Nordic Investment Bank 18K Annual report (foreign governments) | SEC 10 May 12

Exhibit I

NORDIC INVESTMENT BANK

Summary Schedule of Funded Debt

Outstanding at December 31, 2011


					Initial amount				Amount outstanding at December 31, 2011
Currency	Issues		Interest %	Maturities	In currency of borrowing		In equivalent of USD		in equivalent of USD *
					(in thousands)		(in thousands)		(in thousands)
US dollars		89	0.000 - 12.700	2012 - 2041		9,620,121		9,620,121		9,670,037	*
Japanese yen		115	0.000 - 5.240	2013 - 2038		227,940,000		2,943,429		2,691,454	*
Pound Sterling		14	1.625 - 5.750	2012 - 2024		1,652,350		2,559,530		2,800,462	*
EUR		10	0.000 - 9.670	2013 - 2045		1,255,779		1,624,852		1,611,314
Swedish kronor		3	1.625 - 2.940	2012 - 2031		3,500,000		508,152		508,152
Norwegian kroner		11	2.250 - 4.780	2012 - 2026		7,350,000		1,226,485		1,226,485
Australian dollars		9	3.100 - 6.430	2012 - 2019		1,719,300		1,748,489		1,748,489
Canadian dollars		2	4.500 - 5.150	2014 - 2017		400,000		391,646		186,252
Swiss francs		5	2.000 - 6.125	2014 - Perp.		750,000		798,309		606,258
Hong Kong dollar		6	0.000 - 5.630	2012 - 2017		1,309,070		168,521		174,403
South African rand		3	0.000 - 7.430	2013 - 2027		1,292,400		159,519		158,024
Polish zloty		1	5.5000	2022		100,000		29,024		29,024
Icelandic kronur		1	4.7500	2017		3,000,000		24,467		16,879
New Zealand dollars		9	3.040 - 7.500	2013 - 2021		938,300		725,379		725,379
New Turkish lira		3	0.000 - 14.000	2016 - 2020		104,102		55,132		62,160
Russian roubles		11	11.4100	2019		161,722		5,010		5,010	*
Argentine pesos		6	11.500 - 20.000	2013 - 2016		314,568		73,079		73,079
Brazilian real		5	0.500 - 10.000	2012 - 2015		1,263,675		676,795		680,323

TOTAL										22,973,184

*	Includes a floating rate issue.

The figures included in this schedule do not agree directly to the amounts in the balance sheet, which also include items such as premiums, discounts and adjustments related to hedge accounting.

Schedule of Annual Amortization of Funded Debt

Outstanding at December 31, 2011 (in millions of EUR)


Currency	2012		2013		2014		2015		2016		After 2016		Total
U.S. dollars		415.8		2,162.3		933.2		985.4		895.4		2,081.5		7,473.6
Japanese yen				4.0		310.4				29.9		1,735.8		2,080.1
Pound Sterling		598.5		479.0		152.6		12.0		448.9		473.4		2,164.4
EUR				14.0		1,000.0		30.0		87.6		113.7		1,245.3
Swedish kronor		168.3								112.2		112.2		392.7
Norwegian kroner		258.0		129.0		161.2		12.9		64.5		322.3		947.9
Swiss francs						164.5						304.1		468.6
Australian dollars		124.2				440.2		771.3				15.6		1,351.3
Canadian dollars						75.7						68.2		143.9
Hong Kong dollar		29.8		39.3						12.9		52.8		134.8
South African rand				22.3				96.0				3.8		122.1
Polish zloty												22.4		22.4
Icelandic kronur		1.3		1.3		1.3		1.3		1.3		6.5		13.0
New Zealand dollars				148.8		89.6		247.6				74.6		560.6
New Turkish lira										13.3		34.7		48.0
Russian roubles												3.9		3.9
Argentine pesos				8.2		28.0		9.0		11.3		0.0		56.5
Brazilian real		124.2		41.4		191.8		168.4				0.0		525.8

Total		1,720.1		3,049.6		3,548.5		2,333.9		1,677.3		5,425.5		17,754.9

The figures included in this schedule do not agree directly to the amounts in the balance sheet, which also include items such as premiums, discounts and adjustments related to hedge accounting.

NORDIC INVESTMENT BANK

Schedule of Funded Debt, December 31, 2011 (in thousands)


					Initial amount				Amount outstanding at December 31, 2011
Currency	Interest %		Issue Date/ Maturity		In currency of borrowing		In equivalent of USD		In currency of borrowing		In equivalent of USD *
US dollars		6.2300		2002-2022		20,000		20,000		20,000		20,000
US dollars		6.2100		2002-2022		20,000		20,000		20,000		20,000
US dollars		6.1850		2002-2022		20,000		20,000		20,000		20,000
US dollars		6.2500		2002-2022		20,000		20,000		20,000		20,000
US dollars		0.5000		2002-2012		142,000		142,000		142,000		142,000
US dollars		0.5000		2002-2012		196,000		196,000		196,000		196,000
US dollars		0.5000		2003-2013		48,000		48,000		48,000		48,000
US dollars		0.5000		2003-2013		62,000		62,000		44,200		44,200	**
US dollars		0.0000		2003-2033		20,000		20,000		31,829		31,829	**
US dollars		0.0000		2003-2033		11,400		11,400		18,170		18,170	**
US dollars		0.0000		2003-2030		21,766		21,766		34,197		34,197	**
US dollars		0.5000		2003-2014		150,000		150,000		102,000		102,000
US dollars		4.0400		2004-2012		100,000		100,000		100,000		100,000
US dollars		4.4300		2004-2014		100,000		100,000		100,000		100,000
US dollars		4.2100		2004-2012		100,000		100,000		100,000		100,000
US dollars		12.7000		2005-2015		25,000		25,000		25,000		25,000
US dollars		5.0000		2007-2017		1,000,000		1,000,000		1,000,000		1,000,000
US dollars		0.0000		2007-2037		30,000		30,000		38,522		38,522	**
US dollars		6.0000		2008-2038		44,000		44,000		44,000		44,000
US dollars		0.0000		2008-2038		42,094		42,094		50,876		50,876	**
US dollars		3.6250		2008-2013		1,000,000		1,000,000		1,000,000		1,000,000
US dollars		0.0000		2008-2036		41,136		41,136		49,467		49,467	**
US dollars		3.5000		2008-2013		500,000		500,000		500,000		500,000
US dollars		0.0000		2009-2039		30,000		30,000		33,201		33,201	**
US dollars		0.0000		2009-2039		30,000		30,000		33,107		33,107	**
US dollars		0.0000		2009-2039		30,000		30,000		33,170		33,170	**
US dollars		0.0000		2009-2039		5,000		5,000		5,513		5,513	**
US dollars		0.0000		2009-2039		30,000		30,000		33,201		33,201	**
US dollars		0.0000		2009-2039		15,000		15,000		16,623		16,623	**
US dollars		0.0000		2009-2039		15,000		15,000		16,635		16,635	**
US dollars		0.0000		2009-2039		20,000		20,000		22,531		22,531	**
US dollars		0.0000		2009-2039		20,000		20,000		22,430		22,430	**
US dollars		0.0000		2009-2039		10,000		10,000		11,202		11,202	**
US dollars		0.0000		2009-2039		20,000		20,000		22,370		22,370	**
US dollars		0.0000		2009-2039		30,000		30,000		33,391		33,391	**
US dollars		0.0000		2009-2039		20,000		20,000		22,311		22,311	**
US dollars		0.0000		2009-2039		49,987		49,987		55,848		55,848	**
US dollars		2.6250		2009-2014		1,000,000		1,000,000		1,000,000		1,000,000
US dollars		0.0000		2010-2040		10,000		10,000		10,603		10,603	**
US dollars		0.0000		2010-2040		20,000		20,000		21,206		21,206	**
US dollars		0.0000		2010-2040		30,943		30,943		32,814		32,814	**
US dollars		0.0000		2010-2040		31,119		31,119		32,994		32,994	**
US dollars		0.0000		2010-2040		29,076		29,076		30,821		30,821	**
US dollars		1.6250		2010-2013		1,000,000		1,000,000		1,000,000		1,000,000
US dollars		0.0000		2010-2040		10,000		10,000		10,595		10,595	**
US dollars		Floating		2010-2013		100,000		100,000		100,000		100,000	**
US dollars		2.5000		2010-2015		1,250,000		1,250,000		1,250,000		1,250,000	**
US dollars		0.0000		2010-2040		10,000		10,000		10,522		10,522	**
US dollars		0.0000		2010-2040		10,000		10,000		10,522		10,522	**
US dollars		0.0000		2010-2040		10,000		10,000		10,528		10,528	**
US dollars		0.0000		2010-2040		10,000		10,000		10,528		10,528	**
US dollars		0.0000		2010-2040		10,000		10,000		10,490		10,490	**
US dollars		0.0000		2010-2040		10,000		10,000		10,490		10,490	**
US dollars		0.0000		2010-2040		10,000		10,000		10,490		10,490	**



						Initial amount				Amount outstanding at December 31, 2011
Currency	Interest %		Issue Date/ Maturity			In currency of borrowing		In equivalent of USD		In currency of borrowing		In equivalent of USD *
US dollars		0.0000		2010-2040			10,000		10,000		10,494		10,494	**
US dollars		0.0000		2010-2040			10,000		10,000		10,494		10,494	**
US dollars		0.0000		2010-2040			10,000		10,000		10,494		10,494	**
US dollars		0.0000		2010-2040			10,000		10,000		10,492		10,492	**
US dollars		0.0000		2010-2040			10,000		10,000		10,492		10,492	**
US dollars		0.0000		2010-2040			10,000		10,000		10,492		10,492	**
US dollars		0.0000		2010-2040			10,000		10,000		10,481		10,481	**
US dollars		0.0000		2010-2040			10,000		10,000		10,481		10,481	**
US dollars		0.0000		2010-2040			10,000		10,000		10,481		10,481	**
US dollars		0.0000		2010-2040			30,000		30,000		31,338		31,338	**
US dollars		0.0000		2010-2040	��		10,000		10,000		10,450		10,450	**
US dollars		0.0000		2010-2040			10,000		10,000		10,450		10,450	**
US dollars		0.0000		2010-2040			10,000		10,000		10,450		10,450	**
US dollars		0.0000		2010-2040			40,000		40,000		41,800		41,800	**
US dollars		0.0000		2010-2040			49,679		49,679		51,905		51,905	**
US dollars		0.0000		2010-2040			30,000		30,000		31,380		31,380	**
US dollars		0.0000		2010-2040			30,000		30,000		31,425		31,425	**
US dollars		0.0000		2010-2040			20,000		20,000		20,970		20,970	**
US dollars		0.0000		2010-2040			25,000		25,000		26,225		26,225	**
US dollars		0.0000		2010-2040			25,000		25,000		26,250		26,250	**
US dollars		0.0000		2011-2041			51,609		51,609		51,609		51,609	**
US dollars		0.0000		2011-2041			51,389		51,389		51,389		51,389	**
US dollars		2.2500		2011-2016			1,000,000		1,000,000		1,000,000		1,000,000
US dollars		0.0000		2011-2041			30,000		30,000		30,000		30,000	**
US dollars		0.0000		2011-2041			10,000		10,000		10,000		10,000	**
US dollars		0.0000		2011-2041			25,000		25,000		25,000		25,000	**
US dollars		0.0000		2011-2016			198,923		198,923		192,598		192,598	***
US dollars		0.0000		2011-2026			26,250		26,250		26,250		26,250	**
US dollars		0.0000		2011-2026			26,250		26,250		26,250		26,250	**
US dollars		0.0000		2011-2026			31,500		31,500		31,500		31,500	**
US dollars		3.5000		2011-2013			100,000		100,000		100,000		100,000
US dollars		0.0000		2011-2041			30,000		30,000		30,000		30,000
US dollars		0.0000		2011-2041			30,000		30,000		30,000		30,000
US dollars		0.0000		2011-2041			30,000		30,000		30,000		30,000
US dollars		1.9200		2011-2020			20,000		20,000		20,000		20,000

Japanese yen		5.2400		1997-2022			5,000,000		64,566		5,000,000		64,566
Japanese yen		Floating		1998-2013			1,000,000		12,913		400,000		5,165
Japanese yen		Floating		1998-2028			4,000,000		51,653		4,000,000		51,653
Japanese yen		Floating		1999-2014			1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		1999-2019			500,000		6,457		500,000		6,457
Japanese yen		Floating		1999-2017			4,000,000		51,653		2,000,000		25,826
Japanese yen		Floating		1999-2019			1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		1999-2014			1,100,000		14,204		100,000		1,291
Japanese yen		Floating		1999-2019			1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		1999-2019			1,100,000		14,204		100,000		1,291
Japanese yen		3.3200		2000-2020			1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2001-2026			1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2001-2016			3,000,000		38,740		3,000,000		38,740
Japanese yen		Floating		2001-2031			1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2002-2031			2,700,000		34,866		2,700,000		34,866
Japanese yen		Floating		2002-2032			2,900,000		37,448		900,000		11,622
Japanese yen		Floating		2002-2027			1,200,000		15,496		200,000		2,583
Japanese yen		Floating		2002-2032			1,200,000		15,496		1,200,000		15,496
Japanese yen		Floating		2002-2032			1,400,000		18,078		1,400,000		18,078
Japanese yen		Floating		2002-2032			2,200,000		28,409		2,200,000		28,409
Japanese yen		Floating		2002-2032			1,700,000		21,952		700,000		9,039
Japanese yen		Floating		2002-2032			1,400,000		18,078		1,100,000		14,204
Japanese yen		Floating		2002-2032			1,200,000		15,496		1,200,000		15,496
Japanese yen		Floating		2002-2032			1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2002-2032			1,000,000		12,913		500,000		6,457
Japanese yen		Floating		2002-2032			1,100,000		14,204		100,000		1,291
Japanese yen		Floating		2002-2032			1,100,000		14,204		1,100,000		14,204
Japanese yen		Floating		2002-2032			1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2002-2032			1,200,000		15,496		200,000		2,583



					Initial amount				Amount outstanding at December 31, 2011
Currency	Interest %		Issue Date/ Maturity		In currency of borrowing		In equivalent of USD		In currency of borrowing		In equivalent of USD *
Japanese yen		Floating		2002-2032		2,200,000		28,409		2,200,000		28,409
Japanese yen		Floating		2002-2032		1,100,000		14,204		100,000		1,291
Japanese yen		Floating		2002-2032		2,000,000		25,826		2,000,000		25,826
Japanese yen		Floating		2002-2032		2,000,000		25,826		2,000,000		25,826
Japanese yen		Floating		2002-2032		3,000,000		38,740		3,000,000		38,740
Japanese yen		Floating		2002-2032		1,400,000		18,078		1,400,000		18,078
Japanese yen		Floating		2002-2032		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2002-2017		1,100,000		14,204		100,000		1,291
Japanese yen		Floating		2002-2032		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2003-2033		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2003-2033		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2003-2033		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2003-2033		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2003-2033		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2003-2033		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2003-2033		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2003-2018		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2003-2033		2,200,000		28,409		2,200,000		28,409
Japanese yen		Floating		2003-2033		2,000,000		25,826		2,000,000		25,826
Japanese yen		Floating		2003-2033		1,200,000		15,496		200,000		2,583
Japanese yen		Floating		2003-2033		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2003-2033		1,700,000		21,952		1,700,000		21,952
Japanese yen		Floating		2003-2033		1,300,000		16,787		1,300,000		16,787
Japanese yen		Floating		2003-2033		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2006-2036		1,200,000		15,496		1,200,000		15,496
Japanese yen		Floating		2006-2036		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2006-2036		1,100,000		14,204		1,100,000		14,204
Japanese yen		Floating		2006-2036		3,000,000		38,740		3,000,000		38,740
Japanese yen		Floating		2006-2036		500,000		6,457		500,000		6,457
Japanese yen		Floating		2006-2036		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2006-2036		900,000		11,622		900,000		11,622
Japanese yen		Floating		2006-2036		700,000		9,039		700,000		9,039
Japanese yen		Floating		2006-2036		500,000		6,457		500,000		6,457
Japanese yen		Floating		2006-2036		1,600,000		20,661		1,600,000		20,661
Japanese yen		Floating		2006-2036		700,000		9,039		700,000		9,039
Japanese yen		Floating		2006-2036		500,000		6,457		500,000		6,457
Japanese yen		Floating		2006-2036		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2006-2036		500,000		6,457		500,000		6,457
Japanese yen		Floating		2006-2036		300,000		3,874		300,000		3,874
Japanese yen		Floating		2006-2036		300,000		3,874		300,000		3,874
Japanese yen		Floating		2006-2036		1,800,000		23,244		1,800,000		23,244
Japanese yen		Floating		2006-2036		700,000		9,039		700,000		9,039
Japanese yen		Floating		2006-2036		300,000		3,874		300,000		3,874
Japanese yen		Floating		2007-2037		900,000		11,622		900,000		11,622
Japanese yen		Floating		2007-2037		1,200,000		15,496		1,200,000		15,496
Japanese yen		Floating		2007-2036		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2007-2037		300,000		3,874		300,000		3,874
Japanese yen		Floating		2007-2022		900,000		11,622		900,000		11,622
Japanese yen		Floating		2007-2022		500,000		6,457		500,000		6,457
Japanese yen		Floating		2007-2037		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2007-2037		2,100,000		27,118		2,100,000		27,118
Japanese yen		Floating		2007-2037		300,000		3,874		300,000		3,874
Japanese yen		Floating		2007-2037		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2007-2037		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2007-2027		500,000		6,457		500,000		6,457
Japanese yen		Floating		2007-2037		3,000,000		38,740		3,000,000		38,740
Japanese yen		Floating		2007-2037		400,000		5,165		400,000		5,165
Japanese yen		Floating		2007-2037		300,000		3,874		300,000		3,874
Japanese yen		Floating		2007-2037		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2007-2027		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2007-2017		50,000,000		645,659		45,000,000		581,093
Japanese yen		Floating		2007-2037		2,000,000		25,826		2,000,000		25,826
Japanese yen		Floating		2007-2037		300,000		3,874		300,000		3,874
Japanese yen		Floating		2007-2037		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2007-2037		300,000		3,874		300,000		3,874



					Initial amount				Amount outstanding at December 31, 2011
Currency	Interest %		Issue Date/ Maturity		In currency of borrowing		In equivalent of USD		In currency of borrowing		In equivalent of USD *
Japanese yen		Floating		2007-2017		6,300,000		81,353		6,256,000		80,785
Japanese yen		Floating		2007-2037		300,000		3,874		300,000		3,874
Japanese yen		Floating		2007-2037		2,500,000		32,283		2,500,000		32,283
Japanese yen		Floating		2007-2037		2,500,000		32,283		2,500,000		32,283
Japanese yen		Floating		2007-2037		300,000		3,874		300,000		3,874
Japanese yen		Floating		2007-2037		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2007-2017		4,240,000		54,752		4,225,000		54,558
Japanese yen		Floating		2007-2027		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2007-2037		600,000		7,748		600,000		7,748
Japanese yen		Floating		2007-2037		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2007-2037		1,500,000		19,370		1,500,000		19,370
Japanese yen		Floating		2007-2037		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2008-2038		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2008-2038		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2008-2038		500,000		6,457		500,000		6,457
Japanese yen		Floating		2008-2028		500,000		6,457		500,000		6,457
Japanese yen		Floating		2008-2018		1,900,000		24,535		1,846,000		23,838
Japanese yen		Floating		2008-2018		500,000		6,457		500,000		6,457
Japanese yen		Floating		2008-2038		1,000,000		12,913		1,000,000		12,913
Japanese yen		Floating		2008-2038		500,000		6,457		500,000		6,457
Japanese yen		Floating		2009-2014		30,000,000		387,395		30,000,000		387,395

EUR		9.6700		1996-2021		60,101		77,765		60,101		77,765
EUR		0.5000		2003-2013		14,000		18,115		14,000		18,115
EUR		4.1490		2005-2015		30,000		38,817		30,000		38,817
EUR		7.0000		2005-2025		50,000		64,695		17,575		22,740
EUR		4.2000		2005-2045		15,000		19,409		15,000		19,409
EUR		0.0000		2006-2016		29,678		38,400		51,640		66,817	**
EUR		3.0000		2009-2014		1,000,000		1,293,900		1,000,000		1,293,900
EUR		4.7600		2009-2029		37,000		47,874		37,000		47,874
EUR		7.0000		2009-2019		10,000		12,939		10,000		12,939
EUR		0.0000		2011-2019		10,000		12,939		10,000		12,939

Pounds sterling		5.2500		1999-2019		150,000		232,354		210,000		325,295
Pounds sterling		5.7500		1999-2014		100,000		154,902		127,500		197,501
Pounds sterling		Floating		2000-2024		100,000		154,902		110,750		171,554
Pounds sterling		Floating		2000-2020		80,000		123,922		100,000		154,902
Pounds sterling		5.2000		2001-2032		150,000		232,354		44,160		68,405
Pounds sterling		Floating		2001-2016		162,350		251,484		305,478		473,193	**
Pounds sterling		4.8750		2008-2012		200,000		309,805		200,000		309,805
Pounds sterling		4.8750		2008-2012		100,000		154,902		100,000		154,902
Pounds sterling		4.8750		2008-2012		100,000		154,902		100,000		154,902
Pounds sterling		4.8750		2008-2012		100,000		154,902		100,000		154,902
Pounds sterling		Floating		2010-2015		10,000		15,490		10,000		15,490
Pounds sterling		1.6250		2011-2012		300,000		464,707		300,000		464,707
Pounds sterling		1.6250		2011-2013		50,000		77,451		50,000		77,451
Pounds sterling		1.6250		2011-2013		50,000		77,451		50,000		77,451

Swedish kronor		1.6250		2010-2012		1,500,000		217,779		1,500,000		217,779
Swedish kronor		2.5000		2011-2016		1,000,000		145,186		1,000,000		145,186
Swedish kronor		2.9400		2011-2031		1,000,000		145,186		1,000,000		145,186

Norwegian kroner		4.2500		2006-2012		500,000		83,434		500,000		83,434
Norwegian kroner		4.7800		2009-2019		1,100,000		183,556		1,100,000		183,556
Norwegian kroner		3.9900		2009-2015		100,000		16,687		100,000		16,687
Norwegian kroner		3.6900		2009-2014		1,250,000		208,586		1,250,000		208,586
Norwegian kroner		2.6250		2010-2013		1,000,000		166,869		1,000,000		166,869
Norwegian kroner		2.2500		2010-2012		500,000		83,434		500,000		83,434
Norwegian kroner		2.6250		2011-2012		1,000,000		166,869		1,000,000		166,869
Norwegian kroner		3.0000		2011-2016		500,000		83,434		500,000		83,434
Norwegian kroner		4.7800		2011-2019		150,000		25,030		150,000		25,030


					Initial amount				Amount outstanding at December 31, 2011
Currency	Interest %		Issue Date/ Maturity		In currency of borrowing		In equivalent of USD		In currency of borrowing		In equivalent of USD *
Norwegian kroner		4.7800		2011-2019		150,000		25,030		150,000		25,030
Norwegian kroner		4.0000		2011-2026		1,100,000		183,556		1,100,000		183,556

Australian dollars		3.1000		2009-2012		158,000		160,682		158,000		160,682
Australian dollars		6.0000		2009-2014		300,000		305,093		300,000		305,093
Australian dollars		6.0000		2009-2014		200,000		203,395		200,000		203,395
Australian dollars		6.4300		2009-2019		20,000		20,340		20,000		20,340
Australian dollars		6.0000		2010-2015		300,000		305,093		300,000		305,093
Australian dollars		5.1900		2010-2015		300,000		305,093		300,000		305,093
Australian dollars		6.0000		2010-2015		325,000		330,518		325,000		330,518
Australian dollars		4.7100		2011-2014		60,000		61,019		60,000		61,019
Australian dollars		4.4800		2011-2015		56,300		57,256		56,300		57,256

Canadian dollars		4.5000		2004-2014		100,000		97,911		100,000		97,911
Canadian dollars		5.1500		2007-2017		300,000		293,734		90,225		88,341

Swiss francs		6.1250		1986-		200,000		212,883		19,570		20,831
Swiss francs		2.5000		2009-2018		250,000		266,103		250,000		266,103
Swiss francs		2.0000		2009-2014		200,000		212,883		200,000		212,883
Swiss francs		3.2700		2009-2024		50,000		53,221		50,000		53,221
Swiss francs		2.8300		2009-2021		50,000		53,221		50,000		53,221

Hong Kong dollar		5.0000		2002-2012		300,000		38,620		300,000		38,620
Hong Kong dollar		4.9300		2003-2013		100,000		12,873		100,000		12,873
Hong Kong dollar		5.3000		2003-2016		130,000		16,735		130,000		16,735
Hong Kong dollar		5.6300		2003-2017		376,000		48,404		376,000		48,404
Hong Kong dollar		0.0000		2004-2017		108,070		13,912		153,760		19,794
Hong Kong dollar		1.9800		2009-2013		295,000		37,976		295,000		37,976

South African rand		0.0000		1997-2027		52,000		6,418		39,887		4,923	**
South African rand		7.4300		2010-2013		234,000		28,882		234,000		28,882
South African rand		4.9000		2011-2015		1,006,400		124,218		1,006,400		124,218

Polish zloty		5.5000		2002-2022		100,000		29,024		100,000		29,024

Icelandic kronur		4.7500		2002-2017		3,000,000		24,467		2,069,596		16,879	**

New Zealand dollars		7.5000		2008-2015		70,000		54,115		70,000		54,115
New Zealand dollars		7.5000		2008-2015		30,000		23,192		30,000		23,192
New Zealand dollars		7.5000		2009-2015		100,000		77,308		100,000		77,308
New Zealand dollars		7.5000		2009-2015		100,000		77,308		100,000		77,308
New Zealand dollars		4.4900		2010-2013		249,000		192,496		249,000		192,496
New Zealand dollars		5.2500		2010-2014		150,000		115,962		150,000		115,962
New Zealand dollars		7.5000		2011-2015		100,000		77,308		100,000		77,308
New Zealand dollars		3.7400		2011-2015		14,300		11,055		14,300		11,055
New Zealand dollars		3.0400		2011-2021		125,000		96,635		125,000		96,635

New Turkish lira		14.0000		2006-2016		32,500		17,212		32,500		17,212
New Turkish lira		0.0000		2007-2019		23,602		12,499		36,873		19,528	**
New Turkish lira		10.2500		2010-2020		48,000		25,420		48,000		25,420


					Initial amount				Amount outstanding at December 31, 2011
Currency	Interest %		Issue Date/ Maturity		In currency of borrowing		In equivalent of USD		In currency of borrowing		In equivalent of USD *
Russian roubles		Floating		2010-2019		23,000		713		23,000		713
Russian roubles		Floating		2010-2019		10,000		310		10,000		310
Russian roubles		Floating		2010-2019		10,000		310		10,000		310
Russian roubles		Floating		2010-2019		40,000		1,239		40,000		1,239
Russian roubles		Floating		2010-2019		10,000		310		10,000		310
Russian roubles		Floating		2011-2019		10,000		310		10,000		310
Russian roubles		Floating		2011-2019		10,000		310		10,000		310
Russian roubles		Floating		2011-2019		20,000		620		20,000		620
Russian roubles		Floating		2011-2019		10,000		310		10,000		310
Russian roubles		Floating		2011-2019		10,000		310		10,000		310
Russian roubles		Floating		2011-2019		8,722		270		8,722		270

Argentine pesos		19.0000		2008-2013		45,750		10,628		45,750		10,628
Argentine pesos		11.5000		2010-2015		50,000		11,616		50,000		11,616
Argentine pesos		12.5000		2011-2014		62,168		14,443		62,168		14,443
Argentine pesos		13.8500		2011-2014		30,300		7,039		30,300		7,039
Argentine pesos		20.0000		2011-2016		63,200		14,682		63,200		14,682
Argentine pesos		20.0000		2011-2014		63,150		14,671		63,150		14,671

Brazilian real		10.0000		2010-2013		100,000		53,558		100,000		53,558
Brazilian real		9.0000		2010-2012		300,000		160,673		300,000		160,673
Brazilian real		0.5000		2010-2014		95,875		51,348		102,463		54,877	**
Brazilian real		7.5900		2010-2014		361,000		193,343		361,000		193,343
Brazilian real		8.0100		2011-2015		406,800		217,873		406,800		217,873

TOTAL										USD		22,973,184

*	Convenience translations into US dollars have been made at the following exchange rates:

1 US dollar = 77.44029678 Japanese yen; 0.77285725 EUR; 0.64556766 Pounds sterling;

6.8877038 Swedish kronor; 5.992735 Norwegian kroner; 0.98330628 Australian dollars;

1.02133086 Canadian dollars; 0.939485277 Swiss francs; 7.7679888 Hong Kong dollars;

8.101863 South African rand; 3.4453976 Polish zloty; 122.613803 Icelandic kronur;

1.29353118 New Zealand dollars; 1.882448 New Turkish lira; 32.278383 Russian roubles;

4.30449 Argentine pesos and 1.8671458 Brazilian real.

**	The amount stated as outstanding at December 31, 2011 includes accrued amortization on zero coupon obligations and obligations issued at a deep discount with redemption prices substantially above par.

***	The amount stated as outstanding at December 31, 2011 includes accrued negative amortization on zero coupon obligations and obligations issued substantially above par with redemption prices at par.

The figures included in this schedule do not agree directly to the amounts in the balance sheet, which also include items such as premiums, discounts and adjustments related to hedge accounting.

Nordic Investment Bank 18-KAnnual report (foreign governments)