Nordic Investment Bank 18-K/A Annual report (foreign governments) (amended)

Exhibit VIII

NORDIC INVESTMENT BANK

Financial information

January–August 2011

(unaudited)

Nordic Investment Bank Financial information January–August 2011

Table of contents

Key figures	3
Comments	4
Accounting policies	5
Statement of comprehensive income	6
Statement of financial position	7
Changes in equity	8
Cash flow statement	9

11 October 2011

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Nordic Investment Bank Financial information January–August 2011

Key figures

(in EUR million unless otherwise noted)

	Aug 2011*		Aug 2010*		Dec 2010
Net interest income		153		157		234
Core earnings**		136		149		217
Profit/loss		124		131		211
Loans disbursed		973		618		1,274
Loans agreed		1,438		1,117		1,763
Loans outstanding		13,623		14,146		13,771
Guarantee commitments		8		12		8
New debt issues		2,055		3,127		4,120
Debts evidenced by certificates		17,464		21,703		19,944
Total assets		22,865		26,582		24,898
Equity/total assets (%)		10.4		8.2		9.1
Profit/average equity (%)		8.0		9.3		9.8
Number of employees (persons)		177		172		171

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2010 and the notes thereto.

** Core earnings consist of the profit before adjustments to hedge accounting, realised and unrealised gains/losses of the trading portfolio, credit losses and reversals thereof.

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Nordic Investment Bank Financial information January–August 2011

Comments

NIB’s financial figures January–August 2011

The outlook for the world economy has deteriorated significantly. The sovereign debt crisis has deepened further, increasing the uncertainty in the financial markets. Both real economy and financial intermediation have already been negatively affected.

In these circumstances NIB steadily continued to build up the lending pipeline of projects fulfilling the Bank’s mandate to support competitiveness and the environment. During January–August, the Bank signed loan agreements for a total of EUR 1,438 million, compared to EUR 1,117 million during the same period in 2010. Disbursements also picked up, reaching EUR 973 million (January–August 2010: EUR 618 million). Of all loan disbursements during this period, approximately 90% went to projects of high mandate compliance within the sectors of power generation and supply, renewable energy, the development of modern transport infrastructure and some other sectors.

Demand persisted for NIB bonds. During January–August, NIB conducted new funding transactions in the amount of EUR 2.1 billion, which is about 70% of the annual funding in 2011, with the geographical distribution evenly spread between major markets in the world. In January, a benchmark issue, a five-year USD 1 billion bond, was issued.

The Bank’s profit for the period amounted to EUR 124 million (January–August 2010: EUR 131 million).

Johnny Åkerholm

President and CEO

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Nordic Investment Bank Financial information January–August 2011

Accounting policies

The financial statements are presented in a manner consistent with the Bank’s audited financial statements for the year ended 31 December 2010, except for early adoption of IFRS 9 Financial Instruments from 1 May 2011, as the new accounting standard reflects the Bank’s business model for managing such assets. However, the impacts of adopting IFRS 9 are judged to be minor. Furthermore, the Bank will not be required to restate prior year comparatives.

New categorisation of available for sale assets according to IFRS 9

Financial assets categorised as available for sale, a portfolio of EUR 29 million, was reclassified as part of the Fair Value portfolio and future value changes will affect the statement of comprehensive income from the date of initial application onwards.

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Nordic Investment Bank Financial information January–August 2011

Statement of comprehensive income

EUR 1,000

	Jan–Aug 2011*		Jan–Aug 2010*		Jan–Dec 2010
Interest income		322,480		281,596		429,649
Interest expense		-169,413		-124,398		-195,999
Net interest income		153,067		157,197		233,650
Commission income and fees received		5,451		8,150		12,070
Commission expense and fees paid		-1,603		-1,840		-2,423
Net profit/loss on financial operations		10,510		29,890		39,317
Foreign exchange gains and losses		-1,514		2,906		2,822
Operating income		165,912		196,305		285,436
Expenses
General administrative expenses		21,907		20,440		31,381
Depreciation		2,748		3,191		4,735
Impairment of loans		17,575		42,156		38,489
Total expenses		42,230		65,786		74,604
PROFIT/LOSS FOR THE PERIOD		123,681		130,518		210,832
Value adjustments on the available-for-sale portfolio				103		514
Total comprehensive income		123,681		130,621		211,346

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2010 and the notes thereto.

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Nordic Investment Bank Financial information January–August 2011

Statement of financial position

EUR 1,000

		31 Aug 2011*		31 Aug 2010*		31 Dec 2010
ASSETS
Cash and cash equivalents			2,119,553		3,838,955		2,725,570
Financial placements
Placements with credit institutions			17,478		157,085		130,262
Debt securities			4,478,704		4,938,869		5,074,778
Other			29,809		25,202		26,238
			4,525,991		5,121,156		5,231,278
Loans outstanding			13,622,932		14,145,861		13,771,286
Intangible assets			4,617		5,342		5,158
Tangible assets, property and equipment			31,122		32,333		31,888
Other assets
Derivatives			2,166,230		3,000,475		2,717,942
Other assets			32,474		41,774		37,357
			2,198,704		3,042,249		2,755,299
Payments to the Bank’s reserves, receivable			3,960		11,519		5,280
Accrued interest and fees receivable			358,314		384,704		372,071
TOTAL ASSETS			22,865,193		26,582,118		24,897,830
LIABILITIES AND EQUITY
Liabilities
Amounts owed to credit institutions
Short-term amounts owed to credit institutions			1,089,154		1,478,770		1,131,200
Long-term amounts owed to credit institutions			145,977		175,196		144,130
			1,235,130		1,653,966		1,275,330
Debts evidenced by certificates
Debt securities issued			17,323,673		21,456,201		19,709,566
Other debt			140,729		246,692		234,476
			17,464,402		21,702,893		19,944,042
Other liabilities
Derivatives			1,495,775		731,429		1,116,684
Other liabilities			12,492		7,056		5,816
			1,508,267		738,485		1,122,500
Accrued interest and fees payable			271,278		305,843		294,303
Total liabilities			20,479,077		24,401,187		22,636,174
Equity
Authorised and subscribed capital	6,141,903
of which callable capital	-5,723,302
Paid-in capital	418,602		418,602		418,602		418,602
Reserve funds
Statutory Reserve	682,365
General Credit Risk Fund	761,589
Special Credit Risk Fund PIL	395,919
	1,839,873		1,839,873		1,623,483		1,629,722
Payments to the Bank’s reserves, receivable			3,960		11,519		5,280
Other value adjustments					-3,191		-2,780
Profit/loss for the period			123,681		130,518		210,832
Total equity			2,386,117		2,180,931		2,261,656
TOTAL LIABILITIES AND EQUITY			22,865,193		26,582,118		24,897,830

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2010 and the notes thereto.

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Nordic Investment Bank Financial information January–August 2011

Changes in equity*

EUR 1,000

	Paid-in capital		Statutory Reserve**		General Credit Risk Fund		Special Credit Risk Fund PIL		Payments to the Bank’s Statutory Reserve and Credit Risk funds		Appropriation to dividend payment		Other value adjustments**		Profit/loss for the period		Total
Equity at 31 December 2009		418,602		670,568		340,857		281,919		17,758		0		-3,294		323,900		2,050,310
Appropriations between reserve funds						209,900		114,000								-323,900		0
Paid-in capital																		0
Called in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				6,239						-6,239								0
Comprehensive income for the period 1/1–31/8/2010														103		130,518		130,621
Equity at 31 August 2010		418,602		676,807		550,757		395,919		11,519		0		-3,191		130,518		2,180,931
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				6,239						-6,239								0
Comprehensive income for the period 1/9–31/12/2010														411		80,314		80,725
Equity at 31 December 2010		418,602		683,046		550,757		395,919		5,280		0		-2,780		210,832		2,261,656
Appropriations between reserve funds**				-2,000		210,832								2,000		-210,832		0
Paid-in capital																		0
Called in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				1,320						-1,320								0
Comprehensive income for the period 1/1–31/8/2011**														779		123,681		124,460
Equity at 31 August 2011		418,602		682,365		761,589		395,919		3,960		0		0		123,681		2,386,117

* Only the year-end figures are audited, to be read in conjunction with NIB’s audited financial statements for 2010 and the notes thereto

** Other value adjustments have been moved from the available for sale portfolio to the statutory reserve on 1 May 2011 when IFRS 9 was implemented regarding the classification of financial assets.

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Nordic Investment Bank Financial information January–August 2011

Cash flow statement

EUR 1,000

	Jan-Aug 2011*		Jan-Aug 2010*		Jan-Dec 2010
Cash flows from operating activities
Profit/loss from operating activities		123,681		130,518		210,832
Adjustments:
Market value adjustment, trading portfolio		-7,544		-27,424		-26,871
Impairment on held-to-maturity bonds		3,119
Depreciation and write-down in value of tangible and intangible assets		2,748		3,191		4,735
Change in accrued interest and fees (assets)		13,658		-12,478		212
Change in accrued interest and fees (liabilities)		-23,024		15,299		3,759
Impairment of loans		17,575		42,156		38,489
Adjustment to hedge accounting		-1,005		4,287		-5,029
Other adjustments to the period’s profit		-24		-26		-39
Adjustments, total		5,503		25,005		15,257
Lending
Disbursements of loans		-972,872		-617,590		-1,274,234
Repayments of loans		977,146		843,171		1,806,725
Capitalisations, redenominations, index adjustments etc.		-770		-217		-237
Transfer of loans to claims in other assets		7,972
Exchange rate adjustments		207,554		-549,074		-533,249
Lending, total		219,031		-323,709		-996
Cash flows from operating activities, total		348,215		-168,186		225,093
Cash flows from investing activities
Placements and debt securities
Purchase of debt securities		-1,566,257		-1,938,504		-3,253,162
Sold and matured debt securities		2,126,966		2,770,559		3,898,729
Placements with credit institutions		112,784		-72,050		-45,227
Other financial placements		-3,189		-4,732		-5,355
Exchange rate adjustments etc.		48,306		-87,135		-46,940
Placements and debt securities, total		718,611		668,138		548,045
Other items
Acquisition of intangible assets		-1,027		-461		-1,197
Acquisition of tangible assets		-414		-244		-424
Change in other assets		-2,902		-2,975		1,774
Other items, total		-4,342		-3,679		154
Cash flows from investing activities, total		714,269		664,459		548,199
Cash flows from financing activities
Debts evidenced by certificates
Issues of new debt		2,054,650		3,127,436		4,120,271
Redemptions		-3,537,454		-2,510,330		-4,444,943
Exchange rate adjustments		-870,331		2,243,312		1,785,787
Debts evidenced by certificates, total		-2,353,135		2,860,418		1,461,116
Other items
Long-term placements from credit institutions		1,847		-25,856		-56,922
Change in swap receivables		354,862		-836,117		-764,456
Change in swap payables		361,976		-661,524		-350,647
Change in other liabilities		6,676		-691		-1,931
Paid-in capital and reserves		1,320		6,239		12,478
Other items, total		726,680		-1,517,949		-1,161,479
Cash flows from financing activities, total		-1,626,454		1,342,469		299,636
CHANGE IN NET LIQUIDITY		-563,971		1,838,743		1,072,929
Opening balance for net liquidity		1,594,370		521,442		521,442
Closing balance for net liquidity		1,030,400		2,360,184		1,594,370
Additional information to the statement of cash flows
Interest income received		336,237		269,180		429,867
Interest expense paid		-192,437		-109,099		-192,240

The cash flow statement has been prepared using the indirect method and the cash flow items cannot be directly concluded from the statements of financial positions.

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2010 and the notes thereto.

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Nordic Investment Bank Financial information January–August 2011

Nordic Investment Bank (NIB)

Fabianinkatu 34

P.O. Box 249

FI-00171 Helsinki, Finland

Telephone: +358 10 618 001

Fax: +358 10 618 0725

Internet: www.nib.int

E-mail: info@nib.int

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