Swedish Export Credit Corp /Swed (GRU) 6-K 14 Jul 23 2023 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2023
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, 2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Condensed Consolidated Statement of Comprehensive Income (unaudited)
Interest income		kr 4,724	kr 4,043	kr 994	kr 8,767	kr 1,679	kr 6,729
Interest expenses		(4,000)	(3,410)	(489)	(7,410)	(689)	(4,550)
Net interest income		724	633	505	1,357	990	2,179
Net fee and commission expense		(13)	(7)	(8)	(20)	(15)	(31)
Net results of financial transactions		(48)	(50)	(92)	(98)	(262)	69
Total operating income		663	576	405	1,239	713	2,217
Personnel expenses		(105)	(101)	(102)	(206)	(194)	(402)
Other administrative expenses		(59)	(56)	(56)	(115)	(112)	(216)
Depreciation and impairment of non-financial assets		(17)	(16)	(15)	(33)	(29)	(94)
Total operating expenses		(181)	(173)	(173)	(354)	(335)	(712)
Operating profit before credit losses		482	403	232	885	378	1,505
Net credit losses		(256)	17	(19)	(239)	(17)	(34)
Operating profit		226	420	213	646	361	1,471
Tax expenses		(47)	(86)	(42)	(133)	(74)	(305)
Net profit	[1]	179	334	171	513	287	1,166
Items to be reclassified to profit or loss
Derivatives in cash flow hedges		(39)	11		(28)		(122)
Tax on items to be reclassified to profit or loss		8	(2)		6		25
Net items to be reclassified to profit or loss		(31)	9		(22)		(97)
Items not to be reclassified to profit or loss
Own credit risk		12	9	(6)	21	64	99
Revaluation of defined benefit plans		0	0	16	0	46	43
Tax on items not to be reclassified to profit or loss		(2)	(2)	(3)	(4)	(24)	(30)
Net items not to be reclassified to profit or loss		10	7	7	17	86	112
Total other comprehensive income		(21)	16	7	(5)	86	15
Total comprehensive income	[1]	kr 158	kr 350	kr 178	kr 508	kr 373	kr 1,181
Basic earnings per share (in SEK per share)	[2]	kr 45	kr 84	kr 43	kr 129	kr 72	kr 292
Diluted earnings per share (in SEK per share)	[2]	kr 45	kr 84	kr 43	kr 129	kr 72	kr 292
[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, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
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, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	[1]	kr 5,837	kr 4,060
Treasuries/government bonds		11,209	15,048
Other interest-bearing securities except loans		65,708	57,144
Loans in the form of interest-bearing securities		54,379	54,257
Loans to credit institutions		24,568	22,145
Loans to the public		218,419	207,737
Derivatives		8,598	10,304
Tangible and intangible assets		291	307
Deferred tax asset		0	25
Other assets		449	285
Prepaid expenses and accrued revenues		7,192	4,162
Total assets		396,650	375,474
Liabilities and equity
Borrowing from credit institutions		7,659	7,153
Debt securities issued		340,397	319,117
Derivatives		9,850	13,187
Other liabilities		9,005	10,242
Accrued expenses and prepaid revenues		7,640	4,172
Provisions		16	28
Total liabilities		374,567	353,899
Share capital		3,990	3,990
Reserves		(119)	(114)
Retained earnings		18,212	17,699
Total equity	[2]	22,083	21,575
Total liabilities and equity		kr 396,650	kr 375,474
[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	Hedge reserve	Own credit risk	Defined benefit plans	Retained earnings	Total
Balance at the beginning of the period at Dec. 31, 2021		kr 3,990		kr (102)	kr (27)	kr 16,947	kr 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]	3,990		(52)	9	16,820	20,767
Balance at the beginning of the period at Dec. 31, 2021		3,990		(102)	(27)	16,947	20,808
Net profit						1,166	1,166	[1]
Other comprehensive income			kr (97)	79	33		15
Total comprehensive income			(97)	79	33	1,166	1,181	[1]
Dividend						(414)	(414)
Balance at the end of the period at Dec. 31, 2022	[2]	3,990	(97)	(23)	6	17,699	21,575
Net profit						513	513	[1]
Other comprehensive income			(22)	17	0		(5)
Total comprehensive income			(22)	17	0	513	508	[1]
Balance at the end of the period at Jun. 30, 2023	[2]	kr 3,990	kr (119)	kr (6)	kr 6	kr 18,212	kr 22,083
[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, 2023		Jun. 30, 2022	Dec. 31, 2022
Operating activities
Operating profit		kr 646		kr 361	kr 1,471
Adjustments for non-cash items in operating profit
Adjustments for non-cash items in operating profit		892		475	329
Income tax paid		(256)		(186)	(420)
Changes in assets and liabilities from operating activities		(7,918)		(1,877)	(29,617)
Cash flow from operating activities		(6,636)		(1,227)	(28,237)
Investing activities
Capital expenditures		(16)		(40)	(70)
Cash flow from investing activities		(16)		(40)	(70)
Financing activities
Change in senior debt		7,011		660	10,793
Derivatives, net		1,438		4,853	9,770
Dividend paid				(414)	(414)
Payment of lease liability		(14)		(9)	(23)
Cash flow from financing activities		8,435		5,090	20,126
Cash flow for the period		1,783		3,823	(8,181)
Cash and cash equivalents at beginning of the period		4,060	[1]	11,128	11,128
Exchange-rate differences on cash and cash equivalents		(6)		950	1,113
Cash and cash equivalents at end of the period	[1]	kr 5,837		kr 15,901	kr 4,060
[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, 2023
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 2022 annual financial statements included in SEK’s 2022 Annual Report on Form 20-F, except for the changes described below. 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. Amendments to IAS 12 Income Taxes for deferred tax, which became effective for annual reporting periods beginning on or after January 1, 2023, relate to assets and liabilities arising from a single transaction. The amendments require companies to recognize deferred tax on particular transactions that, upon initial recognition, give rise to taxable and deductible temporary differences of equal amounts, for example a lease liability and its corresponding right-of-use asset at the commencement of the lease. The change affects SEK’s accounting principles, but has no material impact on SEK’s financial statements, capital adequacy or large exposure ratios. The transition effect for opening balances as of 2023 was insignificant. 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, 2023
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 2023 2023 2022 2023 2022 2022 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans to credit institutions ​ 315 261 73 ​ 576 ​ 111 506 Loans to the public ​ 2,180 1,954 1,082 ​ 4,134 ​ 2,066 5,106 Loans in the form of interest-bearing securities ​ 606 ​ 514 207 ​ 1,119 ​ 403 1,114 Interest-bearing securities excluding loans in the form of interest-bearing securities ​ 701 ​ 597 ​ 40 ​ 1,299 ​ 52 ​ 535 Derivatives ​ 847 648 -475 ​ 1,495 ​ -1,081 -797 Administrative remuneration CIRR-system ​ 66 ​ 61 ​ 58 ​ 127 ​ 114 ​ 237 Other assets ​ 9 ​ 8 9 ​ 17 ​ 14 28 Total interest income 1 ​ 4,724 4,043 994 ​ 8,767 ​ 1,679 6,729 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ -3,939 ​ -3,349 ​ -443 ​ -7,288 ​ -591 ​ -4,353 Resolution fee ​ -24 ​ -24 ​ -19 ​ -47 ​ -44 ​ -88 Risk tax ​ -37 ​ -37 ​ -27 ​ -75 ​ -54 ​ -109 Total interest expenses ​ -4,000 -3,410 -489 ​ -7,410 ​ -689 -4,550 Net interest income ​ 724 633 505 ​ 1,357 ​ 990 2,179 ​ 1 Interest income calculated using the effective interest method amounted to Skr 6,111 million during January-June 2023 (1H22: Skr 2,366 million).

Net results of financial transa

Net results of financial transactions	6 Months Ended
	Jun. 30, 2023
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 2023 2023 2022 2023 2022 2022 Derecognition of financial instruments not measured at fair value through profit or loss ​ 2 ​ 2 ​ 1 ​ 4 ​ 1 ​ 9 Financial assets or liabilities at fair value through profit or loss ​ -54 ​ -39 ​ -171 ​ -93 ​ -322 ​ -19 Financial instruments under fair-value hedge accounting ​ 4 ​ -13 ​ 85 ​ -9 ​ 66 ​ 88 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value 0 0 -7 0 ​ -7 -9 Total net results of financial transactions -48 -50 -92 -98 ​ -262 69 ​

Impairments

Impairments	6 Months Ended
	Jun. 30, 2023
Impairments
Impairments	Note 4. Impairments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Apr-Jun ​ Jan–Mar ​ Apr-Jun ​ Jan-Jun ​ Jan-Jun ​ Jan-Dec Skr mn 2023 2023 2022 2023 2022 2022 Expected credit losses, stage 1 ​ -3 ​ 4 ​ -23 ​ 1 ​ -32 ​ -38 Expected credit losses, stage 2 ​ 2 ​ 5 ​ 3 ​ 7 ​ 9 ​ 6 Expected credit losses, stage 3 ​ -256 ​ 7 ​ -5 ​ -249 ​ -3 ​ -15 Established losses — — — ​ — ​ — ​ — Reserves applied to cover established credit losses ​ — ​ — ​ — ​ — ​ — ​ — Recovered credit losses 1 1 6 ​ 2 ​ 9 13 Net credit losses -256 17 -19 ​ -239 ​ -17 -34 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 Skr mn Stage 1 Stage 2 Stage 3 Total Total Loans, before expected credit losses 243,311 36,024 8,911 288,246 273,658 Off-balance sheet exposures, before expected credit losses 39,851 21,562 4,777 66,190 80,171 Total, before expected credit losses 283,162 57,586 13,688 354,436 353,829 Loss allowance, loans -127 -16 -322 -465 -210 Loss allowance, off-balance sheet exposures 1 -5 -1 0 -6 -13 Total loss allowance -132 -17 -322 -471 -223 Provision ratio (in percent) 0.05 ​ 0.03 ​ 2.35 ​ 0.13 ​ 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, 2023 ​ December 31, 2022 Skr mn Stage 1 Stage 2 Stage 3 Total Total Opening balance January 1 ​ -130 -23 ​ -70 ​ -223 ​ -164 Increases due to origination and acquisition ​ -29 -1 0 ​ -30 -70 Net remeasurement of loss allowance ​ 19 1 11 31 23 Transfer to stage 1 ​ 0 ​ 0 — 0 6 Transfer to stage 2 ​ 1 -5 — -4 -11 Transfer to stage 3 ​ 1 0 -261 -260 -19 Decreases due to derecognition ​ 9 12 1 22 24 Decrease in allowance account due to write-offs ​ — — — — — Exchange-rate differences 1 ​ -3 -1 -3 -7 -12 Closing balance ​ -132 -17 -322 -471 -223 ​ 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 -0.5 and 0.2 for the various probability of default (PD) segments. The base scenarios have been weighted at 70 percent, the downturn scenarios have been weighted at 20 percent, and the upturn scenarios have been weighted at 10 percent between the different PD-segments. 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, 2023.

Financial assets and liabilitie

Financial assets and liabilities at fair value	6 Months Ended
	Jun. 30, 2023
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, 2023 ​ ​ ​ ​ ​ ​ Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 5,837 5,837 — Treasuries/governments bonds 11,209 11,209 — Other interest-bearing securities except loans 65,708 65,708 — Loans in the form of interest-bearing securities 54,379 55,118 739 Loans to credit institutions 24,568 24,054 -514 Loans to the public 218,419 215,364 -3,055 Derivatives 8,598 8,598 — Total financial assets 388,718 385,888 -2,830 ​ ​ ​ ​ ​ ​ ​ Borrowing from credit institutions 7,659 7,659 — Debt securities issued 340,397 340,512 115 Derivatives 9,850 9,850 — Total financial liabilities 357,906 358,021 115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ Surplus value (+)/ Skr mn ​ Book value ​ Fair value ​ Deficit value (–) Cash and cash equivalents 4,060 4,060 — Treasuries/governments bonds 15,048 15,048 — Other interest-bearing securities except loans 57,144 57,144 — Loans in the form of interest-bearing securities 54,257 54,877 620 Loans to credit institutions 22,145 21,747 -398 Loans to the public 207,737 204,543 -3,194 Derivatives 10,304 10,304 — Total financial assets 370,695 367,723 -2,972 ​ ​ ​ ​ ​ ​ ​ Borrowing from credit institutions 7,153 7,153 — Debt securities issued 319,117 318,900 -217 Derivatives 13,187 13,187 — Total financial liabilities 339,457 339,240 -217 ​ Determination of fair value The determination of fair value is described in the annual financial statements included in SEK’s 2022 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 Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 1,255 9,954 — 11,209 Other interest-bearing securities except loans 18,837 46,871 — 65,708 Derivatives — 8,529 69 8,598 Total, June 30, 2023 ​ 20,092 ​ 65,354 ​ 69 ​ 85,515 Total, December 31, 2022 23,708 ​ 58,685 ​ 103 ​ 82,496 ​ Financial liabilities in fair value hierarchy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities at fair value Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — — 26,439 26,439 Derivatives ​ — ​ 6,242 ​ 3,608 ​ 9,850 Total, June 30, 2023 ​ — ​ 6,242 ​ 30,047 ​ 36,289 Total, December 31, 2022 — 10,820 31,155 41,975 ​ A transfer of Skr 1,912 million for debt securities issued was made from level 2 to level 3, due to larger elements of assessment in the valuation (year-end 2022: There were no transfers between levels during the period). Financial assets and liabilities at fair value in Level 3, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (+) and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (+) and ​ losses (–) in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ losses (–) ​ Other ​ Exchange- ​ ​ ​ ​ January 1, ​ ​ ​ Settlements & ​ Transfers ​ from ​ through profit ​ comprehensive ​ rate ​ June 30, Skr mn 2023 Purchases sales to Level 3 Level 3 or loss 1 income differences 2023 Debt securities issued -26,536 -3,085 6,309 -1,912 — -1,472 18 ​ 239 -26,439 Derivatives, net -4,516 — 913 — — 1,296 — ​ -1,232 -3,539 Net assets and liabilities -31,052 -3,085 7,222 -1,912 — -176 18 ​ -993 -29,978 ​ ​ 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 ​ December 31, Skr mn 2022 Purchases sales to Level 3 Level 3 or loss 1 income differences 2022 Debt securities issued -32,555 -4,267 10,255 — — 2,641 -52 -2,558 ​ -26,536 Derivatives, net -2,037 0 221 — — -616 — -2,084 ​ -4,516 Net assets and liabilities -34,592 -4,267 10,476 — — 2,025 -52 -4,642 ​ -31,052 ​ 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, 2023, amounted to a Skr 171 million loss (year-end 2022: Skr 2,024 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, 2023 ​ ​ ​ ​ ​ ​ Range of estimates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unobservable ​ for unobservable ​ ​ ​ Sensitivity ​ Sensitivity Skr mn Fair Value input input Valuation method max min ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity -1,892 Correlation 0.12 – (0.12) Option Model -13 ​ 13 Interest rate 2 Correlation 0.12 – (0.12) Option Model 0 ​ 0 FX -1,524 Correlation 0.12 – (0.12) Option Model -32 ​ 32 Other -125 Correlation 0.12 – (0.12) Option Model 0 ​ 0 Sum derivatives, net -3,539 ​ ​ ​ ​ ​ -45 ​ 45 Equity -6,431 Correlation 0.12 – (0.12) Option Model 13 ​ -13 ​ ​ Credit spreads 10BP – (10BP) Discounted cash flow 4 ​ -4 Interest rate -13,305 Correlation 0.12 – (0.12) Option Model 0 ​ 0 ​ ​ Credit spreads 10BP – (10BP) Discounted cash flow 119 ​ -119 FX -6,535 Correlation 0.12 – (0.12) Option Model 34 ​ -34 ​ ​ Credit spreads 10BP – (10BP) Discounted cash flow 30 ​ -30 Other -168 Correlation 0.12 – (0.12) Option Model 0 ​ 0 ​ ​ Credit spreads 10BP – (10BP) Discounted cash flow 1 ​ -1 Sum debt securities issued -26,439 ​ ​ ​ ​ ​ 201 ​ -201 Total effect on total comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ 156 ​ -156 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives, net, December 31, 2022 ​ -4,516 ​ ​ ​ ​ ​ ​ ​ -47 ​ 47 Debt securities issued, December 31, 2022 ​ -26,536 ​ ​ ​ ​ ​ ​ ​ 202 ​ -202 Total effect on total comprehensive income, December 31, 2022 ​ 155 -155 ​ 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, ​ December 31, ​ Jan-Jun ​ Jan-Jun Skr mn 2023 2022 2023 2022 CVA/DVA, net 1 ​ -53 ​ -51 ​ -2 ​ -42 OCA 2 ​ -11 ​ -32 ​ 21 ​ 64 ​ 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, 2023
Derivatives
Derivatives	Note 6. Derivatives Derivatives by category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ ​ Assets ​ Liabilities ​ Nominal ​ Assets ​ Liabilities ​ Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 2,217 1,505 729,353 2,396 2,119 423,124 Currency-related contracts 6,376 6,323 176,228 7,897 8,056 189,323 Equity-related contracts 5 1,897 6,671 11 2,901 12,022 Contracts related to commodities, credit risk, etc. — 125 3,346 — 111 3,330 Total derivatives 8,598 9,850 915,598 10,304 13,187 627,799 ​ In accordance with SEK’s policies with regard to counterparty, interest rate, currency exchange, and other exposures, SEK uses, and is a party to, different kinds of derivative instruments, mostly various interest rate-related and currency exchange-related contracts, primarily to hedge risk exposure inherent in financial assets and liabilities. These contracts are carried at fair value in the statements of financial position on a contract-by-contract basis.

CIRR-system

CIRR-system	6 Months Ended
	Jun. 30, 2023
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, 2023, concessionary loans outstanding amounted to Skr 249 million (year-end 2022: Skr 361 million) and operating profit for the program amounted to Skr -10 million (1H22: Skr -9 million) for the period January-June 2023. SEK’s administrative compensation for administrating the concessionary credit program amounted to Skr 455 thousand (1H22: Skr 424 thousand). Statement of Comprehensive Income for the CIRR-system ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Apr-Jun ​ Jan–Mar ​ Apr-Jun ​ Jan-Jun ​ Jan-Jun ​ Jan-Dec Skr mn 2023 2023 ​ 2022 ​ 2023 2022 2022 Interest income 577 551 ​ 556 ​ 1,128 1,113 2,231 Interest expenses -485 -462 ​ -517 ​ -947 -1,030 -2,012 Interest compensation — — ​ 2 ​ — 2 2 Exchange-rate differences 1 0 ​ 1 ​ 1 2 3 Profit before compensation to SEK ​ 93 ​ 89 ​ 42 ​ 182 ​ 87 ​ 224 Administrative remuneration to SEK ​ -66 ​ -61 ​ -58 ​ -127 ​ -114 ​ -236 Operating profit CIRR-system ​ 27 ​ 28 ​ -16 ​ 55 ​ -27 ​ -12 Reimbursement to (–) / from (+) the State -27 -28 ​ 16 ​ -55 27 12 ​ Statement of Financial Position for the CIRR-system ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2023 2022 Cash and cash equivalents 24 1 Loans 101,790 94,241 Derivatives 8,351 8,571 Other assets 220 218 Prepaid expenses and accrued revenues 2,728 1,597 Total assets 113,113 104,628 ​ ​ ​ ​ ​ Liabilities 110,975 103,336 Derivatives — — Accrued expenses and prepaid revenues 2,138 1,292 Total liabilities 113,113 104,628 ​ ​ ​ ​ ​ Commitments ​ ​ Committed undisbursed loans 45,152 56,265 Binding offers — — ​

Pledged assets and contingent l

Pledged assets and contingent liabilities	6 Months Ended
	Jun. 30, 2023
Pledged assets and contingent liabilities
Pledged assets and contingent liabilities	Note 8. Pledged assets and contingent liabilities ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2023 2022 Collateral provided Cash collateral under the security agreements for derivative contracts 9,585 10,691 Contingent liabilities 1 Guarantee commitments 7,684 4,802 Commitments 1 Committed undisbursed loans 58,506 75,369 Binding offers — — ​ 1 For expected credit losses in guarantee commitments, committed undisbursed loans and binding offers, see Note 4.

Capital adequacy

Capital adequacy	6 Months Ended
	Jun. 30, 2023
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 2022 Annual Report on Form 20-F and see SEK’s 2022 Capital Adequacy and Risk Management (Pillar 3) Report. Capital Adequacy Analysis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 20.1 ​ 20.6 Tier 1 capital ratio 20.1 ​ 20.6 Total capital ratio 20.1 ​ 20.6 ​ 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, 2023 ​ December 31, 2022 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 ​ 8,522 ​ 8.0 ​ 8,074 ​ 8.0 of which Tier 1 requirement of 6 percent ​ 6,392 ​ 6.0 ​ 6,056 ​ 6.0 of which minimum requirement of 4.5 percent ​ 4,794 ​ 4.5 ​ 4,542 ​ 4.5 Pillar 2 capital requirements 3 ​ 3,910 ​ 3.7 ​ 3,704 ​ 3.7 Common Equity Tier 1 capital available to meet buffer requirements 4 ​ 8,980 ​ 8.4 ​ 9,013 ​ 8.9 Capital buffer requirements ​ 4,374 ​ 4.1 ​ 3,330 ​ 3.3 of which Capital conservation buffer 2,663 2.5 ​ 2,523 2.5 of which Countercyclical buffer 1,711 1.6 ​ 807 0.8 Pillar 2 guidance 5 ​ 1,598 ​ 1.5 ​ 1,514 ​ 1.5 Total risk-based capital requirement including Pillar 2 guidance 18,404 17.3 ​ 16,622 16.5 ​ 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). 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, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements ( 3.67 percent). 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, 2023 December 31, 2022 Leverage ratio 1 ​ Skr mn ​ Skr mn On-balance sheet exposures 258,985 241,239 Off-balance sheet exposures 5,567 7,357 Total exposure measure 264,552 248,596 Leverage ratio 2 8.1% ​ 8.4% ​ 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, 2023 December 31, 2022 Total Leverage ratio requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent ​ 7,936 ​ 3.0 ​ 7,458 ​ 3.0 Pillar 2 guidance 2 ​ 397 ​ 0.2 ​ 373 ​ 0.2 Total capital requirement relating to Leverage ratio including Pillar 2 guidance ​ 8,333 ​ 3.2 ​ 7,831 ​ 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 2023 2022 Share capital 3,990 3,990 Retained earnings 17,373 16,133 Accumulated other comprehensive income and other reserves 192 212 Independently reviewed profit net of any foreseeable charge or dividend 426 1,009 Common Equity Tier 1 (CET1) capital before regulatory adjustments 21,981 21,344 Additional value adjustments due to prudent valuation -468 -474 Intangible assets -52 -44 Fair value reserves related to gains or losses on cash flow hedges 119 97 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing -4 9 Negative amounts resulting from the calculation of expected loss amounts ​ -121 ​ -94 Insufficient coverage for non-performing exposures ​ -5 ​ — Total regulatory adjustments to Common Equity Tier 1 capital -531 -506 Total Common Equity Tier 1 capital 21,450 20,838 Total Own funds 21,450 20,838 ​ Minimum capital requirements exclusive of buffer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ Minimum ​ ​ ​ ​ ​ Minimum ​ ​ Risk exposure capital ​ Risk exposure capital Skr mn ​ EAD 1 ​ amount ​ requirement ​ EAD 1 ​ amount ​ requirement Credit risk standardized method ​ ​ ​ ​ ​ Corporates 3,356 3,345 267 3,012 2,987 239 Exposures in default ​ 98 ​ 98 ​ 8 ​ 102 ​ 102 ​ 8 Total credit risk standardized method 3,454 3,443 275 3,114 3,089 247 Credit risk IRB method ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central Governments ​ 244,888 ​ 11,059 ​ 885 ​ 242,609 ​ 11,018 ​ 882 Financial institutions 2 35,424 6,669 533 33,299 6,356 508 Corporates 3 145,225 77,626 6,210 136,849 72,779 5,822 Assets without counterparty ​ 434 ​ 434 ​ 35 ​ 351 ​ 351 ​ 28 Total credit risk IRB method 425,971 95,788 7,663 413,108 90,504 7,240 Credit valuation adjustment risk n.a. 2,214 177 n.a. 2,565 205 Foreign exchange risk n.a. 1,109 89 n.a. 800 64 Commodities risk n.a. 24 2 n.a. 19 2 Operational risk n.a. 3,949 316 n.a. 3,949 316 Total 429,425 106,527 8,522 416,222 100,926 8,074 ​ 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 6,155 million (year-end 2022: Skr 6,355 million), Risk exposure amount of Skr 1,874 million (year-end 2022: Skr 2,022 million) and Capital requirement of Skr 150 million (year-end 2022: Skr 162 million). 3 Of which related to specialized lending: EAD Skr 6,345 million (year-end 2022: 6,112 million), Risk exposure amount of Skr 4,258 million (year -end 2022: Skr 4,412 million) and Capital requirement of Skr 341 million (year-end 2022: Skr 353 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 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 approach 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 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 increased from 1 percent to 2 percent as of June 22, 2023. As of June 30, 2023, the capital requirement related to relevant exposures in Sweden was 74 percent (year-end 2022: 71 percent) of the total relevant capital requirement regardless of location; this fraction is also the weight applied on the Swedish buffer rate when calculating SEK’s countercyclical capital buffer. Buffer rates applicable in other countries may have effects on SEK, but as most capital requirements for SEK’s relevant credit exposures are related to Sweden, the potential effect is limited. As of June 30, 2023, the contribution to SEK’s countercyclical buffer from buffer rates in other countries was 0.13 percentage points (year-end 2022: 0.09 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 on 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 2023 2022 Credit risk 7,683 7,202 Operational risk 311 311 Market risk 1,724 1,466 Other risks 177 205 Capital planning buffer ​ 2,697 ​ 2,697 Total 12,592 11,881 ​ 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, see Note 30 to the annual financial statements included in SEK’s 2022 Annual Report on Form 20-F. Liquidity coverage ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr bn, 12-month average 2023 2022 Total liquid assets 69.8 58.4 Net liquidity outflows 1 16.4 10.9 Liquidity outflows ​ 30.5 ​ 25.0 Liquidity inflows 15.8 15.7 Liquidity Coverage Ratio 553% ​ 784% ​ 1 Net liquidity outflows are calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows are 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 ​ 2023 ​ 2022 Available stable funding 276.4 235.2 Requiring stable funding 215.6 198.2 Net Stable Funding Ratio 128% ​ 119% ​ 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, 2023
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, 2023 ​ December 31, 2022 ​ June 30, 2023 ​ December 31, 2022 ​ June 30, 2023 ​ December 31, 2022 Skr bn Amount % Amount % Amount % Amount % Amount % Amount % Central governments 169.6 45.0 162.3 46.2 52.0 71.8 65.0 75.0 221.6 49.3 227.3 51.9 Regional governments 23.4 6.2 22.5 6.4 0.9 1.2 0.8 0.9 24.3 5.4 23.3 5.3 Multilateral development banks 9.5 2.5 6.1 1.7 — — 0.4 0.5 9.5 2.2 6.5 1.5 Public Sector Entity ​ 2.7 ​ 0.7 ​ 2.1 ​ 0.6 ​ — ​ — ​ — ​ — ​ 2.7 ​ 0.5 ​ 2.1 ​ 0.5 Financial institutions 28.7 7.6 26.1 7.4 6.9 9.6 7.5 8.6 35.6 7.9 33.6 7.6 Corporates 143.1 38.0 132.4 37.7 12.6 17.4 13.0 15.0 155.7 34.7 145.4 33.2 Total 377.0 100.0 351.5 100.0 72.4 100.0 86.7 100.0 449.4 100.0 438.2 100.0 ​ Net exposure by region and exposure class, as of June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 0.3 1.3 0.7 — 189.8 27.3 2.2 221.6 Regional governments — — — — — 17.6 6.7 — 24.3 Multilateral development banks — 4.3 — — — — 5.2 — 9.5 Public Sector Entity ​ — ​ — ​ — ​ — ​ — ​ — ​ 2.7 ​ — ​ 2.7 Financial institutions 0.1 — 0.2 1.0 — 17.7 16.5 0.1 35.6 Corporates 0.2 1.0 1.4 6.0 4.1 104.3 37.5 1.2 155.7 Total 0.3 5.6 2.9 7.7 4.1 ​ 329.4 95.9 3.5 449.4 ​ Net exposure by region and exposure class, as of December 31, 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 0.3 2.4 0.8 — 191.3 30.3 2.2 227.3 Regional governments — — — — — 19.2 4.1 — 23.3 Multilateral development banks — 0.3 — 1.1 — — 5.1 — 6.5 Public Sector Entity ​ — ​ — ​ — ​ — ​ — ​ — ​ 2.1 ​ — ​ 2.1 Financial institutions 0.1 — 0.2 1.3 — 16.0 15.9 0.1 33.6 Corporates 0.2 1.0 1.3 6.5 3.8 97.0 34.4 1.2 145.4 Total 0.3 1.6 3.9 9.7 3.8 ​ 323.5 91.9 3.5 438.2 ​ Net exposure to European countries, excluding Sweden ​ ​ ​ ​ ​ ​ ​ June 30, December 31, Skr bn ​ 2023 ​ 2022 Germany 18.3 13.1 France 16.9 16.2 Finland ​ 12.5 ​ 11.6 Luxembourg 11.1 10.6 United Kingdom 9.7 10.5 Denmark 6.6 5.6 Norway 6.4 5.4 The Netherlands 4.2 4.0 Belgium ​ 3.2 ​ 3.2 Poland 2.4 2.3 Austria 1.8 5.9 Spain 1.7 2.3 Ireland 1.5 1.5 Portugal 1.1 1.0 Switzerland 0.5 0.6 Serbia ​ 0.4 ​ 0.5 Lithuania 0.2 0.2 Italy ​ 0.2 ​ 0.2 Czech Republic ​ 0.2 ​ 0.2 Estonia 0.2 0.1 Latvia 0.1 0.1 Iceland 0.1 0.1 Slovakia 0.1 0.1 Total 99.4 95.3 ​

Reference interest rate reform

Reference interest rate reform	6 Months Ended
	Jun. 30, 2023
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 has been directly affected by the reference interest rate reform primarily from 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. All LIBORs, except for certain USD LIBOR settings, ceased to exist by the end of 2021 and were replaced by alternative reference rates. The final LIBOR maturities ceased to exist following June 30, 2023. Nordic IBORs such as STIBOR, CIBOR and NIBOR are expected to continue to exist. SEK has lending contracts maturing after June 30, 2023, in USD LIBOR with a nominal amount of USD 453 million. 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. The remaining USD LIBOR lending contracts are expected to transition to alternative reference rates during the second half of 2023 before the next interest turnover. A few contracts will use synthetic USD LIBOR. 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, 2023
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 2022 Annual Report on Form 20-F. No material changes have taken place in relation to transactions with related parties compared to the description in SEK’s 2022 Annual Report on Form 20-F.

Events after the reporting peri

Events after the reporting period	6 Months Ended
	Jun. 30, 2023
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, 2023
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 2022 annual financial statements included in SEK’s 2022 Annual Report on Form 20-F, except for the changes described below. 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. Amendments to IAS 12 Income Taxes for deferred tax, which became effective for annual reporting periods beginning on or after January 1, 2023, relate to assets and liabilities arising from a single transaction. The amendments require companies to recognize deferred tax on particular transactions that, upon initial recognition, give rise to taxable and deductible temporary differences of equal amounts, for example a lease liability and its corresponding right-of-use asset at the commencement of the lease. The change affects SEK’s accounting principles, but has no material impact on SEK’s financial statements, capital adequacy or large exposure ratios. The transition effect for opening balances as of 2023 was insignificant.

Net interest income (Tables)

Net interest income (Tables)	6 Months Ended
	Jun. 30, 2023
Net interest income
Schedule of net interest income	Note 2. Net interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Apr-Jun ​ Jan–Mar ​ Apr-Jun ​ Jan-Jun ​ Jan-Jun ​ Jan-Dec Skr mn 2023 2023 2022 2023 2022 2022 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans to credit institutions ​ 315 261 73 ​ 576 ​ 111 506 Loans to the public ​ 2,180 1,954 1,082 ​ 4,134 ​ 2,066 5,106 Loans in the form of interest-bearing securities ​ 606 ​ 514 207 ​ 1,119 ​ 403 1,114 Interest-bearing securities excluding loans in the form of interest-bearing securities ​ 701 ​ 597 ​ 40 ​ 1,299 ​ 52 ​ 535 Derivatives ​ 847 648 -475 ​ 1,495 ​ -1,081 -797 Administrative remuneration CIRR-system ​ 66 ​ 61 ​ 58 ​ 127 ​ 114 ​ 237 Other assets ​ 9 ​ 8 9 ​ 17 ​ 14 28 Total interest income 1 ​ 4,724 4,043 994 ​ 8,767 ​ 1,679 6,729 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ -3,939 ​ -3,349 ​ -443 ​ -7,288 ​ -591 ​ -4,353 Resolution fee ​ -24 ​ -24 ​ -19 ​ -47 ​ -44 ​ -88 Risk tax ​ -37 ​ -37 ​ -27 ​ -75 ​ -54 ​ -109 Total interest expenses ​ -4,000 -3,410 -489 ​ -7,410 ​ -689 -4,550 Net interest income ​ 724 633 505 ​ 1,357 ​ 990 2,179 ​ 1 Interest income calculated using the effective interest method amounted to Skr 6,111 million during January-June 2023 (1H22: Skr 2,366 million).

Net results of financial tran_2

Net results of financial transactions (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 2023 2022 2023 2022 2022 Derecognition of financial instruments not measured at fair value through profit or loss ​ 2 ​ 2 ​ 1 ​ 4 ​ 1 ​ 9 Financial assets or liabilities at fair value through profit or loss ​ -54 ​ -39 ​ -171 ​ -93 ​ -322 ​ -19 Financial instruments under fair-value hedge accounting ​ 4 ​ -13 ​ 85 ​ -9 ​ 66 ​ 88 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value 0 0 -7 0 ​ -7 -9 Total net results of financial transactions -48 -50 -92 -98 ​ -262 69

Impairments (Tables)

Impairments (Tables)	6 Months Ended
	Jun. 30, 2023
Impairments
Schedule of impairments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Apr-Jun ​ Jan–Mar ​ Apr-Jun ​ Jan-Jun ​ Jan-Jun ​ Jan-Dec Skr mn 2023 2023 2022 2023 2022 2022 Expected credit losses, stage 1 ​ -3 ​ 4 ​ -23 ​ 1 ​ -32 ​ -38 Expected credit losses, stage 2 ​ 2 ​ 5 ​ 3 ​ 7 ​ 9 ​ 6 Expected credit losses, stage 3 ​ -256 ​ 7 ​ -5 ​ -249 ​ -3 ​ -15 Established losses — — — ​ — ​ — ​ — Reserves applied to cover established credit losses ​ — ​ — ​ — ​ — ​ — ​ — Recovered credit losses 1 1 6 ​ 2 ​ 9 13 Net credit losses -256 17 -19 ​ -239 ​ -17 -34
Schedule of balances and reconciliation of changes in loss allowances by stages	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 Skr mn Stage 1 Stage 2 Stage 3 Total Total Loans, before expected credit losses 243,311 36,024 8,911 288,246 273,658 Off-balance sheet exposures, before expected credit losses 39,851 21,562 4,777 66,190 80,171 Total, before expected credit losses 283,162 57,586 13,688 354,436 353,829 Loss allowance, loans -127 -16 -322 -465 -210 Loss allowance, off-balance sheet exposures 1 -5 -1 0 -6 -13 Total loss allowance -132 -17 -322 -471 -223 Provision ratio (in percent) 0.05 ​ 0.03 ​ 2.35 ​ 0.13 ​ 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, 2023 ​ December 31, 2022 Skr mn Stage 1 Stage 2 Stage 3 Total Total Opening balance January 1 ​ -130 -23 ​ -70 ​ -223 ​ -164 Increases due to origination and acquisition ​ -29 -1 0 ​ -30 -70 Net remeasurement of loss allowance ​ 19 1 11 31 23 Transfer to stage 1 ​ 0 ​ 0 — 0 6 Transfer to stage 2 ​ 1 -5 — -4 -11 Transfer to stage 3 ​ 1 0 -261 -260 -19 Decreases due to derecognition ​ 9 12 1 22 24 Decrease in allowance account due to write-offs ​ — — — — — Exchange-rate differences 1 ​ -3 -1 -3 -7 -12 Closing balance ​ -132 -17 -322 -471 -223 ​ 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, 2023
Sub-classifications of financial information
Schedule of financial assets and liabilities at fair value by class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ ​ ​ ​ ​ Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 5,837 5,837 — Treasuries/governments bonds 11,209 11,209 — Other interest-bearing securities except loans 65,708 65,708 — Loans in the form of interest-bearing securities 54,379 55,118 739 Loans to credit institutions 24,568 24,054 -514 Loans to the public 218,419 215,364 -3,055 Derivatives 8,598 8,598 — Total financial assets 388,718 385,888 -2,830 ​ ​ ​ ​ ​ ​ ​ Borrowing from credit institutions 7,659 7,659 — Debt securities issued 340,397 340,512 115 Derivatives 9,850 9,850 — Total financial liabilities 357,906 358,021 115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ Surplus value (+)/ Skr mn ​ Book value ​ Fair value ​ Deficit value (–) Cash and cash equivalents 4,060 4,060 — Treasuries/governments bonds 15,048 15,048 — Other interest-bearing securities except loans 57,144 57,144 — Loans in the form of interest-bearing securities 54,257 54,877 620 Loans to credit institutions 22,145 21,747 -398 Loans to the public 207,737 204,543 -3,194 Derivatives 10,304 10,304 — Total financial assets 370,695 367,723 -2,972 ​ ​ ​ ​ ​ ​ ​ Borrowing from credit institutions 7,153 7,153 — Debt securities issued 319,117 318,900 -217 Derivatives 13,187 13,187 — Total financial liabilities 339,457 339,240 -217 ​
Schedule of fair value measurement of assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets at fair value Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 1,255 9,954 — 11,209 Other interest-bearing securities except loans 18,837 46,871 — 65,708 Derivatives — 8,529 69 8,598 Total, June 30, 2023 ​ 20,092 ​ 65,354 ​ 69 ​ 85,515 Total, December 31, 2022 23,708 ​ 58,685 ​ 103 ​ 82,496 ​
Schedule of fair value measurement of liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities at fair value Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — — 26,439 26,439 Derivatives ​ — ​ 6,242 ​ 3,608 ​ 9,850 Total, June 30, 2023 ​ — ​ 6,242 ​ 30,047 ​ 36,289 Total, December 31, 2022 — 10,820 31,155 41,975
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, ​ December 31, ​ Jan-Jun ​ Jan-Jun Skr mn 2023 2022 2023 2022 CVA/DVA, net 1 ​ -53 ​ -51 ​ -2 ​ -42 OCA 2 ​ -11 ​ -32 ​ 21 ​ 64 ​ 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (+) and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (+) and ​ losses (–) in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ losses (–) ​ Other ​ Exchange- ​ ​ ​ ​ January 1, ​ ​ ​ Settlements & ​ Transfers ​ from ​ through profit ​ comprehensive ​ rate ​ June 30, Skr mn 2023 Purchases sales to Level 3 Level 3 or loss 1 income differences 2023 Debt securities issued -26,536 -3,085 6,309 -1,912 — -1,472 18 ​ 239 -26,439 Derivatives, net -4,516 — 913 — — 1,296 — ​ -1,232 -3,539 Net assets and liabilities -31,052 -3,085 7,222 -1,912 — -176 18 ​ -993 -29,978 ​ ​ 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 ​ December 31, Skr mn 2022 Purchases sales to Level 3 Level 3 or loss 1 income differences 2022 Debt securities issued -32,555 -4,267 10,255 — — 2,641 -52 -2,558 ​ -26,536 Derivatives, net -2,037 0 221 — — -616 — -2,084 ​ -4,516 Net assets and liabilities -34,592 -4,267 10,476 — — 2,025 -52 -4,642 ​ -31,052 ​ 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, 2023, amounted to a Skr 171 million loss (year-end 2022: Skr 2,024 million gain) and are reported as net results of financial transactions.
Schedule of sensitivity analysis - level 3	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets and liabilities ​ June 30, 2023 ​ ​ ​ ​ ​ ​ Range of estimates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unobservable ​ for unobservable ​ ​ ​ Sensitivity ​ Sensitivity Skr mn Fair Value input input Valuation method max min ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity -1,892 Correlation 0.12 – (0.12) Option Model -13 ​ 13 Interest rate 2 Correlation 0.12 – (0.12) Option Model 0 ​ 0 FX -1,524 Correlation 0.12 – (0.12) Option Model -32 ​ 32 Other -125 Correlation 0.12 – (0.12) Option Model 0 ​ 0 Sum derivatives, net -3,539 ​ ​ ​ ​ ​ -45 ​ 45 Equity -6,431 Correlation 0.12 – (0.12) Option Model 13 ​ -13 ​ ​ Credit spreads 10BP – (10BP) Discounted cash flow 4 ​ -4 Interest rate -13,305 Correlation 0.12 – (0.12) Option Model 0 ​ 0 ​ ​ Credit spreads 10BP – (10BP) Discounted cash flow 119 ​ -119 FX -6,535 Correlation 0.12 – (0.12) Option Model 34 ​ -34 ​ ​ Credit spreads 10BP – (10BP) Discounted cash flow 30 ​ -30 Other -168 Correlation 0.12 – (0.12) Option Model 0 ​ 0 ​ ​ Credit spreads 10BP – (10BP) Discounted cash flow 1 ​ -1 Sum debt securities issued -26,439 ​ ​ ​ ​ ​ 201 ​ -201 Total effect on total comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ 156 ​ -156 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives, net, December 31, 2022 ​ -4,516 ​ ​ ​ ​ ​ ​ ​ -47 ​ 47 Debt securities issued, December 31, 2022 ​ -26,536 ​ ​ ​ ​ ​ ​ ​ 202 ​ -202 Total effect on total comprehensive income, December 31, 2022 ​ 155 -155 ​

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2023
Derivatives
Schedule of derivatives	Derivatives by category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ ​ Assets ​ Liabilities ​ Nominal ​ Assets ​ Liabilities ​ Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 2,217 1,505 729,353 2,396 2,119 423,124 Currency-related contracts 6,376 6,323 176,228 7,897 8,056 189,323 Equity-related contracts 5 1,897 6,671 11 2,901 12,022 Contracts related to commodities, credit risk, etc. — 125 3,346 — 111 3,330 Total derivatives 8,598 9,850 915,598 10,304 13,187 627,799 ​

CIRR-system (Tables)

CIRR-system (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 2023 ​ 2022 ​ 2023 2022 2022 Interest income 577 551 ​ 556 ​ 1,128 1,113 2,231 Interest expenses -485 -462 ​ -517 ​ -947 -1,030 -2,012 Interest compensation — — ​ 2 ​ — 2 2 Exchange-rate differences 1 0 ​ 1 ​ 1 2 3 Profit before compensation to SEK ​ 93 ​ 89 ​ 42 ​ 182 ​ 87 ​ 224 Administrative remuneration to SEK ​ -66 ​ -61 ​ -58 ​ -127 ​ -114 ​ -236 Operating profit CIRR-system ​ 27 ​ 28 ​ -16 ​ 55 ​ -27 ​ -12 Reimbursement to (–) / from (+) the State -27 -28 ​ 16 ​ -55 27 12 ​ Statement of Financial Position for the CIRR-system ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2023 2022 Cash and cash equivalents 24 1 Loans 101,790 94,241 Derivatives 8,351 8,571 Other assets 220 218 Prepaid expenses and accrued revenues 2,728 1,597 Total assets 113,113 104,628 ​ ​ ​ ​ ​ Liabilities 110,975 103,336 Derivatives — — Accrued expenses and prepaid revenues 2,138 1,292 Total liabilities 113,113 104,628 ​ ​ ​ ​ ​ Commitments ​ ​ Committed undisbursed loans 45,152 56,265 Binding offers — —

Pledged assets and contingent_2

Pledged assets and contingent liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Pledged assets and contingent liabilities
Schedule of pledged assets and contingent liabilities	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2023 2022 Collateral provided Cash collateral under the security agreements for derivative contracts 9,585 10,691 Contingent liabilities 1 Guarantee commitments 7,684 4,802 Commitments 1 Committed undisbursed loans 58,506 75,369 Binding offers — — ​ 1 For expected credit losses in guarantee commitments, committed undisbursed loans and binding offers, see Note 4.

Capital adequacy (Tables)

Capital adequacy (Tables)	6 Months Ended
	Jun. 30, 2023
Capital adequacy
Schedule of capital adequacy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 20.1 ​ 20.6 Tier 1 capital ratio 20.1 ​ 20.6 Total capital ratio 20.1 ​ 20.6 ​ 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, 2023 ​ December 31, 2022 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 ​ 8,522 ​ 8.0 ​ 8,074 ​ 8.0 of which Tier 1 requirement of 6 percent ​ 6,392 ​ 6.0 ​ 6,056 ​ 6.0 of which minimum requirement of 4.5 percent ​ 4,794 ​ 4.5 ​ 4,542 ​ 4.5 Pillar 2 capital requirements 3 ​ 3,910 ​ 3.7 ​ 3,704 ​ 3.7 Common Equity Tier 1 capital available to meet buffer requirements 4 ​ 8,980 ​ 8.4 ​ 9,013 ​ 8.9 Capital buffer requirements ​ 4,374 ​ 4.1 ​ 3,330 ​ 3.3 of which Capital conservation buffer 2,663 2.5 ​ 2,523 2.5 of which Countercyclical buffer 1,711 1.6 ​ 807 0.8 Pillar 2 guidance 5 ​ 1,598 ​ 1.5 ​ 1,514 ​ 1.5 Total risk-based capital requirement including Pillar 2 guidance 18,404 17.3 ​ 16,622 16.5 ​ 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). 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, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements ( 3.67 percent). 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, 2023 December 31, 2022 Leverage ratio 1 ​ Skr mn ​ Skr mn On-balance sheet exposures 258,985 241,239 Off-balance sheet exposures 5,567 7,357 Total exposure measure 264,552 248,596 Leverage ratio 2 8.1% ​ 8.4% ​ 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, 2023 December 31, 2022 Total Leverage ratio requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent ​ 7,936 ​ 3.0 ​ 7,458 ​ 3.0 Pillar 2 guidance 2 ​ 397 ​ 0.2 ​ 373 ​ 0.2 Total capital requirement relating to Leverage ratio including Pillar 2 guidance ​ 8,333 ​ 3.2 ​ 7,831 ​ 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 2023 2022 Share capital 3,990 3,990 Retained earnings 17,373 16,133 Accumulated other comprehensive income and other reserves 192 212 Independently reviewed profit net of any foreseeable charge or dividend 426 1,009 Common Equity Tier 1 (CET1) capital before regulatory adjustments 21,981 21,344 Additional value adjustments due to prudent valuation -468 -474 Intangible assets -52 -44 Fair value reserves related to gains or losses on cash flow hedges 119 97 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing -4 9 Negative amounts resulting from the calculation of expected loss amounts ​ -121 ​ -94 Insufficient coverage for non-performing exposures ​ -5 ​ — Total regulatory adjustments to Common Equity Tier 1 capital -531 -506 Total Common Equity Tier 1 capital 21,450 20,838 Total Own funds 21,450 20,838
Schedule of minimum capital requirements exclusive of buffers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ Minimum ​ ​ ​ ​ ​ Minimum ​ ​ Risk exposure capital ​ Risk exposure capital Skr mn ​ EAD 1 ​ amount ​ requirement ​ EAD 1 ​ amount ​ requirement Credit risk standardized method ​ ​ ​ ​ ​ Corporates 3,356 3,345 267 3,012 2,987 239 Exposures in default ​ 98 ​ 98 ​ 8 ​ 102 ​ 102 ​ 8 Total credit risk standardized method 3,454 3,443 275 3,114 3,089 247 Credit risk IRB method ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central Governments ​ 244,888 ​ 11,059 ​ 885 ​ 242,609 ​ 11,018 ​ 882 Financial institutions 2 35,424 6,669 533 33,299 6,356 508 Corporates 3 145,225 77,626 6,210 136,849 72,779 5,822 Assets without counterparty ​ 434 ​ 434 ​ 35 ​ 351 ​ 351 ​ 28 Total credit risk IRB method 425,971 95,788 7,663 413,108 90,504 7,240 Credit valuation adjustment risk n.a. 2,214 177 n.a. 2,565 205 Foreign exchange risk n.a. 1,109 89 n.a. 800 64 Commodities risk n.a. 24 2 n.a. 19 2 Operational risk n.a. 3,949 316 n.a. 3,949 316 Total 429,425 106,527 8,522 416,222 100,926 8,074 ​ 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 6,155 million (year-end 2022: Skr 6,355 million), Risk exposure amount of Skr 1,874 million (year-end 2022: Skr 2,022 million) and Capital requirement of Skr 150 million (year-end 2022: Skr 162 million). 3 Of which related to specialized lending: EAD Skr 6,345 million (year-end 2022: 6,112 million), Risk exposure amount of Skr 4,258 million (year -end 2022: Skr 4,412 million) and Capital requirement of Skr 341 million (year-end 2022: Skr 353 million). ​
Schedule of internally assessed economic capital excluding buffer	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2023 2022 Credit risk 7,683 7,202 Operational risk 311 311 Market risk 1,724 1,466 Other risks 177 205 Capital planning buffer ​ 2,697 ​ 2,697 Total 12,592 11,881 ​
Schedule of liquidity coverage	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr bn, 12-month average 2023 2022 Total liquid assets 69.8 58.4 Net liquidity outflows 1 16.4 10.9 Liquidity outflows ​ 30.5 ​ 25.0 Liquidity inflows 15.8 15.7 Liquidity Coverage Ratio 553% ​ 784% ​ 1 Net liquidity outflows are calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows are 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 ​ 2023 ​ 2022 Available stable funding 276.4 235.2 Requiring stable funding 215.6 198.2 Net Stable Funding Ratio 128% ​ 119% ​

Exposures (Tables)

Exposures (Tables)	6 Months Ended
	Jun. 30, 2023
Exposures
Schedule of exposures	Total net exposures by exposure class ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credits & interest-bearing ​ Committed undisbursed loans, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ securities ​ derivatives, etc. ​ Total ​ ​ June 30, 2023 ​ December 31, 2022 ​ June 30, 2023 ​ December 31, 2022 ​ June 30, 2023 ​ December 31, 2022 Skr bn Amount % Amount % Amount % Amount % Amount % Amount % Central governments 169.6 45.0 162.3 46.2 52.0 71.8 65.0 75.0 221.6 49.3 227.3 51.9 Regional governments 23.4 6.2 22.5 6.4 0.9 1.2 0.8 0.9 24.3 5.4 23.3 5.3 Multilateral development banks 9.5 2.5 6.1 1.7 — — 0.4 0.5 9.5 2.2 6.5 1.5 Public Sector Entity ​ 2.7 ​ 0.7 ​ 2.1 ​ 0.6 ​ — ​ — ​ — ​ — ​ 2.7 ​ 0.5 ​ 2.1 ​ 0.5 Financial institutions 28.7 7.6 26.1 7.4 6.9 9.6 7.5 8.6 35.6 7.9 33.6 7.6 Corporates 143.1 38.0 132.4 37.7 12.6 17.4 13.0 15.0 155.7 34.7 145.4 33.2 Total 377.0 100.0 351.5 100.0 72.4 100.0 86.7 100.0 449.4 100.0 438.2 100.0 ​ Net exposure by region and exposure class, as of June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 0.3 1.3 0.7 — 189.8 27.3 2.2 221.6 Regional governments — — — — — 17.6 6.7 — 24.3 Multilateral development banks — 4.3 — — — — 5.2 — 9.5 Public Sector Entity ​ — ​ — ​ — ​ — ​ — ​ — ​ 2.7 ​ — ​ 2.7 Financial institutions 0.1 — 0.2 1.0 — 17.7 16.5 0.1 35.6 Corporates 0.2 1.0 1.4 6.0 4.1 104.3 37.5 1.2 155.7 Total 0.3 5.6 2.9 7.7 4.1 ​ 329.4 95.9 3.5 449.4 ​ Net exposure by region and exposure class, as of December 31, 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 0.3 2.4 0.8 — 191.3 30.3 2.2 227.3 Regional governments — — — — — 19.2 4.1 — 23.3 Multilateral development banks — 0.3 — 1.1 — — 5.1 — 6.5 Public Sector Entity ​ — ​ — ​ — ​ — ​ — ​ — ​ 2.1 ​ — ​ 2.1 Financial institutions 0.1 — 0.2 1.3 — 16.0 15.9 0.1 33.6 Corporates 0.2 1.0 1.3 6.5 3.8 97.0 34.4 1.2 145.4 Total 0.3 1.6 3.9 9.7 3.8 ​ 323.5 91.9 3.5 438.2 ​ Net exposure to European countries, excluding Sweden ​ ​ ​ ​ ​ ​ ​ June 30, December 31, Skr bn ​ 2023 ​ 2022 Germany 18.3 13.1 France 16.9 16.2 Finland ​ 12.5 ​ 11.6 Luxembourg 11.1 10.6 United Kingdom 9.7 10.5 Denmark 6.6 5.6 Norway 6.4 5.4 The Netherlands 4.2 4.0 Belgium ​ 3.2 ​ 3.2 Poland 2.4 2.3 Austria 1.8 5.9 Spain 1.7 2.3 Ireland 1.5 1.5 Portugal 1.1 1.0 Switzerland 0.5 0.6 Serbia ​ 0.4 ​ 0.5 Lithuania 0.2 0.2 Italy ​ 0.2 ​ 0.2 Czech Republic ​ 0.2 ​ 0.2 Estonia 0.2 0.1 Latvia 0.1 0.1 Iceland 0.1 0.1 Slovakia 0.1 0.1 Total 99.4 95.3

Net interest income (Details)

Net interest income (Details) - SEK (kr) kr in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Interest income was related to:
Interest income	kr 4,724	kr 4,043	kr 994	kr 8,767	kr 1,679	kr 6,729
Interest expenses
Interest expenses	(3,939)	(3,349)	(443)	(7,288)	(591)	(4,353)
Resolution fee	(24)	(24)	(19)	(47)	(44)	(88)
Risk tax	(37)	(37)	(27)	(75)	(54)	(109)
Total interest expenses	(4,000)	(3,410)	(489)	(7,410)	(689)	(4,550)
Net interest income	724	633	505	1,357	990	2,179
Interest income using effective interest method				6,111	2,366
Loans to credit institutions
Interest income was related to:
Interest income	315	261	73	576	111	506
Loans to the public
Interest income was related to:
Interest income	2,180	1,954	1,082	4,134	2,066	5,106
Loans in the form of interest-bearing securities
Interest income was related to:
Interest income	606	514	207	1,119	403	1,114
Interest-bearing securities excluding loans in the form of interest-bearing securities
Interest income was related to:
Interest income	701	597	40	1,299	52	535
Derivatives
Interest income was related to:
Interest income	847	648	(475)	1,495	(1,081)	(797)
Administrative remuneration CIRR-system
Interest income was related to:
Interest income	66	61	58	127	114	237
Other assets
Interest income was related to:
Interest income	kr 9	kr 8	kr 9	kr 17	kr 14	kr 28

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, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Net results of financial transactions
Derecognition of financial instruments not measured at fair value through profit or loss	kr 2	kr 2	kr 1	kr 4	kr 1	kr 9
Financial assets or liabilities at fair value through profit or loss	(54)	(39)	(171)	(93)	(322)	(19)
Financial instruments under fair-value hedge accounting	4	(13)	85	(9)	66	88
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value	0	0	(7)	0	(7)	(9)
Total net results of financial transactions	kr (48)	kr (50)	kr (92)	kr (98)	kr (262)	kr 69

Impairments (Details)

Impairments (Details) - SEK (kr) kr in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Impairment details
Recovered credit losses	kr 1	kr 1	kr 6	kr 2	kr 9	kr 13
Net credit losses	kr (256)	17	(19)	kr (239)	(17)	kr (34)
Loans and off balance
Provision ratio	0.13%			0.13%		0.06%
Gross carrying amount
Loans and off balance
Loans and off balance	kr 354,436			kr 354,436		kr 353,829
Gross carrying amount | Loans
Loans and off balance
Loans and off balance	288,246			288,246		273,658
Gross carrying amount | Off-balance
Loans and off balance
Loans and off balance	66,190			66,190		80,171
Accumulated impairment
Loans and off balance
Loans and off balance	(471)			(471)		(223)	kr (164)
Accumulated impairment | Loans
Loans and off balance
Loans and off balance	(465)			(465)		(210)
Accumulated impairment | Off-balance
Loans and off balance
Loans and off balance	(6)			(6)		(13)
12-month expected credit losses
Impairment details
Net credit losses	kr (3)	4	(23)	kr 1	(32)	(38)
Loans and off balance
Provision ratio	0.05%			0.05%
12-month expected credit losses | Gross carrying amount
Loans and off balance
Loans and off balance	kr 283,162			kr 283,162
12-month expected credit losses | Gross carrying amount | Loans
Loans and off balance
Loans and off balance	243,311			243,311
12-month expected credit losses | Gross carrying amount | Off-balance
Loans and off balance
Loans and off balance	39,851			39,851
12-month expected credit losses | Accumulated impairment
Loans and off balance
Loans and off balance	(132)			(132)		(130)
12-month expected credit losses | Accumulated impairment | Loans
Loans and off balance
Loans and off balance	(127)			(127)
12-month expected credit losses | Accumulated impairment | Off-balance
Loans and off balance
Loans and off balance	(5)			(5)
Lifetime expected credit losses | Financial instruments not credit-impaired
Impairment details
Net credit losses	kr 2	5	3	kr 7	9	6
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 57,586			kr 57,586
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | Loans
Loans and off balance
Loans and off balance	36,024			36,024
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | Off-balance
Loans and off balance
Loans and off balance	21,562			21,562
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment
Loans and off balance
Loans and off balance	(17)			(17)		(23)
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | Loans
Loans and off balance
Loans and off balance	(16)			(16)
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | Off-balance
Loans and off balance
Loans and off balance	(1)			(1)
Lifetime expected credit losses | Financial instruments credit-impaired
Impairment details
Net credit losses	kr (256)	kr 7	kr (5)	kr (249)	kr (3)	(15)
Loans and off balance
Provision ratio	2.35%			2.35%
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount
Loans and off balance
Loans and off balance	kr 13,688			kr 13,688
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount | Loans
Loans and off balance
Loans and off balance	8,911			8,911
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount | Off-balance
Loans and off balance
Loans and off balance	4,777			4,777
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment
Loans and off balance
Loans and off balance	(322)			(322)		kr (70)
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | Loans
Loans and off balance
Loans and off balance	(322)			(322)
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | Off-balance
Loans and off balance
Loans and off balance	kr 0			kr 0

Impairments - Loss Allowance (D

Impairments - Loss Allowance (Details) kr in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023 SEK (kr) item	Dec. 31, 2022 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	20%
Weight of upturn scenario	10%
Minimum
Increase (decrease) in loss allowance
Business cycle parameters for base scenario for PD segments	(0.5)
Maximum
Increase (decrease) in loss allowance
Business cycle parameters for base scenario for PD segments	0.2
Accumulated impairment
Increase (decrease) in loss allowance
Loans and off balance at beginning of period	kr (223)	kr (164)
Increases due to origination and acquisition	(30)	(70)
Net remeasurement of loss allowance	31	23
Transfer to stage 1	0	6
Transfer to stage 2	(4)	(11)
Transfer to stage 3	(260)	(19)
Decreases due to derecognition	22	24
Exchange-rate differences	(7)	(12)
Loans and off balance at end of period	(471)	(223)
12-month expected credit losses | Accumulated impairment
Increase (decrease) in loss allowance
Loans and off balance at beginning of period	(130)
Increases due to origination and acquisition	(29)
Net remeasurement of loss allowance	19
Transfer to stage 1	0
Transfer to stage 2	1
Transfer to stage 3	1
Decreases due to derecognition	9
Exchange-rate differences	(3)
Loans and off balance at end of period	(132)	(130)
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment
Increase (decrease) in loss allowance
Loans and off balance at beginning of period	(23)
Increases due to origination and acquisition	(1)
Net remeasurement of loss allowance	1
Transfer to stage 1	0
Transfer to stage 2	(5)
Transfer to stage 3	0
Decreases due to derecognition	12
Exchange-rate differences	(1)
Loans and off balance at end of period	(17)	(23)
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment
Increase (decrease) in loss allowance
Loans and off balance at beginning of period	(70)
Increases due to origination and acquisition	0
Net remeasurement of loss allowance	11
Transfer to stage 3	(261)
Decreases due to derecognition	1
Exchange-rate differences	(3)
Loans and off balance at end of period	kr (322)	kr (70)

Financial assets and liabilit_3

Financial assets and liabilities at fair value (Details) - SEK (kr) kr in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments
Book value of financial assets	kr 388,718	kr 370,695
Book value of financial liabilities	357,906	339,457
Fair value of financial assets	385,888	367,723
Fair value of financial liabilities	358,021	339,240
Surplus value (+) /Deficit value (-), financial assets	(2,830)	(2,972)
Surplus value (+) /Deficit value (-) financial liabilities	115	(217)
Borrowing from credit institutions
Disclosure of detailed information about financial instruments
Book value of financial liabilities	7,659	7,153
Fair value of financial liabilities	7,659	7,153
Debt securities issued
Disclosure of detailed information about financial instruments
Book value of financial liabilities	340,397	319,117
Fair value of financial liabilities	340,512	318,900
Surplus value (+) /Deficit value (-) financial liabilities	115	(217)
Derivatives
Disclosure of detailed information about financial instruments
Book value of financial liabilities	9,850	13,187
Fair value of financial liabilities	9,850	13,187
Cash and cash equivalents
Disclosure of detailed information about financial instruments
Book value of financial assets	5,837	4,060
Fair value of financial assets	5,837	4,060
Treasuries/government bonds
Disclosure of detailed information about financial instruments
Book value of financial assets	11,209	15,048
Fair value of financial assets	11,209	15,048
Other interest-bearing securities except loans
Disclosure of detailed information about financial instruments
Book value of financial assets	65,708	57,144
Fair value of financial assets	65,708	57,144
Loans in the form of interest-bearing securities
Disclosure of detailed information about financial instruments
Book value of financial assets	54,379	54,257
Fair value of financial assets	55,118	54,877
Surplus value (+) /Deficit value (-), financial assets	739	620
Loans to credit institutions
Disclosure of detailed information about financial instruments
Book value of financial assets	24,568	22,145
Fair value of financial assets	24,054	21,747
Surplus value (+) /Deficit value (-), financial assets	(514)	(398)
Loans to the public
Disclosure of detailed information about financial instruments
Book value of financial assets	218,419	207,737
Fair value of financial assets	215,364	204,543
Surplus value (+) /Deficit value (-), financial assets	(3,055)	(3,194)
Derivatives
Disclosure of detailed information about financial instruments
Book value of financial assets	8,598	10,304
Fair value of financial assets	kr 8,598	kr 10,304

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, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments
Fair value of financial assets	kr 385,888	kr 367,723
Fair value of financial liabilities	358,021	339,240
Debt securities issued
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	340,512	318,900
Derivatives
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	9,850	13,187
Financial liabilities at fair value through profit or loss
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	36,289	41,975
Financial liabilities at fair value through profit or loss | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	6,242	10,820
Financial liabilities at fair value through profit or loss | Level 3
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	30,047	31,155
Financial liabilities at fair value through profit or loss | Debt securities issued
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	26,439
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	26,439
Financial liabilities at fair value through profit or loss | Derivatives
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	9,850
Financial liabilities at fair value through profit or loss | Derivatives | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	6,242
Financial liabilities at fair value through profit or loss | Derivatives | Level 3
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	3,608
Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Fair value of financial assets	85,515	82,496
Financial assets at fair value through profit or loss. | Level 1
Disclosure of detailed information about financial instruments
Fair value of financial assets	20,092	23,708
Financial assets at fair value through profit or loss. | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	65,354	58,685
Financial assets at fair value through profit or loss. | Level 3
Disclosure of detailed information about financial instruments
Fair value of financial assets	69	103
Treasuries/government bonds
Disclosure of detailed information about financial instruments
Fair value of financial assets	11,209	15,048
Treasuries/government bonds | Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Fair value of financial assets	11,209
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	1,255
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	9,954
Other interest-bearing securities except loans
Disclosure of detailed information about financial instruments
Fair value of financial assets	65,708	57,144
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	65,708
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	18,837
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	46,871
Derivatives
Disclosure of detailed information about financial instruments
Fair value of financial assets	8,598	kr 10,304
Derivatives | Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Fair value of financial assets	8,598
Derivatives | Financial assets at fair value through profit or loss. | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	8,529
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 69

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, 2023	Dec. 31, 2022
Level 2 | Debt securities issued
Disclosure of detailed information about financial instruments
Transfers into level 3 of financial liabilities	kr 1,912	kr 0

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, 2023	Dec. 31, 2022
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period	kr (339,240)
Financial liabilities at end of period	(358,021)	kr (339,240)
Level 3
Financial assets and liabilities at fair value in level 3
Financial assets and liabilities at fair value, at the beginning of period	(31,052)	(34,592)
Purchases	(3,085)	(4,267)
Settlements & sales	7,222	10,476
Transfers to level 3	(1,912)
Gains (+) and losses (-) through profit or loss	(176)	2,025
Gains (+) and losses (-) in Other comprehensive income	18	(52)
Exchange-rate differences assets and liabilities	(993)	(4,642)
Financial assets and liabilities at fair value, at the end of period	(29,978)	(31,052)
Unrealized fair value changes	(171)	2,024
Debt securities issued | Level 3
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period	(26,536)	(32,555)
Purchases liabilities	(3,085)	(4,267)
Settlements & sales	6,309	10,255
Transfers to level 3	(1,912)
Gains (+) and losses (-) through profit or loss	(1,472)	2,641
Gains (+) and losses (-) in Other comprehensive income	18	(52)
Exchange-rate differences	239	(2,558)
Financial liabilities at end of period	(26,439)	(26,536)
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	(4,516)	(2,037)
Purchases		0
Settlements & sales	913	221
Gains (+) and losses (-) through profit or loss	1,296	(616)
Exchange-rate differences assets and liabilities	(1,232)	(2,084)
Financial assets and liabilities at fair value, at the end of period	kr (3,539)	kr (4,516)

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, 2023 SEK (kr)	Dec. 31, 2022 SEK (kr)	Dec. 31, 2021 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 (358,021)	kr (339,240)
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 (29,978)	(31,052)	kr (34,592)
Level 3 | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	156	155
Level 3 | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	(156)	(155)
Level 3 | Derivatives
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	(3,539)	(4,516)	(2,037)
Level 3 | Derivatives | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	(45)	(47)
Level 3 | Derivatives | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	45	47
Level 3 | Derivatives | Equity risk
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (1,892)
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 (13)
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 13
Level 3 | Derivatives | Interest rate
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr 2
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 (1,524)
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 (32)
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 32
Level 3 | Derivatives | Other
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (125)
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	(26,439)	(26,536)	kr (32,555)
Level 3 | Debt securities issued | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	201	202
Level 3 | Debt securities issued | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	(201)	kr (202)
Level 3 | Debt securities issued | Equity risk
Disclosure of significant unobservable inputs used in fair value measurement of assets
Financial liabilities at fair value	kr (6,431)
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 4
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 (4)
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 13
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 (13)
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 (13,305)
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 119
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 (119)
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 (6,535)
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 30
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 (30)
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 34
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 (34)
Level 3 | Debt securities issued | Other
Disclosure of significant unobservable inputs used in fair value measurement of assets
Financial liabilities at fair value	kr (168)
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, 2023	Jun. 30, 2022	Dec. 31, 2022
CVA/DVA, net
Fair value related to credit risk
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease)	kr (53)		kr (51)
The period's change in fair value originating from credit risk (+ income/ - loss)	(2)	kr (42)
OCA
Fair value related to credit risk
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease)	(11)		kr (32)
The period's change in fair value originating from credit risk (+ income/ - loss)	kr 21	kr 64

Derivatives (Details)

Derivatives (Details) - SEK (kr) kr in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments
Assets Fair value	kr 8,598	kr 10,304
Liabilities Fair value	9,850	13,187
Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value	8,598	10,304
Liabilities Fair value	9,850	13,187
Nominal amounts	915,598	627,799
Interest rate-related contracts | Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value	2,217	2,396
Liabilities Fair value	1,505	2,119
Nominal amounts	729,353	423,124
Currency-related contracts | Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value	6,376	7,897
Liabilities Fair value	6,323	8,056
Nominal amounts	176,228	189,323
Equity-related contracts | Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value	5	11
Liabilities Fair value	1,897	2,901
Nominal amounts	6,671	12,022
Contracts related to commodities, credit risk, etc. | Derivatives
Disclosure of detailed information about financial instruments
Liabilities Fair value	125	111
Nominal amounts	kr 3,346	kr 3,330

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, 2023		Mar. 31, 2023	Jun. 30, 2022		Jun. 30, 2023		Jun. 30, 2022		Dec. 31, 2022		Dec. 31, 2021
Sub-classifications of financial information
Concessionary loans outstanding	kr 249,000					kr 249,000				kr 361,000
Operating result of previous concessionary credit program						(10,000)		kr (9,000)
Administrative compensation for concessionary loans						455		424
Comprehensive income
Interest income	4,724,000		kr 4,043,000	kr 994,000		8,767,000		1,679,000		6,729,000
Interest expenses	(4,000,000)		(3,410,000)	(489,000)		(7,410,000)		(689,000)		(4,550,000)
Exchange-rate differences	0		0	(7,000)		0		(7,000)		(9,000)
Financial position
Cash and cash equivalents	5,837,000	[1]		15,901,000	[1]	5,837,000	[1]	15,901,000	[1]	4,060,000	[1]	kr 11,128,000
Derivatives	8,598,000					8,598,000				10,304,000
Other assets	449,000					449,000				285,000
Prepaid expenses and accrued revenues	7,192,000					7,192,000				4,162,000
Total assets	396,650,000					396,650,000				375,474,000
Derivatives	9,850,000					9,850,000				13,187,000
Accrued expenses and prepaid revenues	7,640,000					7,640,000				4,172,000
Total liabilities	374,567,000					374,567,000				353,899,000
Committed undisbursed loans	58,506,000					58,506,000				75,369,000
CIRR-System
Comprehensive income
Interest income	577,000		551,000	556,000		1,128,000		1,113,000		2,231,000
Interest expenses	(485,000)		(462,000)	(517,000)		(947,000)		(1,030,000)		(2,012,000)
Interest compensation				2,000				2,000		2,000
Exchange-rate differences	1,000		0	1,000		1,000		2,000		3,000
Profit before compensation to SEK	93,000		89,000	42,000		182,000		87,000		224,000
Administrative remuneration to SEK	(66,000)		(61,000)	(58,000)		(127,000)		(114,000)		(236,000)
Operating profit CIRR-system	27,000		28,000	(16,000)		55,000		(27,000)		(12,000)
Reimbursement to (-) / from (+) the State	(27,000)		kr (28,000)	kr 16,000		(55,000)		kr 27,000		12,000
Financial position
Cash and cash equivalents	24,000					24,000				1,000
Loans	101,790,000					101,790,000				94,241,000
Derivatives	8,351,000					8,351,000				8,571,000
Other assets	220,000					220,000				218,000
Prepaid expenses and accrued revenues	2,728,000					2,728,000				1,597,000
Total assets	113,113,000					113,113,000				104,628,000
Liabilities	110,975,000					110,975,000				103,336,000
Accrued expenses and prepaid revenues	2,138,000					2,138,000				1,292,000
Total liabilities	113,113,000					113,113,000				104,628,000
Committed undisbursed loans	kr 45,152,000					kr 45,152,000				kr 56,265,000
[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, 2023	Dec. 31, 2022
Collateral provided
Cash collateral under the security agreements for derivative contracts	kr 9,585	kr 10,691
Contingent liabilities
Guarantee commitments	7,684	4,802
Commitments
Committed undisbursed loans	kr 58,506	kr 75,369

Capital adequacy - Capital adeq

Capital adequacy - Capital adequacy (Details) - SEK (kr) kr in Millions	Jun. 30, 2023	Dec. 31, 2022
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	20.10%	20.60%
Tier 1 capital ratio	20.10%	20.60%
Total capital ratio	20.10%	20.60%
Capital base requirement of 8 percent	kr 8,522	kr 8,074
of which Tier 1 requirement of 6 percent	6,392	6,056
of which minimum requirement of 4.5 percent	4,794	4,542
Pillar 2 capital requirements	3,910	3,704
Common Equity Tier 1 capital available to meet buffer requirements	8,980	9,013
Capital buffer requirements	4,374	3,330
of which Capital conservation buffer	2,663	2,523
of which Countercyclical buffer	1,711	807
Pillar 2 guidance	1,598	1,514
Total risk-based capital requirement	kr 18,404	kr 16,622
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	8.40%	8.90%
Capital buffer requirements	4.10%	3.30%
of which Capital conservation buffer	2.50%	2.50%
of which Countercyclical buffer	1.60%	0.80%
Pillar 2 guidance	1.50%	1.50%
Total risk-based capital requirement	17.30%	16.50%

Capital adequacy - Leverage rat

Capital adequacy - Leverage ratio (Details) - SEK (kr) kr in Millions	Jun. 30, 2023	Dec. 31, 2022
Total capital requirement relating to leverage ratio
Capital base requirement	3%
Parent Company
Disclosure of credit risk exposure
On-balance sheet exposures	kr 258,985	kr 241,239
Off-balance sheet exposures	5,567	7,357
Total exposure measure	kr 264,552	kr 248,596
Leverage ratio	8.10%	8.40%
Total capital requirement relating to leverage ratio
Capital base requirement of 3 percent	kr 7,936	kr 7,458
Pillar 2 guidance	397	373
Total capital requirement relating to leverage ratio	kr 8,333	kr 7,831
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, 2023	Dec. 31, 2022
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments	kr 21,981	kr 21,344
Regulatory adjustments to Common Equity Tier 1 capital	(531)	(506)
Total Common Equity Tier-1 capital	21,450	20,838
Own funds	21,450	20,838
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	17,373	16,133
Accumulated other comprehensive income and other reserves
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments	192	212
Independently reviewed profit net of any foreseeable charge or dividend
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments	426	1,009
Additional value adjustments due to prudent valuation
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital	(468)	(474)
Intangible assets
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital	(52)	(44)
Fair value reserves related to gains or losses on cash flow hedges
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital	119	97
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital	(4)	9
Negative amounts resulting from the calculation of expected loss amounts
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital	(121)	kr (94)
Insufficient coverage for non-performing exposures
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital	kr (5)

Capital adequacy - Minimum capi

Capital adequacy - Minimum capital requirements exclusive of buffers (Details) - Parent Company - SEK (kr) kr in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of credit risk exposure
EAD	kr 429,425	kr 416,222
Risk exposure amount	106,527	100,926
Minimum capital requirements	8,522	8,074
Credit risk | Standardized approach
Disclosure of credit risk exposure
EAD	3,454	3,114
Risk exposure amount	3,443	3,089
Minimum capital requirements	275	247
Credit risk | Standardized approach | Corporates
Disclosure of credit risk exposure
EAD	3,356	3,012
Risk exposure amount	3,345	2,987
Minimum capital requirements	267	239
Credit risk | Standardized approach | Exposures in default
Disclosure of credit risk exposure
EAD	98	102
Risk exposure amount	98	102
Minimum capital requirements	8	8
Credit risk | IRB approach
Disclosure of credit risk exposure
EAD	425,971	413,108
Risk exposure amount	95,788	90,504
Minimum capital requirements	7,663	7,240
Credit risk | IRB approach | Central governments
Disclosure of credit risk exposure
EAD	244,888	242,609
Risk exposure amount	11,059	11,018
Minimum capital requirements	885	882
Credit risk | IRB approach | Financial institutions
Disclosure of credit risk exposure
EAD	35,424	33,299
Risk exposure amount	6,669	6,356
Minimum capital requirements	533	508
Credit risk | IRB approach | Corporates
Disclosure of credit risk exposure
EAD	145,225	136,849
Risk exposure amount	77,626	72,779
Minimum capital requirements	6,210	5,822
Credit risk | IRB approach | Assets without counterparty
Disclosure of credit risk exposure
EAD	434	351
Risk exposure amount	434	351
Minimum capital requirements	35	28
Counterparty risk in derivatives | IRB approach | Financial institutions
Disclosure of credit risk exposure
EAD	6,155	6,355
Risk exposure amount	1,874	2,022
Minimum capital requirements	150	162
Specialized lending | IRB approach | Corporates
Disclosure of credit risk exposure
EAD	6,345	6,112
Risk exposure amount	4,258	4,412
Minimum capital requirements	341	353
Credit valuation adjustment risk
Disclosure of credit risk exposure
Risk exposure amount	2,214	2,565
Minimum capital requirements	177	205
Currency risk
Disclosure of credit risk exposure
Risk exposure amount	1,109	800
Minimum capital requirements	89	64
Commodities risk
Disclosure of credit risk exposure
Risk exposure amount	24	19
Minimum capital requirements	2	2
Operational risk
Disclosure of credit risk exposure
Risk exposure amount	3,949	3,949
Minimum capital requirements	kr 316	kr 316

Capital adequacy - Operational

Capital adequacy - Operational risk and capital buffer requirements (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 22, 2023	Jun. 21, 2023	Dec. 31, 2022
Disclosure of credit risk exposure
Mandatory capital conservation buffer	2.50%
Sweden
Disclosure of credit risk exposure
Countercyclical buffer		2%	1%
Parent Company
Disclosure of credit risk exposure
Mandatory capital conservation buffer	2.50%			2.50%
Countercyclical buffer	1.60%			0.80%
Parent Company | Sweden
Disclosure of credit risk exposure
Capital requirement exposure	74%			71%
Parent Company | Foreign countries
Disclosure of credit risk exposure
Countercyclical buffer	0.13%			0.09%
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, 2023	Dec. 31, 2022
Disclosure of credit risk exposure
Capital requirements	kr 21,450	kr 20,838
Total liquid assets	69,800	58,400
Net liquidity outflows	16,400	10,900
Liquidity outflows	30,500	25,000
Liquidity inflows	kr 15,800	kr 15,700
Liquidity Coverage Ratio	553%	784%
Available stable funding	kr 276,400	kr 235,200
Requiring stable funding	kr 215,600	kr 198,200
Net Stable Funding Ratio	128%	119%
Internal credit grades
Disclosure of credit risk exposure
Capital requirements	kr 12,592	kr 11,881
Internal credit grades | Credit risk
Disclosure of credit risk exposure
Capital requirements	7,683	7,202
Internal credit grades | Operational risk
Disclosure of credit risk exposure
Capital requirements	311	311
Internal credit grades | Market risk
Disclosure of credit risk exposure
Capital requirements	1,724	1,466
Internal credit grades | Other
Disclosure of credit risk exposure
Capital requirements	177	205
Internal credit grades | Capital planning buffer
Disclosure of credit risk exposure
Capital requirements	kr 2,697	kr 2,697

Exposures - Total net exposure

Exposures - Total net exposure (Details) - Credit risk - SEK (kr) kr in Billions	Jun. 30, 2023	Dec. 31, 2022
Sub-classifications of financial information
Net exposure	kr 449.4	kr 438.2
Percentage of net exposures	100%	100%
Central-governments
Sub-classifications of financial information
Net exposure	kr 221.6	kr 227.3
Percentage of net exposures	49.30%	51.90%
Regional-governments
Sub-classifications of financial information
Net exposure	kr 24.3	kr 23.3
Percentage of net exposures	5.40%	5.30%
Multilateral development banks
Sub-classifications of financial information
Net exposure	kr 9.5	kr 6.5
Percentage of net exposures	2.20%	1.50%
Public sector entity
Sub-classifications of financial information
Net exposure	kr 2.7	kr 2.1
Percentage of net exposures	0.50%	0.50%
Financial institutions
Sub-classifications of financial information
Net exposure	kr 35.6	kr 33.6
Percentage of net exposures	7.90%	7.60%
Corporates
Sub-classifications of financial information
Net exposure	kr 155.7	kr 145.4
Percentage of net exposures	34.70%	33.20%
Credits and interest-bearing securities
Sub-classifications of financial information
Net exposure	kr 377	kr 351.5
Percentage of net exposures	100%	100%
Credits and interest-bearing securities | Central-governments
Sub-classifications of financial information
Net exposure	kr 169.6	kr 162.3
Percentage of net exposures	45%	46.20%
Credits and interest-bearing securities | Regional-governments
Sub-classifications of financial information
Net exposure	kr 23.4	kr 22.5
Percentage of net exposures	6.20%	6.40%
Credits and interest-bearing securities | Multilateral development banks
Sub-classifications of financial information
Net exposure	kr 9.5	kr 6.1
Percentage of net exposures	2.50%	1.70%
Credits and interest-bearing securities | Public sector entity
Sub-classifications of financial information
Net exposure	kr 2.7	kr 2.1
Percentage of net exposures	0.70%	0.60%
Credits and interest-bearing securities | Financial institutions
Sub-classifications of financial information
Net exposure	kr 28.7	kr 26.1
Percentage of net exposures	7.60%	7.40%
Credits and interest-bearing securities | Corporates
Sub-classifications of financial information
Net exposure	kr 143.1	kr 132.4
Percentage of net exposures	38%	37.70%
Committed undisbursed loans, derivatives, etc.
Sub-classifications of financial information
Net exposure	kr 72.4	kr 86.7
Percentage of net exposures	100%	100%
Committed undisbursed loans, derivatives, etc. | Central-governments
Sub-classifications of financial information
Net exposure	kr 52	kr 65
Percentage of net exposures	71.80%	75%
Committed undisbursed loans, derivatives, etc. | Regional-governments
Sub-classifications of financial information
Net exposure	kr 0.9	kr 0.8
Percentage of net exposures	1.20%	0.90%
Committed undisbursed loans, derivatives, etc. | Multilateral development banks
Sub-classifications of financial information
Net exposure		kr 0.4
Percentage of net exposures		0.50%
Committed undisbursed loans, derivatives, etc. | Financial institutions
Sub-classifications of financial information
Net exposure	kr 6.9	kr 7.5
Percentage of net exposures	9.60%	8.60%
Committed undisbursed loans, derivatives, etc. | Corporates
Sub-classifications of financial information
Net exposure	kr 12.6	kr 13
Percentage of net exposures	17.40%	15%

Exposures - Net exposure by reg

Exposures - Net exposure by region and class (Details) - Credit risk - SEK (kr) kr in Billions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of credit risk exposure
Net exposure	kr 449.4	kr 438.2
Central governments
Disclosure of credit risk exposure
Net exposure	221.6	227.3
Regional governments
Disclosure of credit risk exposure
Net exposure	24.3	23.3
Multilateral development banks
Disclosure of credit risk exposure
Net exposure	9.5	6.5
Public sector entity
Disclosure of credit risk exposure
Net exposure	2.7	2.1
Financial institutions
Disclosure of credit risk exposure
Net exposure	35.6	33.6
Corporates
Disclosure of credit risk exposure
Net exposure	155.7	145.4
Middle East/Africa
Disclosure of credit risk exposure
Net exposure	0.3	0.3
Middle East/Africa | Central governments
Disclosure of credit risk exposure
Net exposure	0	0
Middle East/Africa | Financial institutions
Disclosure of credit risk exposure
Net exposure	0.1	0.1
Middle East/Africa | Corporates
Disclosure of credit risk exposure
Net exposure	0.2	0.2
Asia excl. Japan
Disclosure of credit risk exposure
Net exposure	5.6	1.6
Asia excl. Japan | Central governments
Disclosure of credit risk exposure
Net exposure	0.3	0.3
Asia excl. Japan | Multilateral development banks
Disclosure of credit risk exposure
Net exposure	4.3	0.3
Asia excl. Japan | Corporates
Disclosure of credit risk exposure
Net exposure	1	1
Japan
Disclosure of credit risk exposure
Net exposure	2.9	3.9
Japan | Central governments
Disclosure of credit risk exposure
Net exposure	1.3	2.4
Japan | Financial institutions
Disclosure of credit risk exposure
Net exposure	0.2	0.2
Japan | Corporates
Disclosure of credit risk exposure
Net exposure	1.4	1.3
North America
Disclosure of credit risk exposure
Net exposure	7.7	9.7
North America | Central governments
Disclosure of credit risk exposure
Net exposure	0.7	0.8
North America | Multilateral development banks
Disclosure of credit risk exposure
Net exposure		1.1
North America | Financial institutions
Disclosure of credit risk exposure
Net exposure	1	1.3
North America | Corporates
Disclosure of credit risk exposure
Net exposure	6	6.5
Latin America
Disclosure of credit risk exposure
Net exposure	4.1	3.8
Latin America | Corporates
Disclosure of credit risk exposure
Net exposure	4.1	3.8
Sweden
Disclosure of credit risk exposure
Net exposure	329.4	323.5
Sweden | Central governments
Disclosure of credit risk exposure
Net exposure	189.8	191.3
Sweden | Regional governments
Disclosure of credit risk exposure
Net exposure	17.6	19.2
Sweden | Financial institutions
Disclosure of credit risk exposure
Net exposure	17.7	16
Sweden | Corporates
Disclosure of credit risk exposure
Net exposure	104.3	97
West European countries excl. Sweden
Disclosure of credit risk exposure
Net exposure	95.9	91.9
West European countries excl. Sweden | Central governments
Disclosure of credit risk exposure
Net exposure	27.3	30.3
West European countries excl. Sweden | Regional governments
Disclosure of credit risk exposure
Net exposure	6.7	4.1
West European countries excl. Sweden | Multilateral development banks
Disclosure of credit risk exposure
Net exposure	5.2	5.1
West European countries excl. Sweden | Public sector entity
Disclosure of credit risk exposure
Net exposure	2.7	2.1
West European countries excl. Sweden | Financial institutions
Disclosure of credit risk exposure
Net exposure	16.5	15.9
West European countries excl. Sweden | Corporates
Disclosure of credit risk exposure
Net exposure	37.5	34.4
Central and East European countries
Disclosure of credit risk exposure
Net exposure	3.5	3.5
Central and East European countries | Central governments
Disclosure of credit risk exposure
Net exposure	2.2	2.2
Central and East European countries | Financial institutions
Disclosure of credit risk exposure
Net exposure	0.1	0.1
Central and East European countries | Corporates
Disclosure of credit risk exposure
Net exposure	kr 1.2	kr 1.2

Exposures - Net exposures Europ

Exposures - Net exposures European countries, excluding Sweden by exposure classes (Details) - Credit risk - SEK (kr) kr in Billions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of credit risk exposure
Net exposure	kr 449.4	kr 438.2
Germany
Disclosure of credit risk exposure
Net exposure	18.3	13.1
France
Disclosure of credit risk exposure
Net exposure	16.9	16.2
Finland
Disclosure of credit risk exposure
Net exposure	12.5	11.6
Luxembourg
Disclosure of credit risk exposure
Net exposure	11.1	10.6
United Kingdom
Disclosure of credit risk exposure
Net exposure	9.7	10.5
Denmark
Disclosure of credit risk exposure
Net exposure	6.6	5.6
Norway
Disclosure of credit risk exposure
Net exposure	6.4	5.4
The Netherlands
Disclosure of credit risk exposure
Net exposure	4.2	4
Belgium
Disclosure of credit risk exposure
Net exposure	3.2	3.2
Poland
Disclosure of credit risk exposure
Net exposure	2.4	2.3
Austria
Disclosure of credit risk exposure
Net exposure	1.8	5.9
Spain
Disclosure of credit risk exposure
Net exposure	1.7	2.3
Ireland
Disclosure of credit risk exposure
Net exposure	1.5	1.5
Portugal
Disclosure of credit risk exposure
Net exposure	1.1	1
Switzerland
Disclosure of credit risk exposure
Net exposure	0.5	0.6
Serbia
Disclosure of credit risk exposure
Net exposure	0.4	0.5
Lithuania
Disclosure of credit risk exposure
Net exposure	0.2	0.2
Italy
Disclosure of credit risk exposure
Net exposure	0.2	0.2
Czech Republic
Disclosure of credit risk exposure
Net exposure	0.2	0.2
Estonia
Disclosure of credit risk exposure
Net exposure	0.2	0.1
Latvia
Disclosure of credit risk exposure
Net exposure	0.1	0.1
Iceland
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 99.4	kr 95.3

Reference interest rate reform

Reference interest rate reform (Details) $ in Millions	Jun. 30, 2023 USD ($)
Lending contracts | USD LIBOR
Reform for new reference rates
Nominal amounts	$ 453