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EEH Swedish Export Credit Corp /Swed

Document and Entity Information

Document and Entity Information6 Months Ended
Jun. 30, 2021
Document and Entity Information
Entity Registrant NameSWEDISH EXPORT CREDIT CORP /SWED/
Entity Central Index Key0000352960
Document Type6-K
Document Period End DateJun. 30,
2021
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2

Condensed Consolidated Statemen

Condensed Consolidated Statement of Comprehensive Income (unaudited) - SEK (kr) kr in Millions3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021Mar. 31, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Condensed Consolidated Statement of Comprehensive Income (unaudited)
Interest income kr 678 kr 660 kr 1,178 [1] kr 1,338 kr 2,480 [1] kr 4,108
Interest expenses(210)(175)(709)[1](385)(1,606)[1](2,162)
Net interest income468 485 469 [1]953 874 [1]1,946
Net fee and commission expense(7)(10)(10)[1](17)(17)[1](42)
Net results of financial transactions9 (17)(24)[1](8)(91)[1]83
Total operating income470 458 435 [1]928 766 [1]1,987
Personnel expenses(98)(89)(92)[1](187)(177)[1](347)
Other administrative expenses(61)(55)(46)[1](116)(98)[1](198)
Depreciation and impairment of non-financial assets(12)(11)(13)[1](23)(26)[1](51)
Total operating expenses(171)(155)(151)[1](326)(301)[1](596)
Operating profit before credit losses299 303 284 [1]602 465 [1]1,391
Net credit losses13 (12)(151)[1]1 (175)[1](153)
Operating profit312 291 133 [1]603 290 [1]1,238
Tax expenses(64)(60)(32)[1](124)(66)[1](270)
Net profit[2]248 231 101 [1]479 224 [1]968
Items not to be reclassified to profit or loss
Own credit risk(2)(18)(62)[1](20)49 [1]18
Revaluation of defined benefit plans4 31 8 [1]35 (1)[1]1
Tax on items not to be reclassified to profit or loss0 (3)12 [1](3)(11)[1](5)
Net items not to be reclassified to profit or loss2 10 (42)[1]12 37 [1]14
Total other comprehensive income2 10 (42)[1]12 37 [1]14
Total comprehensive income[2] kr 250 kr 241 kr 59 [1] kr 491 kr 261 [1] kr 982
Basic earnings per share (in SEK per share)[3] kr 62 kr 58 kr 25 kr 120 kr 56 kr 243
Diluted earnings per share (in SEK per share)[3] kr 62 kr 58 kr 25 kr 120 kr 56 kr 243
[1]Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.
[2]The entire profit is attributable to the shareholder of the Parent Company.
[3]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) - shares3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021Mar. 31, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
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 MillionsJun. 30, 2021Dec. 31, 2020
Assets
Cash and cash equivalents[1] kr 5,549 kr 3,362
Treasuries/government bonds13,381 22,266
Other interest-bearing securities except loans47,796 33,551
Loans in the form of interest-bearing securities46,923 50,780
Loans to credit institutions23,631 31,315
Loans to the public163,723 171,562
Derivatives6,453 7,563
Tangible and intangible assets172 145
Deferred tax asset8 15
Other assets10,388 12,853
Prepaid expenses and accrued revenues1,821 1,987
Total assets319,845 335,399
Liabilities and equity
Borrowing from credit institutions2,862 3,486
Borrowing from the public10,000 10,000
Debt securities issued268,333 273,976
Derivatives16,021 25,395
Other liabilities543 455
Accrued expenses and prepaid revenues1,761 1,924
Provisions60 99
Total liabilities299,580 315,335
Share capital3,990 3,990
Reserves(117)(129)
Retained earnings16,392 16,203
Total equity[2]20,265 20,064
Total liabilities and equity kr 319,845 kr 335,399
[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.
[2]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 MillionsShare capitalOwn credit riskDefined benefit plansRetained earningsTotal
Balance at the beginning of the period at Dec. 31, 2019 kr 3,990 kr (98) kr (45) kr 15,235 kr 19,082
Net profit224 224 [1],[2]
Other comprehensive income38 (1)37 [1]
Total comprehensive income38 (1)224 261 [1],[2]
Balance at the end of the period at Jun. 30, 2020[3]3,990 (60)(46)15,459 19,343
Balance at the beginning of the period at Dec. 31, 20193,990 (98)(45)15,235 19,082
Net profit968 968 [2]
Other comprehensive income14 0 14
Total comprehensive income14 0 968 982 [2]
Balance at the end of the period at Dec. 31, 2020[3]3,990 (84)(45)16,203 20,064
Net profit479 479 [2]
Other comprehensive income(15)27 12
Total comprehensive income(15)27 479 491 [2]
Dividend(290)(290)
Balance at the end of the period at Jun. 30, 2021[3] kr 3,990 kr (99) kr (18) kr 16,392 kr 20,265
[1]Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.
[2]The entire profit is attributable to the shareholder of the Parent Company.
[3]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 Millions6 Months Ended12 Months Ended
Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Operating activities
Operating profit kr 603 kr 290 [1] kr 1,238
Adjustments for non-cash items in operating profit
Adjustments for non-cash items in operating profit111 322 140
Income tax paid(130)(188)(311)
Changes in assets and liabilities from operating activities19,023 (12,216)(19,055)
Cash flow from operating activities19,607 (11,792)(17,988)
Investing activities
Capital expenditures(37)(14)(35)
Cash flow from investing activities(37)(14)(35)
Financing activities
Change in senior debt(14,472)14,327 29,460
Derivatives, net(2,748)352 (8,651)
Dividend paid(290)
Payment of lease liability(13)(13)(27)
Cash flow from financing activities(17,523)14,666 20,782
Cash flow for the period2,047 2,860 2,759
Cash and cash equivalents at beginning of the period3,362 [2]1,362 1,362
Exchange-rate differences on cash and cash equivalents140 (311)(759)
Cash and cash equivalents at end of the period[2] kr 5,549 kr 3,911 kr 3,362
[1]Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.
[2]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 policies6 Months Ended
Jun. 30, 2021
Accounting policies
Accounting policiesNote 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 2020 annual financial statements on Form 20-F, except for the changes described below. In addition to the changes below, certain amounts reported in prior periods have been restated to conform to the current presentation. 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. The amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 in "Reform for new reference rates - phase 2" are applicable from January 1, 2021. Phase 2 of the reform of the reference rates is comprised of three main areas: hedge accounting, modifications and information. The changes clarify that hedge accounting does not have to cease just because the hedged items and hedging instruments were modified as a result of the IBOR reform. Security conditions (and associated documentation) must be changed to reflect the modifications made to the hedged item, the hedging instrument and the hedged risk. Any value adjustments resulting from the changes must be reported as hedging inefficiency. SEK has not made any changes related to the IBOR reform during the reporting period, nor entered into a hedging relationship where an alternative benchmark interest rate constitutes the hedged risk. The reform of the reference rates further clarifies that modifications required as a direct result of the IBOR reform and made in an economically equivalent way should not be reported as modifications for instruments valued at accrued acquisition value. For such modifications, the effective interest rate must be adjusted in line with those modified cash flows. SEK did not use the accounting relief rule for modifications. SEK's exposure that is directly affected by the reference interest rate reform is mainly its lending contracts to variable interest rates, its lending and borrowing contracts at fixed interest rates that are hedged at variable interest rates and currency swaps at variable interest rates. The exposures to variable interest rates are mainly against USD LIBOR, STIBOR and EURIBOR. After 2021-12-31, GBP LIBOR, CHF LIBOR and JPY LIBOR are expected to cease. For USD LIBOR, the most common maturities are expected to expire after 2023-06-30. SEK has lending contracts and derivative contracts maturing after 2023-06-30 in USD LIBOR with a nominal amount of USD 1,893 million and USD 17,829 million respectively. The changes are not expected to result in a change to SEK's hedging conditions and no significant modification gains or modification losses are expected to be reported. The changes are therefore not expected to have any significant impact on SEK's accounts, capital adequacy or large exposures when first applied. To further improve the resilience of credit institutions within the EU, a reform package was adopted in June 2019: Regulation (EU) 2019/876 (CRRII) and Directive (EU) 2019/878 (CRDV) of the European Parliament and of the Council. As of June 28, 2021, the Capital Requirements Regulation (CRRII) entered into force. This means that new requirements such as a binding leverage ratio and a binding stable net financing ratio (NSFR) are included in note 9, Capital adequacy, per 2021-06-30. The information is published in accordance with Supervisory Regulations FFFS 2014:12 and FFFS 2008:25. There are no other 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 income6 Months Ended
Jun. 30, 2021
Net interest income
Net interest incomeNote 2. Net interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Apr-Jun ​ Jan–Mar ​ Apr-Jun ​ Jan-Jun ​ Jan-Jun ​ Jan-Dec Skr mn 2021 2021 2020 1 2021 2020 1 2020 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans to credit institutions ​ 34 33 51 ​ 67 ​ 147 236 Loans to the public ​ 919 920 1,124 ​ 1,839 ​ 2,199 4,210 Loans in the form of interest-bearing securities ​ 189 ​ 195 243 ​ 384 ​ 456 897 Interest-bearing securities excluding loans in the form of interest-bearing securities ​ 12 ​ 19 ​ 71 ​ 31 ​ 191 ​ 242 Derivatives ​ -529 -558 -369 ​ -1,087 ​ -634 -1,708 Administrative remuneration CIRR-system ​ 48 ​ 45 ​ 52 ​ 93 ​ 102 ​ 197 Other assets ​ 5 ​ 6 6 ​ 11 ​ 19 34 Total interest income 2 ​ 678 660 1,178 ​ 1,338 ​ 2,480 4,108 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ -191 ​ -150 ​ -692 ​ -341 ​ -1,563 ​ -2,076 Resolution fee ​ -19 ​ -25 ​ -17 ​ -44 ​ -43 ​ -86 Total interest expenses ​ -210 -175 -709 ​ -385 ​ -1,606 -2,162 Net interest income ​ 468 485 469 ​ 953 ​ 874 1,946 1 Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted. 2 Interest income calculated using the effective interest method amounted to Skr 2,087 million during January-June 2021 (1H20: Skr 2,622 million).

Net results of financial transa

Net results of financial transactions6 Months Ended
Jun. 30, 2021
Net results of financial transactions
Net results of financial transactionsNote 3. Net results of financial transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Apr-Jun ​ Jan–Mar ​ Apr-Jun ​ Jan-Jun ​ Jan-Jun ​ Jan-Dec Skr mn 2021 2021 2020 2021 2020 2020 Derecognition of financial instruments not measured at fair value through profit or loss ​ 29 ​ 1 ​ 8 ​ 30 ​ 10 ​ 14 Financial assets or liabilities at fair value through profit or loss ​ -28 ​ -11 ​ 1 ​ -39 ​ -109 ​ -22 Financial instruments under fair-value hedge accounting ​ 7 ​ -4 ​ -37 ​ 3 ​ 8 ​ 86 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value 1 -3 4 -2 ​ 0 5 Total net results of financial transactions 9 -17 -24 -8 ​ -91 83 ​

Impairments

Impairments6 Months Ended
Jun. 30, 2021
Impairments
ImpairmentsNote 4. Impairments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Apr-Jun ​ Jan–Mar ​ Apr-Jun ​ Jan-Jun ​ Jan-Jun ​ Jan-Dec Skr mn 2021 2021 2020 2021 2020 2020 Expected credit losses, stage 1 ​ 31 ​ 5 ​ -110 ​ 36 ​ -127 ​ -98 Expected credit losses, stage 2 ​ 8 ​ 10 ​ -39 ​ 18 ​ -46 ​ -48 Expected credit losses, stage 3 ​ -30 ​ -27 ​ -2 ​ -57 ​ -2 ​ -7 Established losses -3 — -20 ​ -3 ​ -20 ​ -20 Reserves applied to cover established credit losses ​ 3 ​ — ​ 20 ​ 3 ​ 20 ​ 20 Recovered credit losses 4 — — ​ 4 ​ — — Net credit losses 13 -12 -151 ​ 1 ​ -175 -153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Total Loans, before expected credit losses 184,075 36,057 1,852 221,984 231,927 Off balance sheet exposures, before expected credit losses 34,259 31,184 — 65,443 62,504 Total, before expected credit losses 218,334 67,241 1,852 287,427 294,431 Loss allowance, loans -107 -38 -97 -242 -240 Loss allowance, off balance sheet exposures 1 -5 0 — -5 -9 Total loss allowance -112 -38 -97 -247 -249 Provision ratio (in percent) 0.05 ​ 0.06 ​ 5.24 ​ 0.09 ​ 0.08 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, 2021 ​ December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Total Opening balance January 1 ​ -147 -56 ​ -46 ​ -249 ​ -128 Increases due to origination and acquisition ​ -26 -2 -23 ​ -51 -84 Net remeasurement of loss allowance ​ 42 8 0 50 -69 Transfer to stage 1 ​ -2 ​ 3 — 1 — Transfer to stage 2 ​ 0 -9 — -9 — Transfer to stage 3 ​ 0 3 -41 -38 -9 Decreases due to derecognition ​ 21 17 7 45 8 Decrease in allowance account due to write-offs ​ — — 7 7 20 Exchange-rate differences 1 ​ 0 -2 -1 -3 13 Closing balance ​ -112 -38 -97 -247 -249 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: (i) a base scenario, (ii) a downturn scenario and (iii) an upturn scenario. The base scenario consists of GDP forecasts from the World Bank. When calculating the ECL as of June 30, 2021 the latest available forecast was the World Bank's forecast from June 2021. According to the World Bank's forecast, global economic output is expected to increase by 5.6 percent in 2021 and to increase by 4.3 percent in 2022. The base scenario has been weighted at between 75 and 78 percent, and the downturn and upturn weighted SEK’s IFRS 9 model is based on GDP growth projections estimating the impact on the probability of default. SEK’s management believes that the strong positive GDP growth projections for 2021 may understate the probability of default of the asset portfolio. In the second quarter, as the IFRS 9 model is assessed to underestimate the probability of default, SEK made an overall adjustment to increase expected credit losses which was calculated pursuant to SEK’s IFRS 9 model as of June 30, 2021.

Financial assets and liabilitie

Financial assets and liabilities at fair value6 Months Ended
Jun. 30, 2021
Financial assets and liabilities at fair value
Financial assets and liabilities at fair valueNote 5. Financial assets and liabilities at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ ​ ​ ​ ​ Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 5,549 5,549 — Treasuries/governments bonds 13,381 13,381 — Other interest-bearing securities except loans 47,796 47,796 — Loans in the form of interest-bearing securities 46,923 48,247 1,324 Loans to credit institutions 23,631 23,825 194 Loans to the public 163,723 171,258 7,535 Derivatives 6,453 6,453 — Total financial assets 307,456 316,509 9,053 Borrowing from credit institutions 2,862 2,862 — Borrowing from the public 10,000 10,000 — Debt securities issued 268,333 268,939 606 Derivatives 16,021 16,021 — Total financial liabilities 297,216 297,822 606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ Surplus value (+)/ Skr mn ​ Book value ​ Fair value ​ Deficit value (–) Cash and cash equivalents 3,362 3,362 — Treasuries/governments bonds 22,266 22,266 — Other interest-bearing securities except loans 33,551 33,551 — Loans in the form of interest-bearing securities 50,780 52,091 1,311 Loans to credit institutions 31,315 31,424 109 Loans to the public 171,562 180,453 8,891 Derivatives 7,563 7,563 — Total financial assets 320,399 330,710 10,311 ​ ​ ​ ​ ​ ​ ​ Borrowing from credit institutions 3,486 3,486 — Borrowing from the public 10,000 ​ 10,000 ​ — Debt securities issued 273,976 274,552 576 Derivatives 25,395 25,395 — Total financial liabilities 312,857 313,433 576 ​ Determination of fair value The determination of fair value is described in the annual financial statements included in SEK’s 2020 Annual Report on Form 20-F, see Note 1 (h) (viii) Principles for determination of fair value of financial instruments and (ix) Determination of fair value of certain types of financial instruments. Financial assets in fair value hierarchy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 9,836 3,545 — 13,381 Other interest-bearing securities except loans 23,518 24,278 — 47,796 Derivatives — 5,827 626 6,453 Total, June 30, 2021 ​ 33,354 ​ 33,650 ​ 626 ​ 67,630 Total, December 31, 2020 33,582 ​ 28,220 ​ 1,578 ​ 63,380 ​ Financial liabilities in fair value hierarchy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 6,812 30,553 37,365 Derivatives ​ — ​ 14,366 ​ 1,655 ​ 16,021 Total, June 30, 2021 ​ — ​ 21,178 ​ 32,208 ​ 53,386 Total, December 31, 2020 — 29,744 43,039 72,783 ​ Due to an increased element of subjective assessment of the input in the valuation, a transfer of Skr -1 million for derivatives was made from level 2 to level 3 (year-end 2020: a transfer of Skr -10,649 million for debt securities issued was made from level 2 to level 3, a transfer from level 3 to level 2 of Skr 6,534 million for debt securities issued was made and a transfer from level 3 to level 2 of net Skr -1,259 million for derivatives was made). Financial assets and liabilities at fair value in Level 3, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (+) and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (+) and ​ losses (–) in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ losses (–) ​ Other ​ Exchange- ​ ​ ​ ​ January 1, ​ ​ ​ Settlements & ​ Transfers ​ from ​ through profit ​ comprehensive ​ rate ​ June 30, Skr mn 2021 Purchases sales to Level 3 Level 3 or loss 1 income differences 2021 Debt securities issued -41,198 -6,735 17,922 — — -505 -33 ​ -4 -30,553 Derivatives, net -263 9 -561 -1 — 847 — ​ -1,060 -1,029 Net assets and liabilities -41,461 -6,726 17,361 -1 — 342 -33 ​ -1,064 -31,582 ​ Financial assets and liabilities at fair value in Level 3, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (+) and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (+) and ​ losses (–) in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ losses (–) ​ Other ​ Exchange- ​ ​ ​ ​ January 1, ​ ​ ​ Settlements & ​ Transfers ​ from ​ through profit ​ comprehensive ​ rate ​ December 31, Skr mn 2020 Purchases sales to Level 3 Level 3 or loss 1 income differences 2020 Debt securities issued -43,752 -10,584 16,285 -10,649 6,534 -1,345 44 2,269 ​ -41,198 Derivatives, net 22 7 -400 — -1,259 -1,597 — 2,964 ​ -263 Net assets and liabilities -43,730 -10,577 15,885 -10,649 5,275 -2,942 44 5,233 ​ -41,461 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, 2021 amounted to a Skr 328 million gain (year-end 2020: Skr 36 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 +/- 0.12, which represents the level SEK uses within its prudent valuation framework. For Level 3 instruments that are significantly affected by non--observable market data in the form of SEK’s own creditworthiness, a revaluation has been made by shifting the credit curve. The revaluation is made by shifting the credit spreads by +/- 10 basis points, which has been assessed as a reasonable change in SEK’s credit spread. The analysis shows the impact of the non-observable market data on the market value. In addition, the market value will be affected by observable market data.The result of the analysis corresponds with SEK’s business model where issued securities are linked with a matched hedging derivative. The underlying market data is used to evaluate the issued security as well as to evaluate the fair value in the derivative. This means that a change in fair value of the issued security, excluding SEK’s own credit spread, is offset by an equally large change in fair value in the derivative. Sensitivity analysis – level 3 assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets and liabilities ​ June 30, 2021 ​ ​ ​ ​ ​ ​ Range of estimates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unobservable ​ for unobservable ​ ​ ​ Sensitivity ​ Sensitivity Skr mn Fair Value input input Valuation method max min ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity -549 Correlation 0.12 - (0.12) Option Model -5 ​ 5 Interest rate 1 Correlation 0.12 - (0.12) Option Model 0 ​ 0 FX -368 Correlation 0.12 - (0.12) Option Model -49 ​ 49 Other -113 Correlation 0.12 - (0.12) Option Model 0 ​ 0 Sum derivatives, net -1,029 ​ ​ ​ ​ ​ -54 ​ 54 Equity -6,901 Correlation 0.12 - (0.12) Option Model 5 ​ -5 ​ ​ Credit spreads 10BP - (10BP) Discounted cash flow 8 ​ -8 Interest rate -12,243 Correlation 0.12 - (0.12) Option Model 0 ​ 0 ​ ​ Credit spreads 10BP - (10BP) Discounted cash flow 63 ​ -63 FX -11,293 Correlation 0.12 - (0.12) Option Model 52 ​ -52 ​ ​ Credit spreads 10BP - (10BP) Discounted cash flow 52 ​ -52 Other -116 Correlation 0.12 - (0.12) Option Model 0 ​ 0 ​ ​ Credit spreads 10BP - (10BP) Discounted cash flow 1 ​ -1 Sum debt securities issued -30,553 ​ ​ ​ ​ ​ 181 ​ -181 Total effect on total comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ 127 ​ -127 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives, net, December 31, 2020 ​ -263 ​ ​ ​ ​ ​ ​ ​ -59 ​ 59 Debt securities issued, December 31, 2020 ​ -41,198 ​ ​ ​ ​ ​ ​ ​ 196 ​ -196 Total effect on total comprehensive income, December 31, 2020 ​ 137 -137 ​ 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 shifted by 0.12 and 10 basis points ​ Fair value related to credit risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value originating from credit risk ​ The period's change in fair value originating ​ ​ (- liabilities increase/ + liabilities decrease) ​ from credit risk (+ income/ - loss) ​ ​ June 30, ​ 31 December ​ Jan-Jun ​ Jan-Jun Skr mn 2021 2020 2021 2020 CVA/DVA, net 1 ​ -14 ​ -17 ​ 3 ​ -12 OCA 2 ​ -127 ​ -108 ​ -19 ​ 49 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

Derivatives6 Months Ended
Jun. 30, 2021
Derivatives.
DerivativesNote 6. Derivatives Derivatives by category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ Assets ​ Liabilities ​ Nominal ​ Assets ​ Liabilities ​ Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 3,305 9,563 324,669 3,846 11,774 323,664 Currency-related contracts 3,061 4,443 159,838 3,249 11,236 153,838 Equity-related contracts 10 544 7,274 457 620 15,598 Contracts related to commodities, credit risk, etc. 77 1,471 8,105 11 1,765 7,513 Total derivatives 6,453 16,021 499,886 7,563 25,395 500,613 ​ 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-system6 Months Ended
Jun. 30, 2021
CIRR-system
CIRR-systemNote 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 as compensation is recognized in the CIRR-system as administrative compensation 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, 2021, concessionary loans outstanding amounted to Skr 348 million (year-end 2020: Skr 382 million) and operating profit for the program amounted to Skr -11 million (1H20: Skr -15 million) for the period January-June 2021. SEK’s administrative compensation for administrating the concessionary credit program amounted to Skr 1 million (1H20: Skr 1 million). Statement of Comprehensive Income for the CIRR-system ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Apr-Jun ​ Jan–Mar ​ Apr-Jun ​ Jan-Jun ​ Jan-Jun ​ Jan-Dec Skr mn 2021 2021 ​ 2020 ​ 2021 2020 2020 Interest income 498 487 ​ 582 ​ 985 1,121 2,170 Interest expenses -494 -520 ​ -529 ​ -1,014 -1,041 -2,087 Interest compensation 7 — ​ 11 ​ 7 14 14 Exchange-rate differences 0 -1 ​ -1 ​ -1 2 4 Profit before compensation to SEK ​ 11 ​ -34 ​ 63 ​ -23 ​ 96 ​ 101 Administrative remuneration to SEK ​ -47 ​ -45 ​ -52 ​ -92 ​ -102 ​ -196 Operating profit CIRR-system ​ -36 ​ -79 ​ 11 ​ -115 ​ -6 ​ -95 Reimbursement to (–) / from (+) the State 36 79 ​ -11 ​ 115 6 95 ​ Statement of Financial Position for the CIRR-system ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2021 2020 Cash and cash equivalents 26 2 Loans 73,958 69,163 Other assets 9,277 12,528 Prepaid expenses and accrued revenues 421 407 Total assets 83,682 82,100 ​ ​ ​ ​ ​ Liabilities 74,205 69,289 Derivatives 8,962 12,232 Accrued expenses and prepaid revenues 515 579 Total liabilities 83,682 82,100 ​ ​ ​ ​ ​ Commitments ​ ​ Committed undisbursed loans 52,974 51,463 Binding offers 1,492 1,322 ​

Pledged assets and contingent l

Pledged assets and contingent liabilities6 Months Ended
Jun. 30, 2021
Pledged assets and contingent liabilities
Pledged assets and contingent liabilitiesNote 8. Pledged assets and contingent liabilities ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2021 2020 Collateral provided Cash collateral under the security agreements for derivative contracts 12,535 21,979 ​ ​ ​ ​ ​ Contingent liabilities 1 Guarantee commitments 4,311 3,969 ​ ​ ​ ​ ​ Commitments 1 Committed undisbursed loans 59,640 57,213 Binding offers 1,492 1,322 Leases committed but not yet commenced ​ 156 ​ — 1 For expected credit losses in guarantee commitments, committed undisbursed loans and binding offers, see Note 4.

Capital adequacy

Capital adequacy6 Months Ended
Jun. 30, 2021
Capital adequacy
Capital adequacyNote 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 2020 Annual Report on Form 20-F and see SEK’s 2020 Capital Adequacy and Risk Management (Pillar 3) Report. Capital Adequacy Analysis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 23.3 ​ 21.8 Tier 1 capital ratio 23.3 ​ 21.8 Total capital ratio 23.3 ​ 21.8 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, 2021 ​ December 31, 2020 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 ​ 6,763 ​ 8.0 ​ 7,136 ​ 8.0 of which Tier 1 requirement of 6 percent ​ 5,072 ​ 6.0 ​ 5,352 ​ 6.0 of which minimum requirement of 4.5 percent ​ 3,804 ​ 4.5 ​ 4,014 ​ 4.5 Pillar 2 capital requirements 3 ​ 4,038 ​ 4.8 ​ 3,921 ​ 4.4 Common Equity Tier 1 capital available to meet buffer requirements 4 ​ 8,876 ​ 10.5 ​ 12,310 ​ 13.8 Capital buffer requirements ​ 2,146 ​ 2.5 ​ 2,259 ​ 2.5 of which Capital conservation buffer 2,113 2.5 ​ 2,230 2.5 of which Countercyclical buffer 33 0.0 ​ 29 0.0 of which Systemic risk buffer — — — — Total risk-based capital requirement 12,947 15.3 ​ 13,316 14.9 1 Expressed as a percentage of total risk exposure amount. 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012) have fully come into force in Sweden without regard to the transitional period. 3 Individual Pillar 2 requirement according to decision from latest Swedish FSA SREP. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK cover all minimum requirements with CET1 capital - i.e. 4.5 percent, 1.5 percent and 2 percent) and from Q2 2021 pillar 2 requirements (4.8 percent). ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Leverage ratio ​ Skr mn ​ Skr mn On-balance sheet exposures 207,250 297,605 ​ Off-balance sheet exposures 4,357 37,162 ​ Total exposure measure 1 211,607 334,767 ​ Leverage ratio 2 9.3 % 5.8 % 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, 2021 December 31, 2020 Total capital requirement relating to leverage ratio Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent ​ 6,348 ​ 3.0 ​ — ​ — Pillar 2 capital requirements ​ — ​ — ​ — ​ — Total capital requirement relating to leverage ratio ​ 6,348 ​ 3.0 ​ — ​ — 1 Expressed as a percentage of total exposure amount. ​ Own funds – Adjusting items ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2021 2020 Share capital 3,990 3,990 Retained earnings 15,516 14,856 Accumulated other comprehensive income and other reserves 1 325 292 Independently reviewed profit net of any foreseeable charge or dividend 272 694 Common Equity Tier 1 (CET1) capital before regulatory adjustments 20,103 19,832 Additional value adjustments due to prudent valuation -337 -306 Intangible assets 1 -106 -98 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing 94 77 Negative amounts resulting from the calculation of expected loss amounts ​ -44 ​ -55 Total regulatory adjustments to Common Equity Tier 1 capital -393 -382 Total Common Equity Tier 1 capital 19,710 19,450 Total Own funds 19,710 19,450 1 From December 31, 2020, SEK applies the amendments to Delegated Regulation (EU) No 241/2014 regarding deduction of software assets from Common Equity Tier 1 (CET1). The amendments introduce an exemption from the deduction of intangible assets from CET1 for prudently valued software assets of which the value is not negatively affected by resolution, insolvency or liquidation of the institution. ​ Minimum capital requirements exclusive of buffer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ Minimum ​ ​ ​ ​ ​ Minimum ​ ​ Risk exposure capital ​ Risk exposure capital Skr mn ​ EAD 1 ​ amount ​ requirement ​ EAD 1 ​ amount ​ requirement Credit risk standardized method ​ ​ ​ ​ ​ Corporates 2,386 2,386 191 2,238 2,238 179 Exposures in default ​ 85 ​ 85 ​ 7 ​ 7 ​ 7 ​ 1 Total credit risk standardized method 2,471 2,471 198 2,245 2,245 180 Credit risk IRB method ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central Governments ​ 198,982 ​ 9,613 ​ 769 ​ 192,077 ​ 9,684 ​ 775 Financial institutions 2 35,868 7,601 608 30,661 6,764 541 Corporates 3 108,195 57,657 4,613 117,415 63,766 5,101 Assets without counterparty ​ 200 ​ 200 ​ 16 ​ 163 ​ 163 ​ 13 Total credit risk IRB method 343,245 75,071 6,006 340,316 80,377 6,430 Credit valuation adjustment risk n.a. 2,681 214 n.a. 2,284 183 Foreign exchange risk n.a. 663 53 n.a. 664 52 Commodities risk n.a. 22 2 n.a. 7 1 Operational risk n.a. 3,625 290 n.a. 3,625 290 Total 345,716 84,533 6,763 342,561 89,202 7,136 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 5,933 million (year-end 2020: Skr 5,535 million), Risk exposure amount of Skr 1,999 million (year-end 2020: Skr 1,908 million) and Capital requirement of Skr 160 million (year-end 2020: Skr 153 million). 3 Of which related to specialized lending: EAD Skr 5,113 million (year-end 2020: 3,847 million), Risk exposure amount of Skr 3,651 million (year -end 2020: Skr 2,739 million) and Capital requirement of Skr 292 million (year-end 2020: Skr 219 million). ​ Credit risk For classification and quantification of credit risk, SEK uses the IRB approach. Specifically, SEK applies the Foundation Approach. Under the Foundation Approach, the company determines the probability of default within one year (PD) for each of its counterparties, while the remaining parameters are established in accordance with CRR. Application of the IRB approach requires the Swedish FSA’s permission and is subject to ongoing supervision. Certain exposures are, by permission from the Swedish FSA, exempted from application of the IRB approach, and, instead, the standardized approach is applied. In 2020, SEK reviewed its credit risk processes in order to comply with new regulatory requirements, EBA Guidelines EBA/GL/2016/07 and Commission Delegated Regulation (EU) 2018/171, on the definition of default. As a result, SEK established a new internal definition of default, which was subsequently approved by the Swedish FSA and later, on January 1, 2021, implemented in the IRB approach for own funds requirements calculation. Counterparty risk exposure amounts in derivatives are calculated in accordance with the mark-to-market method Credit valuation adjustment risk Credit valuation adjustment risk is calculated for all over-the-counter derivative contracts, except for credit derivatives used as credit protection and transactions with a qualifying central counterparty. SEK calculates this capital requirement according to the standardized method Foreign exchange risk Foreign exchange risk is calculated according to the standardized approach scenario approach Commodities risk Capital requirements for commodity risk are calculated in ­ accordance with the simplified approach standardized approach scenario approach Operational risk Capital requirement for operational risk is calculated according to the standardized approach. The company’s operations are divided into business areas as defined in the CRR. The capital requirement for each area is calculated by multiplying a factor depending on the business area by an income indicator. The factors applicable for SEK are 15 percent and 18 percent. The income indicators consist of the average operating income for the past three Transitional rules The capital adequacy ratios reflect the full impact of IFRS 9 as no transitional rules for IFRS 9 were utilized. Capital buffer requirements SEK expects to meet capital buffer requirements with Common Equity Tier 1 capital. The mandatory capital conservation buffer is 2.5 percent. The countercyclical buffer rate that is applied to exposures located in Sweden was lowered from 2.5 percent to 0 percent as of March 16, 2020. The reduction is made for preventive purposes, in order to counteract credit tightening due to the development and spread of COVID-19 and its effects on the economy. As of June 30, 2021, the capital requirement related to relevant exposures in Sweden was 67 percent (year-end 2020: 70 percent) of the total relevant capital requirement regardless of location; this fraction is also the weight applied on the Swedish buffer rate when calculating SEK’s countercyclical capital buffer. The countercyclical capital buffer as of June 30, 2021 for Sweden has been dissolved due to the reduction of the countercyclical buffer value to 0 percent. Buffer rates applicable in other countries may have effects on SEK, but as most capital requirements for SEK’s relevant credit exposures are related to Sweden, the potential effect is limited. As of June 30, 2021, the contribution to SEK’s countercyclical buffer from buffer rates in other countries was 0.04 percentage points (year-end 2020: 0.03 percentage points). SEK has not been classified as a systemically important institution by any financial regulatory authority. The capital buffer requirements for systemically important institutions that came into force January 1, 2016, therefore do not apply to SEK. Internally assessed economic capital ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2021 2020 Credit risk 5,875 6,121 Operational risk 203 203 Market risk 1,233 1,140 Other risks 214 183 Capital planning buffer ​ 1,610 ​ 2,831 Total 9,135 10,478 ​ SEK regularly conducts an internal capital adequacy assessment process, during which the company determines how much capital is needed in order to cover its risks. The result of SEK’s assessment of capital adequacy is presented above. For more information regarding the internal capital adequacy assessment process and its methods, please see Note 30 to the annual financial statements included in SEK’s 2020 Annual Report on Form 20-F. Liquidity coverage ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr bn 2021 2020 Total liquid assets 56.6 49.0 ​ Net liquidity outflows 1 11.0 10.1 ​ Liquidity outflows ​ 21.9 ​ 22.1 ​ Liquidity inflows 11.4 13.3 ​ Liquidity Coverage Ratio 637 % 604 % 1 Net liquidity outflows is calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows is calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61. ​ Information on Liquidity Coverage Ratio (LCR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61. Net stable funding ​ ​ ​ ​ ​ ​ ​ Skr bn June 30, 2021 December 31, 2020 Available stable funding 240.6 242.6 Requiring stable funding 166.9 179.7 Net Stable Funding Ratio 144 % 135 % ​ 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

Exposures6 Months Ended
Jun. 30, 2021
Exposures
ExposuresNote 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, 2021 ​ December 31, 2020 ​ June 30, 2021 ​ December 31, 2020 ​ June 30, 2021 ​ December 31, 2020 Skr bn Amount % Amount % Amount % Amount % Amount % Amount % Central -governments 134.5 46.0 131.6 45.0 56.2 79.0 53.9 80.0 190.7 52.5 185.5 51.6 Regional -governments 13.8 4.7 12.3 4.2 — — — — 13.8 3.8 12.3 3.4 Multilateral development banks 3.2 1.1 3.5 1.2 0.1 0.1 0.0 0.0 3.3 0.9 3.5 1.0 Public Sector Entity ​ 5.2 ​ 1.8 ​ 4.2 ​ 1.5 ​ — ​ — ​ — ​ — ​ 5.2 ​ 1.4 ​ 4.2 ​ 1.2 Financial -institutions 29.3 10.0 24.5 8.4 6.8 9.6 6.4 9.5 36.1 10.0 30.9 8.6 Corporates 106.2 36.4 116.0 39.7 8.0 11.3 7.1 10.5 114.2 31.4 123.1 34.2 Total 292.2 100.0 292.1 100.0 71.1 100.0 67.4 100.0 363.3 100.0 359.5 100.0 ​ Net exposure by region and exposure class, as of June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ European ​ Central- ​ ​ ​ ​ Middle ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ countries ​ and East ​ ​ ​ ​ East/ ​ Asia excl. ​ ​ ​ North ​ ​ ​ Latin ​ ​ ​ excl. ​ European ​ ​ Skr bn Africa Japan Japan America Oceania America Sweden Sweden countries Total Central governments — 0.4 1.9 1.6 — — 167.9 16.2 2.7 190.7 Regional governments — — — — — — 13.8 0.0 — 13.8 Multilateral development banks — — — — — — — 3.3 — 3.3 Public Sector Entity ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 5.2 ​ — ​ 5.2 Financial institutions 0.0 0.9 0.2 1.9 0.9 — 17.1 14.9 0.2 36.1 Corporates 1.5 1.2 4.0 4.3 — 3.0 76.7 23.0 0.5 114.2 Total 1.5 2.5 6.1 7.8 0.9 3.0 ​ 275.5 62.6 3.4 363.3 ​ Net exposure by region and exposure class, as of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ European ​ Central- ​ ​ ​ ​ Middle ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ countries ​ and East ​ ​ ​ ​ East/ ​ Asia excl. ​ ​ ​ North ​ ​ ​ Latin ​ ​ ​ excl. ​ European ​ Skr bn Africa Japan Japan America Oceania America Sweden Sweden countries Total Central governments 0.1 0.4 2.4 1.6 — — 159.2 19.0 2.8 185.5 Regional governments — — — — — — 12.2 0.1 — 12.3 Multilateral development banks — — — — — — — 3.5 — 3.5 Public Sector Entity ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 4.2 ​ — ​ 4.2 Financial institutions 0.0 1.2 0.6 1.7 0.8 — 11.4 15.0 0.2 30.9 Corporates 2.6 1.1 3.9 5.7 — 3.3 85.2 20.9 0.4 123.1 Total 2.7 2.7 6.9 9.0 0.8 3.3 ​ 268.0 62.7 3.4 359.5 ​ Net exposure to European countries, excluding Sweden ​ ​ ​ ​ ​ ​ Skr bn June 30, 2021 December 31, 2020 Germany 10.2 8.6 France 8.2 8.0 Finland 7.1 8.9 United Kingdom 6.1 7.0 Denmark 5.9 5.2 Luxembourg 5.6 4.6 Norway ​ 5.3 ​ 4.8 The Netherlands 3.4 3.2 Austria 3.3 5.7 Spain 3.1 1.9 Poland 2.8 2.9 Belgium 2.7 2.5 Portugal 0.6 0.7 Ireland 0.6 0.6 Switzerland ​ 0.4 ​ 0.8 Serbia 0.2 0.3 Latvia ​ 0.1 ​ 0.2 Iceland 0.1 0.1 Estonia 0.1 0.1 Italy 0.1 0.1 Lithuania 0.1 — Total 66.0 66.2 ​

Transactions with related parti

Transactions with related parties6 Months Ended
Jun. 30, 2021
Transactions with related parties
Transactions with related partiesNote 11. Transactions with related parties Transactions with related parties are described in Note 27 to the consolidated financial statements included in SEK’s 2020 Annual Report on Form 20-F. No material changes have taken place in relation to transactions with related parties compared to that description.

Events after the reporting peri

Events after the reporting period6 Months Ended
Jun. 30, 2021
Events after the reporting period
Events after the reporting periodNote 12. 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, 2021
Accounting policies
Description of accounting policies and methods of computation followed in interim financial statementsThe accounting policies, methods of computation and presentation of the Consolidated Group are, in all material aspects, the same as those used for the 2020 annual financial statements on Form 20-F, except for the changes described below. In addition to the changes below, certain amounts reported in prior periods have been restated to conform to the current presentation. SEK analyzes and assesses the application and impact of changes in financial reporting standards that are applied within the Group. Changes that are not mentioned are either not applicable to SEK or have been determined to not have a material impact on SEK's financial reporting.

Net interest income (Tables)

Net interest income (Tables)6 Months Ended
Jun. 30, 2021
Net interest income
Schedule of net interest income​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Apr-Jun ​ Jan–Mar ​ Apr-Jun ​ Jan-Jun ​ Jan-Jun ​ Jan-Dec Skr mn 2021 2021 2020 1 2021 2020 1 2020 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans to credit institutions ​ 34 33 51 ​ 67 ​ 147 236 Loans to the public ​ 919 920 1,124 ​ 1,839 ​ 2,199 4,210 Loans in the form of interest-bearing securities ​ 189 ​ 195 243 ​ 384 ​ 456 897 Interest-bearing securities excluding loans in the form of interest-bearing securities ​ 12 ​ 19 ​ 71 ​ 31 ​ 191 ​ 242 Derivatives ​ -529 -558 -369 ​ -1,087 ​ -634 -1,708 Administrative remuneration CIRR-system ​ 48 ​ 45 ​ 52 ​ 93 ​ 102 ​ 197 Other assets ​ 5 ​ 6 6 ​ 11 ​ 19 34 Total interest income 2 ​ 678 660 1,178 ​ 1,338 ​ 2,480 4,108 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ -191 ​ -150 ​ -692 ​ -341 ​ -1,563 ​ -2,076 Resolution fee ​ -19 ​ -25 ​ -17 ​ -44 ​ -43 ​ -86 Total interest expenses ​ -210 -175 -709 ​ -385 ​ -1,606 -2,162 Net interest income ​ 468 485 469 ​ 953 ​ 874 1,946 1 Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted. 2 Interest income calculated using the effective interest method amounted to Skr 2,087 million during January-June 2021 (1H20: Skr 2,622 million).

Net results of financial tran_2

Net results of financial transactions (Tables)6 Months Ended
Jun. 30, 2021
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 2021 2021 2020 2021 2020 2020 Derecognition of financial instruments not measured at fair value through profit or loss ​ 29 ​ 1 ​ 8 ​ 30 ​ 10 ​ 14 Financial assets or liabilities at fair value through profit or loss ​ -28 ​ -11 ​ 1 ​ -39 ​ -109 ​ -22 Financial instruments under fair-value hedge accounting ​ 7 ​ -4 ​ -37 ​ 3 ​ 8 ​ 86 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value 1 -3 4 -2 ​ 0 5 Total net results of financial transactions 9 -17 -24 -8 ​ -91 83

Impairments (Tables)

Impairments (Tables)6 Months Ended
Jun. 30, 2021
Impairments
Schedule of impairments​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Apr-Jun ​ Jan–Mar ​ Apr-Jun ​ Jan-Jun ​ Jan-Jun ​ Jan-Dec Skr mn 2021 2021 2020 2021 2020 2020 Expected credit losses, stage 1 ​ 31 ​ 5 ​ -110 ​ 36 ​ -127 ​ -98 Expected credit losses, stage 2 ​ 8 ​ 10 ​ -39 ​ 18 ​ -46 ​ -48 Expected credit losses, stage 3 ​ -30 ​ -27 ​ -2 ​ -57 ​ -2 ​ -7 Established losses -3 — -20 ​ -3 ​ -20 ​ -20 Reserves applied to cover established credit losses ​ 3 ​ — ​ 20 ​ 3 ​ 20 ​ 20 Recovered credit losses 4 — — ​ 4 ​ — — Net credit losses 13 -12 -151 ​ 1 ​ -175 -153
Schedule of balances and reconciliation of changes in loss allowances by stages​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Total Loans, before expected credit losses 184,075 36,057 1,852 221,984 231,927 Off balance sheet exposures, before expected credit losses 34,259 31,184 — 65,443 62,504 Total, before expected credit losses 218,334 67,241 1,852 287,427 294,431 Loss allowance, loans -107 -38 -97 -242 -240 Loss allowance, off balance sheet exposures 1 -5 0 — -5 -9 Total loss allowance -112 -38 -97 -247 -249 Provision ratio (in percent) 0.05 ​ 0.06 ​ 5.24 ​ 0.09 ​ 0.08 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, 2021 ​ December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Total Opening balance January 1 ​ -147 -56 ​ -46 ​ -249 ​ -128 Increases due to origination and acquisition ​ -26 -2 -23 ​ -51 -84 Net remeasurement of loss allowance ​ 42 8 0 50 -69 Transfer to stage 1 ​ -2 ​ 3 — 1 — Transfer to stage 2 ​ 0 -9 — -9 — Transfer to stage 3 ​ 0 3 -41 -38 -9 Decreases due to derecognition ​ 21 17 7 45 8 Decrease in allowance account due to write-offs ​ — — 7 7 20 Exchange-rate differences 1 ​ 0 -2 -1 -3 13 Closing balance ​ -112 -38 -97 -247 -249 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, 2021
Sub-classifications of financial information
Schedule of financial assets and liabilities at fair value by class​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ ​ ​ ​ ​ Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 5,549 5,549 — Treasuries/governments bonds 13,381 13,381 — Other interest-bearing securities except loans 47,796 47,796 — Loans in the form of interest-bearing securities 46,923 48,247 1,324 Loans to credit institutions 23,631 23,825 194 Loans to the public 163,723 171,258 7,535 Derivatives 6,453 6,453 — Total financial assets 307,456 316,509 9,053 Borrowing from credit institutions 2,862 2,862 — Borrowing from the public 10,000 10,000 — Debt securities issued 268,333 268,939 606 Derivatives 16,021 16,021 — Total financial liabilities 297,216 297,822 606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ Surplus value (+)/ Skr mn ​ Book value ​ Fair value ​ Deficit value (–) Cash and cash equivalents 3,362 3,362 — Treasuries/governments bonds 22,266 22,266 — Other interest-bearing securities except loans 33,551 33,551 — Loans in the form of interest-bearing securities 50,780 52,091 1,311 Loans to credit institutions 31,315 31,424 109 Loans to the public 171,562 180,453 8,891 Derivatives 7,563 7,563 — Total financial assets 320,399 330,710 10,311 ​ ​ ​ ​ ​ ​ ​ Borrowing from credit institutions 3,486 3,486 — Borrowing from the public 10,000 ​ 10,000 ​ — Debt securities issued 273,976 274,552 576 Derivatives 25,395 25,395 — Total financial liabilities 312,857 313,433 576 ​
Schedule of fair value measurement of assets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 9,836 3,545 — 13,381 Other interest-bearing securities except loans 23,518 24,278 — 47,796 Derivatives — 5,827 626 6,453 Total, June 30, 2021 ​ 33,354 ​ 33,650 ​ 626 ​ 67,630 Total, December 31, 2020 33,582 ​ 28,220 ​ 1,578 ​ 63,380 ​
Schedule of fair value measurement of liabilities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 6,812 30,553 37,365 Derivatives ​ — ​ 14,366 ​ 1,655 ​ 16,021 Total, June 30, 2021 ​ — ​ 21,178 ​ 32,208 ​ 53,386 Total, December 31, 2020 — 29,744 43,039 72,783
Schedule of fair value related to credit risk​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value originating from credit risk ​ The period's change in fair value originating ​ ​ (- liabilities increase/ + liabilities decrease) ​ from credit risk (+ income/ - loss) ​ ​ June 30, ​ 31 December ​ Jan-Jun ​ Jan-Jun Skr mn 2021 2020 2021 2020 CVA/DVA, net 1 ​ -14 ​ -17 ​ 3 ​ -12 OCA 2 ​ -127 ​ -108 ​ -19 ​ 49 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 valueFinancial assets and liabilities at fair value in Level 3, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (+) and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (+) and ​ losses (–) in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ losses (–) ​ Other ​ Exchange- ​ ​ ​ ​ January 1, ​ ​ ​ Settlements & ​ Transfers ​ from ​ through profit ​ comprehensive ​ rate ​ June 30, Skr mn 2021 Purchases sales to Level 3 Level 3 or loss 1 income differences 2021 Debt securities issued -41,198 -6,735 17,922 — — -505 -33 ​ -4 -30,553 Derivatives, net -263 9 -561 -1 — 847 — ​ -1,060 -1,029 Net assets and liabilities -41,461 -6,726 17,361 -1 — 342 -33 ​ -1,064 -31,582 ​ Financial assets and liabilities at fair value in Level 3, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (+) and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (+) and ​ losses (–) in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ losses (–) ​ Other ​ Exchange- ​ ​ ​ ​ January 1, ​ ​ ​ Settlements & ​ Transfers ​ from ​ through profit ​ comprehensive ​ rate ​ December 31, Skr mn 2020 Purchases sales to Level 3 Level 3 or loss 1 income differences 2020 Debt securities issued -43,752 -10,584 16,285 -10,649 6,534 -1,345 44 2,269 ​ -41,198 Derivatives, net 22 7 -400 — -1,259 -1,597 — 2,964 ​ -263 Net assets and liabilities -43,730 -10,577 15,885 -10,649 5,275 -2,942 44 5,233 ​ -41,461 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, 2021 amounted to a Skr 328 million gain (year-end 2020: Skr 36 million gain) and are reported as net results of financial transactions.
Schedule of sensitivity analysis - level 3​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets and liabilities ​ June 30, 2021 ​ ​ ​ ​ ​ ​ Range of estimates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unobservable ​ for unobservable ​ ​ ​ Sensitivity ​ Sensitivity Skr mn Fair Value input input Valuation method max min ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity -549 Correlation 0.12 - (0.12) Option Model -5 ​ 5 Interest rate 1 Correlation 0.12 - (0.12) Option Model 0 ​ 0 FX -368 Correlation 0.12 - (0.12) Option Model -49 ​ 49 Other -113 Correlation 0.12 - (0.12) Option Model 0 ​ 0 Sum derivatives, net -1,029 ​ ​ ​ ​ ​ -54 ​ 54 Equity -6,901 Correlation 0.12 - (0.12) Option Model 5 ​ -5 ​ ​ Credit spreads 10BP - (10BP) Discounted cash flow 8 ​ -8 Interest rate -12,243 Correlation 0.12 - (0.12) Option Model 0 ​ 0 ​ ​ Credit spreads 10BP - (10BP) Discounted cash flow 63 ​ -63 FX -11,293 Correlation 0.12 - (0.12) Option Model 52 ​ -52 ​ ​ Credit spreads 10BP - (10BP) Discounted cash flow 52 ​ -52 Other -116 Correlation 0.12 - (0.12) Option Model 0 ​ 0 ​ ​ Credit spreads 10BP - (10BP) Discounted cash flow 1 ​ -1 Sum debt securities issued -30,553 ​ ​ ​ ​ ​ 181 ​ -181 Total effect on total comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ 127 ​ -127 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives, net, December 31, 2020 ​ -263 ​ ​ ​ ​ ​ ​ ​ -59 ​ 59 Debt securities issued, December 31, 2020 ​ -41,198 ​ ​ ​ ​ ​ ​ ​ 196 ​ -196 Total effect on total comprehensive income, December 31, 2020 ​ 137 -137 ​

Derivatives (Tables)

Derivatives (Tables)6 Months Ended
Jun. 30, 2021
Derivatives.
Schedule of derivativesDerivatives by category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ Assets ​ Liabilities ​ Nominal ​ Assets ​ Liabilities ​ Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 3,305 9,563 324,669 3,846 11,774 323,664 Currency-related contracts 3,061 4,443 159,838 3,249 11,236 153,838 Equity-related contracts 10 544 7,274 457 620 15,598 Contracts related to commodities, credit risk, etc. 77 1,471 8,105 11 1,765 7,513 Total derivatives 6,453 16,021 499,886 7,563 25,395 500,613 ​

CIRR-system (Tables)

CIRR-system (Tables)6 Months Ended
Jun. 30, 2021
CIRR-system
Information about CIRR-systemStatement of Comprehensive Income for the CIRR-system ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Apr-Jun ​ Jan–Mar ​ Apr-Jun ​ Jan-Jun ​ Jan-Jun ​ Jan-Dec Skr mn 2021 2021 ​ 2020 ​ 2021 2020 2020 Interest income 498 487 ​ 582 ​ 985 1,121 2,170 Interest expenses -494 -520 ​ -529 ​ -1,014 -1,041 -2,087 Interest compensation 7 — ​ 11 ​ 7 14 14 Exchange-rate differences 0 -1 ​ -1 ​ -1 2 4 Profit before compensation to SEK ​ 11 ​ -34 ​ 63 ​ -23 ​ 96 ​ 101 Administrative remuneration to SEK ​ -47 ​ -45 ​ -52 ​ -92 ​ -102 ​ -196 Operating profit CIRR-system ​ -36 ​ -79 ​ 11 ​ -115 ​ -6 ​ -95 Reimbursement to (–) / from (+) the State 36 79 ​ -11 ​ 115 6 95 ​ Statement of Financial Position for the CIRR-system ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2021 2020 Cash and cash equivalents 26 2 Loans 73,958 69,163 Other assets 9,277 12,528 Prepaid expenses and accrued revenues 421 407 Total assets 83,682 82,100 ​ ​ ​ ​ ​ Liabilities 74,205 69,289 Derivatives 8,962 12,232 Accrued expenses and prepaid revenues 515 579 Total liabilities 83,682 82,100 ​ ​ ​ ​ ​ Commitments ​ ​ Committed undisbursed loans 52,974 51,463 Binding offers 1,492 1,322

Pledged assets and contingent_2

Pledged assets and contingent liabilities (Tables)6 Months Ended
Jun. 30, 2021
Pledged assets and contingent liabilities
Schedule of pledged assets and contingent liabilities​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2021 2020 Collateral provided Cash collateral under the security agreements for derivative contracts 12,535 21,979 ​ ​ ​ ​ ​ Contingent liabilities 1 Guarantee commitments 4,311 3,969 ​ ​ ​ ​ ​ Commitments 1 Committed undisbursed loans 59,640 57,213 Binding offers 1,492 1,322 Leases committed but not yet commenced ​ 156 ​ — 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, 2021
Capital adequacy
Schedule of capital adequacy​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 23.3 ​ 21.8 Tier 1 capital ratio 23.3 ​ 21.8 Total capital ratio 23.3 ​ 21.8 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, 2021 ​ December 31, 2020 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 ​ 6,763 ​ 8.0 ​ 7,136 ​ 8.0 of which Tier 1 requirement of 6 percent ​ 5,072 ​ 6.0 ​ 5,352 ​ 6.0 of which minimum requirement of 4.5 percent ​ 3,804 ​ 4.5 ​ 4,014 ​ 4.5 Pillar 2 capital requirements 3 ​ 4,038 ​ 4.8 ​ 3,921 ​ 4.4 Common Equity Tier 1 capital available to meet buffer requirements 4 ​ 8,876 ​ 10.5 ​ 12,310 ​ 13.8 Capital buffer requirements ​ 2,146 ​ 2.5 ​ 2,259 ​ 2.5 of which Capital conservation buffer 2,113 2.5 ​ 2,230 2.5 of which Countercyclical buffer 33 0.0 ​ 29 0.0 of which Systemic risk buffer — — — — Total risk-based capital requirement 12,947 15.3 ​ 13,316 14.9 1 Expressed as a percentage of total risk exposure amount. 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012) have fully come into force in Sweden without regard to the transitional period. 3 Individual Pillar 2 requirement according to decision from latest Swedish FSA SREP. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK cover all minimum requirements with CET1 capital - i.e. 4.5 percent, 1.5 percent and 2 percent) and from Q2 2021 pillar 2 requirements (4.8 percent).
Schedule of leverage ratio​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Leverage ratio ​ Skr mn ​ Skr mn On-balance sheet exposures 207,250 297,605 ​ Off-balance sheet exposures 4,357 37,162 ​ Total exposure measure 1 211,607 334,767 ​ Leverage ratio 2 9.3 % 5.8 % 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, 2021 December 31, 2020 Total capital requirement relating to leverage ratio Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent ​ 6,348 ​ 3.0 ​ — ​ — Pillar 2 capital requirements ​ — ​ — ​ — ​ — Total capital requirement relating to leverage ratio ​ 6,348 ​ 3.0 ​ — ​ — 1 Expressed as a percentage of total exposure amount. ​
Schedule of own funds​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2021 2020 Share capital 3,990 3,990 Retained earnings 15,516 14,856 Accumulated other comprehensive income and other reserves 1 325 292 Independently reviewed profit net of any foreseeable charge or dividend 272 694 Common Equity Tier 1 (CET1) capital before regulatory adjustments 20,103 19,832 Additional value adjustments due to prudent valuation -337 -306 Intangible assets 1 -106 -98 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing 94 77 Negative amounts resulting from the calculation of expected loss amounts ​ -44 ​ -55 Total regulatory adjustments to Common Equity Tier 1 capital -393 -382 Total Common Equity Tier 1 capital 19,710 19,450 Total Own funds 19,710 19,450 1 From December 31, 2020, SEK applies the amendments to Delegated Regulation (EU) No 241/2014 regarding deduction of software assets from Common Equity Tier 1 (CET1). The amendments introduce an exemption from the deduction of intangible assets from CET1 for prudently valued software assets of which the value is not negatively affected by resolution, insolvency or liquidation of the institution.
Schedule of minimum capital requirements exclusive of buffers​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ Minimum ​ ​ ​ ​ ​ Minimum ​ ​ Risk exposure capital ​ Risk exposure capital Skr mn ​ EAD 1 ​ amount ​ requirement ​ EAD 1 ​ amount ​ requirement Credit risk standardized method ​ ​ ​ ​ ​ Corporates 2,386 2,386 191 2,238 2,238 179 Exposures in default ​ 85 ​ 85 ​ 7 ​ 7 ​ 7 ​ 1 Total credit risk standardized method 2,471 2,471 198 2,245 2,245 180 Credit risk IRB method ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central Governments ​ 198,982 ​ 9,613 ​ 769 ​ 192,077 ​ 9,684 ​ 775 Financial institutions 2 35,868 7,601 608 30,661 6,764 541 Corporates 3 108,195 57,657 4,613 117,415 63,766 5,101 Assets without counterparty ​ 200 ​ 200 ​ 16 ​ 163 ​ 163 ​ 13 Total credit risk IRB method 343,245 75,071 6,006 340,316 80,377 6,430 Credit valuation adjustment risk n.a. 2,681 214 n.a. 2,284 183 Foreign exchange risk n.a. 663 53 n.a. 664 52 Commodities risk n.a. 22 2 n.a. 7 1 Operational risk n.a. 3,625 290 n.a. 3,625 290 Total 345,716 84,533 6,763 342,561 89,202 7,136 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 5,933 million (year-end 2020: Skr 5,535 million), Risk exposure amount of Skr 1,999 million (year-end 2020: Skr 1,908 million) and Capital requirement of Skr 160 million (year-end 2020: Skr 153 million). 3 Of which related to specialized lending: EAD Skr 5,113 million (year-end 2020: 3,847 million), Risk exposure amount of Skr 3,651 million (year -end 2020: Skr 2,739 million) and Capital requirement of Skr 292 million (year-end 2020: Skr 219 million). ​
Schedule of internally assessed economic capital excluding buffer​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr mn 2021 2020 Credit risk 5,875 6,121 Operational risk 203 203 Market risk 1,233 1,140 Other risks 214 183 Capital planning buffer ​ 1,610 ​ 2,831 Total 9,135 10,478 ​
Schedule of liquidity coverage​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Skr bn 2021 2020 Total liquid assets 56.6 49.0 ​ Net liquidity outflows 1 11.0 10.1 ​ Liquidity outflows ​ 21.9 ​ 22.1 ​ Liquidity inflows 11.4 13.3 ​ Liquidity Coverage Ratio 637 % 604 % 1 Net liquidity outflows is calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows is calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61.
Schedule of net stable funding​ ​ ​ ​ ​ ​ ​ Skr bn June 30, 2021 December 31, 2020 Available stable funding 240.6 242.6 Requiring stable funding 166.9 179.7 Net Stable Funding Ratio 144 % 135 % ​

Exposures (Tables)

Exposures (Tables)6 Months Ended
Jun. 30, 2021
Exposures
Schedule of exposuresTotal net exposures by exposure class ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credits & interest-bearing ​ Committed undisbursed loans, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ securities ​ derivatives, etc. ​ Total ​ ​ June 30, 2021 ​ December 31, 2020 ​ June 30, 2021 ​ December 31, 2020 ​ June 30, 2021 ​ December 31, 2020 Skr bn Amount % Amount % Amount % Amount % Amount % Amount % Central -governments 134.5 46.0 131.6 45.0 56.2 79.0 53.9 80.0 190.7 52.5 185.5 51.6 Regional -governments 13.8 4.7 12.3 4.2 — — — — 13.8 3.8 12.3 3.4 Multilateral development banks 3.2 1.1 3.5 1.2 0.1 0.1 0.0 0.0 3.3 0.9 3.5 1.0 Public Sector Entity ​ 5.2 ​ 1.8 ​ 4.2 ​ 1.5 ​ — ​ — ​ — ​ — ​ 5.2 ​ 1.4 ​ 4.2 ​ 1.2 Financial -institutions 29.3 10.0 24.5 8.4 6.8 9.6 6.4 9.5 36.1 10.0 30.9 8.6 Corporates 106.2 36.4 116.0 39.7 8.0 11.3 7.1 10.5 114.2 31.4 123.1 34.2 Total 292.2 100.0 292.1 100.0 71.1 100.0 67.4 100.0 363.3 100.0 359.5 100.0 ​ Net exposure by region and exposure class, as of June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ European ​ Central- ​ ​ ​ ​ Middle ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ countries ​ and East ​ ​ ​ ​ East/ ​ Asia excl. ​ ​ ​ North ​ ​ ​ Latin ​ ​ ​ excl. ​ European ​ ​ Skr bn Africa Japan Japan America Oceania America Sweden Sweden countries Total Central governments — 0.4 1.9 1.6 — — 167.9 16.2 2.7 190.7 Regional governments — — — — — — 13.8 0.0 — 13.8 Multilateral development banks — — — — — — — 3.3 — 3.3 Public Sector Entity ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 5.2 ​ — ​ 5.2 Financial institutions 0.0 0.9 0.2 1.9 0.9 — 17.1 14.9 0.2 36.1 Corporates 1.5 1.2 4.0 4.3 — 3.0 76.7 23.0 0.5 114.2 Total 1.5 2.5 6.1 7.8 0.9 3.0 ​ 275.5 62.6 3.4 363.3 ​ Net exposure by region and exposure class, as of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ European ​ Central- ​ ​ ​ ​ Middle ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ countries ​ and East ​ ​ ​ ​ East/ ​ Asia excl. ​ ​ ​ North ​ ​ ​ Latin ​ ​ ​ excl. ​ European ​ Skr bn Africa Japan Japan America Oceania America Sweden Sweden countries Total Central governments 0.1 0.4 2.4 1.6 — — 159.2 19.0 2.8 185.5 Regional governments — — — — — — 12.2 0.1 — 12.3 Multilateral development banks — — — — — — — 3.5 — 3.5 Public Sector Entity ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 4.2 ​ — ​ 4.2 Financial institutions 0.0 1.2 0.6 1.7 0.8 — 11.4 15.0 0.2 30.9 Corporates 2.6 1.1 3.9 5.7 — 3.3 85.2 20.9 0.4 123.1 Total 2.7 2.7 6.9 9.0 0.8 3.3 ​ 268.0 62.7 3.4 359.5 ​ Net exposure to European countries, excluding Sweden ​ ​ ​ ​ ​ ​ Skr bn June 30, 2021 December 31, 2020 Germany 10.2 8.6 France 8.2 8.0 Finland 7.1 8.9 United Kingdom 6.1 7.0 Denmark 5.9 5.2 Luxembourg 5.6 4.6 Norway ​ 5.3 ​ 4.8 The Netherlands 3.4 3.2 Austria 3.3 5.7 Spain 3.1 1.9 Poland 2.8 2.9 Belgium 2.7 2.5 Portugal 0.6 0.7 Ireland 0.6 0.6 Switzerland ​ 0.4 ​ 0.8 Serbia 0.2 0.3 Latvia ​ 0.1 ​ 0.2 Iceland 0.1 0.1 Estonia 0.1 0.1 Italy 0.1 0.1 Lithuania 0.1 — Total 66.0 66.2

Accounting policies (Details)

Accounting policies (Details) - USD LIBOR - Later than two years $ in MillionsJun. 30, 2021USD ($)
Lending contracts
Reform for new reference rates
Nominal amounts $ 1,893
Derivatives
Reform for new reference rates
Nominal amounts $ 17,829

Net interest income (Details)

Net interest income (Details) - SEK (kr) kr in Millions3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021Mar. 31, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Interest income was related to:
Interest income kr 678 kr 660 kr 1,178 [1] kr 1,338 kr 2,480 [1] kr 4,108
Interest expenses
Interest expenses(191)(150)(692)(341)(1,563)(2,076)
Resolution fee(19)(25)(17)(44)(43)(86)
Total interest expenses(210)(175)(709)[1](385)(1,606)[1](2,162)
Net interest income468 485 469 [1]953 874 [1]1,946
Interest income using effective interest method2,087 2,622
Loans to credit institutions
Interest income was related to:
Interest income34 33 51 67 147 236
Loans to the public
Interest income was related to:
Interest income919 920 1,124 1,839 2,199 4,210
Loans in the form of interest-bearing securities
Interest income was related to:
Interest income189 195 243 384 456 897
Interest-bearing securities excluding loans in the form of interest-bearing securities
Interest income was related to:
Interest income12 19 71 31 191 242
Derivatives
Interest income was related to:
Interest income(529)(558)(369)(1,087)(634)(1,708)
Administrative remuneration CIRR-system
Interest income was related to:
Interest income48 45 52 93 102 197
Other assets
Interest income was related to:
Interest income kr 5 kr 6 kr 6 kr 11 kr 19 kr 34
[1]Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

Net results of financial tran_3

Net results of financial transactions (Details) - SEK (kr) kr in Millions3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021Mar. 31, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Net results of financial transactions
Derecognition of financial instruments not measured at fair value through profit or loss kr 29 kr 1 kr 8 kr 30 kr 10 kr 14
Financial assets or liabilities at fair value through profit or loss(28)(11)1 (39)(109)(22)
Financial instruments under fair-value hedge accounting7 (4)(37)3 8 86
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value1 (3)4 (2)0 5
Total net results of financial transactions kr 9 kr (17) kr (24)[1] kr (8) kr (91)[1] kr 83
[1]Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

Impairments (Details)

Impairments (Details) - SEK (kr) kr in Millions3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021Mar. 31, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020Dec. 31, 2019
Impairment details
Established losses kr (3) kr (20) kr (3) kr (20) kr (20)
Reserves applied to cover established credit losses3 20 3 20 20
Recovered credit losses4 4
Net credit losses kr 13 kr (12)(151)[1] kr 1 (175)[1] kr (153)
Loans and off balance
Provision ratio0.09%0.09%0.08%
Gross carrying amount
Loans and off balance
Loans and off balance kr 287,427 kr 287,427 kr 294,431
Gross carrying amount | Loans
Loans and off balance
Loans and off balance221,984 221,984 231,927
Gross carrying amount | Off balance
Loans and off balance
Loans and off balance65,443 65,443 62,504
Accumulated impairment
Loans and off balance
Loans and off balance(247)(247)(249) kr (128)
Accumulated impairment | Loans
Loans and off balance
Loans and off balance(242)(242)(240)
Accumulated impairment | Off balance
Loans and off balance
Loans and off balance(5)(5)(9)
12-month expected credit losses
Impairment details
Net credit losses kr 31 5 (110) kr 36 (127)(98)
Loans and off balance
Provision ratio0.05%0.05%
12-month expected credit losses | Gross carrying amount
Loans and off balance
Loans and off balance kr 218,334 kr 218,334
12-month expected credit losses | Gross carrying amount | Loans
Loans and off balance
Loans and off balance184,075 184,075
12-month expected credit losses | Gross carrying amount | Off balance
Loans and off balance
Loans and off balance34,259 34,259
12-month expected credit losses | Accumulated impairment
Loans and off balance
Loans and off balance(112)(112)(147)
12-month expected credit losses | Accumulated impairment | Loans
Loans and off balance
Loans and off balance(107)(107)
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 8 10 (39) kr 18 (46)(48)
Loans and off balance
Provision ratio0.06%0.06%
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount
Loans and off balance
Loans and off balance kr 67,241 kr 67,241
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | Loans
Loans and off balance
Loans and off balance36,057 36,057
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | Off balance
Loans and off balance
Loans and off balance31,184 31,184
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment
Loans and off balance
Loans and off balance(38)(38)(56)
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | Loans
Loans and off balance
Loans and off balance(38)(38)
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | Off balance
Loans and off balance
Loans and off balance0 0
Lifetime expected credit losses | Financial instruments credit-impaired
Impairment details
Net credit losses kr (30) kr (27) kr (2) kr (57) kr (2)(7)
Loans and off balance
Provision ratio5.24%5.24%
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount
Loans and off balance
Loans and off balance kr 1,852 kr 1,852
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount | Loans
Loans and off balance
Loans and off balance1,852 1,852
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment
Loans and off balance
Loans and off balance(97)(97) kr (46)
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | Loans
Loans and off balance
Loans and off balance kr (97) kr (97)
[1]Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

Impairments - Loss Allowance (D

Impairments - Loss Allowance (Details) kr in Millions6 Months Ended12 Months Ended
Jun. 30, 2021SEK (kr)itemDec. 31, 2022Dec. 31, 2021SEK (kr)Dec. 31, 2020SEK (kr)
Increase (decrease) in loss allowance
Number of scenarios prepared for each PD curve | item3
Expected increase in global economic output4.30%5.60%
Minimum
Increase (decrease) in loss allowance
Weight of base scenario for ECL calculation75.00%
Weight of downturn scenario for ECL calculation11.00%
Weight of upturn scenario for ECL calculation11.00%
Maximum
Increase (decrease) in loss allowance
Weight of base scenario for ECL calculation78.00%
Weight of downturn scenario for ECL calculation13.00%
Weight of upturn scenario for ECL calculation13.00%
Accumulated impairment
Increase (decrease) in loss allowance
Loans and off balance at beginning of period kr (249) kr (249) kr (128)
Increases due to origination and acquisition(51)(84)
Net remeasurement of loss allowance50 (69)
Transfer to stage 11
Transfer to stage 2(9)
Transfer to stage 3(38)(9)
Decreases due to derecognition45 8
Decrease in allowance account due to write-offs7 20
Exchange-rate differences(3)13
Loans and off balance at end of period(247)(249)
12-month expected credit losses | Accumulated impairment
Increase (decrease) in loss allowance
Loans and off balance at beginning of period(147)(147)
Increases due to origination and acquisition(26)
Net remeasurement of loss allowance42
Transfer to stage 1(2)
Transfer to stage 20
Transfer to stage 30
Decreases due to derecognition21
Exchange-rate differences0
Loans and off balance at end of period(112)(147)
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment
Increase (decrease) in loss allowance
Loans and off balance at beginning of period(56)(56)
Increases due to origination and acquisition(2)
Net remeasurement of loss allowance8
Transfer to stage 13
Transfer to stage 2(9)
Transfer to stage 33
Decreases due to derecognition17
Exchange-rate differences(2)
Loans and off balance at end of period(38)(56)
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment
Increase (decrease) in loss allowance
Loans and off balance at beginning of period(46) kr (46)
Increases due to origination and acquisition(23)
Net remeasurement of loss allowance0
Transfer to stage 3(41)
Decreases due to derecognition7
Decrease in allowance account due to write-offs7
Exchange-rate differences(1)
Loans and off balance at end of period kr (97) kr (46)

Financial assets and liabilit_3

Financial assets and liabilities at fair value (Details) - SEK (kr) kr in MillionsJun. 30, 2021Dec. 31, 2020
Disclosure of detailed information about financial instruments
Book value of financial assets kr 307,456 kr 320,399
Book value of financial liabilities297,216 312,857
Fair value of financial assets316,509 330,710
Fair value of financial liabilities297,822 313,433
Surplus value (+) /Deficit value (-), financial assets9,053 10,311
Surplus value (+) /Deficit value (-) financial liabilities606 576
Borrowing from credit institutions
Disclosure of detailed information about financial instruments
Book value of financial liabilities2,862 3,486
Fair value of financial liabilities2,862 3,486
Borrowing from the public
Disclosure of detailed information about financial instruments
Book value of financial liabilities10,000 10,000
Fair value of financial liabilities10,000 10,000
Debt securities issued
Disclosure of detailed information about financial instruments
Book value of financial liabilities268,333 273,976
Fair value of financial liabilities268,939 274,552
Surplus value (+) /Deficit value (-) financial liabilities606 576
Derivatives
Disclosure of detailed information about financial instruments
Book value of financial liabilities16,021 25,395
Fair value of financial liabilities16,021 25,395
Cash and cash equivalents
Disclosure of detailed information about financial instruments
Book value of financial assets5,549 3,362
Fair value of financial assets5,549 3,362
Treasuries/government bonds
Disclosure of detailed information about financial instruments
Book value of financial assets13,381 22,266
Fair value of financial assets13,381 22,266
Other interest-bearing securities except loans
Disclosure of detailed information about financial instruments
Book value of financial assets47,796 33,551
Fair value of financial assets47,796 33,551
Loans in the form of interest-bearing securities
Disclosure of detailed information about financial instruments
Book value of financial assets46,923 50,780
Fair value of financial assets48,247 52,091
Surplus value (+) /Deficit value (-), financial assets1,324 1,311
Loans to credit institutions
Disclosure of detailed information about financial instruments
Book value of financial assets23,631 31,315
Fair value of financial assets23,825 31,424
Surplus value (+) /Deficit value (-), financial assets194 109
Loans to the public
Disclosure of detailed information about financial instruments
Book value of financial assets163,723 171,562
Fair value of financial assets171,258 180,453
Surplus value (+) /Deficit value (-), financial assets7,535 8,891
Derivatives
Disclosure of detailed information about financial instruments
Book value of financial assets6,453 7,563
Fair value of financial assets kr 6,453 kr 7,563

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 MillionsJun. 30, 2021Dec. 31, 2020
Disclosure of detailed information about financial instruments
Fair value of financial assets kr 316,509 kr 330,710
Fair value of financial liabilities297,822 313,433
Debt securities issued
Disclosure of detailed information about financial instruments
Fair value of financial liabilities268,939 274,552
Derivatives
Disclosure of detailed information about financial instruments
Fair value of financial liabilities16,021 25,395
Financial liabilities at fair value through profit or loss
Disclosure of detailed information about financial instruments
Fair value of financial liabilities53,386 72,783
Financial liabilities at fair value through profit or loss | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities21,178 29,744
Financial liabilities at fair value through profit or loss | Level 3
Disclosure of detailed information about financial instruments
Fair value of financial liabilities32,208 43,039
Financial liabilities at fair value through profit or loss | Debt securities issued
Disclosure of detailed information about financial instruments
Fair value of financial liabilities37,365
Financial liabilities at fair value through profit or loss | Debt securities issued | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities6,812
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 liabilities30,553
Financial liabilities at fair value through profit or loss | Derivatives
Disclosure of detailed information about financial instruments
Fair value of financial liabilities16,021
Financial liabilities at fair value through profit or loss | Derivatives | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities14,366
Financial liabilities at fair value through profit or loss | Derivatives | Level 3
Disclosure of detailed information about financial instruments
Fair value of financial liabilities1,655
Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Fair value of financial assets67,630 63,380
Financial assets at fair value through profit or loss. | Level 1
Disclosure of detailed information about financial instruments
Fair value of financial assets33,354 33,582
Financial assets at fair value through profit or loss. | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets33,650 28,220
Financial assets at fair value through profit or loss. | Level 3
Disclosure of detailed information about financial instruments
Fair value of financial assets626 1,578
Treasuries/government bonds
Disclosure of detailed information about financial instruments
Fair value of financial assets13,381 22,266
Treasuries/government bonds | Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Fair value of financial assets13,381
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 assets9,836
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 assets3,545
Other interest-bearing securities except loans
Disclosure of detailed information about financial instruments
Fair value of financial assets47,796 33,551
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 assets47,796
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 assets23,518
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 assets24,278
Derivatives
Disclosure of detailed information about financial instruments
Fair value of financial assets6,453 kr 7,563
Derivatives | Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Fair value of financial assets6,453
Derivatives | Financial assets at fair value through profit or loss. | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets5,827
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 626

Financial assets and liabilit_5

Financial assets and liabilities at fair value - Transfers made between both assets and liabilities (Details) - Level 3 - SEK (kr) kr in Millions6 Months Ended12 Months Ended
Jun. 30, 2021Dec. 31, 2020
Disclosure of detailed information about financial instruments
Transfers to level 3 kr (1) kr (10,649)
Transfers from level 35,275
Debt securities issued
Disclosure of detailed information about financial instruments
Transfers to level 3(10,649)
Transfers from level 36,534
Derivatives
Disclosure of detailed information about financial instruments
Transfers to level 3 kr (1)
Transfers from level 3 kr (1,259)

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 Millions6 Months Ended12 Months Ended
Jun. 30, 2021Dec. 31, 2020
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period kr (313,433)
Financial liabilities at end of period(297,822) kr (313,433)
Level 3
Financial assets and liabilities at fair value in level 3
Financial assets and liabilities at fair value, at the beginning of period(41,461)(43,730)
Purchases(6,726)(10,577)
Settlements & sales17,361 15,885
Transfers to level 3(1)(10,649)
Transfers from level 35,275
Gains (+) and losses (-) through profit or loss342 (2,942)
Gains (+) and losses (-) in Other comprehensive income(33)44
Exchange-rate differences assets and liabilities(1,064)5,233
Financial assets and liabilities at fair value, at the end of period(31,582)(41,461)
Unrealized fair value changes328 36
Debt securities issued | Level 3
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period(41,198)(43,752)
Purchases liabilities(6,735)(10,584)
Settlements & sales17,922 16,285
Transfers to level 3(10,649)
Transfers from level 36,534
Gains (+) and losses (-) through profit or loss(505)(1,345)
Gains (+) and losses (-) in Other comprehensive income(33)44
Exchange-rate differences(4)2,269
Financial liabilities at end of period(30,553)(41,198)
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(263)22
Purchases9 7
Settlements & sales(561)(400)
Transfers to level 3(1)
Transfers from level 3(1,259)
Gains (+) and losses (-) through profit or loss847 (1,597)
Exchange-rate differences assets and liabilities(1,060)2,964
Financial assets and liabilities at fair value, at the end of period kr (1,029) kr (263)

Financial assets and liabilit_7

Financial assets and liabilities at fair value - Assets and liabilities Sensitivity analysis - level 3 (Details) kr in Millions6 Months Ended12 Months Ended
Jun. 30, 2021SEK (kr)Dec. 31, 2020SEK (kr)Dec. 31, 2019SEK (kr)
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity, correlations maximum positive relationship1
Sensitivity correlations maximum negative relationship(1)
Financial liabilities at fair value kr (297,822) kr (313,433)
Effect related to correlation sensitivity kr 3
Correlation input
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity, input appreciation, assets0.12
Sensitivity, input depreciation, assets0.12
Sensitivity, input appreciation, liabilities0.12
Sensitivity, input depreciation, liabilities0.12
Credit spread input
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity, input appreciation, assets0.10%
Sensitivity, input depreciation, assets0.10%
Sensitivity, input appreciation, liabilities0.10%
Sensitivity, input depreciation, liabilities0.10%
Level 3
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities) kr (31,582)(41,461) kr (43,730)
Level 3 | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income127 137
Level 3 | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income(127)(137)
Level 3 | Own credit spread | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income124 137
Level 3 | Own credit spread | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income(124)(137)
Level 3 | Derivatives
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)(1,029)(263)22
Level 3 | Derivatives | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income(54)(59)
Level 3 | Derivatives | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income54 59
Level 3 | Derivatives | Equity risk
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities) kr (549)
Level 3 | Derivatives | Equity risk | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation0.12
Sensitivity impact on total comprehensive income kr (5)
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 5
Level 3 | Derivatives | Interest rate
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities) kr 1
Level 3 | Derivatives | Interest rate | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation0.12
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 (368)
Level 3 | Derivatives | Currency risk | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation0.12
Sensitivity impact on total comprehensive income kr (49)
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 49
Level 3 | Derivatives | Other
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities) kr (113)
Level 3 | Derivatives | Other | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation0.12
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(30,553)(41,198) kr (43,752)
Level 3 | Debt securities issued | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income181 196
Level 3 | Debt securities issued | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income(181) kr (196)
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 (6,901)
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 8
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 (8)
Level 3 | Debt securities issued | Equity risk | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation0.12
Sensitivity impact on total comprehensive income kr 5
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 (5)
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 (12,243)
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 63
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 (63)
Level 3 | Debt securities issued | Interest rate | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation0.12
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 (11,293)
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 52
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 (52)
Level 3 | Debt securities issued | Currency risk | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation0.12
Sensitivity impact on total comprehensive income kr 52
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 (52)
Level 3 | Debt securities issued | Other
Disclosure of significant unobservable inputs used in fair value measurement of assets
Financial liabilities at fair value kr (116)
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
Correlation0.12
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 Millions6 Months Ended
Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
CVA/DVA, net
Fair value related to credit risk
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease) kr (14) kr (17)
The period's change in fair value originating from credit risk (+ income/ - loss)3 kr (12)
OCA
Fair value related to credit risk
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease)(127) kr (108)
The period's change in fair value originating from credit risk (+ income/ - loss) kr (19) kr 49

Derivatives (Details)

Derivatives (Details) - SEK (kr) kr in MillionsJun. 30, 2021Dec. 31, 2020
Disclosure of detailed information about financial instruments
Assets Fair value kr 6,453 kr 7,563
Liabilities Fair value16,021 25,395
Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value6,453 7,563
Liabilities Fair value16,021 25,395
Nominal amounts499,886 500,613
Interest rate-related contracts | Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value3,305 3,846
Liabilities Fair value9,563 11,774
Nominal amounts324,669 323,664
Currency-related contracts | Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value3,061 3,249
Liabilities Fair value4,443 11,236
Nominal amounts159,838 153,838
Equity-related contracts | Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value10 457
Liabilities Fair value544 620
Nominal amounts7,274 15,598
Contracts related to commodities, credit risk, etc. | Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value77 11
Liabilities Fair value1,471 1,765
Nominal amounts kr 8,105 kr 7,513

CIRR-system - Subclassification

CIRR-system - Subclassifications of financial information (Details) - SEK (kr) kr in Millions3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021Mar. 31, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020Dec. 31, 2019
Sub-classifications of financial information
Concessionary loans outstanding kr 348 kr 348 kr 382
Operating result of previous concessionary credit program(11)(15)
Administrative compensation for concessionary loans1 kr 1
Comprehensive income
Interest income678 kr 660 kr 1,178 [1]1,338 2,480 [1]4,108
Interest expenses(210)(175)(709)[1](385)(1,606)[1](2,162)
Exchange-rate differences1 (3)4 (2)0 5
Financial position
Cash and cash equivalents5,549 [2]3,911 [2]5,549 [2]3,911 [2]3,362 [2] kr 1,362
Derivatives6,453 6,453 7,563
Other assets10,388 10,388 12,853
Prepaid expenses and accrued revenues1,821 1,821 1,987
Total assets319,845 319,845 335,399
Derivatives16,021 16,021 25,395
Accrued expenses and prepaid revenues1,761 1,761 1,924
Total liabilities299,580 299,580 315,335
Committed undisbursed loans59,640 59,640 57,213
Binding offers1,492 1,492 1,322
CIRR-System
Comprehensive income
Interest income498 487 582 985 1,121 2,170
Interest expenses(494)(520)(529)(1,014)(1,041)(2,087)
Interest compensation7 11 7 14 14
Exchange-rate differences0 (1)(1)(1)2 4
Profit before compensation to SEK11 (34)63 (23)96 101
Administrative remuneration to SEK(47)(45)(52)(92)(102)(196)
Operating profit CIRR-system(36)(79)11 (115)(6)(95)
Reimbursement to (-) / from (+) the State36 kr 79 kr (11)115 kr 6 95
Financial position
Cash and cash equivalents26 26 2
Loans73,958 73,958 69,163
Other assets9,277 9,277 12,528
Prepaid expenses and accrued revenues421 421 407
Total assets83,682 83,682 82,100
Liabilities74,205 74,205 69,289
Derivatives8,962 8,962 12,232
Accrued expenses and prepaid revenues515 515 579
Total liabilities83,682 83,682 82,100
Committed undisbursed loans52,974 52,974 51,463
Binding offers kr 1,492 kr 1,492 kr 1,322
[1]Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.
[2]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 MillionsJun. 30, 2021Dec. 31, 2020
Collateral provided
Cash collateral under the security agreements for derivative contracts kr 12,535 kr 21,979
Contingent liabilities
Guarantee commitments4,311 3,969
Commitments
Committed undisbursed loans59,640 57,213
Binding offers1,492 kr 1,322
Leases committed but not yet commenced kr 156

Capital adequacy - Capital adeq

Capital adequacy - Capital adequacy (Details) - SEK (kr) kr in MillionsJun. 30, 2021Dec. 31, 2020
Capital adequacy
Capital base requirement of 8 percent8.00%
Pillar 2 capital requirements4.80%
of which Capital conservation buffer2.50%
Minimum capital requirement one4.50%
Minimum capital requirement two1.50%
Minimum capital requirement three2.00%
Parent Company
Capital adequacy
Common Equity Tier 1 capital ratio23.30%21.80%
Tier 1 capital ratio23.30%21.80%
Total capital ratio23.30%21.80%
Capital base requirement of 8 percent kr 6,763 kr 7,136
of which Tier 1 requirement of 6 percent5,072 5,352
of which minimum requirement of 4.5 percent3,804 4,014
Pillar 2 capital requirements4,038 3,921
Common Equity Tier 1 capital available to meet buffer requirements8,876 12,310
Capital buffer requirements2,146 2,259
of which Capital conservation buffer2,113 2,230
of which Countercyclical buffer33 29
Total risk-based capital requirement kr 12,947 kr 13,316
Capital base requirement of 8 percent8.00%8.00%
of which Tier 1 requirement of 6 percent6.00%6.00%
of which minimum requirement of 4.5 percent4.50%4.50%
Pillar 2 capital requirements4.80%4.40%
Common Equity Tier 1 capital available to meet buffer requirements10.50%13.80%
Capital buffer requirements2.50%2.50%
of which Capital conservation buffer2.50%2.50%
of which Countercyclical buffer0.00%0.00%
Total risk-based capital requirement15.30%14.90%

Capital adequacy - Leverage rat

Capital adequacy - Leverage ratio (Details) - SEK (kr) kr in MillionsJun. 30, 2021Dec. 31, 2020
Total capital requirement relating to leverage ratio
Leverage ratio requirement3.00%
Parent Company
Disclosure of credit risk exposure
On-balance sheet exposures kr 207,250 kr 297,605
Off-balance sheet exposures4,357 37,162
Total exposure measure kr 211,607 kr 334,767
Leverage ratio9.30%5.80%
Total capital requirement relating to leverage ratio
Capital base requirement of 3 percent kr 6,348
Total capital requirement relating to leverage ratio kr 6,348
Capital base requirement of 3 percent3.00%
Total capital requirement relating to leverage ratio3.00%

Capital adequacy - Own funds (D

Capital adequacy - Own funds (Details) - Parent Company - SEK (kr) kr in MillionsJun. 30, 2021Dec. 31, 2020
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments kr 20,103 kr 19,832
Regulatory adjustments to Common Equity Tier 1 capital(393)(382)
Total Common Equity Tier-1 capital19,710 19,450
Own funds19,710 19,450
Share capital
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments3,990 3,990
Retained earnings
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments15,516 14,856
Accumulated other comprehensive income and other reserves
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments325 292
Independently reviewed profit net of any foreseeable charge or dividend
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments272 694
Additional value adjustments due to prudent valuation
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital(337)(306)
Intangible assets
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital(106)(98)
Own credit risk
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital94 77
Negative amounts resulting from the calculation of expected loss amounts
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital kr (44) kr (55)

Capital adequacy - Minimum capi

Capital adequacy - Minimum capital requirements exclusive of buffers (Details) - Parent Company - SEK (kr) kr in MillionsJun. 30, 2021Dec. 31, 2020
Disclosure of credit risk exposure
EAD kr 345,716 kr 342,561
Risk exposure amount84,533 89,202
Minimum capital requirements6,763 7,136
Credit risk | Standardized approach
Disclosure of credit risk exposure
EAD2,471 2,245
Risk exposure amount2,471 2,245
Minimum capital requirements198 180
Credit risk | Standardized approach | Corporates
Disclosure of credit risk exposure
EAD2,386 2,238
Risk exposure amount2,386 2,238
Minimum capital requirements191 179
Credit risk | Standardized approach | Exposures in default
Disclosure of credit risk exposure
EAD85 7
Risk exposure amount85 7
Minimum capital requirements7 1
Credit risk | IRB approach
Disclosure of credit risk exposure
EAD343,245 340,316
Risk exposure amount75,071 80,377
Minimum capital requirements6,006 6,430
Credit risk | IRB approach | Central governments
Disclosure of credit risk exposure
EAD198,982 192,077
Risk exposure amount9,613 9,684
Minimum capital requirements769 775
Credit risk | IRB approach | Financial institutions
Disclosure of credit risk exposure
EAD35,868 30,661
Risk exposure amount7,601 6,764
Minimum capital requirements608 541
Credit risk | IRB approach | Corporates
Disclosure of credit risk exposure
EAD108,195 117,415
Risk exposure amount57,657 63,766
Minimum capital requirements4,613 5,101
Credit risk | IRB approach | Assets without counterparty
Disclosure of credit risk exposure
EAD200 163
Risk exposure amount200 163
Minimum capital requirements16 13
Counterparty risk in derivatives | IRB approach | Financial institutions
Disclosure of credit risk exposure
EAD5,933 5,535
Risk exposure amount1,999 1,908
Minimum capital requirements160 153
Specialized lending | IRB approach | Corporates
Disclosure of credit risk exposure
EAD5,113 3,847
Risk exposure amount3,651 2,739
Minimum capital requirements292 219
Credit valuation adjustment risk
Disclosure of credit risk exposure
Risk exposure amount2,681 2,284
Minimum capital requirements214 183
Currency risk
Disclosure of credit risk exposure
Risk exposure amount663 664
Minimum capital requirements53 52
Commodities risk
Disclosure of credit risk exposure
Risk exposure amount22 7
Minimum capital requirements2 1
Operational risk
Disclosure of credit risk exposure
Risk exposure amount3,625 3,625
Minimum capital requirements kr 290 kr 290

Capital adequacy - Operational

Capital adequacy - Operational risk and capital buffer requirements (Details)6 Months Ended
Jun. 30, 2021Dec. 31, 2020Mar. 16, 2020Mar. 15, 2020
Disclosure of credit risk exposure
Mandatory capital conservation buffer2.50%
Sweden
Disclosure of credit risk exposure
Countercyclical buffer0.00%0.00%2.50%
Parent Company
Disclosure of credit risk exposure
Mandatory capital conservation buffer2.50%2.50%
Countercyclical buffer0.00%0.00%
Parent Company | Sweden
Disclosure of credit risk exposure
Capital requirement exposure67.00%70.00%
Parent Company | Foreign countries
Disclosure of credit risk exposure
Countercyclical buffer0.04%0.03%
Parent Company | Standardized approach | Operational risk
Disclosure of credit risk exposure
Fiscal years for each business area to calculate income indicators3 years
Parent Company | Minimum | Standardized approach | Operational risk
Disclosure of credit risk exposure
Capital requirement multiple factor15.00%
Parent Company | Maximum | Standardized approach | Operational risk
Disclosure of credit risk exposure
Capital requirement multiple factor18.00%

Capital adequacy - Internally a

Capital adequacy - Internally assessed economic capital, Liquidity coverage and Net stable funding (Details) - Parent Company - SEK (kr) kr in MillionsJun. 30, 2021Dec. 31, 2020
Disclosure of credit risk exposure
Capital requirements kr 19,710 kr 19,450
Total liquid assets56,600 49,000
Net liquidity outflows11,000 10,100
Liquidity outflows21,900 22,100
Liquidity inflows kr 11,400 kr 13,300
Liquidity Coverage Ratio637.00%604.00%
Available stable funding kr 240,600 kr 242,600
Requiring stable funding kr 166,900 kr 179,700
Net Stable Funding Ratio144.00%135.00%
Internal credit grades
Disclosure of credit risk exposure
Capital requirements kr 9,135 kr 10,478
Internal credit grades | Credit risk
Disclosure of credit risk exposure
Capital requirements5,875 6,121
Internal credit grades | Operational risk
Disclosure of credit risk exposure
Capital requirements203 203
Internal credit grades | Market risk
Disclosure of credit risk exposure
Capital requirements1,233 1,140
Internal credit grades | Other
Disclosure of credit risk exposure
Capital requirements214 183
Internal credit grades | Capital planning buffer
Disclosure of credit risk exposure
Capital requirements kr 1,610 kr 2,831

Exposures - Total net exposure

Exposures - Total net exposure (Details) - Credit risk - SEK (kr) kr in BillionsJun. 30, 2021Dec. 31, 2020
Sub-classifications of financial information
Net exposure kr 363.3 kr 359.5
Percentage of net exposures100.00%100.00%
Central governments
Sub-classifications of financial information
Net exposure kr 190.7 kr 185.5
Percentage of net exposures52.50%51.60%
Regional governments
Sub-classifications of financial information
Net exposure kr 13.8 kr 12.3
Percentage of net exposures3.80%3.40%
Multilateral development banks
Sub-classifications of financial information
Net exposure kr 3.3 kr 3.5
Percentage of net exposures0.90%1.00%
Public Sector Entity
Sub-classifications of financial information
Net exposure kr 5.2 kr 4.2
Percentage of net exposures1.40%1.20%
Financial institutions
Sub-classifications of financial information
Net exposure kr 36.1 kr 30.9
Percentage of net exposures10.00%8.60%
Corporates
Sub-classifications of financial information
Net exposure kr 114.2 kr 123.1
Percentage of net exposures31.40%34.20%
Credits and interest-bearing securities
Sub-classifications of financial information
Net exposure kr 292.2 kr 292.1
Percentage of net exposures100.00%100.00%
Credits and interest-bearing securities | Central governments
Sub-classifications of financial information
Net exposure kr 134.5 kr 131.6
Percentage of net exposures46.00%45.00%
Credits and interest-bearing securities | Regional governments
Sub-classifications of financial information
Net exposure kr 13.8 kr 12.3
Percentage of net exposures4.70%4.20%
Credits and interest-bearing securities | Multilateral development banks
Sub-classifications of financial information
Net exposure kr 3.2 kr 3.5
Percentage of net exposures1.10%1.20%
Credits and interest-bearing securities | Public Sector Entity
Sub-classifications of financial information
Net exposure kr 5.2 kr 4.2
Percentage of net exposures1.80%1.50%
Credits and interest-bearing securities | Financial institutions
Sub-classifications of financial information
Net exposure kr 29.3 kr 24.5
Percentage of net exposures10.00%8.40%
Credits and interest-bearing securities | Corporates
Sub-classifications of financial information
Net exposure kr 106.2 kr 116
Percentage of net exposures36.40%39.70%
Committed undisbursed loans, derivatives, etc.
Sub-classifications of financial information
Net exposure kr 71.1 kr 67.4
Percentage of net exposures100.00%100.00%
Committed undisbursed loans, derivatives, etc. | Central governments
Sub-classifications of financial information
Net exposure kr 56.2 kr 53.9
Percentage of net exposures79.00%80.00%
Committed undisbursed loans, derivatives, etc. | Multilateral development banks
Sub-classifications of financial information
Net exposure kr 0.1 kr 0
Percentage of net exposures0.10%0.00%
Committed undisbursed loans, derivatives, etc. | Financial institutions
Sub-classifications of financial information
Net exposure kr 6.8 kr 6.4
Percentage of net exposures9.60%9.50%
Committed undisbursed loans, derivatives, etc. | Corporates
Sub-classifications of financial information
Net exposure kr 8 kr 7.1
Percentage of net exposures11.30%10.50%

Exposures - Net exposure by reg

Exposures - Net exposure by region and class (Details) - Credit risk - SEK (kr) kr in BillionsJun. 30, 2021Dec. 31, 2020
Disclosure of credit risk exposure
Net exposure kr 363.3 kr 359.5
Central governments
Disclosure of credit risk exposure
Net exposure190.7 185.5
Regional governments
Disclosure of credit risk exposure
Net exposure13.8 12.3
Multilateral development banks
Disclosure of credit risk exposure
Net exposure3.3 3.5
Public Sector Entity
Disclosure of credit risk exposure
Net exposure5.2 4.2
Financial institutions
Disclosure of credit risk exposure
Net exposure36.1 30.9
Corporates
Disclosure of credit risk exposure
Net exposure114.2 123.1
Middle East/Africa
Disclosure of credit risk exposure
Net exposure1.5 2.7
Middle East/Africa | Central governments
Disclosure of credit risk exposure
Net exposure0.1
Middle East/Africa | Financial institutions
Disclosure of credit risk exposure
Net exposure0 0
Middle East/Africa | Corporates
Disclosure of credit risk exposure
Net exposure1.5 2.6
Asia excl. Japan
Disclosure of credit risk exposure
Net exposure2.5 2.7
Asia excl. Japan | Central governments
Disclosure of credit risk exposure
Net exposure0.4 0.4
Asia excl. Japan | Financial institutions
Disclosure of credit risk exposure
Net exposure0.9 1.2
Asia excl. Japan | Corporates
Disclosure of credit risk exposure
Net exposure1.2 1.1
Japan
Disclosure of credit risk exposure
Net exposure6.1 6.9
Japan | Central governments
Disclosure of credit risk exposure
Net exposure1.9 2.4
Japan | Financial institutions
Disclosure of credit risk exposure
Net exposure0.2 0.6
Japan | Corporates
Disclosure of credit risk exposure
Net exposure4 3.9
North America
Disclosure of credit risk exposure
Net exposure7.8 9
North America | Central governments
Disclosure of credit risk exposure
Net exposure1.6 1.6
North America | Financial institutions
Disclosure of credit risk exposure
Net exposure1.9 1.7
North America | Corporates
Disclosure of credit risk exposure
Net exposure4.3 5.7
Oceania
Disclosure of credit risk exposure
Net exposure0.9 0.8
Oceania | Financial institutions
Disclosure of credit risk exposure
Net exposure0.9 0.8
Latin America
Disclosure of credit risk exposure
Net exposure3 3.3
Latin America | Corporates
Disclosure of credit risk exposure
Net exposure3 3.3
Sweden
Disclosure of credit risk exposure
Net exposure275.5 268
Sweden | Central governments
Disclosure of credit risk exposure
Net exposure167.9 159.2
Sweden | Regional governments
Disclosure of credit risk exposure
Net exposure13.8 12.2
Sweden | Financial institutions
Disclosure of credit risk exposure
Net exposure17.1 11.4
Sweden | Corporates
Disclosure of credit risk exposure
Net exposure76.7 85.2
West European countries excl. Sweden
Disclosure of credit risk exposure
Net exposure62.6 62.7
West European countries excl. Sweden | Central governments
Disclosure of credit risk exposure
Net exposure16.2 19
West European countries excl. Sweden | Regional governments
Disclosure of credit risk exposure
Net exposure0 0.1
West European countries excl. Sweden | Multilateral development banks
Disclosure of credit risk exposure
Net exposure3.3 3.5
West European countries excl. Sweden | Public Sector Entity
Disclosure of credit risk exposure
Net exposure5.2 4.2
West European countries excl. Sweden | Financial institutions
Disclosure of credit risk exposure
Net exposure14.9 15
West European countries excl. Sweden | Corporates
Disclosure of credit risk exposure
Net exposure23 20.9
Central and East European countries
Disclosure of credit risk exposure
Net exposure3.4 3.4
Central and East European countries | Central governments
Disclosure of credit risk exposure
Net exposure2.7 2.8
Central and East European countries | Financial institutions
Disclosure of credit risk exposure
Net exposure0.2 0.2
Central and East European countries | Corporates
Disclosure of credit risk exposure
Net exposure kr 0.5 kr 0.4

Exposures - Net exposures Europ

Exposures - Net exposures European countries, excluding Sweden by exposure classes (Details) - Credit risk - SEK (kr) kr in BillionsJun. 30, 2021Dec. 31, 2020
Disclosure of credit risk exposure
Net exposure kr 363.3 kr 359.5
Germany
Disclosure of credit risk exposure
Net exposure10.2 8.6
France
Disclosure of credit risk exposure
Net exposure8.2 8
Finland
Disclosure of credit risk exposure
Net exposure7.1 8.9
United Kingdom
Disclosure of credit risk exposure
Net exposure6.1 7
Denmark
Disclosure of credit risk exposure
Net exposure5.9 5.2
Luxembourg
Disclosure of credit risk exposure
Net exposure5.6 4.6
Norway
Disclosure of credit risk exposure
Net exposure5.3 4.8
The Netherlands
Disclosure of credit risk exposure
Net exposure3.4 3.2
Austria
Disclosure of credit risk exposure
Net exposure3.3 5.7
Spain
Disclosure of credit risk exposure
Net exposure3.1 1.9
Poland
Disclosure of credit risk exposure
Net exposure2.8 2.9
Belgium
Disclosure of credit risk exposure
Net exposure2.7 2.5
Portugal
Disclosure of credit risk exposure
Net exposure0.6 0.7
Ireland
Disclosure of credit risk exposure
Net exposure0.6 0.6
Switzerland
Disclosure of credit risk exposure
Net exposure0.4 0.8
Serbia
Disclosure of credit risk exposure
Net exposure0.2 0.3
Latvia
Disclosure of credit risk exposure
Net exposure0.1 0.2
Iceland
Disclosure of credit risk exposure
Net exposure0.1 0.1
Estonia
Disclosure of credit risk exposure
Net exposure0.1 0.1
Italy
Disclosure of credit risk exposure
Net exposure0.1 0.1
Lithuania
Disclosure of credit risk exposure
Net exposure0.1
European countries excl. Sweden
Disclosure of credit risk exposure
Net exposure kr 66 kr 66.2