Nordic Investment Bank 18K Annual report (foreign governments) | SEC 13 May 15

Exhibit I

NORDIC INVESTMENT BANK

Summary Schedule of Funded Debt

Outstanding at December 31, 2014


				Initial amount				Amount outstanding at December 31, 2014 in equivalent of USD *
Currency	Issues	Interest %	Maturities	In currency of borrowing		In equivalent of USD
				(in thousands)		(in thousands)		(in thousands)
US dollars	24	0.000 - 12.700	2015 - 2043		9,754,890		9,754,890		9,797,579
Japanese yen	52	0.000 - 13.550	2016 - 2040		121,240,000		1,013,547		892,204	*
British pounds sterling	8	0.500 - 5.250	2015 - 2032		1,102,350		1,562,400		1,840,845	*
Euro	18	0.000 - 9.670	2015 - 2064		701,780		852,031		877,214	*
Swedish kronor	8	2.125 - 2.940	2016 - 2032		6,400,000		827,237		827,237	*
Norwegian kroner	15	2.000 - 4.780	2015 - 2026		9,700,000		1,302,452		1,302,452	*
Australian dollars	26	3.500 - 6.430	2015 - 2029		3,910,900		3,201,985		3,201,985
Canadian dollars	1	5.150	2017		300,000		258,999		21,777
Swiss francs	4	2.500 - 6.125	2018 - Perp.		550,000		555,352		373,166
Hong Kong dollar	4	0.000 - 5.630	2016 - 2018		714,070		92,062		100,851
South African rand	5	0.000 - 7.000	2015 - 2027		2,158,000		186,709		187,310
Polish zloty	1	5.5000	2022		100,000		28,412		28,412
Icelandic kronur	1	4.7500	2017		3,000,000		23,628		8,968
New Zealand dollars	16	3.040 - 7.500	2015 - 2021		2,489,300		1,946,705		1,946,705
New Turkish lira	8	0.500 - 14.000	2015 - 2020		994,800		426,478		297,009
Argentine pesos	2	11.500 - 20.000	2015 - 2016		113,200		13,350		13,350
Brazilian real	15	0.000 - 10.000	2015 - 2019		1,908,395		719,403		721,582
Mexican peso	3	0.5000	2022 - 2023		4,900,000		332,948		214,718

TOTAL									22,653,364

*	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, 2014 (in millions of EUR)


Currency	2015		2016		2017		2018		2019		After 2019		Total
US dollars		1,050.2		2,479.0		1,935.7		925.0		823.7		856.2		8,069.8
Japanese yen				20.7		352.8		3.4		17.9		340.1		734.9
British pounds sterling		462.2		481.6						269.6		302.8		1,516.2
Euro		30.0		87.5		150.0				40.0		415.0		722.5
Swedish kronor				106.5		69.2		106.4		239.5		159.8		681.4
Norwegian kroner		11.1		165.9		221.2		193.5		359.5		121.6		1,072.8
Swiss francs								207.9				99.5		307.4
Australian dollars		661.8		6.5		303.5		354.0		13.5		1,298.0		2,637.3
Canadian dollars						17.9						0.0		17.9
Hong Kong dollar				13.8		58.6		10.7				0.0		83.1
South African rand		71.7		57.0				21.4				4.2		154.3
Polish zloty												23.4		23.4
Icelandic kronur		0.7		0.7		6.0						0.0		7.4
New Zealand dollars		266.8				225.4		450.8		515.3		145.1		1,603.4
New Turkish lira		72.9		11.5				44.1		99.3		16.8		244.6
Argentine pesos		4.9		6.1								0.0		11.0
Brazilian real		157.3		133.6				106.7		177.0		19.7		594.3
Mexican peso												176.9		176.9

Total		2,789.6		3,570.4		3,340.3		2,423.9		2,555.3		3,979.1		18,658.6

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, 2014 (in thousands)


							Initial amount				Amount outstanding at December 31, 2014
Currency	Interest rate December 31, 2014		Interest %		Issue Date/ Maturity		In currency of borrowing		In equivalent of USD		In currency of borrowing		In equivalent of USD *

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		46,467		46,467	**
US dollars				6.0000		2008-2038		44,000		44,000		44,000		44,000
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		12,257		12,257	**
US dollars				0.0000		2010-2040		10,000		10,000		12,257		12,257	**
US dollars				2.2500		2011-2016		1,000,000		1,000,000		1,000,000		1,000,000
US dollars				1.9200		2011-2020		20,000		20,000		20,000		20,000
US dollars				1.1900		2012-2017		100,000		100,000		100,000		100,000
US dollars				4.4000		2012-2042		50,000		50,000		54,497		54,497	**
US dollars				1.0000		2012-2017		1,250,000		1,250,000		1,250,000		1,250,000
US dollars				4.3000		2012-2042		20,000		20,000		21,757		21,757	**
US dollars				4.3800		2012-2042		64,890		64,890		70,699		70,699	**
US dollars				3.4000		2012-2027		63,000		63,000		67,357		67,357	**
US dollars				4.3300		2012-2042		30,000		30,000		32,654		32,654	**
US dollars				0.7500		2012-2018		1,000,000		1,000,000		1,000,000		1,000,000
US dollars				0.5000		2013-2016		2,000,000		2,000,000		2,000,000		2,000,000
US dollars				4.0600		2013-2043		30,000		30,000		31,218		31,218	**
US dollars				4.7200		2013-2043		30,000		30,000		31,416		31,416	**
US dollars				5.0000		2013-2033		35,000		35,000		35,000		35,000
US dollars				5.0000		2014-2034		35,000		35,000		35,000		35,000
US dollars				1.8750		2014-2019		1,000,000		1,000,000		1,000,000		1,000,000
US dollars				4.0000		2014-2029		35,000		35,000		35,000		35,000
US dollars				2.2500		2014-2021		500,000		500,000		500,000		500,000
US dollars				10.0000		2014-2021		123,000		123,000		123,000		123,000

Japanese yen				5.2400		1997-2022		5,000,000		41,799		5,000,000		41,799
Japanese yen		3.18990		Floating		1998-2028		4,000,000		33,439		4,000,000		33,439
Japanese yen		5.33878		Floating		1999-2019		500,000		4,180		500,000		4,180
Japanese yen		2.48814		Floating		1999-2017		4,000,000		33,439		2,000,000		16,720
Japanese yen		4.28326		Floating		1999-2019		1,000,000		8,360		1,000,000		8,360
Japanese yen		2.70000		Floating		1999-2019		1,000,000		8,360		1,000,000		8,360
Japanese yen		3.96943		Floating		1999-2019		1,100,000		9,196		100,000		836
Japanese yen				3.3200		2000-2020		1,000,000		8,360		1,000,000		8,360
Japanese yen		5.00595		Floating		2001-2026		1,000,000		8,360		1,000,000		8,360
Japanese yen		2.13050		Floating		2001-2016		3,000,000		25,080		3,000,000		25,080
Japanese yen		3.70175		Floating		2002-2032		2,900,000		24,244		900,000		7,524
Japanese yen		3.28027		Floating		2002-2032		2,200,000		18,392		2,200,000		18,392
Japanese yen		4.85482		Floating		2002-2032		1,700,000		14,212		700,000		5,852
Japanese yen		2.48485		Floating		2002-2032		1,200,000		10,032		1,200,000		10,032
Japanese yen		4.17272		Floating		2002-2032		1,100,000		9,196		100,000		836
Japanese yen		5.17085		Floating		2002-2032		1,100,000		9,196		1,100,000		9,196
Japanese yen		4.00932		Floating		2002-2032		1,200,000		10,032		200,000		1,672
Japanese yen		4.36776		Floating		2002-2032		2,000,000		16,720		2,000,000		16,720
Japanese yen		3.75088		Floating		2002-2032		1,000,000		8,360		1,000,000		8,360
Japanese yen		8.55033		Floating		2003-2033		1,000,000		8,360		1,000,000		8,360


							Initial amount				Amount outstanding at December 31, 2014
Currency	Interest rate December 31, 2014		Interest %		Issue Date/ Maturity		In currency of borrowing		In equivalent of USD		In currency of borrowing		In equivalent of USD *

Japanese yen		7.80029		Floating		2003-2033		1,000,000		8,360		1,000,000		8,360
Japanese yen		3.99595		Floating		2003-2033		1,000,000		8,360		1,000,000		8,360
Japanese yen		3.23182		Floating		2003-2033		1,000,000		8,360		1,000,000		8,360
Japanese yen		4.32531		Floating		2003-2033		1,000,000		8,360		1,000,000		8,360
Japanese yen		2.62931		Floating		2003-2033		1,000,000		8,360		1,000,000		8,360
Japanese yen		4.51451		Floating		2003-2033		2,200,000		18,392		2,200,000		18,392
Japanese yen		5.23896		Floating		2003-2033		2,000,000		16,720		2,000,000		16,720
Japanese yen		3.72115		Floating		2003-2033		1,200,000		10,032		200,000		1,672
Japanese yen		6.87771		Floating		2006-2036		1,100,000		9,196		1,100,000		9,196
Japanese yen		1.84773		Floating		2006-2036		700,000		5,852		700,000		5,852
Japanese yen		1.57000		Floating		2006-2036		1,000,000		8,360		1,000,000		8,360
Japanese yen		12.99000		Floating		2007-2037		900,000		7,524		900,000		7,524
Japanese yen		17.89000		Floating		2007-2037		1,200,000		10,032		1,200,000		10,032
Japanese yen		5.46951		Floating		2007-2036		1,000,000		8,360		1,000,000		8,360
Japanese yen		2.34000		Floating		2007-2037		2,100,000		17,556		2,100,000		17,556
Japanese yen		0.01000		Floating		2007-2037		300,000		2,508		300,000		2,508
Japanese yen		0.00000		Floating		2007-2037		1,000,000		8,360		1,000,000		8,360
Japanese yen		4.25000		Floating		2007-2037		3,000,000		25,080		3,000,000		25,080
Japanese yen		1.97000		Floating		2007-2037		300,000		2,508		300,000		2,508
Japanese yen		3.85000		Floating		2007-2027		1,000,000		8,360		1,000,000		8,360
Japanese yen		1.70000		Floating		2007-2017		50,000,000		417,992		45,000,000		376,193
Japanese yen		4.62267		Floating		2007-2037		2,000,000		16,720		2,000,000		16,720
Japanese yen		3.73000		Floating		2007-2037		300,000		2,508		300,000		2,508
Japanese yen		13.05500		Floating		2007-2037		300,000		2,508		300,000		2,508
Japanese yen		0.00000		Floating		2007-2017		4,240,000		35,446		4,225,000		35,320
Japanese yen		4.71000		Floating		2007-2037		600,000		5,016		600,000		5,016
Japanese yen		3.80000		Floating		2008-2038		1,000,000		8,360		500,000		4,180
Japanese yen		2.15535		Floating		2008-2018		500,000		4,180		500,000		4,180
Japanese yen		2.48619		Floating		2014-2039		300,000		2,508		300,000		2,508
Japanese yen		2.50000		Floating		2014-2040		400,000		3,344		400,000		3,344
Japanese yen		2.48619		Floating		2014-2039		300,000		2,508		300,000		2,508
Japanese yen		2.33702		Floating		2014-2040		300,000		2,508		300,000		2,508

Euro				9.6700		1996-2021		60,101		72,969		60,101		72,969
Euro				3.8150		2005-2015		30,000		36,423		30,000		36,423
Euro		0.43100		Floating		2005-2025		50,000		60,705		17,575		21,338
Euro				4.2000		2005-2045		15,000		18,212		15,000		18,212
Euro				0.0000		2006-2016		29,678		36,032		76,739		93,169	**
Euro				4.7600		2009-2029		37,000		44,922		37,000		44,922
Euro				3.7000		2009-2029		10,000		12,141		10,000		12,141
Euro				3.4500		2013-2058		50,000		60,705		51,725		62,799	**
Euro				0.0000		2013-2058		30,001		36,424		31,056		37,705	**
Euro				3.5000		2013-2058		30,000		36,423		31,050		37,698	**
Euro				4.0000		2013-2033		25,000		30,353		25,000		30,353
Euro				3.4700		2013-2058		15,000		18,212		15,521		18,844	**
Euro				3.5100		2013-2061		50,000		60,705		51,755		62,836	**
Euro				3.0000		2013-2028		20,000		24,282		20,000		24,282
Euro		0.03000		Floating		2014-2019		40,000		48,564		40,000		48,564
Euro				0.3070		2014-2017		150,000		182,115		150,000		182,115
Euro				0.0000		2014-2064		50,000		60,705		50,000		60,705


							Initial amount				Amount outstanding at December 31, 2014
Currency	Interest rate December 31, 2014		Interest %		Issue Date/ Maturity		In currency of borrowing		In equivalent of USD		In currency of borrowing		In equivalent of USD *

Euro				0.0000		2014-2059		10,000		12,141		10,000		12,141

British pounds sterling				5.2500		1999-2019		150,000		233,811		210,000		327,335
British pounds sterling		4.30850		Floating		2000-2024		100,000		155,874		110,750		172,630
British pounds sterling		4.55680		Floating		2000-2020		80,000		124,699		100,000		155,874
British pounds sterling				5.2000		2001-2032		150,000		233,811		44,160		68,834
British pounds sterling		5.33334		Floating		2001-2016		162,350		253,061		356,075		555,027	**
British pounds sterling		0.65213		Floating		2010-2015		10,000		15,587		10,000		15,587
British pounds sterling				0.5000		2012-2015		250,000		389,684		250,000		389,684
British pounds sterling				0.5000		2013-2015		100,000		155,874		100,000		155,874

Swedish kronor		0.45600		Floating		2011-2016		1,000,000		129,256		1,000,000		129,256
Swedish kronor				2.9400		2011-2031		1,000,000		129,256		1,000,000		129,256
Swedish kronor		0.27100		Floating		2012-2017		650,000		84,016		650,000		84,016
Swedish kronor				2.7500		2012-2032		500,000		64,628		500,000		64,628
Swedish kronor				2.1250		2013-2018		500,000		64,628		500,000		64,628
Swedish kronor				2.4130		2013-2018		500,000		64,628		500,000		64,628
Swedish kronor		0.28300		Floating		2014-2019		1,750,000		226,198		1,750,000		226,198
Swedish kronor		0.28300		Floating		2014-2019		500,000		64,628		500,000		64,628

Norwegian kroner				4.7800		2009-2019		1,100,000		147,701		1,100,000		147,701
Norwegian kroner				3.9900		2009-2015		100,000		13,427		100,000		13,427
Norwegian kroner				3.0000		2011-2016		500,000		67,137		500,000		67,137
Norwegian kroner				4.7800		2011-2019		150,000		20,141		150,000		20,141
Norwegian kroner				4.7800		2011-2019		150,000		20,141		150,000		20,141
Norwegian kroner				4.0000		2011-2026		1,100,000		147,701		1,100,000		147,701
Norwegian kroner				2.3750		2012-2016		1,000,000		134,273		1,000,000		134,273
Norwegian kroner				4.7800		2012-2019		350,000		46,996		350,000		46,996
Norwegian kroner				2.1250		2012-2017		1,000,000		134,273		1,000,000		134,273
Norwegian kroner				2.1250		2012-2017		500,000		67,137		500,000		67,137
Norwegian kroner				2.1250		2013-2017		500,000		67,137		500,000		67,137
Norwegian kroner				2.0000		2013-2018		750,000		100,705		750,000		100,705
Norwegian kroner		1.50000		Floating		2014-2018		1,000,000		134,273		1,000,000		134,273
Norwegian kroner		1.64000		Floating		2014-2019		1,000,000		134,273		1,000,000		134,273
Norwegian kroner		1.64000		Floating		2014-2019		500,000		67,137		500,000		67,137

Australian dollars				6.4300		2009-2019		20,000		16,375		20,000		16,375
Australian dollars				6.0000		2010-2015		300,000		245,620		300,000		245,620
Australian dollars				3.5467		2010-2015		300,000		245,620		300,000		245,620
Australian dollars				6.0000		2010-2015		325,000		266,088		325,000		266,088
Australian dollars				4.4800		2011-2015		56,300		46,095		56,300		46,095
Australian dollars				3.9900		2012-2016		9,600		7,860		9,600		7,860
Australian dollars				5.0000		2012-2022		300,000		245,620		300,000		245,620
Australian dollars				5.0000		2012-2022		200,000		163,747		200,000		163,747
Australian dollars				3.5000		2012-2017		450,000		368,430		450,000		368,430
Australian dollars				5.0000		2012-2022		175,000		143,278		175,000		143,278
Australian dollars				5.0000		2013-2022		100,000		81,873		100,000		81,873
Australian dollars				3.5000		2013-2018		400,000		327,493		400,000		327,493
Australian dollars				5.0000		2013-2022		100,000		81,873		100,000		81,873
Australian dollars				4.7500		2013-2024		200,000		163,747		200,000		163,747


							Initial amount				Amount outstanding at December 31, 2014
Currency	Interest rate December 31, 2014	Interest %			Issue Date/ Maturity		In currency of borrowing		In equivalent of USD		In currency of borrowing		In equivalent of USD *

Australian dollars			4.7500			2013-2024		100,000		81,873		100,000		81,873
Australian dollars			4.7500			2013-2024		100,000		81,873		100,000		81,873
Australian dollars			4.7500			2014-2024		125,000		102,342		125,000		102,342
Australian dollars			4.7500			2014-2018		125,000		102,342		125,000		102,342
Australian dollars			4.7500			2014-2024		100,000		81,873		100,000		81,873
Australian dollars			4.7500			2014-2024		100,000		81,873		100,000		81,873
Australian dollars			4.7500			2014-2024		100,000		81,873		100,000		81,873
Australian dollars			4.7500			2014-2024		25,000		20,468		25,000		20,468
Australian dollars			4.7500			2014-2029		50,000		40,937		50,000		40,937
Australian dollars			4.7500			2014-2024		75,000		61,405		75,000		61,405
Australian dollars			4.7500			2014-2024		25,000		20,468		25,000		20,468
Australian dollars			4.7500			2014-2024		50,000		40,937		50,000		40,937

Canadian dollars			5.1500			2007-2017		300,000		258,999		25,225		21,777

Swiss francs			6.1250			1986-Perp.		200,000		201,946		19,570		19,760
Swiss francs			2.5000			2009-2018		250,000		252,433		250,000		252,433
Swiss francs			3.2700			2009-2024		50,000		50,487		50,000		50,487
Swiss francs			2.8300			2009-2021		50,000		50,487		50,000		50,487

Hong Kong dollar			5.3000			2003-2016		130,000		16,760		130,000		16,760
Hong Kong dollar			5.6300			2003-2017		376,000		48,476		376,000		48,476
Hong Kong dollar			0.0000			2004-2017		108,070		13,933		176,237		22,722	**
Hong Kong dollar			1.7000			2013-2018		100,000		12,893		100,000		12,893

South African rand			0.0000			1997-2027		52,000		4,498		58,952		5,100	**
South African rand			4.9000			2011-2015		1,006,400		87,057		1,006,400		87,057
South African rand			5.0000			2013-2016		300,000		25,951		300,000		25,951
South African rand			6.7500			2013-2016		500,000		43,252		500,000		43,252
South African rand			7.0000			2014-2018		300,000		25,951		300,000		25,951

Polish zloty			5.5000			2002-2022		100,000		28,412		100,000		28,412

Icelandic kronur			4.7500			2002-2017		3,000,000		23,628		1,138,655		8,968	**

New Zealand dollars			7.5000			2008-2015		70,000		54,742		70,000		54,742
New Zealand dollars			7.5000			2008-2015		30,000		23,461		30,000		23,461
New Zealand dollars			7.5000			2009-2015		100,000		78,203		100,000		78,203
New Zealand dollars			7.5000			2009-2015		100,000		78,203		100,000		78,203
New Zealand dollars			7.5000			2011-2015		100,000		78,203		100,000		78,203
New Zealand dollars			3.7400			2011-2015		14,300		11,183		14,300		11,183
New Zealand dollars			3.0400			2011-2021		125,000		97,754		125,000		97,754
New Zealand dollars			4.1250	��		2012-2017		200,000		156,406		200,000		156,406
New Zealand dollars			4.1250			2012-2017		150,000		117,304		150,000		117,304
New Zealand dollars			3.5000			2013-2018		350,000		273,710		350,000		273,710
New Zealand dollars			3.5000			2013-2018		175,000		136,855		175,000		136,855
New Zealand dollars			4.1240			2013-2020		100,000		78,203		100,000		78,203
New Zealand dollars			3.5000			2013-2018		175,000		136,855		175,000		136,855
New Zealand dollars			4.8750			2014-2019		425,000		332,362		425,000		332,362
New Zealand dollars			4.8750			2014-2019		125,000		97,754		125,000		97,754


						Initial amount				Amount outstanding at December 31, 2014
Currency	Interest rate December 31, 2014	Interest %		Issue Date/ Maturity		In currency of borrowing		In equivalent of USD		In currency of borrowing		In equivalent of USD *

New Zealand dollars			4.8750		2014-2019		250,000		195,507		250,000		195,507

New Turkish lira			14.0000		2006-2016		32,500		13,933		32,500		13,933
New Turkish lira			10.2500		2010-2020		48,000		20,578		48,000		20,578
New Turkish lira			6.1900		2012-2015		389,300		166,896		156,300		67,007
New Turkish lira			0.5000		2012-2019		200,000		85,742		131,000		56,161
New Turkish lira			4.8700		2012-2018		125,000		53,588		125,000		53,588
New Turkish lira			7.7500		2013-2015		50,000		21,435		50,000		21,435
New Turkish lira			0.5000		2014-2019		120,000		51,445		120,000		51,445
New Turkish lira			0.5000		2014-2019		30,000		12,861		30,000		12,861

Argentine pesos			11.5000		2010-2015		50,000		5,896		50,000		5,896
Argentine pesos			20.0000		2011-2016		63,200		7,453		63,200		7,453

Brazilian real			8.0100		2011-2015		406,800		153,350		406,800		153,350
Brazilian real			6.0000		2013-2016		125,000		47,121		125,000		47,121
Brazilian real			6.0000		2013-2016		35,000		13,194		35,000		13,194
Brazilian real			10.0000		2013-2016		50,000		18,848		50,000		18,848
Brazilian real			6.0000		2013-2016		40,000		15,079		40,000		15,079
Brazilian real			6.0000		2013-2016		25,000		9,424		25,000		9,424
Brazilian real			6.0000		2013-2016		25,000		9,424		25,000		9,424
Brazilian real			0.5000		2013-2016		130,000		49,006		130,000		49,006
Brazilian real			9.9500		2013-2023		58,095		21,900		63,875		24,079	**
Brazilian real			0.0000		2013-2015		100,000		37,697		100,000		37,697
Brazilian real			8.7700		2013-2018		343,500		129,488		343,500		129,488
Brazilian real			0.5000		2014-2019		50,000		18,848		50,000		18,848
Brazilian real			0.5000		2014-2019		180,000		67,854		180,000		67,854
Brazilian real			0.5000		2014-2019		170,000		64,085		170,000		64,085
Brazilian real			0.5000		2014-2019		170,000		64,085		170,000		64,085

Mexican peso			0.5000		2012-2022		1,000,000		67,949		650,000		44,167
Mexican peso			0.5000		2013-2023		2,500,000		169,872		1,510,000		102,602
Mexican peso			0.5000		2013-2023		1,400,000		95,128		1,000,000		67,949

TOTAL													USD 22,653,364

Convenience translations into US dollars have been made at the following exchange rates:
1 US dollar = 119.61947 Japanese yen; 0.82366 Euro; 0.64155 British pounds sterling;
7.73660 Swedish kronor; 7.44749 Norwegian kroner; 1.22140 Australian dollars;
1.15831 Canadian dollars; 0.99036 Swiss francs; 7.75636 Hong Kong dollars;
11.56025 South African rand; 3.51964 Polish zloty; 126.96648 Icelandic kronur;
1.27872 New Zealand dollars; 2.33259 New Turkish lira; 8.47971 Argentine pesos;
2.65275 Brazilian real and 14.71699 Mexican peso.

**	The amount stated as outstanding at December 31, 2014 includes accrued amortization on zero coupon obligations and obligations issued at a deep discount with redemption prices substantially above 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)