 — Loans in the form of interest-bearing securities 46,578 47,991 1,413 Loans to credit institutions 20,775 20,993 218 Loans to the public 180,288 186,436 6,148 Derivatives 8,419 8,419 — Total financial assets 323,941 331,720 7,779 Borrowing from credit institutions 5,230 5,230 — Borrowing from the public 10,000 10,000 — Debt securities issued 279,770 280,294 524 Derivatives 14,729 14,729 — Total financial liabilities 309,729 310,253 524 |
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 4,446 5,542 — 9,988 Other interest-bearing securities except loans 23,353 18,789 — 42,142 Derivatives — 14,281 129 14,410 Total, June 30, 2022 27,799 38,612 129 66,540 Total, December 31, 2021 32,187 32,499 486 65,172 |
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 — 7,167 31,390 38,557 Derivatives — 7,789 6,217 14,006 Total, June 30, 2022 — 14,956 37,607 52,563 Total, December 31, 2021 — 18,967 35,078 54,045 |
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 2022 2021 2022 2021 CVA/DVA, net 1 -56 -14 -42 3 OCA 2 -68 -132 64 -19 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, 2022 Gains (+) and Gains (+) and losses (–) in Transfers losses (–) Other Exchange- January 1, Settlements & Transfers from through profit comprehensive rate June 30, Skr mn 2022 Purchases sales to Level 3 Level 3 or loss 1 income differences 2022 Debt securities issued -32,555 -6,028 6,496 — — 1,676 -30 -949 -31,390 Derivatives, net -2,037 0 96 — — -442 — -3,705 -6,088 Net assets and liabilities -34,592 -6,028 6,592 — — 1,234 -30 -4,654 -37,478 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 December 31, Skr mn 2021 Purchases sales to Level 3 Level 3 or loss 1 income differences 2021 Debt securities issued -41,198 -10,372 19,337 — — 196 -36 -482 -32,555 Derivatives, net -263 5 -599 -1 — 411 — -1,590 -2,037 Net assets and liabilities -41,461 -10,367 18,738 -1 — 607 -36 -2,072 -34,592 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, 2022, amounted to a Skr 1,234 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions. |
Schedule of sensitivity analysis - level 3 | Assets and liabilities June 30, 2022 Range of estimates Unobservable for unobservable Sensitivity Sensitivity Skr mn Fair Value input input Valuation method max min Equity -3,870 Correlation 0.12 - (0.12) Option Model -10 10 Interest rate 18 Correlation 0.12 - (0.12) Option Model 0 0 FX -2,139 Correlation 0.12 - (0.12) Option Model -44 44 Other -97 Correlation 0.12 - (0.12) Option Model 0 0 Sum derivatives, net -6,088 -54 54 Equity -12,304 Correlation 0.12 - (0.12) Option Model 10 -10 Credit spreads 10BP - ( 10BP ) Discounted cash flow 17 -17 Interest rate -9,295 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP - ( 10BP ) Discounted cash flow 89 -89 FX -9,610 Correlation 0.12 - (0.12) Option Model 45 -45 Credit spreads 10BP - ( 10BP ) Discounted cash flow 36 -36 Other -181 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP - ( 10BP ) Discounted cash flow 1 -1 Sum debt securities issued -31,390 198 -198 Total effect on total comprehensive income 144 -144 Derivatives, net, December 31, 2021 -2,037 -59 59 Debt securities issued, December 31, 2021 -32,555 181 -181 Total effect on total comprehensive income, December 31, 2021 122 -122 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivatives. | |
Schedule of derivatives | Derivatives by category June 30, 2022 December 31, 2021 Assets Liabilities Nominal Assets Liabilities Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 2,067 6,503 418,806 3,192 9,464 361,160 Currency-related contracts 12,269 2,785 166,739 5,218 3,518 157,362 Equity-related contracts 2 3,872 13,818 2 895 9,801 Contracts related to commodities, credit risk, etc. 72 846 9,192 7 852 3,521 Total derivatives 14,410 14,006 608,555 8,419 14,729 531,844 |
CIRR-system (Tables)
CIRR-system (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2022 2021 2022 2021 2021 Interest income 556 557 498 1,113 985 2,105 Interest expenses -517 -513 -494 -1,030 -1,014 -2,061 Interest compensation 2 — 7 2 7 7 Exchange-rate differences 1 1 0 2 -1 -1 Profit before compensation to SEK 42 45 11 87 -23 50 Administrative remuneration to SEK -58 -56 -47 -114 -92 -197 Operating profit CIRR-system -16 -11 -36 -27 -115 -147 Reimbursement to (–) / from (+) the State 16 11 36 27 115 147 Statement of Financial Position for the CIRR-system June 30, December 31, Skr mn 2022 2021 Cash and cash equivalents 1 8 Loans 95,031 87,872 Derivatives 4,462 36 Other assets 396 7,359 Prepaid expenses and accrued revenues 723 470 Total assets 100,613 95,745 Liabilities 99,908 88,092 Derivatives — 7,060 Accrued expenses and prepaid revenues 705 593 Total liabilities 100,613 95,745 Commitments Committed undisbursed loans 47,839 39,084 Binding offers 3,536 1,510 |
Pledged assets and contingent_2
Pledged assets and contingent liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Pledged assets and contingent liabilities | |
Schedule of pledged assets and contingent liabilities | June 30, December 31, Skr mn 2022 2021 Collateral provided Cash collateral under the security agreements for derivative contracts 12,221 10,417 Contingent liabilities 1 Guarantee commitments 4,939 4,767 Commitments 1 Committed undisbursed loans 67,788 53,871 Binding offers 3,846 1,510 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, 2022 | |
Capital adequacy | |
Schedule of capital adequacy | June 30, 2022 December 31, 2021 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 19.7 21.6 Tier 1 capital ratio 19.7 21.6 Total capital ratio 19.7 21.6 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, 2022 December 31, 2021 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 8,152 8.0 7,371 8.0 of which Tier 1 requirement of 6 percent 6,114 6.0 5,528 6.0 of which minimum requirement of 4.5 percent 4,585 4.5 4,146 4.5 Pillar 2 capital requirements 3 3,740 3.7 3,382 3.7 Common Equity Tier 1 capital available to meet buffer requirements 4 8,182 8.0 9,149 9.9 Capital buffer requirements 2,591 2.5 2,333 2.5 of which Capital conservation buffer 2,547 2.5 2,303 2.5 of which Countercyclical buffer 44 0.0 30 0.0 Pillar 2 guidance 5 1,528 1.5 1,382 1.5 Total risk-based capital requirement including Pillar 2 guidance 16,011 15.7 14,468 15.7 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 of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA Supervisory Review and Evaluation Process (“SREP”) on September 29, 2021. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital, i.e., 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements ( 3.67 percent). The Pillar 2 requirement was not deducted in the previous year’s figure. 5 The Swedish FSA notified SEK on September 29, 2021, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement. |
Schedule of leverage ratio | June 30, 2022 December 31, 2021 Leverage ratio 1 Skr mn Skr mn On-balance sheet exposures 227,519 209,889 Off-balance sheet exposures 8,814 5,309 Total exposure measure 236,333 215,198 Leverage ratio 2 8.5% 9.3% 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, 2022 December 31, 2021 Total Leverage ratio requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent 7,090 3.0 6,456 3.0 Pillar 2 guidance 2 354 0.2 323 0.2 Total capital requirement relating to Leverage ratio including Pillar 2 guidance 7,444 3.2 6,779 3.2 1 Expressed as a percentage of total exposure amount. 2 The Swedish FSA has on September 29, 2021 notified SEK, within the latest SREP, that SEK may hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement. |
Schedule of own funds | June 30, December 31, Skr mn 2022 2021 Share capital 3,990 3,990 Retained earnings 16,098 15,518 Accumulated other comprehensive income and other reserves 343 323 Independently reviewed profit net of any foreseeable charge or dividend 220 601 Common Equity Tier 1 (CET1) capital before regulatory adjustments 20,651 20,432 Additional value adjustments due to prudent valuation -428 -395 Intangible assets 1 -70 -99 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing 41 98 Negative amounts resulting from the calculation of expected loss amounts -103 -111 Total regulatory adjustments to Common Equity Tier 1 capital -560 -507 Total Common Equity Tier 1 capital 20,091 19,925 Total Own funds 20,091 19,925 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, 2022 December 31, 2021 Minimum Minimum Risk exposure capital Risk exposure capital Skr mn EAD 1 amount requirement EAD 1 amount requirement Credit risk standardized method Corporates 3,123 3,087 247 2,990 2,990 239 Exposures in default 93 93 7 74 74 6 Total credit risk standardized method 3,216 3,180 254 3,064 3,064 245 Credit risk IRB method Central Governments 224,007 10,841 867 196,606 9,673 774 Financial institutions 2 46,423 10,119 810 41,082 8,843 707 Corporates 3 128,775 69,866 5,589 115,412 62,988 5,039 Assets without counterparty 437 437 35 372 372 30 Total credit risk IRB method 399,642 91,263 7,301 353,472 81,876 6,550 Credit valuation adjustment risk n.a. 3,048 244 n.a. 2,922 233 Foreign exchange risk n.a. 772 62 n.a. 645 52 Commodities risk n.a. 13 1 n.a. 11 1 Operational risk n.a. 3,622 290 n.a. 3,622 290 Total 402,858 101,898 8,152 356,536 92,140 7,371 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 7,710 million (year-end 2021: Skr 5,975 million), Risk exposure amount of Skr 2,491 million (year-end 2021: Skr 2,000 million) and Capital requirement of Skr 199 million (year-end 2021: Skr 160 million). 3 Of which related to specialized lending: EAD Skr 6,054 million (year-end 2021: 5,224 million), Risk exposure amount of Skr 4,275 million (year -end 2021: Skr 3,589 million) and Capital requirement of Skr 342 million (year-end 2021: Skr 287 million). |
Schedule of internally assessed economic capital excluding buffer | June 30, December 31, Skr mn 2022 2021 Credit risk 6,766 6,038 Operational risk 225 225 Market risk 1,155 1,247 Other risks 244 234 Capital planning buffer 1,610 1,610 Total 10,000 9,354 |
Schedule of liquidity coverage | June 30, December 31, Skr bn, 12 month average 2022 2021 Total liquid assets 53.9 56.1 Net liquidity outflows 1 8.5 10.1 Liquidity outflows 21.1 21.2 Liquidity inflows 14.2 12.2 Liquidity Coverage Ratio 836% 695% 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 | June 30, December 31, Skr bn 2022 2021 Available stable funding 232.8 245.9 Requiring stable funding 190.1 176.4 Net Stable Funding Ratio 122% 139% |
Exposures (Tables)
Exposures (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Exposures | |
Schedule of exposures | Total net exposures by exposure class Credits & interest-bearing Committed undisbursed loans, securities derivatives, etc. Total June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Skr bn Amount % Amount % Amount % Amount % Amount % Amount % Central-governments 161.5 47.6 136.1 44.4 60.9 72.2 49.4 74.8 222.4 52.6 185.5 49.8 Regional-governments 12.0 3.5 14.3 4.7 0.9 1.1 1.0 1.5 12.9 3.1 15.3 4.1 Multilateral development banks 1.6 0.5 3.0 1.0 0.0 0.0 — — 1.6 0.4 3.0 0.8 Public Sector Entity 2.6 0.8 5.4 1.7 — — — — 2.6 0.6 5.4 1.4 Financial-institutions 37.8 11.2 34.9 11.4 8.9 10.6 6.3 9.5 46.7 11.0 41.2 11.1 Corporates 123.1 36.4 112.7 36.8 13.6 16.1 9.4 14.2 136.7 32.3 122.1 32.8 Total 338.6 100.0 306.4 100.0 84.3 100.0 66.1 100.0 422.9 100.0 372.5 100.0 Net exposure by region and exposure class, as of June 30, 2022 West European Central- Middle countries and East East/ Asia excl. North Latin excl. European Skr bn Africa Japan Japan America America Sweden Sweden countries Total Central governments 0.0 0.4 2.7 1.2 — 200.8 15.0 2.3 222.4 Regional governments — — — — — 12.9 0.0 — 12.9 Multilateral development banks — — — — — — 1.6 — 1.6 Public Sector Entity — — — — — — 2.6 — 2.6 Financial institutions 0.1 — 2.4 2.0 — 17.4 24.7 0.1 46.7 Corporates 0.2 1.0 3.3 5.4 3.4 96.2 25.9 1.3 136.7 Total 0.3 1.4 8.4 8.6 3.4 327.3 69.8 3.7 422.9 Net exposure by region and exposure class, as of December 31, 2021 West European Central- Middle countries and East East/ Asia excl. North Latin excl. European Skr bn Africa Japan Japan America America Sweden Sweden countries Total Central governments — 0.4 2.0 2.0 — 161.5 17.0 2.6 185.5 Regional governments — — — — — 15.3 0.0 — 15.3 Multilateral development banks — — — — — — 3.0 — 3.0 Public Sector Entity — — — — — — 5.4 — 5.4 Financial institutions 0.0 — 2.4 4.9 — 15.1 18.6 0.2 41.2 Corporates 1.4 1.2 3.3 5.7 3.3 82.7 23.1 1.4 122.1 Total 1.4 1.6 7.7 12.6 3.3 274.6 67.1 4.2 372.5 Net exposure to European countries, excluding Sweden June 30, December 31, Skr bn 2022 2021 Germany 10.9 10.3 France 10.5 7.8 United Kingdom 7.6 7.0 Denmark 6.9 5.4 Finland 6.7 8.2 Austria 5.5 6.0 Norway 5.2 6.8 The Netherlands 4.3 4.0 Luxembourg 3.2 4.3 Spain 3.2 2.3 Belgium 2.9 2.9 Poland 2.5 2.8 Portugal 1.1 1.0 Ireland 0.9 0.6 Switzerland 0.6 0.4 Serbia 0.4 0.4 Lithuania 0.3 0.3 Italy 0.2 0.1 Czech Republic 0.2 0.2 Latvia 0.1 0.1 Iceland 0.1 0.1 Estonia 0.1 0.1 Slovakia 0.1 0.1 Total 73.5 71.2 |
Net interest income (Details)
Net interest income (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Interest income was related to: | ||||||
Interest income | kr 994 | kr 685 | kr 678 | kr 1,679 | kr 1,338 | kr 2,719 |
Interest expenses | ||||||
Interest expenses | (443) | (148) | (191) | (591) | (341) | (724) |
Resolution fee | (19) | (25) | (19) | (44) | (44) | (88) |
Risk tax | (27) | (27) | (54) | |||
Total interest expenses | (489) | (200) | (210) | (689) | (385) | (812) |
Net interest income | 505 | 485 | 468 | 990 | 953 | 1,907 |
Interest income using effective interest method | 2,366 | 2,087 | ||||
Loans to credit institutions | ||||||
Interest income was related to: | ||||||
Interest income | 73 | 38 | 34 | 111 | 67 | 131 |
Loans to the public | ||||||
Interest income was related to: | ||||||
Interest income | 1,082 | 984 | 919 | 2,066 | 1,839 | 3,782 |
Loans in the form of interest-bearing securities | ||||||
Interest income was related to: | ||||||
Interest income | 207 | 196 | 189 | 403 | 384 | 776 |
Interest-bearing securities excluding loans in the form of interest-bearing securities | ||||||
Interest income was related to: | ||||||
Interest income | 40 | 12 | 12 | 52 | 31 | 50 |
Derivatives | ||||||
Interest income was related to: | ||||||
Interest income | (475) | (606) | (529) | (1,081) | (1,087) | (2,239) |
Administrative remuneration CIRR-system | ||||||
Interest income was related to: | ||||||
Interest income | 58 | 56 | 48 | 114 | 93 | 198 |
Other assets | ||||||
Interest income was related to: | ||||||
Interest income | kr 9 | kr 5 | kr 5 | kr 14 | kr 11 | kr 21 |
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, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Net results of financial transactions | ||||||
Derecognition of financial instruments not measured at fair value through profit or loss | kr 1 | kr 0 | kr 29 | kr 1 | kr 30 | kr 33 |
Financial assets or liabilities at fair value through profit or loss | (171) | (151) | (28) | (322) | (39) | 13 |
Financial instruments under fair-value hedge accounting | 85 | (19) | 7 | 66 | 3 | 12 |
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value | (7) | 0 | 1 | (7) | (2) | (2) |
Total net results of financial transactions | kr (92) | kr (170) | kr 9 | kr (262) | kr (8) | kr 56 |
Impairments (Details)
Impairments (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Impairment details | |||||||
Established losses | kr (3) | kr (3) | kr (52) | ||||
Reserves applied to cover established credit losses | 3 | 3 | 49 | ||||
Recovered credit losses | kr 6 | kr 3 | 4 | kr 9 | 4 | 1 | |
Net credit losses | kr (19) | 2 | 13 | kr (17) | 1 | kr 41 | |
Loans and off balance | |||||||
Provision ratio | 0.06% | 0.06% | 0.06% | ||||
Gross carrying amount | |||||||
Loans and off balance | |||||||
Loans and off balance | kr 339,795 | kr 339,795 | kr 297,529 | ||||
Gross carrying amount | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | 263,222 | 263,222 | 237,381 | ||||
Gross carrying amount | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | 76,573 | 76,573 | 60,148 | ||||
Accumulated impairment | |||||||
Loans and off balance | |||||||
Loans and off balance | (198) | (198) | (164) | kr (249) | |||
Accumulated impairment | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | (191) | (191) | (157) | ||||
Accumulated impairment | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | (7) | (7) | (7) | ||||
12-month expected credit losses | |||||||
Impairment details | |||||||
Net credit losses | kr (23) | (9) | 31 | kr (32) | 36 | 60 | |
Loans and off balance | |||||||
Provision ratio | 0.04% | 0.04% | |||||
12-month expected credit losses | Gross carrying amount | |||||||
Loans and off balance | |||||||
Loans and off balance | kr 272,694 | kr 272,694 | |||||
12-month expected credit losses | Gross carrying amount | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | 222,369 | 222,369 | |||||
12-month expected credit losses | Gross carrying amount | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | 50,325 | 50,325 | |||||
12-month expected credit losses | Accumulated impairment | |||||||
Loans and off balance | |||||||
Loans and off balance | (122) | (122) | (88) | ||||
12-month expected credit losses | Accumulated impairment | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | (115) | (115) | |||||
12-month expected credit losses | Accumulated impairment | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | (7) | (7) | |||||
Lifetime expected credit losses | Financial instruments not credit-impaired | |||||||
Impairment details | |||||||
Net credit losses | kr 3 | 6 | 8 | kr 9 | 18 | 29 | |
Loans and off balance | |||||||
Provision ratio | 0.03% | 0.03% | |||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | |||||||
Loans and off balance | |||||||
Loans and off balance | kr 64,644 | kr 64,644 | |||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | 38,474 | 38,474 | |||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | 26,170 | 26,170 | |||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | |||||||
Loans and off balance | |||||||
Loans and off balance | (20) | (20) | (28) | ||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | (20) | (20) | |||||
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 (5) | kr 2 | kr (30) | kr (3) | kr (57) | (46) | |
Loans and off balance | |||||||
Provision ratio | 2.28% | 2.28% | |||||
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount | |||||||
Loans and off balance | |||||||
Loans and off balance | kr 2,457 | kr 2,457 | |||||
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | 2,379 | 2,379 | |||||
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | 78 | 78 | |||||
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | |||||||
Loans and off balance | |||||||
Loans and off balance | (56) | (56) | kr (48) | ||||
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | kr (56) | kr (56) |
Impairments - Loss Allowance (D
Impairments - Loss Allowance (Details) kr in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 SEK (kr) item | Dec. 31, 2021 SEK (kr) | |
Increase (decrease) in loss allowance | ||
Number of scenarios prepared for each PD curve | item | 3 | |
Weight of base scenario | 70% | |
Weight of downturn scenario | 30% | |
Weight of upturn scenario | 0% | |
Minimum | ||
Increase (decrease) in loss allowance | ||
Business cycle parameters for base scenario for PD segments | (0.29) | |
Maximum | ||
Increase (decrease) in loss allowance | ||
Business cycle parameters for base scenario for PD segments | 0.29 | |
Accumulated impairment | ||
Increase (decrease) in loss allowance | ||
Loans and off balance at beginning of period | kr (164) | kr (249) |
Increases due to origination and acquisition | (38) | (65) |
Net remeasurement of loss allowance | 3 | 21 |
Transfer to stage 1 | 0 | 0 |
Transfer to stage 2 | 0 | (4) |
Transfer to stage 3 | (6) | (19) |
Decreases due to derecognition | 15 | 110 |
Decrease in allowance account due to write-offs | 49 | |
Exchange-rate differences | (8) | (7) |
Loans and off balance at end of period | (198) | (164) |
12-month expected credit losses | Accumulated impairment | ||
Increase (decrease) in loss allowance | ||
Loans and off balance at beginning of period | (88) | |
Increases due to origination and acquisition | (38) | |
Net remeasurement of loss allowance | (10) | |
Transfer to stage 1 | (1) | |
Transfer to stage 2 | 1 | |
Transfer to stage 3 | 1 | |
Decreases due to derecognition | 15 | |
Exchange-rate differences | (2) | |
Loans and off balance at end of period | (122) | (88) |
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | ||
Increase (decrease) in loss allowance | ||
Loans and off balance at beginning of period | (28) | |
Increases due to origination and acquisition | 0 | |
Net remeasurement of loss allowance | 7 | |
Transfer to stage 1 | 1 | |
Transfer to stage 2 | (1) | |
Transfer to stage 3 | 2 | |
Decreases due to derecognition | 0 | |
Exchange-rate differences | (1) | |
Loans and off balance at end of period | (20) | (28) |
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | ||
Increase (decrease) in loss allowance | ||
Loans and off balance at beginning of period | (48) | |
Net remeasurement of loss allowance | 6 | |
Transfer to stage 3 | (9) | |
Decreases due to derecognition | 0 | |
Exchange-rate differences | (5) | |
Loans and off balance at end of period | kr (56) | kr (48) |
Financial assets and liabilit_3
Financial assets and liabilities at fair value (Details) - SEK (kr) kr in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | kr 357,693 | kr 323,941 |
Book value of financial liabilities | 329,384 | 309,729 |
Fair value of financial assets | 356,050 | 331,720 |
Fair value of financial liabilities | 329,586 | 310,253 |
Surplus value (+) /Deficit value (-), financial assets | (1,643) | 7,779 |
Surplus value (+) /Deficit value (-) financial liabilities | 202 | 524 |
Borrowing from credit institutions | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial liabilities | 11,816 | 5,230 |
Fair value of financial liabilities | 11,816 | 5,230 |
Borrowing from the public | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial liabilities | 10,000 | |
Fair value of financial liabilities | 10,000 | |
Debt securities issued | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial liabilities | 303,562 | 279,770 |
Fair value of financial liabilities | 303,764 | 280,294 |
Surplus value (+) /Deficit value (-) financial liabilities | 202 | 524 |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial liabilities | 14,006 | 14,729 |
Fair value of financial liabilities | 14,006 | 14,729 |
Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 15,901 | 11,128 |
Fair value of financial assets | 15,901 | 11,128 |
Treasuries/government bonds | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 9,988 | 10,872 |
Fair value of financial assets | 9,988 | 10,872 |
Other interest-bearing securities except loans | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 42,142 | 45,881 |
Fair value of financial assets | 42,142 | 45,881 |
Loans in the form of interest-bearing securities | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 50,352 | 46,578 |
Fair value of financial assets | 50,337 | 47,991 |
Surplus value (+) /Deficit value (-), financial assets | (15) | 1,413 |
Loans to credit institutions | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 24,791 | 20,775 |
Fair value of financial assets | 24,730 | 20,993 |
Surplus value (+) /Deficit value (-), financial assets | (61) | 218 |
Loans to the public | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 200,109 | 180,288 |
Fair value of financial assets | 198,542 | 186,436 |
Surplus value (+) /Deficit value (-), financial assets | (1,567) | 6,148 |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 14,410 | 8,419 |
Fair value of financial assets | kr 14,410 | kr 8,419 |
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, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | kr 356,050 | kr 331,720 |
Fair value of financial liabilities | 329,586 | 310,253 |
Debt securities issued | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 303,764 | 280,294 |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 14,006 | 14,729 |
Financial liabilities at fair value through profit or loss | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 52,563 | 54,045 |
Financial liabilities at fair value through profit or loss | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 14,956 | 18,967 |
Financial liabilities at fair value through profit or loss | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 37,607 | 35,078 |
Financial liabilities at fair value through profit or loss | Debt securities issued | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 38,557 | |
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 | 7,167 | |
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 | 31,390 | |
Financial liabilities at fair value through profit or loss | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 14,006 | |
Financial liabilities at fair value through profit or loss | Derivatives | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 7,789 | |
Financial liabilities at fair value through profit or loss | Derivatives | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 6,217 | |
Financial assets at fair value through profit or loss. | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 66,540 | 65,172 |
Financial assets at fair value through profit or loss. | Level 1 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 27,799 | 32,187 |
Financial assets at fair value through profit or loss. | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 38,612 | 32,499 |
Financial assets at fair value through profit or loss. | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 129 | 486 |
Treasuries/government bonds | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 9,988 | 10,872 |
Treasuries/government bonds | Financial assets at fair value through profit or loss. | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 9,988 | |
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 | 4,446 | |
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 | 5,542 | |
Other interest-bearing securities except loans | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 42,142 | 45,881 |
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 | 42,142 | |
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 | 23,353 | |
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 | 18,789 | |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 14,410 | kr 8,419 |
Derivatives | Financial assets at fair value through profit or loss. | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 14,410 | |
Derivatives | Financial assets at fair value through profit or loss. | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 14,281 | |
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 129 |
Financial assets and liabilit_5
Financial assets and liabilities at fair value - Transfers made between both assets and liabilities (Details) - SEK (kr) kr in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments | ||
Transfer from level 1 to 2 of financial assets | kr 0 | |
Transfer from level 2 to 1 of financial assets | 0 | |
Transfers into level 3 of financial assets | 0 | |
Transfers out of level 3 of financial assets | 0 | |
Transfer from Level 1 to 2 of financial liabilities | 0 | |
Transfer from Level 2 to 1 of financial liabilities | 0 | |
Transfers into level 3 of financial liabilities | 0 | |
Transfers out of level 3 of financial liabilites | kr 0 | |
Level 2 | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Transfers to level 3 | kr (1) |
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, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in fair value measurement, liabilities | ||
Financial liabilities at beginning of period | kr (310,253) | |
Transfers to level 3 | 0 | |
Transfers from level 3 | 0 | |
Financial liabilities at end of period | (329,586) | kr (310,253) |
Level 3 | ||
Financial assets and liabilities at fair value in level 3 | ||
Financial assets and liabilities at fair value, at the beginning of period | (34,592) | (41,461) |
Purchases | (6,028) | (10,367) |
Settlements & sales | 6,592 | 18,738 |
Transfers to level 3 | (1) | |
Gains (+) and losses (-) through profit or loss | 1,234 | 607 |
Gains (+) and losses (-) in Other comprehensive income | (30) | (36) |
Exchange-rate differences assets and liabilities | (4,654) | (2,072) |
Financial assets and liabilities at fair value, at the end of period | (37,478) | (34,592) |
Unrealized fair value changes | 1,234 | 594 |
Debt securities issued | Level 3 | ||
Reconciliation of changes in fair value measurement, liabilities | ||
Financial liabilities at beginning of period | (32,555) | (41,198) |
Purchases liabilities | (6,028) | (10,372) |
Settlements & sales | 6,496 | 19,337 |
Gains (+) and losses (-) through profit or loss | 1,676 | 196 |
Gains (+) and losses (-) in Other comprehensive income | (30) | (36) |
Exchange-rate differences | (949) | (482) |
Financial liabilities at end of period | (31,390) | (32,555) |
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 | (2,037) | (263) |
Purchases | 0 | 5 |
Settlements & sales | 96 | (599) |
Transfers to level 3 | (1) | |
Gains (+) and losses (-) through profit or loss | (442) | 411 |
Exchange-rate differences assets and liabilities | (3,705) | (1,590) |
Financial assets and liabilities at fair value, at the end of period | kr (6,088) | kr (2,037) |
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, 2022 SEK (kr) | Dec. 31, 2021 SEK (kr) | Dec. 31, 2020 SEK (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 (329,586) | kr (310,253) | |
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 (37,478) | (34,592) | kr (41,461) |
Level 3 | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | 144 | 122 | |
Level 3 | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | (144) | (122) | |
Level 3 | Derivatives | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | (6,088) | (2,037) | (263) |
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 (3,870) | ||
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 (10) | ||
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 10 | ||
Level 3 | Derivatives | Interest rate | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | kr 18 | ||
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 (2,139) | ||
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 (44) | ||
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 44 | ||
Level 3 | Derivatives | Other | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | kr (97) | ||
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 | (31,390) | (32,555) | kr (41,198) |
Level 3 | Debt securities issued | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | 198 | 181 | |
Level 3 | Debt securities issued | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | (198) | kr (181) | |
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 (12,304) | ||
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 17 | ||
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 (17) | ||
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 10 | ||
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 (10) | ||
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 (9,295) | ||
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 89 | ||
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 (89) | ||
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 (9,610) | ||
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 36 | ||
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 (36) | ||
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 45 | ||
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 (45) | ||
Level 3 | Debt securities issued | Other | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Financial liabilities at fair value | kr (181) | ||
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, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
CVA/DVA, net | |||
Fair value related to credit risk | |||
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease) | kr (56) | kr (14) | |
The period's change in fair value originating from credit risk (+ income/ - loss) | (42) | kr 3 | |
OCA | |||
Fair value related to credit risk | |||
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease) | (68) | kr (132) | |
The period's change in fair value originating from credit risk (+ income/ - loss) | kr 64 | kr (19) |
Derivatives (Details)
Derivatives (Details) - SEK (kr) kr in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments | ||
Assets Fair value | kr 14,410 | kr 8,419 |
Liabilities Fair value | 14,006 | 14,729 |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 14,410 | 8,419 |
Liabilities Fair value | 14,006 | 14,729 |
Nominal amounts | 608,555 | 531,844 |
Interest rate-related contracts | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 2,067 | 3,192 |
Liabilities Fair value | 6,503 | 9,464 |
Nominal amounts | 418,806 | 361,160 |
Currency-related contracts | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 12,269 | 5,218 |
Liabilities Fair value | 2,785 | 3,518 |
Nominal amounts | 166,739 | 157,362 |
Equity-related contracts | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 2 | 2 |
Liabilities Fair value | 3,872 | 895 |
Nominal amounts | 13,818 | 9,801 |
Contracts related to commodities, credit risk, etc. | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 72 | 7 |
Liabilities Fair value | 846 | 852 |
Nominal amounts | kr 9,192 | kr 3,521 |
CIRR-system - Subclassification
CIRR-system - Subclassifications of financial information (Details) - SEK (kr) kr in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | ||||||
Sub-classifications of financial information | ||||||||||||
Concessionary loans outstanding | kr 356,000 | kr 356,000 | kr 315,000 | |||||||||
Operating result of previous concessionary credit program | (9,000) | kr (11,000) | ||||||||||
Administrative compensation for concessionary loans | 424 | 1,000 | ||||||||||
Comprehensive income | ||||||||||||
Interest income | 994,000 | kr 685,000 | kr 678,000 | 1,679,000 | 1,338,000 | 2,719,000 | ||||||
Interest expenses | (489,000) | (200,000) | (210,000) | (689,000) | (385,000) | (812,000) | ||||||
Exchange-rate differences | (7,000) | 0 | 1,000 | (7,000) | (2,000) | (2,000) | ||||||
Financial position | ||||||||||||
Cash and cash equivalents | 15,901,000 | [1] | 5,549,000 | [1] | 15,901,000 | [1] | 5,549,000 | [1] | 11,128,000 | [1] | kr 3,362,000 | |
Derivatives | 14,410,000 | 14,410,000 | 8,419,000 | |||||||||
Other assets | 545,000 | 545,000 | 7,451,000 | |||||||||
Prepaid expenses and accrued revenues | 2,282,000 | 2,282,000 | 1,913,000 | |||||||||
Total assets | 360,862,000 | 360,862,000 | 333,647,000 | |||||||||
Derivatives | 14,006,000 | 14,006,000 | 14,729,000 | |||||||||
Accrued expenses and prepaid revenues | 2,234,000 | 2,234,000 | 1,875,000 | |||||||||
Total liabilities | 340,095,000 | 340,095,000 | 312,839,000 | |||||||||
Committed undisbursed loans | 67,788,000 | 67,788,000 | 53,871,000 | |||||||||
Binding offers | 3,846,000 | 3,846,000 | 1,510,000 | |||||||||
CIRR-System | ||||||||||||
Comprehensive income | ||||||||||||
Interest income | 556,000 | 557,000 | 498,000 | 1,113,000 | 985,000 | 2,105,000 | ||||||
Interest expenses | (517,000) | (513,000) | (494,000) | (1,030,000) | (1,014,000) | (2,061,000) | ||||||
Interest compensation | 2,000 | 7,000 | 2,000 | 7,000 | 7,000 | |||||||
Exchange-rate differences | 1,000 | 1,000 | 0 | 2,000 | (1,000) | (1,000) | ||||||
Profit before compensation to SEK | 42,000 | 45,000 | 11,000 | 87,000 | (23,000) | 50,000 | ||||||
Administrative remuneration to SEK | (58,000) | (56,000) | (47,000) | (114,000) | (92,000) | (197,000) | ||||||
Operating profit CIRR-system | (16,000) | (11,000) | (36,000) | (27,000) | (115,000) | (147,000) | ||||||
Reimbursement to (-) / from (+) the State | 16,000 | kr 11,000 | kr 36,000 | 27,000 | kr 115,000 | 147,000 | ||||||
Financial position | ||||||||||||
Cash and cash equivalents | 1,000 | 1,000 | 8,000 | |||||||||
Loans | 95,031,000 | 95,031,000 | 87,872,000 | |||||||||
Derivatives | 4,462,000 | 4,462,000 | 36,000 | |||||||||
Other assets | 396,000 | 396,000 | 7,359,000 | |||||||||
Prepaid expenses and accrued revenues | 723,000 | 723,000 | 470,000 | |||||||||
Total assets | 100,613,000 | 100,613,000 | 95,745,000 | |||||||||
Liabilities | 99,908,000 | 99,908,000 | 88,092,000 | |||||||||
Derivatives | 7,060,000 | |||||||||||
Accrued expenses and prepaid revenues | 705,000 | 705,000 | 593,000 | |||||||||
Total liabilities | 100,613,000 | 100,613,000 | 95,745,000 | |||||||||
Committed undisbursed loans | 47,839,000 | 47,839,000 | 39,084,000 | |||||||||
Binding offers | kr 3,536,000 | kr 3,536,000 | kr 1,510,000 | |||||||||
[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. |
Pledged assets and contingent_3
Pledged assets and contingent liabilities (Details) - SEK (kr) kr in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Collateral provided | ||
Cash collateral under the security agreements for derivative contracts | kr 12,221 | kr 10,417 |
Contingent liabilities | ||
Guarantee commitments | 4,939 | 4,767 |
Commitments | ||
Committed undisbursed loans | 67,788 | 53,871 |
Binding offers | kr 3,846 | kr 1,510 |
Capital adequacy - Capital adeq
Capital adequacy - Capital adequacy (Details) - SEK (kr) kr in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Capital adequacy | ||
Capital base requirement of 8 percent | 8% | |
of which Capital conservation buffer | 2.50% | |
Individual Pillar 2 requirement | 3.67% | |
Minimum capital requirement one | 4.50% | |
Minimum capital requirement two | 1.50% | |
Minimum capital requirement three | 2% | |
Additional capital pillar 2 guidance | 1.50% | |
Parent Company | ||
Capital adequacy | ||
Common Equity Tier 1 capital ratio | 19.70% | 21.60% |
Tier 1 capital ratio | 19.70% | 21.60% |
Total capital ratio | 19.70% | 21.60% |
Capital base requirement of 8 percent | kr 8,152 | kr 7,371 |
of which Tier 1 requirement of 6 percent | 6,114 | 5,528 |
of which minimum requirement of 4.5 percent | 4,585 | 4,146 |
Pillar 2 capital requirements | 3,740 | 3,382 |
Common Equity Tier 1 capital available to meet buffer requirements | 8,182 | 9,149 |
Capital buffer requirements | 2,591 | 2,333 |
of which Capital conservation buffer | 2,547 | 2,303 |
of which Countercyclical buffer | 44 | 30 |
Pillar 2 guidance | 1,528 | 1,382 |
Total risk-based capital requirement | kr 16,011 | kr 14,468 |
Capital base requirement of 8 percent | 8% | 8% |
of which Tier 1 requirement of 6 percent | 6% | 6% |
of which minimum requirement of 4.5 percent | 4.50% | 4.50% |
Pillar 2 capital requirements | 3.70% | 3.70% |
Common Equity Tier 1 capital available to meet buffer requirements | 8% | 9.90% |
Capital buffer requirements | 2.50% | 2.50% |
of which Capital conservation buffer | 2.50% | 2.50% |
of which Countercyclical buffer | 0% | 0% |
Pillar 2 guidance | 1.50% | 1.50% |
Total risk-based capital requirement | 15.70% | 15.70% |
Capital adequacy - Leverage rat
Capital adequacy - Leverage ratio (Details) - Parent Company - SEK (kr) kr in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure | ||
On-balance sheet exposures | kr 227,519 | kr 209,889 |
Off-balance sheet exposures | 8,814 | 5,309 |
Total exposure measure | kr 236,333 | kr 215,198 |
Leverage ratio | 8.50% | 9.30% |
Total capital requirement relating to leverage ratio | ||
Capital base requirement of 3 percent | kr 7,090 | kr 6,456 |
Pillar 2 guidance | 354 | 323 |
Total capital requirement relating to leverage ratio | kr 7,444 | kr 6,779 |
Capital base requirement of 3 percent | 3% | 3% |
Pillar 2 guidance | 0.20% | 0.20% |
Total capital requirement relating to leverage ratio | 3.20% | 3.20% |
Additional capital (pillar 2 guidance) of total leverage ratio exposure | 0.15% |
Capital adequacy - Own funds (D
Capital adequacy - Own funds (Details) - Parent Company - SEK (kr) kr in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | kr 20,651 | kr 20,432 |
Regulatory adjustments to Common Equity Tier 1 capital | (560) | (507) |
Total Common Equity Tier-1 capital | 20,091 | 19,925 |
Own funds | 20,091 | 19,925 |
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 | 16,098 | 15,518 |
Accumulated other comprehensive income and other reserves | ||
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 343 | 323 |
Independently reviewed profit net of any foreseeable charge or dividend | ||
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 220 | 601 |
Additional value adjustments due to prudent valuation | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | (428) | (395) |
Intangible assets | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | (70) | (99) |
Own credit risk | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | 41 | 98 |
Negative amounts resulting from the calculation of expected loss amounts | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | kr (103) | kr (111) |
Capital adequacy - Minimum capi
Capital adequacy - Minimum capital requirements exclusive of buffers (Details) - Parent Company - SEK (kr) kr in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure | ||
EAD | kr 402,858 | kr 356,536 |
Risk exposure amount | 101,898 | 92,140 |
Minimum capital requirements | 8,152 | 7,371 |
Credit risk | Standardized approach | ||
Disclosure of credit risk exposure | ||
EAD | 3,216 | 3,064 |
Risk exposure amount | 3,180 | 3,064 |
Minimum capital requirements | 254 | 245 |
Credit risk | Standardized approach | Corporates | ||
Disclosure of credit risk exposure | ||
EAD | 3,123 | 2,990 |
Risk exposure amount | 3,087 | 2,990 |
Minimum capital requirements | 247 | 239 |
Credit risk | Standardized approach | Exposures in default | ||
Disclosure of credit risk exposure | ||
EAD | 93 | 74 |
Risk exposure amount | 93 | 74 |
Minimum capital requirements | 7 | 6 |
Credit risk | IRB approach | ||
Disclosure of credit risk exposure | ||
EAD | 399,642 | 353,472 |
Risk exposure amount | 91,263 | 81,876 |
Minimum capital requirements | 7,301 | 6,550 |
Credit risk | IRB approach | Central governments | ||
Disclosure of credit risk exposure | ||
EAD | 224,007 | 196,606 |
Risk exposure amount | 10,841 | 9,673 |
Minimum capital requirements | 867 | 774 |
Credit risk | IRB approach | Financial institutions | ||
Disclosure of credit risk exposure | ||
EAD | 46,423 | 41,082 |
Risk exposure amount | 10,119 | 8,843 |
Minimum capital requirements | 810 | 707 |
Credit risk | IRB approach | Corporates | ||
Disclosure of credit risk exposure | ||
EAD | 128,775 | 115,412 |
Risk exposure amount | 69,866 | 62,988 |
Minimum capital requirements | 5,589 | 5,039 |
Credit risk | IRB approach | Assets without counterparty | ||
Disclosure of credit risk exposure | ||
EAD | 437 | 372 |
Risk exposure amount | 437 | 372 |
Minimum capital requirements | 35 | 30 |
Counterparty risk in derivatives | IRB approach | Financial institutions | ||
Disclosure of credit risk exposure | ||
EAD | 7,710 | 5,975 |
Risk exposure amount | 2,491 | 2,000 |
Minimum capital requirements | 199 | 160 |
Specialized lending | IRB approach | Corporates | ||
Disclosure of credit risk exposure | ||
EAD | 6,054 | 5,224 |
Risk exposure amount | 4,275 | 3,589 |
Minimum capital requirements | 342 | 287 |
Credit valuation adjustment risk | ||
Disclosure of credit risk exposure | ||
Risk exposure amount | 3,048 | 2,922 |
Minimum capital requirements | 244 | 233 |
Currency risk | ||
Disclosure of credit risk exposure | ||
Risk exposure amount | 772 | 645 |
Minimum capital requirements | 62 | 52 |
Commodities risk | ||
Disclosure of credit risk exposure | ||
Risk exposure amount | 13 | 11 |
Minimum capital requirements | 1 | 1 |
Operational risk | ||
Disclosure of credit risk exposure | ||
Risk exposure amount | 3,622 | 3,622 |
Minimum capital requirements | kr 290 | kr 290 |
Capital adequacy - Operational
Capital adequacy - Operational risk and capital buffer requirements (Details) | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 22, 2023 | Sep. 29, 2022 | Dec. 31, 2021 | 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% | 2% | 1% | 0% | 2.50% | |
Parent Company | ||||||
Disclosure of credit risk exposure | ||||||
Mandatory capital conservation buffer | 2.50% | 2.50% | ||||
Countercyclical buffer | 0% | 0% | ||||
Parent Company | Sweden | ||||||
Disclosure of credit risk exposure | ||||||
Capital requirement exposure | 71% | 68% | ||||
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% | |||||
Parent Company | Maximum | Standardized approach | Operational risk | ||||||
Disclosure of credit risk exposure | ||||||
Capital requirement multiple factor | 18% |
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, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure | ||
Capital requirements | kr 20,091 | kr 19,925 |
Total liquid assets | 53,900 | 56,100 |
Net liquidity outflows | 8,500 | 10,100 |
Liquidity outflows | 21,100 | 21,200 |
Liquidity inflows | kr 14,200 | kr 12,200 |
Liquidity Coverage Ratio | 836% | 695% |
Available stable funding | kr 232,800 | kr 245,900 |
Requiring stable funding | kr 190,100 | kr 176,400 |
Net Stable Funding Ratio | 122% | 139% |
Internal credit grades | ||
Disclosure of credit risk exposure | ||
Capital requirements | kr 10,000 | kr 9,354 |
Internal credit grades | Credit risk | ||
Disclosure of credit risk exposure | ||
Capital requirements | 6,766 | 6,038 |
Internal credit grades | Operational risk | ||
Disclosure of credit risk exposure | ||
Capital requirements | 225 | 225 |
Internal credit grades | Market risk | ||
Disclosure of credit risk exposure | ||
Capital requirements | 1,155 | 1,247 |
Internal credit grades | Other | ||
Disclosure of credit risk exposure | ||
Capital requirements | 244 | 234 |
Internal credit grades | Capital planning buffer | ||
Disclosure of credit risk exposure | ||
Capital requirements | kr 1,610 | kr 1,610 |
Exposures - Total net exposure
Exposures - Total net exposure (Details) - Credit risk - SEK (kr) kr in Billions | Jun. 30, 2022 | Dec. 31, 2021 |
Sub-classifications of financial information | ||
Net exposure | kr 422.9 | kr 372.5 |
Percentage of net exposures | 100% | 100% |
Central-governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 222.4 | kr 185.5 |
Percentage of net exposures | 52.60% | 49.80% |
Regional-governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 12.9 | kr 15.3 |
Percentage of net exposures | 3.10% | 4.10% |
Multilateral development banks | ||
Sub-classifications of financial information | ||
Net exposure | kr 1.6 | kr 3 |
Percentage of net exposures | 0.40% | 0.80% |
Public sector entity | ||
Sub-classifications of financial information | ||
Net exposure | kr 2.6 | kr 5.4 |
Percentage of net exposures | 0.60% | 1.40% |
Financial institutions | ||
Sub-classifications of financial information | ||
Net exposure | kr 46.7 | kr 41.2 |
Percentage of net exposures | 11% | 11.10% |
Corporates | ||
Sub-classifications of financial information | ||
Net exposure | kr 136.7 | kr 122.1 |
Percentage of net exposures | 32.30% | 32.80% |
Credits and interest-bearing securities | ||
Sub-classifications of financial information | ||
Net exposure | kr 338.6 | kr 306.4 |
Percentage of net exposures | 100% | 100% |
Credits and interest-bearing securities | Central-governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 161.5 | kr 136.1 |
Percentage of net exposures | 47.60% | 44.40% |
Credits and interest-bearing securities | Regional-governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 12 | kr 14.3 |
Percentage of net exposures | 3.50% | 4.70% |
Credits and interest-bearing securities | Multilateral development banks | ||
Sub-classifications of financial information | ||
Net exposure | kr 1.6 | kr 3 |
Percentage of net exposures | 0.50% | 1% |
Credits and interest-bearing securities | Public sector entity | ||
Sub-classifications of financial information | ||
Net exposure | kr 2.6 | kr 5.4 |
Percentage of net exposures | 0.80% | 1.70% |
Credits and interest-bearing securities | Financial institutions | ||
Sub-classifications of financial information | ||
Net exposure | kr 37.8 | kr 34.9 |
Percentage of net exposures | 11.20% | 11.40% |
Credits and interest-bearing securities | Corporates | ||
Sub-classifications of financial information | ||
Net exposure | kr 123.1 | kr 112.7 |
Percentage of net exposures | 36.40% | 36.80% |
Committed undisbursed loans, derivatives, etc. | ||
Sub-classifications of financial information | ||
Net exposure | kr 84.3 | kr 66.1 |
Percentage of net exposures | 100% | 100% |
Committed undisbursed loans, derivatives, etc. | Central-governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 60.9 | kr 49.4 |
Percentage of net exposures | 72.20% | 74.80% |
Committed undisbursed loans, derivatives, etc. | Regional-governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 0.9 | kr 1 |
Percentage of net exposures | 1.10% | 1.50% |
Committed undisbursed loans, derivatives, etc. | Multilateral development banks | ||
Sub-classifications of financial information | ||
Net exposure | kr 0 | |
Percentage of net exposures | 0% | |
Committed undisbursed loans, derivatives, etc. | Financial institutions | ||
Sub-classifications of financial information | ||
Net exposure | kr 8.9 | kr 6.3 |
Percentage of net exposures | 10.60% | 9.50% |
Committed undisbursed loans, derivatives, etc. | Corporates | ||
Sub-classifications of financial information | ||
Net exposure | kr 13.6 | kr 9.4 |
Percentage of net exposures | 16.10% | 14.20% |
Exposures - Net exposure by reg
Exposures - Net exposure by region and class (Details) - Credit risk - SEK (kr) kr in Billions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure | ||
Net exposure | kr 422.9 | kr 372.5 |
Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 222.4 | 185.5 |
Regional governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 12.9 | 15.3 |
Multilateral development banks | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.6 | 3 |
Public sector entity | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.6 | 5.4 |
Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 46.7 | 41.2 |
Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 136.7 | 122.1 |
Middle East/Africa | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.3 | 1.4 |
Middle East/Africa | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | |
Middle East/Africa | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0 |
Middle East/Africa | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.2 | 1.4 |
Asia excl. Japan | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.4 | 1.6 |
Asia excl. Japan | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.4 | 0.4 |
Asia excl. Japan | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 1 | 1.2 |
Japan | ||
Disclosure of credit risk exposure | ||
Net exposure | 8.4 | 7.7 |
Japan | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.7 | 2 |
Japan | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.4 | 2.4 |
Japan | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.3 | 3.3 |
North America | ||
Disclosure of credit risk exposure | ||
Net exposure | 8.6 | 12.6 |
North America | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.2 | 2 |
North America | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 2 | 4.9 |
North America | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 5.4 | 5.7 |
Latin America | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.4 | 3.3 |
Latin America | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.4 | 3.3 |
Sweden | ||
Disclosure of credit risk exposure | ||
Net exposure | 327.3 | 274.6 |
Sweden | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 200.8 | 161.5 |
Sweden | Regional governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 12.9 | 15.3 |
Sweden | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 17.4 | 15.1 |
Sweden | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 96.2 | 82.7 |
West European countries excl. Sweden | ||
Disclosure of credit risk exposure | ||
Net exposure | 69.8 | 67.1 |
West European countries excl. Sweden | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 15 | 17 |
West European countries excl. Sweden | Regional governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | 0 |
West European countries excl. Sweden | Multilateral development banks | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.6 | 3 |
West European countries excl. Sweden | Public sector entity | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.6 | 5.4 |
West European countries excl. Sweden | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 24.7 | 18.6 |
West European countries excl. Sweden | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 25.9 | 23.1 |
Central and East European countries | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.7 | 4.2 |
Central and East European countries | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.3 | 2.6 |
Central and East European countries | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.2 |
Central and East European countries | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | kr 1.3 | kr 1.4 |
Exposures - Net exposures Europ
Exposures - Net exposures European countries, excluding Sweden by exposure classes (Details) - Credit risk - SEK (kr) kr in Billions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure | ||
Net exposure | kr 422.9 | kr 372.5 |
Germany | ||
Disclosure of credit risk exposure | ||
Net exposure | 10.9 | 10.3 |
France | ||
Disclosure of credit risk exposure | ||
Net exposure | 10.5 | 7.8 |
United Kingdom | ||
Disclosure of credit risk exposure | ||
Net exposure | 7.6 | 7 |
Denmark | ||
Disclosure of credit risk exposure | ||
Net exposure | 6.9 | 5.4 |
Finland | ||
Disclosure of credit risk exposure | ||
Net exposure | 6.7 | 8.2 |
Austria | ||
Disclosure of credit risk exposure | ||
Net exposure | 5.5 | 6 |
Norway | ||
Disclosure of credit risk exposure | ||
Net exposure | 5.2 | 6.8 |
The Netherlands | ||
Disclosure of credit risk exposure | ||
Net exposure | 4.3 | 4 |
Luxembourg | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.2 | 4.3 |
Spain | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.2 | 2.3 |
Belgium | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.9 | 2.9 |
Poland | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.5 | 2.8 |
Portugal | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.1 | 1 |
Ireland | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.9 | 0.6 |
Switzerland | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.6 | 0.4 |
Serbia | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.4 | 0.4 |
Lithuania | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.3 | 0.3 |
Italy | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.2 | 0.1 |
Czech Republic | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.2 | 0.2 |
Latvia | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.1 |
Iceland | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.1 |
Estonia | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.1 |
Slovakia | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.1 |
Europe except Sweden | ||
Disclosure of credit risk exposure | ||
Net exposure | kr 73.5 | kr 71.2 |
Reference interest rate reform
Reference interest rate reform (Details) - USD LIBOR - Later than one year $ in Millions | Jun. 30, 2022 USD ($) |
Lending contracts | |
Reform for new reference rates | |
Nominal amounts | $ 1,711 |
Derivatives | |
Reform for new reference rates | |
Nominal amounts | $ 17,968 |
Transactions with related par_2
Transactions with related parties (Details) kr in Billions | 3 Months Ended |
Mar. 31, 2022 SEK (kr) | |
Swedish National Debt Office | |
Transactions with related parties | |
Amount repaid | kr 10 |