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As filed with the Securities and Exchange Commission on February 28, 2023

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 20-F

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(Mark One)

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☐ Registration statement pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934

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or

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☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2022

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or

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☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

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or

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☐ Shell company report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

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Date of event requiring this shell company report …………………

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For the transition period from to

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Commission file number: 001-08382

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AKTIEBOLAGET SVENSK EXPORTKREDIT (PUBL)
(Exact name of Registrant as specified in its charter)
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(SWEDISH EXPORT CREDIT CORPORATION)
(Translation of Registrant’s name into English)
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Kingdom of Sweden
(Jurisdiction of incorporation or organization)
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Fleminggatan 20, SE-112 26 Stockholm, Sweden
(Address of principal executive offices)
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Stefan Friberg, Swedish Export Credit Corporation, P.O.Box 194, SE-101 23 Stockholm Email: Stefan.Friberg@sek.se Phone 46-8-613 88 05
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

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Securities registered or to be registered pursuant to Section 12(b) of the Act:

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Title of each Class |  | Trading Symbols |  | Name of each exchange on which registered
​ | ​ | ​ | ​ | ​
ELEMENTSSM Linked to the ICE BofAML Commodity index eXtraBiofuels Exchange Series — Total Return due February 13, 2023 | ​ | FUE | ​ | NYSE ARCA, Inc.
​ | ​ | ​ | ​ | ​
ELEMENTSSM Linked to the ICE BofAML Commodity index eXtra (GRains)— Total Return due February 14, 2023 | ​ | GRU | ​ | NYSE ARCA, Inc.

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Securities registered or to be registered pursuant to Section 12(g) of the Act:

None
(Title of Class)

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Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

Debt Securities
(Title of Class)

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Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

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​ | ​
Shares | 3,990,000

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

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☑ Yes ☐ No

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If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

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☐ Yes ☑ No

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Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

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Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:

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Yes ☑ No ☐

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

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Yes ☑ No ☐

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☑ | Emerging growth company ☐

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If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

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† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

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Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

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If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

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Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

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U.S. GAAP ☐ | International Financial Reporting Standards as issued by the International Accounting Standards Board ☑
​ | ​ | ​
​ | Other ☐ | ​

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If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.

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Item 17 ☐ Item 18 ☐

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If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

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☐ Yes ☑ No

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(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

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Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

☐ Yes ☐ No

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Table of Contents

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TABLE OF CONTENTS

PART I |  | 5
​ | ​ | ​
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS | 5
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE | 5
ITEM 3. KEY INFORMATION | 5
ITEM 4. INFORMATION ON THE GROUP AND THE PARENT COMPANY | 10
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS | 21
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES | 30
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS | 38
ITEM 8. FINANCIAL INFORMATION | 39
ITEM 9. THE OFFER AND LISTING | 40
ITEM 10. ADDITIONAL INFORMATION | 41
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS | 45
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES | 45
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PART II | ​ | 46
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ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES | 46
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 46
ITEM 15. CONTROLS AND PROCEDURES | 46
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT | 47
ITEM 16B. CODE OF ETHICS | 47
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES | 48
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES | 48
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS. | 48
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT. | 48
ITEM 16G.CORPORATE GOVERNANCE. | 49
ITEM 16H.MINING SAFETY DISCLOSURE. | 49
ITEM 16I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. | 49
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PART III | ​ | 49
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ITEM 17. FINANCIAL STATEMENTS | 49
ITEM 18. FINANCIAL STATEMENTS | 49
ITEM 19. EXHIBITS | 50

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INTRODUCTORY NOTES

In this annual report on Form 20-F (the “annual report”), unless otherwise specified, all amounts are expressed in Swedish kronor (“Skr”).

In this annual report, unless otherwise indicated, all descriptions and financial information relate to the consolidated group consisting of Aktiebolaget Svensk Exportkredit (publ), (Swedish Export Credit Corporation) (the “Parent Company”, the “Company” or “SEK”), including the Commercial Interest Reference Rate-system (the Swedish system for officially supported export credits or the “CIRR-system”), which is described herein, and the Parent Company’s wholly owned, inactive subsidiary SEKETT AB (the “Subsidiary”). These are jointly referred to as the “Consolidated Group” or the “Group”.

The consolidated financial statements of SEK included in Item 18 (the “Consolidated Financial Statements”) comprise the consolidated statement of financial position of SEK and its subsidiaries as of December 31, 2022 and December 31, 2021, and the related consolidated statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2022, including the related notes. In certain cases, comparable figures for earlier financial periods are reported in parentheses after the relevant figure for the current period. For example, “(2021: Skr 10 million)” means that the relevant figure for 2021, or as of December 31, 2021, as the context requires, was Skr 10 million.

The Parent Company is a “public limited liability company” within the meaning of the Swedish Companies Act (2005:551). A Swedish limited liability company, even if its shares are not listed on an exchange and are not publicly traded, may choose to declare itself a “public limited liability company”. Only public limited liability companies are allowed to raise funds from the public through the issuance of debt instruments. A public limited liability company is required to add the notation “publ” to its name, unless it is evident from the company’s name that the company is a public limited liability company.

Additional information about SEK, including investor presentations, capital reports and the annual report for the financial year of 2022, is available at www.sek.se/en/for-investors. None of the foregoing reports or presentations, nor any other information available on or accessible through SEK’s website is incorporated herein by reference.

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FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements. SEK has based these forward-looking statements on its current expectations and projections about future events. These statements include but are not limited to:

| ● | statements regarding financial projections and estimates and their underlying assumptions;

| ● | statements regarding plans, objectives and expectations relating to future operations and services;

| ● | statements regarding the impact of regulatory initiatives on SEK’s operations;

| ● | statements regarding general industry and macroeconomic growth rates and SEK’s performance relative to them; and

| ● | statements regarding future performance.

Forward-looking statements are generally identified by the words “expect”, “anticipate”, “believe”, “intend”, “estimate”, “should” and similar expressions.

Forward-looking statements are based on current plans, estimates and projections, and therefore readers should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and SEK undertakes no obligation to update any forward-looking statement in light of new information or future events, although SEK intends to continue to meet its ongoing disclosure obligations under the U.S. securities laws (such as the obligations to file annual reports on Form 20-F and reports on Form 6-K) and under other applicable laws. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and generally beyond SEK’s control. Readers are cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, forward-looking statements. These factors include, among others, the following:

Credit risk and counterparty credit risk

● | Disruptions in the financial markets or economic recessions (including as a result of geopolitical instability and a resurgence of the COVID-19 pandemic), have had an, and could have a further, adverse effect on SEK’s operations and financial performance.

● | Disruptions in the financial markets or economic recessions have had an, and could have a further, adverse effect on SEK credit risk and counterparty credit risk.

● | SEK’s concentrated credit portfolio could have a material adverse effect on SEK’s business and/or its ability to repay its debts.

Operational risk

● | SEK is exposed to material operational risk, which could harm SEK’s business, financial performance or the ability to repay its debt.

● | A resurgence of the COVID-19 pandemic could have an adverse effect on SEK’s business and operations.

Financial risk

● | SEK may experience negative changes in the value of its assets or liabilities and may incur other losses related to volatile and illiquid market conditions.

● | Losses could result from SEK’s derivatives used for hedging, and SEK’s hedging strategies may not be effective.

● | Reduced access to international capital markets for the financing of SEK’s operations, or less favorable financing terms, may have a negative impact on SEK’s profitability and its ability to fulfil its obligations.

● | Fluctuations in foreign currency exchange rates could harm SEK’s business.

Sustainability risk

● | SEK is exposed to environmental, social and governance matters, such as climate change, corruption and human rights issues.

● | Developments in emerging market countries may result in credit losses for SEK on loans to customers in those countries.

Regulatory changes

● | Changes in laws, regulations or accounting standards may adversely affect SEK’s business.

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PART I

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not required as this 20-F is filed as an annual report.

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

Not required as this 20-F is filed as an annual report.

ITEM 3. KEY INFORMATION

A. Selected Financial Data

Not applicable.

B. Capitalization and Indebtedness

Not applicable.

C. Reasons for the Offer and Use of Proceeds

Not applicable.

D. Risk Factors

The following section provides a description of the material risk factors that (i) could affect SEK’s businesses, results of operations and financial condition; and (ii) could cause SEK’s results to differ materially from those expressed in public statements or documents.

Credit risk and counterparty credit risk

Disruptions in the financial markets or economic recessions (including as a result of geopolitical instability and a resurgence of the COVID-19 pandemic), have had an, and could have a further, adverse effect on SEK’s operations and financial performance.

SEK’s business and earnings are affected by general business, economic and market conditions, especially those pertaining to Sweden and Europe. Uncertainty remains concerning the outlook and the future economic environment globally, and in Sweden and Europe specifically, due to the ongoing Russia-Ukraine war, the aftermath of the COVID-19 pandemic and higher inflation, interest rates and recessionary concerns. In addition, future economic uncertainty, risk of high inflation, high interest rates and geopolitical tensions create uncertainty and volatility in the financial markets and if these negative global economic conditions persist or worsen, they can also amplify each other’s impact.

Additionally, even in the absence of slow economic growth or recessions, other economic circumstances – including, but not limited to, high inflation, high interest rates, volatility in energy prices, contractions in infrastructure spending, fluctuations in market interest or exchange rates, and concerns over the financial health of sovereign governments and their instrumentalities –may have negative consequences for the companies and industries that SEK provides financing to as well as the financial condition of SEK’s financial counterparties and could, in addition to the other factors cited above, have material adverse effects on SEK’s business prospects, financial condition and/or the ability of the Company to fulfil its debt obligations.

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Disruptions in the financial markets or economic recessions have had an, and could have a further, adverse effect on SEK credit risk and counterparty credit risk.

Credit and counterparty risk exposure is inherent in SEK’s business model. Dysfunctional and volatile financial markets or effects of an economic recession could have material negative effects on asset values and credit losses. As a financial institution, which lends money to customers globally, SEK’s business could be materially adversely affected by unfavorable global and local economic and market conditions, as well as geopolitical events and other developments in Europe, the United States, Asia and elsewhere around the world. The ongoing war in Ukraine could lead to further tensions and instability in financial markets, including significant volatility in commodity prices and supply of energy resources, supply chain disruptions, political and social instability as well as an increase in cyberattacks and espionage. In addition, a resurgence of the COVID-19 pandemic could have a material negative affect on economic growth and business operations across the global economy. Dysfunctional markets and an economic recession may affect business and consumer spending, bankruptcy rates and asset prices and could lead to SEK’s customers’ and counterparties’ increasing their demand for loans, becoming delinquent in their loan repayments or other obligations and ultimately losing their ability to fulfil their obligations towards SEK. For example, in the 2007/2008 financial crisis, SEK was forced to write down the value of some of its assets as a result of disruptions in the financial markets. Even though SEK to a large extent is covered by government export credit guarantees in its lending, there could be circumstances where dysfunctional markets and an economic recession could lead to an increase in SEK’s provisions for delinquent and defaulted debt and other provisions for non-guaranteed loans, which could in turn have a material adverse effect on SEK’s business and/or its ability to repay its debts.

SEK’s concentrated credit portfolio could have a material adverse effect on SEK’s business and/or its ability to repay its debts.

SEK’s credit portfolio has a composition that reflects the Swedish export industry. A large part of SEK’s exposures are covered by guarantees from the Swedish Export Credit Agency and other government export credit agencies within the Organisation for Economic Co-operation and Development (the “OECD”). However, SEK has some large exposures, without guarantees, to international export corporations that have high ratings. Even though these companies are large international corporations with high ratings they could be affected by, for example, disruption in supply chains, increases in prices, high interest rates, volatile capital markets and current geopolitical events. A default by any of these large corporations could lead to an increase in SEK’s provisions for delinquent and defaulted debt and other provisions, which could in turn have a material adverse effect on SEK’s business prospects, financial condition and/or the ability of the Company to fulfil its debt obligations.

Operational risk

SEK is exposed to material operational risk, which could harm SEK’s business, financial performance or the ability to repay its debt.

SEK’s business is dependent on the ability to process complex transactions in an efficient and accurate manner. Operational risk for a financial institution such as SEK can arise from, for example, internal or external (outsourced or counterparties) system failures, failure in system development, loss of information, information security failures, such as data loss, cyberattacks, human errors by employees, failure to document transactions properly or to obtain proper internal authorizations, natural disasters, fraud related to money laundering, financing of terrorism, corruption or other criminal action. Western support of the ongoing war in Ukraine could further intensify cyberattacks targeting Swedish government activities and companies. A resurgence of the COVID-19 pandemic could lead to a high absence of staff and challenges due to remote working, which could amplify operational risks and limit operating capabilities. Although management of operational risk includes 24/7 surveillance of critical parts of the IT-systems and is designed to efficiently mitigate all material risk and to be compliant with regulatory requirements, the processes and systems in place could prove to be insufficient. This could have a material adverse effect on SEK and may lead to additional costs, losses or damages to SEK’s reputation, which may negatively affect customers’ and investors’ confidence in SEK, and consequently SEK’s business prospects, financial condition or the ability of the Company to fulfil its debt obligations.

SEK has in the past incurred additional costs related to the enhancement of its IT-system due to increased regulatory burdens. If SEK were to fail to comply with its obligations under financial guarantee contracts or other credit risk reducing arrangements or if the contracts are not properly drafted, this could result in SEK not being able to effectively seek recourse under such guarantees or other arrangements in the event the relevant borrower was unable to repay its debt to SEK. SEK’s reputation could also be damaged if SEK were to fail to comply with applicable legislation and best practices or in any other way were to fail to meet its commitments and expectations.

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A resurgence of the COVID-19 pandemic could have an adverse effect on SEK’s business and operations.

While production and supply are being restored globally after the COVID-19 pandemic there is still a risk for a spread of new mutations of the virus or new or different viruses. A resurgence of the pandemic could have a material negative affect on economic growth and business operations across the global economy and it may also have the effect of increasing the likelihood and/or magnitude of other risks described herein. Such weakening of the economy could have a material adverse impact on the performance or operations of financial markets and counterparties to SEK and consequently impact SEK, or the cost of funding for SEK, which could have an adverse impact on SEK’s business, financial condition, results of operations and liquidity. In addition, SEK’s own operations have been and could further be affected by high absence of staff and challenges due to remote working, which could amplify operational risks and limit operating capabilities. The impact a resurgence of the COVID-19 pandemic could have on SEK’s operational and financial performance will depend on multiple unknown factors, including the timing, duration and spread of any future outbreaks, the length and timing of government restrictions and travel limitations, mitigating actions taken by governmental authorities in response to the pandemic as well as factors dependent on the effectiveness and timing of SEK’s mitigating actions. Even with governments, counterparties and SEK’s mitigating actions taken into account, the effect of a resurgence of the pandemic could have a material adverse effect on SEK’s business prospects, financial condition an/or the ability of the Company to fulfil its debt obligations.

Financial risk

SEK may experience negative changes in the value of its assets or liabilities and may incur other losses related to volatile and illiquid market conditions.

Increased market volatility, illiquid market conditions and disruptions in the credit markets, such as those observed during the spring of 2020 at the beginning of the COVID-19 pandemic, could make it difficult to value SEK’s assets and liabilities during certain periods. In particular, SEK is exposed to changes in the fair value of certain assets of liabilities due to unrealized gains and losses (e.g. in the form of changes in currency basis spread). Such changes in fair value could have a negative impact on SEK’s results as reported under IFRS.

Subsequent valuations, in light of factors then prevailing, may result in significant changes in the value of SEK’s assets or liabilities in future periods. Changes in asset prices can also lead to increased margin requirements for SEK’s derivative exposures. Furthermore, at the time of any sale of any such assets, the prices SEK ultimately realizes will depend on the demand and liquidity in the market at the time of sale and may be materially lower than such assets’ current fair value. Any of these factors could have an impact on the valuation of SEK’s assets and liabilities, and may therefore have an adverse effect on SEK’s results of operations, financial condition and/or the ability of the Company to fulfil its debt obligations.

Losses could result from SEK’s derivatives used for hedging, and SEK’s hedging strategies may not be effective.

SEK uses hedging instruments in an attempt to manage interest rate-, currency-, credit-, basis- and other market-related risks. If any of the variety of instruments and strategies SEK uses to hedge exposure to various types of risk is not effective, SEK may incur losses, which may have an adverse effect on SEK’s financial condition and could impair its ability to timely repay or refinance its debts. The majority of SEK’s derivative contracts are OTC (over-the-counter) derivatives, i.e., derivative contracts that are not traded on an exchange. These derivatives are entered into under ISDA Master Agreements. If a counterparty were to default on these contracts, the underlying exposure would no longer be effectively hedged, which could result in losses.

In addition, there can be no assurance that SEK will continue to be able to hedge risks related to current or future assets or liabilities in accordance with its current policies in an efficient manner or at all. Disruptions such as market crises and economic recessions, including potentially as a result of a resurgence of the COVID-19 pandemic or variations thereof (including new strains or unforeseen new diseases or infections), may bring a challenge to the availability and effective hedging instruments or strategies. An inability to hedge any material risks could result in additional losses, which could have an adverse effect on SEK’s results of operations, financial condition and/or the ability of the Company to fulfil its debt obligations.

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Reduced access to international capital markets for the financing of SEK’s operations, or less favorable financing terms may, have a negative impact on SEK’s profitability and its ability to fulfil its obligations.

In order to finance its operations, SEK is dependent on the international capital markets, where it competes with other issuers of similar standing to obtain financing. Although SEK has been able to finance its operations successfully to date, factors outside of SEK’s control may have material adverse effects on SEK’s continued ability to obtain such financing or could cause the cost of such financing to increase. As a result of the global outbreak of COVID-19, for example, global markets became extremely turbulent and volatile during the spring of 2020 and SEK experienced an increase in costs of funding through the international capital markets (as did other issuers during the same period). The same occurred as a result of the financial crisis in 2008. In both periods, SEK was able to offset the increased cost of funding by increasing the margins on its lending, but that might not be possible in the future. This could result in more expensive access to the capital markets, which could in turn, have a material adverse effect on SEK’s results of operations.

An additional key factor influencing the cost and availability of financing is SEK’s credit rating. Although notes issued by SEK under several of its securities programs, including its U.S.$ Medium Term Notes Program, have favorable credit ratings from various credit rating agencies currently, those credit ratings depend on many factors, some of which are outside of SEK’s control. Significant factors in determining SEK’s credit ratings or that otherwise could affect its ability to raise financing include its ownership structure, asset quality, liquidity profile, short and long-term financial prospects, risk exposures, capital ratios, prudential measures as well as government support and SEK’s public policy role. Although SEK’s owner (the Swedish State) has reaffirmed continued support for SEK’s current public policy role, there is a risk that this stance could change in the future. Deterioration in any one of these factors or any combination of these factors may lead rating agencies to downgrade SEK’s credit ratings. If SEK were to experience a downgrade in its credit ratings, it would likely become necessary to offer increased interest margins in the capital markets in order to obtain financing, which would likely have a material adverse effect on SEK’s profit margins and earnings, and harm its overall liquidity and business and its ability to fulfil its debt obligations.

Fluctuations in foreign currency exchange rates could harm SEK’s business.

As an international lending institution, SEK faces exposure to adverse movements in foreign currency exchange rates. The adequacy of SEK’s financial resources may be impacted by changes in currency exchange rates that affect the value, in Swedish currency, of SEK’s foreign currency obligations. SEK’s exposure to foreign currency exchange risk is caused primarily by fluctuations in the Swedish krona (“Skr”)/United States dollar (“USD”) exchange rate and the Skr/Euro exchange rate. Countries could undertake actions that could significantly impact the value of their currencies such as “quantitative easing” measures and potential withdrawals from common currencies and other currency control measures. Even though SEK carefully monitors and hedges its foreign currency exposures, changes in currency exchange rates adverse to SEK could harm SEK’s business, its profitability and its ability to repay its debts. SEK does not hedge its exposure towards currency exchange-rate effects related to unrealized changes in the fair value of its assets and liabilities, which could negatively affect SEK’s results of operations. Also, any strengthening of the Swedish krona against other currencies may reduce demand for the products sold overseas by SEK’s Swedish clients and thus reduce demand for its loans from end-purchasers of such products, or cause such clients to experience increased difficulty in repaying their loans to SEK. Such eventualities could have an adverse effect on SEK’s business prospects, financial condition and/or the ability of the Company to fulfill its debt obligations.

Sustainability risk

SEK is exposed to environmental, social and governance matters, such as climate change, corruption and human rights issues.

Environmental, social and governance (“ESG”) related matters such as climate change, corruption and human rights issues pose risks to SEK’s business, its customers and the wider society. If SEK fails to meet evolving regulatory expectations or requirements relating to these matters, it could have regulatory compliance and reputational impact.

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SEK analyzes and considers ESG risks, such as climate-related risks, risk of corruption and human rights issues, in business targets and lending decisions. Increased attention to ESG issues, as well as societal expectations regarding voluntary ESG initiatives and disclosures, may result in increased costs (including but not limited to costs related to compliance), impact SEK’s reputation or otherwise affect its business performance. SEK has to date and may in the future continue to take certain actions, including the establishment of ESG-related goals or targets, to address ESG issues. For example, in late 2021, the Board adopted SEK’s “Sustainability finance policy”, which stipulates basic principles for SEK’s lending. These principles also form the basis of the Company’s risk appetite for sustainability risk. There can be no assurances that SEK’s commitments will be achieved in the manner it currently intends, or at all, and any inability to satisfy such commitments or to meet societal expectations can result in negative impacts on SEK’s reputation or otherwise affect its business performance.

In addition, climate change could expose SEK to financial risks either through its physical (e.g., climate or weather-related events) or transitional (e.g., changes in climate policy) effects. Transition risks could be further accelerated by the occurrence of changes in the physical climate. Physical risks from climate change arise from climate and weather-related events, such as heatwaves, droughts, floods, storms, sea level rise, coastal erosion and subsidence. These risks could result in significant damage to SEK’s customers’ property or businesses or have a material impact on SEK’s customers’ business models, which in turn could negatively affect SEK’s costumers ability to pay amounts due on their debt. Transition risks arise from the process of adjustment towards a low-carbon economy. SEK may face significant and rapid developments in stakeholder expectations, policy, law and regulation which could impact the lending activities SEK undertakes, as well as the risks associated with its lending portfolio, and the value of SEK’s financial assets. Reputation risk could arise from a failure to meet changing societal, investor or regulatory demands.

In 2021, SEK’s Board of Directors adopted a number of climate targets for its operations, including that SEK’s lending portfolio should achieve net zero emissions by 2045, and that the proportion of green loans on the balance sheet should increase to 50 percent by 2030. In order to reach these targets or any other climate related ambitions or targets SEK may commit to in the future, SEK will need to incorporate climate considerations into its strategy, business model, the products and services it provides to customers and its financial and non-financial risk management processes (including processes to measure and manage the various financial and non-financial risks SEK faces as a result of climate change). Failure to adequately embed risks associated with climate change into its risk framework to appropriately measure, manage and disclose the various financial and operational risks it faces as a result of climate change, or failure to adapt SEK’s strategy and business model to the changing regulatory requirements and market expectations on a timely basis may have a material and adverse impact on SEK’s reputation, business prospects, financial condition and/or the ability of the Company to fulfil its debt obligations.

Developments in emerging market countries may result in credit losses for SEK on loans to customers in those countries.

SEK grants loans to customers in a number of emerging markets. Lending in emerging markets generally involves greater economic or political risk than in more developed countries, including economic crises, potentially unstable governments, risks of nationalization of businesses or appropriation of assets, restrictions on foreign ownership and uncertain legal systems. Although a significant amount of SEK’s loans are guaranteed by the EKN and other government export credit agencies within the OECD, 69 percent as of December 31, 2022, SEK could experience credit losses with respect to those loans not covered by a guarantee, which could reduce the SEK’s net income and have a material adverse effect on the SEK’s business prospects, financial condition and/or the ability of the Company to fulfil its debt obligations.

Regulatory Risks

Changes in laws, regulations or accounting standards may adversely affect SEK’s business.

SEK’s business is subject to regulation and regulatory oversight. In particular, SEK is subject to financial services laws, regulations, administrative actions and policies in each location in which it operates. Significant legal or regulatory developments could affect the manner in which SEK conducts its business and the results of SEK’s operations. Changes to existing laws, or the interpretation or enforcement of laws, may directly impact SEK’s business, results of operations and financial condition.

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Furthermore, changes to the current system of supervision and regulation, or any failure to comply with applicable rules (and particularly those applicable in Sweden), could materially and adversely affect SEK’s authorization to operate, its business, its financial condition or results of operation and/or the ability of the Company to fulfil its debt obligations. For example, as a result of legislative changes in 2017, the Swedish FSA required most financial institutions in Sweden, including SEK, to pay a higher resolution fee to the resolution fund to support the recovery of credit institutions, which adversely affected SEK’s results of operations.

The EU-wide framework for the recovery and resolution of credit institutions may reduce or impede SEK’s ability to obtain financing, cause the cost of funding to increase or impair SEK’s ability to fulfill its obligations.

As of January 1, 2022, a minimum requirement for own funds and eligible liabilities (MREL) target level was set for SEK by the Swedish National Debt office. The MREL will have to be met with own funds and senior non-preferred bonds (“SNP debt”) with a gradual implementation of the requirement until January 1, 2024, when the MREL levels become a formal regulatory requirement. SEK may experience difficulties in issuing SNP bonds or the interest rate on these bonds may be considerably higher than on other debt securities issued, which would negatively impact SEK’s profitability.

The Resolution Act confers substantial powers on the Swedish National Debt Office to enable it to take a range of actions in relation to Swedish financial institutions that are considered to be at risk of failing, including a debt write-down tool. The exercise of any resolution power, or any suggestion of the exercise of any resolution power, in relation to SEK may reduce or impede SEK’s ability to obtain financing, cause the cost of financing to increase or impair SEK’s ability to fulfill its obligations.

In December 2017, the Basel Committee introduced final revisions to the Basel III capital framework to reduce the variability of risk-weighted assets within the banking system (the “2017 Revisions”). In 2019, additional revisions were made by the Basel Committee to the CVA framework. In October, 2021 the EU published proposals to CRR and CRD (CRR III and CRD VI), with the purpose to implement the Basel revisions into EU law. The EU proposal follows the defined requirements of the Basel standards, and while SEK expects a net positive impact of the new requirements on the Company’s risk exposure amount, uncertainty remains until the new regulations have been finalized. Under the EU proposal, the CRD VI needs to be implemented into Swedish national legislation prior to January 1, 2025 before the new requirements become applicable for SEK, while the CRR III will become applicable for SEK as of January 1, 2025.

For more information, see Item 4 “Information on the Group and the Parent Company—B. Business Overview—Swedish Government Supervision—Supervisory Authorities”.

ITEM 4. INFORMATION ON THE GROUP AND THE PARENT COMPANY

A. History and Development of the Group and the Parent Company

Aktiebolaget Svensk Exportkredit (publ) (Swedish Export Credit Corporation) is a “public limited liability company” under the Swedish Companies Act (2005:551). It is wholly owned by the Swedish State through the Ministry of Finance (“Sweden”, the “Swedish State” or the “State”).

The Parent Company was founded in 1962 in order to strengthen the competitiveness of the Swedish export industry by meeting a need for long-term financing for both exporters and their foreign customers. SEK’s objective is to engage in financing activities in accordance with the Swedish Banking and Financing Business Act (2004:297) and, in connection therewith, to promote the development of Swedish commerce and industry as well as otherwise engaging in Swedish and international financing activities on commercial terms. The duration of the Parent Company is indefinite.

SEK’s mission has evolved since it began its operations in 1962. SEK’s range of products has expanded from its roots in export loans; however it remains a niche operator in the financial markets.

​

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The address of the Parent Company’s principal executive office is AB Svensk Exportkredit (Swedish Export Credit Corporation), Fleminggatan 20, Stockholm, Sweden; and the Parent Company’s telephone number is +46-8-613-83 00. The Parent Company’s authorized representative in the United States is Business Sweden, whose contact information is as follows:

Business Sweden New York

295 Madison Avenue,

Floor 40,

New York, NY 10017

Tel. No.: (212) 507-9001

www.business-sweden.com

B. Business Overview

SEK’s mission is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms, with the aim of promoting the development and international competitiveness of Swedish industry and trade. Its mission includes, as a public policy assignment, administration of the CIRR-system. Pursuant to agreements established in 1978 and amended from time to time thereafter, the Group administers the CIRR-system on behalf of the Swedish State in return for compensation.

SEK extends loans on commercial terms at prevailing fixed or floating market interest rates as well as loans on State-supported terms at fixed interest rates that may be lower than prevailing fixed market rates in the CIRR-system. The compensation from the CIRR-system to SEK is recorded as a part of interest income in the Consolidated Statement of Comprehensive Income. See Note 1(f) to the Consolidated Financial Statements. Because Sweden is a member of the OECD, the CIRR-system is designed to comply with the Arrangement on Guidelines for Officially Supported Export Credits of the OECD (the “Export Credit Guidelines”).

SEK’s product offerings are aimed at Swedish exporters and their customers, and its customers are large and medium-sized Swedish exporters with sales exceeding Skr 500 million.

SEK works mainly in lending and as a result, SEK acts as a complement to, and works in cooperation with, Swedish and international banks as well as other financial institutions. SEK also has close partnerships with other export promotion agencies in Sweden such as Almi, Business Sweden, EKN and Swedfund.

SEK can provide loans in a number of different currencies and with different maturities. The majority of its lending is in Swedish kronor, US dollars or euros, but SEK also offers loans in several other currencies.

SEK’s borrowing activities in the international capital markets have given SEK expertise in financial instruments.

SEK’s niche specialization in long-term export-related financing, combined with its financial capacity and flexible organization, are key factors in the management of its operations.

2022

| ● | For the full-year, SEK recorded higher net interest income, Skr 2,179 million (2021: Skr 1,907 million). During the year, a high new lending rate, rising interest rates in Swedish kronor and a weaker Swedish krona contributed to higher interest income. On January 1, 2022, a new risk tax on credit institutions was introduced in Sweden. Net interest income was negatively affected by the risk tax amounting to Skr 109 million.

| ● | The new lending volume in 2022 was Skr 133 billion (2021: Skr 77 billion), the highest ever new lending volume in the space of one year. New lending to Swedish exporters was Skr 50.3 billion in 2022 (2021: Skr 25.1 billion), and new lending to exporters’ customers amounted to Skr 82.9 billion in 2022 (2021: Skr 51.9 billion). The high level of new lending was primarily the result of high demand for working capital finance from large and medium-sized Swedish exporters, but also from increased demand for major export credits. Demand for financing from the defense industry, in particular, has shown a sharp rise.

| ● | There is a global need for investments in order to reach the reduced carbon emissions goals contained in the Paris Agreement on climate change. There is a substantial transition need in sectors such as transportation and energy, sustainable urban development and fossil-frugal production. While the share of new green lending declined year-on-year, SEK’s ambition of being a force in the transition to a low-carbon economy remains firm. SEK’s focus on increasing the client portfolio and offering more companies access to Sweden’s export credit system has been highly successful. The number of clients increased 14 percent during the year compared to the full year 2021.

| ● | SEK’s new green lending totaled Skr 7.4 billion in 2022 (2021: Skr 11.5 billion).

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| ● | SEK had a credit facility with the Swedish National Debt Office of up to Skr 175 billion in 2022. The credit facility can be used both within the current CIRR-system up to Skr 140 billion, and up to Skr 35 billion for commercial export financing. The credit facility was renewed in December 2022 through the end of 2023 by the Swedish Government in order to further enhance the ability to promote the Swedish export industry. SEK had not utilized the credit facility by December 31, 2022.

| ● | The Board of Directors of SEK (the “Board”) has resolved to propose the payment of a dividend of 20 percent of the year’s profit at the Annual General Meeting, corresponding to Skr 233 million (2021: Skr 414 million), which is in line with the Company’s dividend policy of 20-40 percent.

| ● | The Swedish Krona weakened sharply during the year against the USD and EUR. Broad index declines in stock markets indicated poorer times ahead. In Sweden, the economic indicators showed that the economy was moving towards a worsening trajectory.

Competition

SEK is the only institution authorized by the Swedish State to grant export financing loans under the CIRR-system. With support from the State, SEK helps Swedish export companies compete with other export companies within OECD member countries that provide similar support from their respective domestic export credit agencies and where such export credit agencies also provide government-supported export credits. SEK also helps Swedish export companies compete with other export companies outside the OECD member countries. SEK’s lending, excluding the CIRR-system, faces competition from other Swedish and foreign financial institutions, as well as from the direct and indirect financing programs of exporters themselves.

The following table summarizes SEK’s loans outstanding and debt outstanding as of December 31, 2022 and 2021:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year ended December 31, | ​ | ​ |
Skr mn | ​ | 2022 |  | 2021 |  | Changes in percent |
Total loans outstanding(A) |  | 273,448 |  | 237,224 |  | 15 | %
of which CIRR-system |  | 94,241 |  | 87,872 |  | 7 | %
Total debt outstanding |  | 326,270 |  | 295,000 |  | 11 | %
of which CIRR-system |  | 103,336 |  | 88,092 |  | 17 | %

(A) Loans outstanding consist of loans due from commercial and financial institutions including loans in the form of interest-bearing securities. For a reconciliation of loans outstanding, see Note 11 to the Consolidated Financial Statements.

Lending Operations – General

The following table sets forth certain data regarding the Group’s lending operations, including the CIRR-system, during the two-year period ending December 31, 2022:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, | ​ | ​ |
Skr mn |  | 2022 |  | 2021 |  | Changes in percent |
Offers of long-term loans accepted |  | 133,181 |  | 76,988 |  | 73 | %
Total loan disbursements |  | -103,924 |  | -96,881 |  | 7 | %
Total loan repayments |  | 85,227 |  | 99,314 |  | -14 | %
Total net increase/ (decrease) in loans outstanding |  | 36,224 |  | 5,546 |  | 553 | %
Loans outstanding |  | 273,448 |  | 237,224 |  | 15 | %
Loan commitments outstanding but undisbursed(A) |  | 75,369 |  | 53,871 |  | 40 | %

(A) If a loan has been accepted by the borrower it can be disbursed immediately. However, disbursement may be delayed due to a number of factors. In some cases, including as a result of changes in the commercial and financial institutions’ need for funds, an accepted loan may never be disbursed. Currency exchange-rate effects also impact the amount of loan commitments that will result in loans outstanding. Therefore, the volume of loans accepted does not equal the volume of loans disbursed as presented in the Statement of Cash Flows in the Consolidated Financial Statements for a single fiscal year. Loans accepted but not yet disbursed are presented under the heading “Commitments” as “Committed undisbursed loans”. See Note 11 to the Consolidated Financial Statements.

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Total loans outstanding, type of loans

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
Skr mn |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018
Lending to exporters’ customers |  | 145,049 |  | 127,943 |  | 111,628 |  | 121,165 |  | 119,467
of which CIRR-system |  | 94,241 |  | 87,872 |  | 69,163 |  | 76,120 |  | 69,922
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lending to Swedish exporters |  | 128,399 |  | 109,281 |  | 120,050 |  | 96,429 |  | 89,759
of which CIRR-system |  | — |  | — |  | — |  | — |  | —
Total |  | 273,448 |  | 237,224 |  | 231,678 |  | 217,594 |  | 209,226
of which CIRR-system |  | 94,241 |  | 87,872 |  | 69,163 |  | 76,120 |  | 69,922

​

Over half of the loan volumes granted by SEK are granted to purchasers of Swedish exports. Western European markets are the largest markets for exported Swedish goods by revenue. However, exports to other markets, including less developed markets, are also important. Accordingly, the need for export financing may be related to transactions involving buyers in many different countries, with varying levels of creditworthiness. Pursuant to its credit risk exposure policy, SEK is selective in accepting such risk exposure. The credit risk exposure policy seeks to ensure that SEK is neither dependent on the creditworthiness of individual buyers of Swedish goods and services, nor on the countries in which they are domiciled, but rather on the creditworthiness of individual counterparties to which SEK accepts credit risk exposure. SEK relies to a large extent on guarantees in its lending. For additional information on SEK’s approach to risk, see Note 26 and Note 30 to the Consolidated Financial Statements.

SEK has no exposure to loans that the Company would characterize as high-risk lending, including loans which have been modified or would otherwise qualify as distressed debt, other than the limited amount of such assets disclosed in Note 9 to the Consolidated Financial Statements.

CIRR-system

SEK treats the CIRR-system as a separate operation for accounting purposes. Although the deficits (or surpluses) of programs under the CIRR-system are reimbursed by (or paid to) the Swedish State, any loan losses that may be incurred under such programs are not reimbursed by the Swedish State. Accordingly, SEK has to obtain appropriate credit support for those loans as well. All of the lending under the CIRR-system is reported on SEK’s Consolidated Statement of Financial Position. SEK has consequently presented the financial results of the CIRR-system in the Consolidated Statement of Comprehensive Income as the gross amounts collected and paid in accordance with the agreement with the Swedish State. See Note 1 to the Consolidated Financial Statements for further details. In general, loans under the program are guaranteed by EKN. All such loans granted by SEK must also undergo SEK’s customary approval process.

Pursuant to an owner instruction adopted by the sole shareholder, the Swedish State, at the Annual General Meeting in April 2016, the difference between interest income related to lending and liquid assets under the CIRR-system on the one hand, and interest expenses related to borrowing, all other financing costs and any net foreign exchange losses incurred by SEK under the CIRR-system, on the other hand, are reimbursed by (or paid to) the Swedish State.

SEK reports loans in the following categories:

Loan Types and Underwriting Policies

(a) Lending to Swedish exporters

(b) Lending to exporters’ customers

| o | export credits;

| o | loans for the funding of export lease agreements;

| o | trade finance; and

| o | project finance.

Within the CIRR-system, SEK extends loans only for the medium and long-term financing of durable goods exports. CIRR-system lending includes financing in collaboration with intergovernmental organizations and foreign export credit agencies.

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SEK’s credit underwriting policies and requirements are similar regardless of loan type, and pertain equally to the CIRR-system. The majority of SEK’s loans are guaranteed by export credit agencies or banks, or by credit default swaps issued by banks or other financial institutions.

SEK’s initial loan offer and subsequent commitment set forth the maximum principal amount of the loan, the currency in which the loan will be denominated, and the repayment and disbursement schedule.

For more information, see the table under the heading “Outstanding loans as per product type” under Note 11 to the Consolidated Financial Statements.

Interest Rates

Outside the CIRR-system, export financing is extended at prevailing market rates of interest. The Group normally makes loan offers at a quoted interest rate that is subject to change prior to acceptance of the loan offer (a non-binding offer). When a borrower accepts a non-binding loan offer, the interest rate is normally set at the then-prevailing market rate (which might have changed since the loan commitment was made), and a binding loan commitment arises. Binding offers can also be provided and are offers with a higher degree of commitment to the customer with regard to disbursement of the loan than non-binding offers, regardless of whether the interest rate is fixed or not.

Because Sweden is a member of the OECD, the CIRR-system is designed to comply with the Export Credit Guidelines, which establish minimum interest rates, required down payments and maximum loan periods for government-supported export loan programs.

SEK offers CIRR loans established by the OECD in accordance with the Export Credit Guidelines. The CIRR rates for new loans are subject to periodic review and adjustment by the OECD. The Export Credit Guidelines stipulate that loan offers may remain valid for a period of not more than 120 days. EU rules and Swedish regulations state that the commercial contract relating to the loan offer must be signed within that 120-day period. Thereafter, the CIRR rate can be locked in for a maximum period of six months in order for the loan agreement to be finalized. No commitment fee is charged by SEK for CIRR loans. SEK receives compensation from the Swedish government in the form of an administrative fee of 0.25 percent per annum, which is calculated based on the loan amount outstanding. The arranging or agent-bank, generally a commercial bank, receives compensation in the amount of 0.25 percent per annum, based on the loan amount outstanding, to cover its costs for arranging and managing loans.

SEK previously participated with government agencies in an export-financing program (the “Concessionary Credit Program”) financed by the Swedish State to promote exports to certain developing countries, incorporating a foreign aid element of at least 35 percent. Sweden is no longer providing new concessionary credits under the program, but SEK still has loans from the program outstanding on its balance sheet. Terms varied according to the per capita income of the importing country.

The aid element is reflected in the form of lower rates of interest and/or deferred repayment schedules. The Swedish government reimburses SEK through the CIRR-system for the costs incurred as a result of SEK’s participation in the Concessionary Credit Program as well as any costs for CIRR financing.

Guarantees and Credit Default Swaps

SEK relies to a large extent on guarantees in its lending. The guarantors are principally made up of government export credit agencies, such as the EKN, the Export Import Bank of the United States, the Exports Credits Guarantee Department of the United Kingdom, Compagnie Française d’Assurance pour le Commerce Extérieur of France and Euler Hermes Kreditversicherungs AG of Germany, as well as financial institutions and, to a lesser extent, non-financial corporations. Credit risk is allocated to a guarantor in accordance with SEK’s policy and therefore, when disclosing net credit risk exposures, the majority of SEK’s guaranteed credit exposure is shown as exposure to sovereign counterparties. In general, loans under the CIRR-system are guaranteed by the EKN.

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Total credit exposures for SEK covered by guarantees

​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
Skr bn |  | 2022 |  | 2021
Government export credit agencies |  | 189.0 |  | 162.1
of which covered corporate exposures |  | 108.1 |  | 90.1
of which covered exposures to financial institutions |  | 6.7 |  | 0.0
of which covered exposures to regional governments |  | 1.5 |  | 1.6
of which covered sovereign exposures |  | 72.7 |  | 70.4

​

As of December 31, 2022, government export credit agencies guaranteed 43.1 percent (2021: 43.5 percent) of SEK’s total credit exposures.

If a guarantee or credit default swap is entered into for risk-mitigating purposes, the instrument protects a pre-defined amount of SEK’s exposure with respect to the principal amount of the underlying loan (and in some cases interest) as long as the issuer of the guarantee or credit default swap is financially sound. The protected amount is ordinarily 75–100 percent of the principal amount. Most of the counterparties against whom SEK accepts net exposures are rated by one or more of the internationally recognized rating agencies.

For information regarding SEK’s gross and net credit exposures to counterparties, broken down by geography and type of counterparty (taking into account applicable guarantees but not collateral), see Note 26 to the Consolidated Financial Statements.

Loan Maturities

SEK’s historical role (and one that continues today) has been in the provision of long-term financing in order to promote the Swedish export industry. Since many of the projects the export industry engages in are long-term projects, both with regard to disbursement periods and repayment periods, SEK’s loans often have longer terms than those of loan products offered by commercial banks. However, SEK also meets its customers’ needs by providing short-term financing when required. Consequently, SEK’s loan maturities range from very short-term loans (with terms of three to six months) to loans for as long as 20–30 years. Under the CIRR-system, loan maturities generally range from one year up to 20–30 years.

Currency

SEK extends loans in different currencies, depending on the needs of its borrowers. Before the Group makes any loan commitment, it ensures that the currency in which the loan is to be funded is expected to be available for the entire loan period at an interest rate (taking into account the costs of foreign exchange derivatives) that, as of the day the commitment is made, results in a margin that the Group deems sufficient. The Group borrows, on an aggregate basis, at maturities corresponding to or exceeding those of prospective loans. Accordingly, the Group may decide not to hedge particular loan commitments due to movements in interest rate risk until sometime after they are made. Interest rate risks associated with such unhedged commitments are monitored closely and may not exceed interest rate risk limits established by the Board. SEK’s policies are described in Note 30 to the Consolidated Financial Statements.

The following table shows the currency breakdown of loan offers accepted for loans with maturities exceeding one year for each year in the two-year period ending December 31, 2022.

​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Percentage of loan offers accepted |
Currency in which loan is denominated |  | 2022 |  | 2021 |
Swedish kronor |  | 36 | % | 38 | %
Euros |  | 20 | % | 19 | %
U.S. dollars |  | 39 | % | 37 | %
Other |  | 5 | % | 6 | %
Total |  | 100 | % | 100 | %

​

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Credit Support for Loans Outstanding

The Group’s policies with regard to counterparty exposures are described in detail in Note 30 to the Consolidated Financial Statements.

The following table illustrates the counterparties for the Group’s loans and guarantees outstanding as of December 31, 2022 and December 31, 2021. Although most loans fall into more than one category for any given loan, this table only reflects the counterparty (either the borrower or the guarantor) that SEK believes to be stronger in terms of creditworthiness.

​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |
Loan credit exposure to Swedish State guarantees via EKN(A) |  | 42 | % | 45 | %
Loan credit exposure to Swedish credit institutions(B) |  | 2 | % | 2 | %
Loan credit exposure to foreign bank groups or governments(C) |  | 6 | % | 7 | %
Loan credit exposure to Swedish counterparties, primarily corporations(D) |  | 33 | % | 31 | %
Loan credit exposure to municipalities |  | 1 | % | 1 | %
Loan credit exposure to other foreign counterparties, primarily corporations |  | 16 | % | 14 | %
Total |  | 100 | % | 100 | %

(A) EKN guarantees are in substance insurance against losses caused by the default of a foreign borrower or buyer in meeting its contractual obligations in connection with the purchase of Swedish goods or services. In the case of a foreign private borrower or buyer, coverage is for “commercial” and, in most cases, “political” risks. Coverage for “commercial” risk refers to losses caused by events such as the borrower’s or buyer’s insolvency or failure to make required payments within a certain time period (usually six months). Coverage for “political” risk refers to losses caused by events such as a moratorium, revolution or war in the importing country or the imposition of import or currency control measures in such country. Disputed claims must be resolved by a court judgment or arbitral award, unless otherwise agreed by EKN. In the table above, only the particular amount of any given total loan that is guaranteed is listed as such. The amount of any such loan that is not covered by the relevant guarantee is excluded. EKN is a State agency whose obligations are backed by the full faith and credit of Sweden.

(B) At December 31, 2022, loans in this category amounting to approximately 26 percent (2021: 0 percent) of the total loans in this category represented loans to the four largest commercial bank groups in Sweden including guarantees in the form of bank guarantees or credit derivatives. The remaining 74 percent (2021: 2 percent) of total loans represented loans to various financial institutions and minor commercial banks in Sweden including guarantees in the form of bank guarantees or credit derivatives.

(C) At December 31, 2022, loans in this category consisted principally of obligations of other Nordic, Western European or North American bank groups, together with obligations of Western European governments, including guarantees in the form of bank guarantees or credit derivatives.

(D) At December 31, 2022, approximately 31 percent (2021: 10 percent) of the total loan credit exposure represented loans to the 20 largest Swedish corporations.

See “—Lending Operations—General” for information on the geographical distribution of borrowers, see also Note 26 to the Consolidated Financial Statements.

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Swedish Government Supervision

Supervisory Authorities

SEK operates as a credit market institution within the meaning of the Swedish Banking and Financing Business Act (2004:297). As such, it is subject to supervision and regulation by Finansinspektionen (the “Swedish FSA”), which licenses and monitors the activities of credit market institutions to ensure their compliance with the Swedish Banking and Financing Business Act, including the regulations linked to it, and such institutions’ corporate charters. This supervision with respect to the Group’s minimum capital and liquidity requirements covers the Parent Company but not the Subsidiary because the Subsidiary is not classified as a credit market institution. Among other things, the Swedish FSA requires SEK to submit reports on a daily, monthly, quarterly, semi-annual and annual basis and may conduct periodic inspections. The Swedish FSA has also classified SEK as a level 2 institute in accordance with the EU Supervisory Review and Evaluation Process (SREP). As such, the Swedish FSA also carries out the SREP, which entails a more detailed review and evaluation of SEK’s governance, risk management, internal control as well as capital and liquidity planning, every two years. The Swedish FSA may also (but currently does not) appoint an external auditor to participate with SEK’s independent auditors in examining the Group’s and the Parent Company’s financial statements and the management of the Group.

The Swedish National Debt Office requires information to be reported by credit institutions, including SEK, in accordance with the Resolution Act. The Resolution Act originates from the BRRD, which provides an EU-wide framework for the recovery and resolution of credit institutions, among others. The BRRD requires all EEA member states to provide their relevant resolution authorities with a set of tools to intervene sufficiently early and quickly in an unsound or failing institution so as to ensure the continuity of the institution’s critical financial and economic functions, while minimizing the impact of an institution’s failure on the broader economy and financial system. The information is used to set the minimum requirement for own funds and eligible liabilities for the credit institution.

The Swedish National Audit Office may audit the activities that are conducted by the Swedish State in the form of limited companies if the State as owner has a controlling influence over the activities. The State has controlling influence over the activities of the Parent Company, which is a limited company. Accordingly, the Swedish National Audit Office may appoint an Authorized Public Accountant, in order to get access to the same information as the external auditors, but has not yet done so.

As a credit market institution, SEK is also subject to prudential regulations relating to, among other things, its capital adequacy, its maximal exposure to any counterparty or any group of interconnected clients and its liquidity position.

Capital adequacy regulations

As of January 1, 2014, the revised capital adequacy rules of the Basel Committee, referred to as Basel III, came into force within the European Union. Basel III was introduced by a legislative package consisting of the CRR (Regulation (EU) No 575/20 and the Capital Requirements Directive (Directive 2013/36/EU of the European Parliament and of the Council of June 26, 2013, on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC or the “CRD IV”). The CRR is directly applicable in Sweden and contains detailed requirements pertaining to capital adequacy, liquidity, large exposures, leverage ratio and supervisory reporting. The CRD IV was incorporated into Swedish legislation as of August 2, 2014 and covers areas such as principles for prudential supervision, internal assessments of risk and capital, corporate governance, capital buffers, sanctions and remuneration.

The current regulations introduced by the CRR and CRD IV replace regulations based on the previous revision of the Basel accord, Basel II, which had been the prevailing standard since 2007, as it was incorporated into EU and Swedish legislation. The CRR, as amended, and the CRD IV, as incorporated into national legislation, apply to credit institutions, including SEK, within Sweden and the European Union.

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The main structure of Basel III consists of three “Pillars” as follows:

(i) Pillar 1 deals with minimum capital requirements for credit risks, credit valuation adjustment risks and market risks as well as for operational risks, based on explicit calculation rules. Under Pillar 1, an institution must at all times have own funds that in size and composition are sufficient to meet those minimum capital requirements. The capital requirements and the own funds are calculated in accordance with the CRR. Pillar 1 allows institutions to choose between some alternative methods based on their size, complexity, type of operations and subject to certain conditions. For credit risk, the standardized approach is the simplest approach, containing risk weights, all of which are established by national authorities. Institutions can expand upon the supervisory authorities’ risk weights by using risk assessments from recognized credit rating agencies such as Moody’s, Standard & Poor’s and Fitch. The next level of sophistication under Pillar 1 regarding credit risk is called the foundation internal rating-based (“IRB”) approach. Under the foundation IRB approach, the risk weights, and therefore the capital requirements, are partially based on institutions’ internal risk classifications of their exposures and counterparties. SEK’s permission to base its capital requirement for credit risk on the IRB approach covers most of the Company’s exposures.

(ii) Pillar 2 pertains to national supervisory authorities’ evaluation of risks and describes requirements for institutions’ processes for risk and capital management. It also establishes the supervisory authorities’ functions and powers. Further, under Pillar 2 each financial institution must identify risks and assess risk management from a wider perspective, to supplement the capital requirements calculated within the scope of Pillar 1. This Internal Capital Adequacy Assessment Process (ICAAP) and Internal Liquidity Adequacy Assessment Process (ILAAP) also takes qualitative risks into account. SEK annually assesses the development of its future capital and liquidity requirements and available capital primarily in connection with the update of its three-year business plan. Furthermore, each quarter, the Swedish FSA publishes the result of its assessments on the capital adequacy reflecting additional requirements for risks not covered by the Pillar 1 for the ten largest financial institutions in Sweden, including SEK. This publication covers additional estimates of concentration risk, sovereign risk, market risk and pension risk. Moreover, it reflects the ICAAP, where the additional risks are included and evaluated annually.

(iii) Pillar 3 concerns and places requirements on transparency and comparability and how institutions, in a broad sense, should report their operations to the market and the public. The disclosure of capital and risk management must follow the requirements of the CRR and some additional regulations issued in Sweden, most notably the Swedish FSA’s regulations FFFS 2014:12 regarding prudential requirements and capital buffers. Under CRR II (discussed below), the EU introduced formal revision to the disclosure framework with extended scope, application and frequency of Pillar 3 disclosures for large and listed institutions. The revised Pillar 3 framework indicates which disclosures are required from institutions, on the basis of their size, complexity and of whether they are listed or non-listed institutions. As SEK meets the criteria for large and listed institutions since 2021 new quarterly, semi-annual and annual disclosure requirements are applicable to it. The 2022 Pillar 3 is available at www.sek.se.

New regulations in force during 2022

In 2022 the Swedish FSA (FI) introduced a new method for calculating capital requirements for pension risk under Pillar 2. The new method is applicable to SEK in the 2023 review and evaluation process. The majority of the pension plans in SEK are managed by external companies and cannot lead to any future obligations for SEK once the premiums have been paid to these external companies. In addition, SEK has a few pension commitments to former employees in the balance sheet that will need to be considered in Pillar 2. The Pillar 2 capital requirement for these pensions will be less than EUR 1 million.

Upcoming regulations

In October, 2021 the EU Commission published a proposal on how the final phases of Basel IV reforms shall be implemented in the EU. In the proposal, which covers changes to both CRR (“CRR III”) and CRD (“CRD VI”), the implementation of the last phases of the Basel IV is postponed from the deadline set by the Basel Committee from January 1, 2023 until January 1, 2025. The proposed EU directive and regulation largely follows the standards set out by the Basel Committee, and introduces a new output floor for internal models for market risk and credit risk, revised standardized approaches for credit risk and operational risk, constraints on the use of internally modelled approaches for credit risk and changes in leverage ratio requirements. The output floor, which is designed to ensure that banks’ capital requirements calculated under internal models-based approaches may not fall below 72.5% of the capital requirements calculated under the standardized approaches, will be phased in incrementally over five years, beginning with 50% January 1, 2025 before becoming fully effective with 72.5% on January 1, 2030.

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Liquidity standards

As mentioned above, the CRR also includes liquidity standards: the liquidity coverage ratio (“LCR”) and net stable funding ratio (“NSFR”). The LCR requires that a bank holds enough high quality liquid assets to cover its projected net cash outflows over a 30-day stress scenario. The European Commission has adopted a delegated regulation on LCR. The detailed LCR rules came into force on October 1, 2015 and were amended by a Commission Delegated Regulation in 2018. They require institutions, including SEK, to maintain a LCR of at least 100 percent from 2018. In addition, the Swedish FSA requires institutions to maintain a LCR of at least 100 percent separately in euro and USD and also a LCR of at least 75 percent in Skr and other significant currencies. The NSFR requires that a bank maintain a stable borrowing profile in relation to the composition of its assets and off-balance sheet activities under both normal and stressed conditions. A requirement to maintain a NSFR ratio of at least 100 percent was implemented on June 30, 2021. SEK has consistently maintained an LCR and NSFR in excess of minimum requirements. See Note 26 to the Consolidated Financial Statements for further details on liquidity standards.

Measures of capital adequacy

Two parallel capital requirements must be met from June 2021, a risk-based requirement and a requirement for leverage ratio. For SEK, the risk-based minimum capital requirement exceeds the leverage ratio requirement.

The risk-based requirement is a capital-to-risk exposure amount ratio, which compares the own funds, as defined in the CRR, to the total of risk-weighted exposures, that is assets and off-balance sheet items measured according to the risk level.

According to the CRR, own funds consist of three components with different levels of quality from a loss absorption perspective:

| ● | the highest quality is the Common Equity Tier 1 capital, which includes equity capital after certain adjustments and deductions;

| ● | the next level is the Additional Tier 1 capital which, subject to detailed requirements, consists of certain types of highly subordinated, perpetual debt or hybrid capital (Tier 1 capital is the sum of Common Equity Tier 1 capital and Additional Tier 1 capital); and

| ● | Tier 2 capital constitutes the third level and consists of, subject to detailed requirements, certain types of subordinated debt that, among other things, must have an original maturity of no less than five years.

The minimum total capital ratio requirement under Pillar 1 is 8.0 percent, a requirement that has not changed with the CRR. However, the CRR introduced additional requirements on the higher quality components of capital, with a minimum requirement of 4.5 percent and 6.0 percent relating to Common Equity Tier 1 capital and Tier 1 capital, respectively.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Total capital | ​ | ​ | ​ | ​ |
​ | ​ | Minimum Capital | ​ | Requirement including | ​ | SEK Capital |
​ | ​ | Requirement1 | ​ | Buffers Requirement2 | ​ | Ratios |
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
Common Equity Tier 1 |  | 4.5 | % | 4.5 | % | 11.4 | % | 10.6 | % | 20.6 | % | 21.6 | %
Tier 1 |  | 6.0 | % | 6.0 | % | 13.6 | % | 12.8 | % | 20.6 | % | 21.6 | %
Total capital |  | 8.0 | % | 8.0 | % | 16.5 | % | 15.7 | % | 20.6 | % | 21.6 | %

1 Under Pillar 1.

2 Under Pillar 1 and Pillar 2 including Buffer requirements.

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In addition to these minimum ratios, SEK must meet certain capital buffers requirements. Failure to meet the additional buffers requirements triggers, among other things, restrictions on distributions. 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 was 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. The Swedish FSA decided on September 29, 2021 to increase the countercyclical buffer rate to 1 percent and on June 22, 2022 to 2 percent. From June 22, 2023, the countercyclical buffer rate will remain at 2 percent. SEK is also expected to cover the supplementary capital requirements estimated under Pillar 2, which in practice constitutes an extension of the minimum capital requirement for financial institutions in Sweden, covering additional risks not included in the Pillar 1 minimum requirements. Beginning in September 2021 an individual Pillar 2 requirement of 3.67 percent calculated on the total risk exposure amount was introduced, according to the decision from the latest Swedish FSA SREP.

Furthermore, SEK started from the same date to hold additional capital of 1.5 percent of the total risk-weighted exposure amount in accordance with pillar 2 guidance. The Pillar 2 guidance is not a binding requirement. SEK’s policy is to maintain own funds well in excess of both the regulatory minimum requirements under Pillar 1 and the supplementary capital requirements under Pillar 2.

The main contributing factor for the decrease in SEK’s capital ratios as of December 31, 2022 compared with year-end 2021 was increased lending and a weaker Swedish currency against the USD and the euro. SEK does not apply IFRS 9 transitional rules for expected losses. The capital adequacy ratios already reflect the full impact of IFRS 9 with regard to expected losses. See Note 25 to the Consolidated Financial Statements for further details on the capital adequacy and capital buffers of SEK.

Large exposures

The CRR also imposes restrictions on large exposures, which limit a bank’s concentration of credit risks. According to the CRR, a large exposure refers to an exposure to any counterparty or any group of interconnected clients that accounts for at least 10 percent of an institution’s eligible capital, which effectively for SEK is the total of own funds. Beginning June 28, 2021, large exposures are determined based on Tier 1 capital instead of eligible capital pursuant to revisions adopted in CRR II.

​ | ​ | ​ | ​ | ​ | ​
As percentage of |  | 2022 |  | 2021 |
Large exposures as percentage of the own funds |  | 235.6 | % | 229.2 | %

​

The aggregate amount of SEK’s large exposures as of December 31, 2022 consisted of exposures to 18 different counterparties, or counterparty groups.

In order to monitor large exposures, SEK has defined internal limits for large exposures, which are monitored daily, along with other limits.

Minimum requirement for own funds and eligible liabilities

The Swedish National Debt Office decides on plans for how Swedish banks and other financial institutions are to be managed in a crisis situation. The Swedish National Debt Office, in its role as the Swedish resolution authority, makes an annual assessment of which banks and financial institutions are systemically important,on the basis of their significance for the financial system as a whole. Resolution applies only for systemically important banks or other financial institutions. SEK is a systemically important institution according to the Swedish National Debt Office’s assessment. The Swedish National Debt Office also sets minimum requirements for own funds and eligible liabilities (MREL) for those institutions to ensure resolvability. In July, 2021 the Swedish national adaptation of the revised BRRD (BRRD II) entered into force, amending the previous MREL requirements to ensure that institutions meet the requirement with own funds and eligible liabilities. Additionally, the new MREL requirements needs to also be met with subordinated debt. In December, 2021, the Swedish National Debt Office communicated a new MREL requirement for SEK applicable from January 1, 2024, including intermediate requirements to be met as of January 1, 2023. For 2023, SEK must meet a minimum level of at least (i) 13.5 percent of the total risk exposure amount (REA), and (ii) 5 percent of the total Leverage ratio exposure measure (LRE), using own funds and subordinated eligible liabilities. At December 31, 2022, part (i) was the higher requirement for SEK and the outcome was 17.3 percent of REA. This minimum requirement for own funds and eligible liabilities (MREL) is met in whole using SEK’s own funds excluding the CET1 capital used to meet the combined buffer requirements.The requirement that should be met at January 1, 2024 amounts to (i) 27.34 percent of REA, and (ii) 6 percent of LRE, of which at least (i) 23.34 percent of REA, and (ii) 6 percent of LRE should be met using own funds and subordinated eligible liabilities.

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The Swedish National Debt Office has also communicated target levels for 2023. The target level for own funds and eligible liabilities is (i) 23.34 percent of REA, and (ii) 5 percent of LRE. At December 31, 2022, part (i) was the higher requirement for SEK and the outcome was 55.1 percent of REA. The target level for own funds and subordinated eligible liabilities coincides with the minimum level as above.

C. Organizational Structure

In the last quarter of 2021, SEK started to implement a new organization aimed at reaching business goals and ensuring increased selling power in furtherance of the new business plan for 2022–2024. The new organization was fully implemented in the beginning of 2022 when the new Sustainability function was implemented. The Head of Sustainability reports directly to the Chief Executive Officer (the “CEO”) and is part of executive management. The objective is to further increase focus on sustainability topics within the Company. SEK also maintains an independent risk control function, a compliance function as well as staff and support functions.

Risk Control, Compliance and Internal Audit

SEK maintains a risk control function and a compliance function which operate independently of the business areas. See also Note 30 to the Consolidated Financial Statements. In November 2011, upon the recommendation of the Audit Committee, SEK’s Board decided that the independent internal audit function would be outsourced to an external company from the beginning of 2012. SEK’s Board appointed KPMG to be responsible for the independent internal audit function and they commenced their assignment in January 2012. Their assignment was extended for the years 2013 through 2018. As of 2019, this assignment was transferred to another external party, Deloitte, and they maintained the assignment during 2022. In appointing an external party to perform the internal audit, SEK benefits from significant competence and experience in auditing SEK’s compliance with applicable regulations. The Executive Committee has overall responsibility to establish the internal rules for the internal control of the financial reporting and follow-up compliance with the internal control regulations.

D. Property, Plants and Equipment

SEK’s current headquarters, which occupy approximately 3,445 square meters of office space in central Stockholm, are leased. SEK also leases office space in Gothenburg, which occupies approximately 19 square meters, and two spots in a shared office space in Malmo.

ITEM 4A. UNRESOLVED STAFF COMMENTS

None.

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

A. Operating Results

Introduction

A major part of SEK’s operating profit derives from net interest income, which is earned mainly on loans to customers, but also to a lesser extent on liquidity investments. Borrowing for these assets comes from equity and from securities issued in international capital markets. Accordingly, the key determinants of SEK’s operating profit are: the interest rate on interest-bearing assets, the interest rate of issued securities, the outstanding volume of interest-bearing assets and the proportion of assets financed by equity.

SEK issues debt instruments with terms that may be fixed, floating or linked to various indices. SEK’s strategy is to economically hedge these terms at floating rates with the aim of matching the terms of its debt-financed assets. The quality of SEK’s operating profit, its relatively stable credit ratings and SEK’s public role have enabled SEK to achieve borrowing at levels that are competitive within the market. Another factor affecting net interest income is the size of the resolution fee and the risk tax. The resolution fee is a fee which SEK is required to pay to a fund to support the recovery of credit institutions. On January 1, 2022, a new risk tax on credit institutions was introduced in Sweden.

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In addition to net interest income, another key influence on SEK’s operating earnings has been changes in the fair value of certain assets, liabilities and derivatives. The factor that mainly impacts unrealized changes in fair value is cross-currency basis spreads. Cross-currency basis spread is the deviation in the nominal interest rate between two currencies in a currency interest rate swap caused by the difference between the base interest rate of the currencies.

Operating expenses, primarily driven by personnel expenses, also have an important impact on SEK’s operating profit.

Other comprehensive income is primarily affected by unrealized changes in fair value attributable to credit spreads on SEK’s own debt, which relate to the credit rating attributed to SEK by its investors and value changes on derivatives in cash flow hedges. Actuarial profits and losses on SEK’s defined benefit plans also affect other comprehensive income.

SEK’s general business model is to hold financial instruments measured at fair value to maturity. The net fair value changes that occur mainly relate to changes in credit spreads on SEK’s own debt and value changes on derivatives in cash flow hedges, which are reported in other comprehensive income, and basis spreads, which are recognized in net results of financial transactions. The changes could be significant in a single reporting period, but will not affect earnings over time since the lifetime cumulative changes in the instrument’s market value will be zero if it is held to maturity and is a performing instrument. When financial instruments are not held to maturity, realized gains and losses can occur, for example when SEK repurchases its own debt, or if lending is repaid early and the related hedging instruments are terminated prematurely.

For Critical Accounting Policies and Estimates and Recent Accounting Pronouncements Issued and Other Accounting Related Announcements, see Note 1 to the Consolidated Financial Statements.

For a discussion and analysis of SEK’s financial condition and operating results for the year ended December 31, 2021 and 2020, see Item 5 of SEK’s Form 20-F for the year ended December 31, 2021 filed with the SEC on February 24, 2022.

Key Performance Indicators

The following table summarizes SEK’s key performance indicators and how SEK defines them. We use certain key performance indicators to monitor and manage our business. We use these indicators to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions. We believe these indicators provide useful information to investors in understanding and evaluating our operating results in the same manner we do.

New lending (of which to Swedish exporters) New lending (of which to exporters’ customers) |  | New lending includes all new committed loans, irrespective of tenor. Not all new lending is reported in the Consolidated Statement of Financial Position and the Consolidated Statement of Cash Flows since certain portions comprise committed undisbursed loans (see Note 11). The amounts reported for committed undisbursed loans may change when presented in the Consolidated Statement of Financial Position due to changes in exchange rates, for example.
​ | ​ | ​
CIRR-loans as a percentage of new lending | ​ | The proportion of officially supported export credits (CIRR) of new lending.
Loans, outstanding and undisbursed | ​ | The total of loans in the form of interest-bearing securities, loans to credit institutions, loans to the public and loans outstanding and undisbursed. Deduction is made for cash collateral under the security agreements for derivative contracts and deposits with time to maturity exceeding three months (see the Statement of Financial Position and Note 23).
​ | ​ | ​
New long-term borrowings | ​ | New borrowings with maturities exceeding one year, for which the amounts are based on the trade date.
Outstanding senior debt | ​ | The total of borrowing from credit institutions, borrowing from the public and debt securities issued.
​ | ​ | ​

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After-tax return on equity | ​ | Net profit, expressed as a percentage per annum of the current year’s average equity (calculated using the opening and closing balances for the report period).
Proposed ordinary dividend | ​ | Proposed payment of disposable funds to shareholders.
​ | ​ | ​
Common Equity Tier 1 capital ratio | ​ | The capital ratio is the quotient of total common equity tier 1 capital and the total risk exposure amount.
Tier 1 capital ratio | ​ | The capital ratio is the quotient of total tier 1 capital and the total risk exposure amount.
Total capital ratio | ​ | The capital ratio is the quotient of total Own funds and the total risk exposure amount.
Leverage ratio | ​ | Tier 1 capital expressed as a percentage of the exposure measured under CRR (refer to Note 25).
Liquidity coverage ratio (LCR) | ​ | The liquidity coverage ratio is a liquidity metric that shows SEK’s highly liquid assets in relation to the Company’s net cash outflows for the next 30 calendar days. A LCR of 100 percent means that the Company’s liquidity reserve is of sufficient size to enable the Company to manage stressed liquidity outflows over a period of 30 days. Unlike the Swedish FSA’s rules, the EU rules take into account the outflows that correspond to the need to pledge collateral for derivatives that would arise as a result of the effects of a negative market scenario.
Net stable funding ratio (NSFR) | ​ | This ratio measures stable funding in relation to the Company’s illiquid assets over a one-year, stressed scenario in accordance with Basel III.
New lending green loans | ​ | New lending green loans includes all new committed loans, irrespective of tenor, categorized as green under SEK’s framework for green bonds and green loans finance products or services that lead to significant and demonstrable progress toward the goal of sustainable development. Not all new green lending is reported in the Consolidated Statement of Financial Position and the Consolidated Statement of Cash Flows since certain portions comprise committed undisbursed loans.
Volume of green bonds issued during the period | ​ | Volume of green bonds issued is new borrowings during the period categorized as green under SEK’s framework for green bonds. The metric is based on the trade date. Amounts in the Consolidated Statement of Cash Flows are shown based on settlement dates. Differences can occur between these amounts, since trade dates and settlement dates can differ and occur in different reporting periods.

​

Overview of 2022

SEK has maintained a strong business flow during the year. New lending amounted to Skr 133.2 billion for the full year, which was the highest ever new lending volume in the space of one year. This was achieved during an eventful and challenging year.

At the beginning of the year, we were still in an economic upturn. The recovery following the COVID-19 pandemic was rapid. However, Russia’s invasion of Ukraine changed that situation. The war has led to substantial human suffering, streams of refugees and geopolitical concern. The war and the remaining effects from the COVID-19 pandemic resulted in deteriorated conditions for the Swedish export industry, such as increased transportation and fuel prices, supply chain disruptions, reduced purchasing power, high inflation and a reduced risk appetite in the capital markets as a result of these factors. Consequently, the economic growth scenario has moved into an economic downturn scenario.

The continued Russian war in Ukraine resulted in challenging markets for corporate bonds and high demand for financing from SEK in the fourth quarter. This demonstrates the importance of our mission to finance the Swedish export industry and the transition to a low-carbon economy.

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For the full year, we posted profitability of 5.5 percent and a net profit of Skr 1,166 million. This reflected a year-on-year increase of 0.4 percentage points or Skr 132 million. The Company’s strong results were partly due to a substantial increase in working capital financing to Swedish exporters as well as major export credits to exporters’ foreign customers. We have also witnessed higher lending to clients in the defense industry.

Among other transactions in Sweden during the year, SEK co-financed the Kölvallen wind farm comprising 60 wind turbines located in Ljusdal Municipality. Financing of projects that contribute to climate transition is an important part of SEK’s offerings. The share of green assets in the loan portfolio increased from 7.5 percent to 9.5 percent year-on-year. We continue to develop our offerings, skills and working methods to increase the share of green assets.

Our focus on increasing the client portfolio and offering more companies access to Sweden’s export credit system has been highly successful. SEK’s client portfolio increased by 14 percent during the year.

In order to meet the increased demand for financing, SEK, in the fourth quarter of 2022, issued a EUR 1 billion five-year fixed-rate bond and a USD 1.75 billion three-year fixed-rate bond. The latter was the largest borrowing transaction SEK has completed since April 2020.

We enter 2023 well capitalized and with high liquidity to continue to meet Sweden’s export industry’s financing needs, even during highly uncertain times with highly volatile financial markets and reduced market liquidity.

Operations

Global uncertainty dominated during the fourth quarter. Russia’s war in Ukraine showed no signs of coming to an end. Capital market volumes remained at lower levels than usual and demand for SEK’s financial solutions was unusually high. SEK’s mission to provide financing to Sweden’s export industry becomes increasingly important in times of great uncertainty. This was particularly noticeable during the year as demand increased for a number of the Company’s offerings compared to the preceding year.

SEK achieved a new lending volume of Skr 133.2 billion during the full year, reflecting an increase of 73 percent compared to the full-year 2021. This is the highest new lending volume in the history of the Company and can only be compared to the new lending volumes achieved in 2009 (the financial crisis) and 2020 (the COVID-19 pandemic). The Company achieved a 15 percent growth in 2022 with regard to its total lending portfolio. The high level of new lending was primarily the result of a high demand for working capital finance from large and medium-sized Swedish exporters, but also from increased demand for major export credits. Demand for financing from the defense industry, in particular, has shown a sharp rise. While the share of new green lending declined year-on-year, SEK’s ambition of being a force in the transition to a low-carbon economy remains firm.

Among other transactions in Sweden during the year, SEK co-financed the Kölvallen wind farm comprising 60 wind turbines located in Ljusdal Municipality. SEK, together with the Swedish Export Credit Agency (EKN) and international banks, also financed a major maternity clinic at a hospital in Ghana’s capital, Accra, during the year. The financing was a result of investments in major international projects conducted by the Swedish government’s Team Sweden initiative and which, in this case, led to increased exports for some 40 Swedish exporters. SEK’s focus on increasing its client portfolio and offering more companies access to Sweden’s export credit system has been highly successful. SEK’s client portfolio increased by 14 percent during the year compared to the full-year 2021, exceeding the Company’s ambitious target of a 10 percent increase.

The uncertainty in international capital markets has been high during most of the year. Russia’s war in Ukraine, the remaining effects from the COVID-19 pandemic in the form of deficient supply chains, sharply rising energy prices and historically high inflation across much of the world were elements of concern that led to the risk appetite in international capital markets remaining lower than usual. Demand for financing from SEK from the Swedish export industry increased as a result of these circumstances.

SEK is highly regarded in the global markets and increased its borrowing volume in 2022 compared to the previous year, even with challenging market conditions. SEK has therefore been able to meet the increased demand for financing and remained a stable and secure financing partner for Sweden’s export industry throughout the year.

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SEK has raised borrowings, with maturities exceeding one year, of Skr 88.5 billion during the full year 2022. During the year, the Company issued a USD 1.75 billion three-year fixed-rate bond, which was the largest borrowing transaction SEK had completed since April 2020. SEK’s focus on increasing the share of green lending also created more opportunities to issue green bonds. In June 2022, SEK conducted a public offering of a EUR 700 million five-year fixed-rate green bond. The bond was issued under SEK’s sustainability bond framework, which is an umbrella framework for green, social and sustainability bonds linked to the United Nations Sustainable Development Goals. The offering was well-received by investors. The EUR-denominated green bond, together with the additional green bonds SEK issued in the Swedish market in 2022, resulted in a total volume of new green borrowing of Skr 9 billion for the full year 2022, compared to Skr 6 billion in 2021.

The Company therefore has high liquidity for new lending and is well prepared to meet the future financing needs of Sweden’s export industry, even during these highly uncertain times with highly volatile financial markets and reduced market liquidity.

Assets and Business Volume

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, |
​ | ​ | ​ | ​ | ​ | ​ | Changes in | ​
Skr bn |  | 2022 |  | 2021 |  | percent |
Total Assets | ​ | 375.5 | ​ | 333.6 | ​ | 13 | %
Liquidity Investments |  | 76.3 |  | 67.9 |  | 12 | %
Loans outstanding and disbursed |  | 273.4 |  | 237.2 |  | 15 | %
Percentage in the CIRR-system |  | 34 | % | 37 | % |  | ​

​

Total assets increased by 13 percent compared to the end of 2021. The Company’s increased customer lending, together with a weaker Swedish krona, drove the increase in the Company’s assets.

New lending (offers accepted)

​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
Skr billion |  | 2022 |  | 2021
Lending to Swedish exporters (A) |  | 50.3 |  | 25.1
of which CIRR-system |  | — |  | —
Lending to exporters’ customers (B) |  | 82.9 |  | 51.9
of which CIRR-system |  | 29.5 |  | 11.8
Total |  | 133.2 |  | 77.0

(A) Of which Skr 6.2 billion (year-end 2021: Skr 2.6 billion) had not been disbursed at period end.

(B) Of which Skr 28.6 billion (year-end 2021: Skr 18.6 billion) had not been disbursed at period end.

The increase in lending compared with the previous year is attributable to the extraordinarily high levels of new lending in 2022, which was primarily the result of high demand for working capital finance from large and medium-sized Swedish exporters, but also from increased demand for major export credits.

Binding offers outstanding of lending

​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, |
Skr bn |  | 2022 |  | 2021 |
Volume of binding offers outstanding |  | — |  | 1.5 | ​
CIRR loans as percentage of volume of binding offers outstanding |  | — | ​ | 100 | %

​

Commitments of undisbursed loans amounted to Skr 75.4 billion in 2022 (year-end 2021: Skr 53.9 billion).

Counterparty Risk Exposures

Credit exposures have increased to central governments and corporates, which is mainly due to new lending in the form of larger export credits that are guaranteed by EKN as well as increased lending to Swedish exporters.

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Total counterparty exposure

​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
Counterparty Risk Exposures in Skr bn |  | 2022 |  | 2021
Central governments |  | 227.3 |  | 185.5
Regional governments |  | 23.3 |  | 15.3
Multilateral development banks |  | 6.5 |  | 3.0
Public sector entity |  | 2.1 |  | 5.4
Financial institutions |  | 33.6 |  | 41.2
Corporates |  | 145.4 |  | 122.1
Total counterparty exposure |  | 438.2 |  | 372.5

​

Other exposures and risks

SEK’s hedging transactions are expected to be effective in offsetting changes in fair value attributable to hedged risks. The determination of the gross value of certain items in the statements of financial position, particularly derivatives and unsubordinated liabilities, which effectively hedge each other, requires complex judgments regarding the most appropriate valuation technique, assumptions and estimates. If different valuation models or assumptions are used, or if assumptions change, a different result may arise. Excluding the impact on the valuation of spreads on SEK’s own debt and basis spreads (which can be significant), such changes in fair value would generally offset each other, with little impact on the value of net assets.

SEK maintains a conservative policy with regard to market risk exposures, primarily consisting of interest rate risks and currency risks. For quantitative and qualitative information about risks and exposures, see Note 26 Risk Information and Note 30 Risk and capital management.

Results of Operations

Net interest income

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Skr bn, average |  | 2022 |  | 2021 |  | % |
Total loans |  | 255.3 |  | 234.5 |  | 9 | %
Liquidity investments |  | 72.1 |  | 63.5 |  | 14 | %
Interest-bearing assets |  | 338.0 |  | 314.2 |  | 8 | %
Interest-bearing liabilities |  | 310.6 |  | 291.2 |  | 7 | %

​

Net interest income amounted to Skr 2,179 million (2021: Skr 1,907 million), representing an increase of 14 percent compared to the previous year. During the year, a high new lending rate, rising interest rates in Swedish kronor and a weaker Swedish krona contributed to higher interest income. On January 1, 2022, a new risk tax on credit institutions was introduced in Sweden. Net interest income was negatively affected by the risk tax amounting to Skr 109 million. The table above shows average interest-bearing assets and liabilities.

Commission earned and commission incurred

Commission earned and commission incurred amounted to Skr -31 million (2021: Skr -29 million). Commission earned amounted to Skr 3 million (2021: Skr 2 million). Commission incurred amounted to Skr -34 million (2021: Skr -31 million).

Net results of financial transactions

Net results of financial transactions amounted to Skr 69 million (2021: Skr 56 million). The year has been volatile with large movement in the financial markets. The results were mainly attributable to unrealized value changes of financial instruments from cross-currency basis spreads, increased credit spreads in the liquidity portfolio and increased interest rates.

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Operating expenses

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | % |
Personnel expenses |  | -402 |  | -359 |  | 12 | %
of which provision to the EIS |  | -7 |  | — |  |  | ​
Other administrative expenses |  | -216 |  | -231 |  | -6 | %
Depreciation and impairment of non-financial assets |  | -94 |  | -80 |  | 18 | %
Total Operating expenses |  | -712 |  | -670 |  | 6 | %

​

Operating expenses increased by 6 percent compared to the previous year. The increase in operating expenses is mainly due to increased personnel and depreciation costs. A provision of Skr 7 million was made for the individual variable remuneration program (2021: –).

Depreciation and impairment of non-financial assets

Depreciation and impairment of non-financial assets amounted to Skr -94 million (2021: Skr -80 million), which was an increase of 18 percent compared to the previous year.

Net credit losses

Net credit losses amounted to Skr -34 million (2021: Skr 41 million). Net credit losses were mainly attributable to increased provisions for expected credit losses for exposures in stage 1 and stage 3, offset by recovered credit losses, as well as decreased provisions for expected credit losses for exposures in stage 2.

SEK’s IFRS 9 model is based on a business cycle parameter. The business cycle parameter reflects the general risk of default in each probability of default (PD) segment and should reflect the general risk of default in the economy. Due to the current macroeconomic uncertainty, SEK has made an overall adjustment according to management’s assessment.

Loss allowances as of December 31, 2022, amounted to Skr -223 million compared to Skr -164 million as of December 31, 2021, of which exposures in stage 3 amounted to Skr -70 million (year-end 2021: Skr -48 million). The provision ratio amounted to 0.06 percent (year-end 2021: 0.06 percent).

Taxes

Tax costs amounted to Skr -305 million (2021: Skr -271 million), of which Skr -304 million (2021: Skr -272 million) consisted of current tax and Skr -1 million (2021: Skr 1 million) consisted of deferred tax. The effective tax rate amounted to 20.7 percent (2021: 20.8 percent), compared to the nominal tax rate for 2022 of 20.6 percent (2021: 20.6 percent).

Operating and net profit

Operating profit amounted to Skr 1,471 million (2021: Skr 1,305 million). Net profit amounted to Skr 1,166 million (2021: Skr 1,034 million). The higher net profit compared to the previous year was primarily the result of a Skr 272 million higher net interest income. The difference between the years was reduced by increased expenses and increased provisions for expected credit losses in 2022.

Other comprehensive income

​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021
Items to be reclassified to operating profit |  | -122 |  | —
of which derivatives in cash flow hedges |  | -122 |  | —
Items not to be reclassified to operating profit |  | 142 |  | 0
of which own credit risk |  | 99 |  | -24
of which revaluation of defined benefit plans |  | 43 |  | 24
Other comprehensive income before tax |  | 20 |  | 0

​

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Other comprehensive income before tax amounted to Skr 20 million (2021: Skr 0 million).The outcome is explained by a positive result related to the changes in own credit risk due to increased credit spreads, as well as a positive result related to the revaluation of defined benefit plans that were affected by a higher discount rate, offset in part by unrealized losses incurred from derivatives in cash flow hedging due to rising interest rates.

B. Liquidity and Capital Resources

SEK’s policy for liquidity and borrowing risk requires that for all loans outstanding as well as agreed but undisbursed loans, there must be borrowing available through maturity. For CIRR loans, which SEK manages on behalf of the Swedish State, the Company counts its credit facility of Skr 175 billion with the Swedish National Debt Office, as available borrowing. In December 2022, the credit facility was renewed through the end of 2023 by the Swedish Government in order to further enhance the ability to promote the Swedish export industry, of which Skr 35 billion can be used for commercial export financing, which is an increase from Skr 13 billion from previous year. For commercial loans, the Company counts its credit facility of Skr 35 billion, as available borrowing. As a consequence, SEK continues to have a high level of liquid assets and a low borrowing risk. The aggregate volume of funds and equity exceeded the aggregate volume of loans outstanding and loans committed during each future time period. Accordingly, SEK considers all loan commitments to be funded through maturity. As of December 31, 2022, SEK had 3 months of available funds to meet potential disbursements under new lending agreements, as compared to 4 months as of December 31, 2021. See the section titled “Liquidity risk and refinancing risk” in Note 26 to the Consolidated Financial Statements and the liquidity risk discussion in Note 30 to the Consolidated Financial Statements.

Borrowing

​ | ​ | ​ | ​ | ​
Skr bn |  | 2022 |  | 2021
New borrowing |  | 88.5 |  | 81.1
Repurchase of own debt |  | 2.8 |  | 1.5
Early redemption of borrowing |  | 6.1 |  | 0.0

​

Total new borrowing in 2022 was significantly higher than it was in 2021, which was driven by higher than usual lending volumes.

In 2022, SEK raised borrowings with long maturities, that is, maturities of at least one year, corresponding to Skr 88.5 billion, an increase of Skr 7.4 billion year-on-year. A considerable portion of the long-term borrowing, 92 percent, was conducted in the form of plain vanilla transactions sold to investors worldwide. SEK also issued commercial papers with shorter maturities, corresponding to Skr 71.3 billion in 2022 (2021: Skr 6.4 billion).

SEK’s borrowing over the course of the year took place in multiple different currencies across a number of different geographic markets. Europe (other than the Nordic countries) and North America were the largest borrowing markets in 2022.

SEK continues to have high liquidity for new lending and is well prepared to meet the future financing needs of the Swedish export industry. The Group has adequate resources to continue for a period of at least 12 months from the date of approval of the financial statements.

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Debt Maturities

The following table illustrates SEK’s debt maturity profile for different types of senior and subordinated debt. Repayments are assumed to occur on the maturity date and reflect nominal amounts.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Skr million |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
Senior debt |  | 138,976 |  | 59,764 |  | 56,956 |  | 18,635 |  | 21,380 |  | 30,559 |  | 326,270
of which fixed-rate |  | 117,969 |  | 49,504 |  | 53,084 |  | 3,819 |  | 19,670 |  | 17,021 |  | 261,067
of which variable-rate |  | 10,959 |  | 3,152 |  | 1,061 |  | 12,749 |  | 1,343 |  | — |  | 29,264
of which formula-based |  | 10,048 |  | 7,108 |  | 2,811 |  | 2,067 |  | 367 |  | 13,538 |  | 35,939
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subordinated debt |  | — |  | — |  | — |  | — |  | — |  | — |  | —
of which fixed rate |  | — |  | — |  | — |  | — |  | — |  | — |  | —
of which variable rate |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total debt |  | 138,976 |  | 59,764 |  | 56,956 |  | 18,635 |  | 21,380 |  | 30,559 |  | 326,270

​

Senior Debt by Category:

The following table illustrates our outstanding senior debt by category.

​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
Skr million |  | 2022 |  | 2021
Fixed-rate(A) |  | 261,067 |  | 217,407
Variable-rate(A) |  | 29,264 |  | 0
Formula-based(A) |  | 35,939 |  | 77,593
of which interest rate-linked |  | 16,912 |  | 77,168
of which currency-linked |  | 7,864 |  | 65
of which equity-linked |  | 10,797 |  | 223
of which commodity-linked |  | 366 |  | 137
of which credit-linked |  | — |  | —
Total senior debt(B) |  | 326,270 |  | 295,000

(A) As of December 31, 2022 the interest rate ranges for fixed-rate senior debt and variable-rate senior debt were 0 percent to 10 percent (2021: 0 percent to 9 percent) per annum respectively. The wide range of interest rates reflects the fact that the debt is issued in many different currencies and with different maturities.

SEK’s economic hedges are expected to be effective in offsetting changes in fair values attributable to hedged risks. Certain assets and liabilities in such hedges require complex judgments regarding the most appropriate valuation models and assumptions. The gross values of certain assets and liabilities (primarily derivative and senior securities issued by SEK), which effectively hedge each other, are affected by this complexity. If different valuation models or assumptions were employed instead of those used in the valuations in this report, or if assumptions were changed, this could produce different results regarding the gross value of such securities issued and hedging derivatives. Changes in the fair value of derivatives will usually be offset by changes in fair value of securities issued, and the connected change in the fair value will thus not have a material effect on either results or equity except the impact on valuation of credit spreads on SEK’s own debt and basis spreads.

The outstanding volume of debt with remaining maturities of one year or less increased during 2022. At December 31, 2022, outstanding debt with remaining maturities of one year or less amounted to Skr 139 billion, compared with Skr 95 billion at December 31, 2021.

C. Research and Development, Patents and Licenses

In the ordinary course of business, the Group develops new products and services across each of its business lines.

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D. Trend Information

SEK’s future development is based on a number of factors, some of which are difficult to predict and generally beyond the Company’s control. Material factors for 2022 are presented below:

| ● | Major events took place in the business environment in 2022 that impacted SEK and its clients. For example, Russia’s invasion of Ukraine, high energy and food prices, elevated interest rates, supply chain disruptions, the slowdown in China, reduced purchasing power and considerable financial uncertainty were all factors that contributed to an economic downturn. A weak Swedish krona, especially against USD and EUR, and inflation increased economic uncertainty even if it provided increased traction to Swedish exports. Recovery after the COVID-19 pandemic was replaced by a decline in growth. The geopolitical and macroeconomic factors driving the current business environment impacted companies’ risks and opportunities and, in turn also SEK and the demand for SEK’s offerings.

| ● | In many countries, transitional work is in progress to adjust to a sustainable future based on the United Nation’s 17 Sustainable Development Goals (SDGs). Investments are being directed to the development of new technology, sustainable infrastructure and renewable energy solutions. Swedish companies have often been at the forefront of the development of sustainable solutions. A green technology shift is thereby creating opportunities for Swedish companies to export and contribute to the transition outside of Sweden’s borders. The climate transition requires capital and the investment horizon is often very long. SEK is one of the players contributing with financing to investments both in Sweden and internationally where product offerings from Swedish companies form part of the solution. There is a significant need for transition in sectors such as transportation and energy, sustainable urban development and fossil-free energy production. Over the course of the year, SEK increased its focus on financing this transition in Sweden and internationally.

| ● | During 2022, SEK worked together with other export promotion agencies on the Swedish government’s Team Sweden initiative. SEK also worked with other government export promotion agencies to improve the communication with companies, especially in providing information on the Swedish export credit system.

| ● | During the year, credits were granted for 12 larger international projects where SEK conducted separate sustainability reviews in line with international guidelines for export credits. In 2022, new lending that qualified for classification as green loans, as per SEK’s definition, amounted to Skr 7.4 billion (2021: Skr 11.5 billion).

For additional information on the trends affecting SEK and the risks it faces, see the discussions elsewhere in this Item 5 (including under “Assets and Business Volume” above) and the “Risk Factors” in Item 3.

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

The Board is responsible for the management of the Parent Company.

The Parent Company’s Articles of Association currently provide that the Board shall consist of six to eight directors. The State, as holder of all the shares, elects the directors. The Chairman of the Board is appointed at each Annual General Meeting. The Board may appoint a Vice Chairman of the Board.

The Board meets at least six times a year.

The members of the Board are elected at each Annual General Meeting to serve for a term of one year, which expires at the next Annual General Meeting. An Annual General Meeting is required to be held not later than June 30 of each year.

Certain information with respect to the Parent Company’s directors and executive officers is set forth below. Unless otherwise indicated, such information is given as of the date of this report.

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A. | Directors and Senior Management

Board of Directors and Executive Officers

​ |  | ​ |  | ​ | ​
Name |  | Age |  | Position | ​
Lennart Jacobsen | ​ | 56 | ​ | Chairman of the Board and Director | ​
Håkan Berg | ​ | 67 | ​ | Director | ​
Anna Brandt | ​ | 60 | ​ | Director | ​
Paula da Silva | ​ | 62 | ​ | Director | ​
Reinhold Geijer | ​ | 68 | ​ | Director | ​
Hanna Lagercrantz | ​ | 51 | ​ | Director | ​
Katarina Ljungqvist | ​ | 58 | ​ | Director | ​
Eva Nilsagård | ​ | 57 | ​ | Director | ​
Magnus Montan | ​ | 50 | ​ | Chief Executive Officer | ​
Karl Johan Bernerfalk | ​ | 50 | ​ | General Counsel, Head of Legal and Procurement | ​
Pontus Davidsson | ​ | 52 | ​ | Head of International Finance | ​
Stefan Friberg | ​ | 54 | ​ | Chief Financial Officer | ​
Theresa Hamilton Burman | ​ | 60 | ​ | Chief Credit Officer | ​
Jens Hedar | ​ | 48 | ​ | Head of Client Relationship Management | ​
Jan Hoppe | ​ | 41 | ​ | Chief Risk Officer | ​
Jenny Lilja Lagercrantz | ​ | 50 | ​ | Head of Human Resources | ​
Tomas Nygård | ​ | 53 | ​ | Chief Information Officer | ​
Susanna Rystedt | ​ | 58 | ​ | Head of Strategy, Business Development and Communication | ​
Maria Simonson | ​ | 48 | ​ | Chief Sustainability Officer | ​

​

A1. The Board

Mr. Jacobsen was appointed director in March 2021, and Chairman of the board of directors in March 2022. He is currently Chairman of the board of directors at Careium AB and Playground Group AB. He is also a member of the board of directors of Swedbank Robur Fonder AB and Oryx Holding AB. He has previously served as Executive Vice President, Country Senior Executive Sweden and Head of Retail Banking at Nordea Bank AB and CEO Nordics of GE Capital Global Banking AB.

Mr. Berg was appointed director in March 2022. He is currently Chairman of the board of directors of Lexly AB. He also currently serves as a board member of ICA Banken AB and AK Nordic AB. He has previously served as a member of Swedbank’s Group Executive Committee. He has also held the positions of Head of Stockholm Region, Deputy of Retail Banking, Head of Baltic Banking, Chief Audit Executive and Group Chief Risk Officer at Swedbank.

Ms. Brandt was appointed director in November 2017. She is currently ambassador and permanent representative of Sweden to the OECD and Unesco in Paris. She has previously served as Executive Director and board member of the World Bank, European Bank for Reconstruction and Development (EBRD), and European Investment Bank (EIB), ambassador for Agenda 2030 at Sweden’s Ministry for Foreign Affairs and as Sweden’s ambassador in Nairobi, Kenya and in Dublin, Ireland.

Ms. da Silva was appointed director in March 2022. She is currently CEO for P27 Nordic Payments Platform AB and Chairman of the board of directors of Bankgirot AB. She has previously served as CEO for SEB Strategic Investments, as Global Head of Transaction Banking at Skandinaviska Enskilda Banken (“SEB”) and has also held several leading positions for SEB in Latin America and the United States.

Mr. Geijer was appointed director in March 2017. He is currently a member of the board of directors of BTS Group AB, Eterna Invest AB with associated companies and Livförsäkringsaktiebolaget Skandia ömsesidigt. He has previously served as CEO for The Royal Bank of Scotland, Nordic Branch, Nordisk Renting AB and Föreningssparbanken (Swedbank) and as Executive Vice President at Telia AB. He has also previously worked at Ericsson Radio Systems AB, SSAB Swedish Steel and Weyerhaeuser Integrated Forest Company, United States.

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Ms. Lagercrantz was appointed director in March 2019. She is currently Senior Investment director at the Ministry of Finance at the Government Offices of Sweden. She is currently also a board member of Almi AB and Research Institutes of Sweden (RISE) AB. She has previously served as a board member of AO Dom Shvetsii, Fouriertransform AB, LKAB, SBAB, SOS Alarm AB, Swedish Space Corporation (SSC), Svenska Skeppshypotekskassan and Swedfund International AB. She has also previously worked as an equity analyst at SEB, and as a corporate finance executive at UBS AG and S.G. Warburg.

Ms. Ljungqvist was appointed director in March 2022. She is currently Chairman of the board of directors of Ecster AB and a member of the board of directors of Hufvudstaden AB. She has previously worked as Head of the division Handelsbanken Digital and Head of Business Development Sweden and Executive Vice President and Head of Regional Bank Western Sweden Handelsbanken.

Ms. Nilsagård was appointed director in April 2018. She is currently Founder and CEO for Nilsagård consulting AB. She serves as Chairman of the board of directors of Spermosens AB and Diagonal Bio AB. She is also director and Chairman of the audit committees at AddLife AB, Bufab AB, Xbrane Biopharma AB, Hansa Biopharma AB, Nimbus Group AB, Nanexa AB and Irras AB. She is also a board member of eEducation Albert AB and Ernströmgruppen. She has previously served as CFO for Plastal Industri AB, SVP Strategy & Business development Volvo Trucks (EMEA), Vitrolife and VP Finance & IT Volvo Penta and has held other senior positions within finance and business development at Volvo, AstraZeneca Group and SKF.

A2. Management – Executive Officers

Mr. Montan has been CEO since 2021. He also currently holds a position as the Founding Partner at RRM Capital since January 2020. He has held several positions within Nordea between 2014 and 2019; Nordic Head of Business Banking (2016-2019) and Nordic Head of Commercial & Business Banking Strategy & Development (2014-2016). Prior to that he held several positions within HSBC in Europe, Asia and Latin America between 1996 and 2014; Managing Director & Regional Head of Global Trade & Receivables Finance, Latin America (2012-2014), Director & Head of International Business & COO, China (2009-2012), Director & Head of International Business Strategy, Asia Pacific (2008-2009), Director & Head of Multinational Companies, South Korea (2005-2007), Associate Director & Financing & Risk Advisory, Asia Pacific (2004-2005), Relationship Executive Debt Recovery & Restructuring, Asia Pacific (2002-2004), Chief Operating Officer, Uruguay (2001-2002), Relationship Manager Corporate Banking, Brazil (1999-2001) and International Manager Trainee Program (1996-1999). In addition, Mr. Montan holds and has held the following positions of trust; member of the board of directors of Majblomman (a Swedish nationwide charity) (2020-current), member of the board of directors of Nordea Hypotek (the Nordea mortgage company) (2019-2022), Assets & Liabilities Committee (ALCO), Nordea Group (2015-2019), Business Ethics & Values Committee (BEVC), Nordea Group (2015-2019), Risk Committee (RICO), Nordea Group (2015-2017) and International Branches Board, Nordea Group (2015-2019).

Mr. Bernerfalk has been General Counsel since 2015 and Head of Legal and Procurement since 2022. Previously he was Head of Legal Lending from 2007-2015. Prior to that he served as legal counsel of SBAB and before that he worked as legal counsel with leading Swedish law firms.

Mr. Davidsson has been Head of International Finance since 2022. Previously he was the Executive Director of Global Banking at Standard Chartered Bank since 2016. He was also a Senior Relationship Manager of Capital Markets & Treasury Solutions at Deutsche Bank from 2009-2016 and Head of Export & Project Finance for the Nordic Region at BNP Paribas from 2006-2009. In addition, he held the position of Vice President of Structured Trade & Export Finance at Deutsche Bank from 2001-2006 and Vice President of Export & Project Finance at Swedbank from 1998-2001.

Mr. Friberg has been CFO since 2019. He had previously worked as Executive Director, Chief Risk Officer (“CRO”) since May 2015. Before working at SEK, he was Head of Market Risk control from 2008 and Head of Group Risk Control from 2013 at SEB. Prior to that he served as Head of Credit Portfolio Management at SEB from 2006. In addition he held various positions in trading within SEB and Nordea, primarily in derivatives trading, from 1996-2006.

Ms. Hamilton Burman has been Chief Credit Officer since 2015. Previously she held several positions within Swedbank e.g. Regional Credit Manager, Head of Corporate Banking, Head of Credit Analysis. In addition she has been a director representing Swedbank in several of its subsidiaries such as Swedbank Financial Services AB, Swedbank Card Services AB and some partly owned saving banks and the credit bureau UC AB.

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Mr. Hedar has been Head of Client Relationship Management since 2021. Previously he held several positions within SEK, including Head of Large Corporates from 2018-2021-, and Senior Director and Head of Large Corporates, Director, Senior Client Executive and Senior Manager of the Financial Advisory business from 2007-2018. Prior to that he served in various capacities in Boliden Mineral AB, Outokumpu Oyj and AvestaPolarit AB.

Mr. Hoppe has been Chief Risk Officer since January 2023. He has previously held several positions within the Nordea Group, such as Chief Risk Officer at Nordea Hypotek (the Nordea mortgage company) since 2020 and, prior thereto, he held various positions with responsibility for the credit risk framework, pricing models and allocation of economic capital.

Ms. Lilja Lagercrantz has been Chief Human Resources Officer since 2022. Previously she was Executive Vice President & Head of Human Resources at AFRY AB since 2021. Prior to that she was Senior Vice President & Head of Human Resources at Bonava AB from 2016 and Senior Vice President Human Resources at NCC AB Business Area Housing from 2012. She was also a Human Resources Business Partner at SKANDIA - Bank & Insurance from 2008-2012 and served in various capacities at NASDAQ OMX AB since 1999. Prior to that she was an organizational consultant at Vitaegruppen AB from 1996-1999.

Mr. Nygård has been Chief Information Officer since 2022. Previously he was Chief Technology Officer at Fintech Startup since 2021. Prior to that he was Business Information Officer at Skandia from 2019-2021. Prior to that he was CIO & Head of Online Trading & Advice IT, CIO, Head of SWO IT/ISAC IT, CIO, Head of Savings & Financial Planning IT and Senior Executive Advisor, SWO IT at Nordea from 2013-2019. Prior to that he was Key Account Manager & Senior Project Manager and Project Manager at Cinnober Financial Technology AB from 2007-2013. Prior to that he served in various capacities at HiQ from 2000-2007, at G2 Solutions from 1998-2000 and at Volvo from 1995-1998.

Ms. Rystedt has been Head of Strategy, Business Development and Communication since 2021. She had previously worked as Head of Business Development, Business Support and Transformation from January 2019-2021, and Chief Administrative Officer from March 2009-2019. Prior to that, she served as Head of Business Development & IT at SEB Life beginning in 2005. From 2002 to 2005, she served as Head of IT at SEB Trygg Liv, and before that she served in other capacities at SEB Trygg Liv and Enskilda Securities and as a member of the Group Staff within the SEB Group, beginning in 1990.

Ms. Simonson has been Chief Sustainability Officer since April 2022. She previously held several positions at Danske Bank Group beginning in 2001, such as Head of Group Sustainability from 2019-2022 and Head of Societal Impact & Sustainability SE from 2017-2019. Prior to that she served in various capacities within Danske Bank Sweden Branch, including in the debt origination group within structured loans.

B. | Compensation

​ | ​ | ​ | ​ | ​ | ​ | ​
Remuneration, Skr mn |  | 2022 |  | 2021 |  | 2020
Aggregate remuneration of all directors and executive officers as a group1 |  | 31.3 |  | 32.9 |  | 32.2
Chairman of the Board |  | 0.6 |  | 0.6 |  | 0.6
Each director2 |  | 0.0-0.3 |  | 0.0-0.3 |  | 0.0-0.3
CEO3 |  | 5.5 |  | 5.6 |  | 5.3
Other executive officers of the Parent Company4 |  | 23.6 |  | 25.3 |  | 24.8
Pension plan with an insurance company on behalf of all executive officers |  | 8.4 |  | 9.0 |  | 8.6

1In the form of salaries, fees and other benefits in the case of executive officers. In the form of fees and other benefits in the case of directors.

2Since April 29, 2010, remuneration is not paid from the Company to the representatives on the Board who are employed by the owner, the Swedish State.

3Remuneration and other benefits. The CEO did not receive any variable compensation.

4Remuneration and other benefits.

For information on amounts set aside or accrued by SEK to provide employee pension benefits, see also Note 5 to the Consolidated Financial Statements.

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C. Board Practices

Activities and Division of Responsibility within the Board

The Board is responsible for the organization and the administration of SEK’s affairs in which sustainability forms an integral part. The Board is also tasked with ensuring that the Company’s financial statements, including sustainability reporting, are prepared in accordance with legislation, applicable accounting standards and other requirements. The Board must continually assess SEK’s financial position and ensure that SEK is structured in such a way that its accounting, management of funds and SEK’s other financial circumstances are governed by satisfactory controls. The Board adopts the operating targets and strategies for the operations, and issues general internal regulations in policies and instructions. The Board ensures that an efficient system is in place to monitor and control SEK’s operations. In addition, the Board is tasked with appointing, and dismissing if necessary, the CEO and the Chief Risk Officer, and deciding on the remuneration of these individuals and other members of executive management.

The Board’s work follows its rules of procedure and the Board’s rules of procedure are adopted each year at the statutory Board meeting. The Board met on 11 occasions in 2022. The CEO attends all Board meetings except those addressing matters in which there is a conflict of interest, such as when evaluating the CEO’s work or determining the CEO’s compensation.

The Board´s rules of procedure govern such matters as reporting to the Board, the frequency and form of the meetings of the Board, and delegation and assessment of the work of the Board and the CEO. In addition to this, the Board monitors financial developments and has ultimate responsibility for internal control, compliance and risk management.

The Board is responsible for a well thought-out and firmly established policy and strategy for dealing with respect for the environment, social responsibility, human rights, corruption as well as equal opportunities and diversity.

The Chairman of the Board leads the work of the Board and is responsible for ensuring that the other members of the Board are provided with the necessary information.

When required, the Chairman of the Board participates in important meetings and represents the Company in ownership matters. The tasks of the Chairman of the Board conform to applicable legislation and the rules of procedure of the Board. Auditors are invited to participate at meetings of the Board at least once a year. The auditors appointed by the Annual General Meeting have attended one of the meetings of the Board. The General Counsel acts as secretary to the Board.

The Board has established a credit committee (the body that deals with credit-related matters), a finance and risk committee (the body that deals with other financial matters besides those relating to credits as well as risk issues), an audit committee (the body that deals with the Company’s financial reporting, internal control, etc.) and a remuneration committee (the body that deals with certain remuneration matters). Besides the Board committees and the work for which the Chairman is responsible, work is not divided within the Board.

Appointing the Board and Auditors

The nomination procedure for Board members complies with the State’s ownership policy and was during 2022 conducted and coordinated by the Division for State-owned enterprises at the Swedish Ministry of Enterprise and Innovation. Starting in 2023, the responsibility to nominate members of the board of directors of SEK will fall within the Ministry of Finance. For each enterprise, the expertise required is analyzed on the basis of the enterprise’s operations, situation and future challenges, board composition and board evaluations performed by the Ministry of Enterprise and Innovation. As part of its work in the board nomination process, the Government Offices also conducts its own ongoing evaluation of the boards of all State-owned enterprises. Any recruitment need is then determined, and recruitment work is begun. The State’s ownership policy sets out that the government seeks to achieve an even gender balance and the target is a minimum of 40 percent board representation for both women and men. Boards with six to eight directors elected by the general meeting of shareholders must include at least three persons of each gender. Directors are to be selected from a broad recruitment base with the aim of utilizing the expertise of women and men, as well as of individuals with various backgrounds and experience. Discrimination associated with gender, transgender identity or expression, ethnic affiliation, religion or other belief, disability, sexual orientation preference or age is prohibited.

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SEK carries out a suitability assessment of Board members and senior executives pursuant to the regulatory framework issued by the European Banking Authority (the “EBA”). SEK’s assessment of potential new Board members is based on the owner (the Swedish State) having identified the candidate in question according to a job specification. The owner is informed of the outcome following SEK’s assessment. Thereafter, SEK reports the candidate to the Swedish Financial Supervisory Authority for its assessment and validation of the candidate. When the procedure is complete, the nominations are disclosed publicly in accordance with the provisions of the Swedish Corporate Governance Code. The terms of the Board members’ engagement do not provide for benefits upon an early termination of engagement or resignation.

The 2022 Annual General Meeting elected Öhrlings PricewaterhouseCoopers AB as auditor of the Company, with auditor authorized public accountant Anneli Granqvist as principal auditor and authorized public accountant Peter Sott as co-signing auditor.

Policy documents

In 2022, SEK’s Board and committees adopted the following policies and instructions:

Document

The Board’s rules of procedure

Instruction for the CEO

Instruction for the Internal Audit function

Instruction for the Compliance function

Instruction for the Chief Risk Officer, CRO

Risk Policy

Credit Policy

Credit Instruction

Anti-corruption Policy

Policy of Sustainable Financing

Information Security Policy

Accounting Instruction

HR Policy (incl. policies for work environment, diversity and remuneration)

Code of Conduct

Code of Conduct for Suppliers

Board’s work during the year

The Board’s work during 2022 was greatly impacted by the global challenges taking place during the year, such as the war in Ukraine, global inflation, increasing energy prices, increasing interest rate increases and volatile currency movements. The capital markets were also volatile throughout the year, which resulted in the Board paying extra attention to the management of borrowing and capital issues. New global security issues, specifically in relation to cybersecurity, arose as a result of the war in Ukraine, and the Board focused on strengthening the cyber security of SEK. During the year, the Board resolved on a number of credit decisions, of significant importance for the Company, such as credit decisions in relation to defense related transactions. This year’s strategy meeting was primarily focused on the long-term business plan until 2030. At the end of the year, the Board resolved to appoint Jan Hoppe as the new Chief Risk Officer.

In 2022, the Board continued to place a heavy focus on culture and sustainability topics. The Company’s work to establish a clear and strong performance culture has been discussed by the Board, both in terms of defining what it means, but also following up on the activities undertaken with the aim of changing the culture. In terms of sustainability work, the Board and executive management teams of EKN and SEK held joint meetings during the year to discuss collaboration, with a focus on establishing common ground for how sustainability topics should be addressed. Much of the Board training that was completed in 2022 was focused on sustainability issues. During the year, SEK’s Board also implemented a new anti-corruption policy.

Quality assurance of financial reporting

To ensure correct and reliable financial reporting, SEK has developed a management system for financial reporting based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework for internal control (2013 version). This internal control framework is divided into five components: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring Activities.

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Evaluation of the work of the Board and the CEO

A separate assessment of the work of the Board and CEO is carried out once a year under the leadership of the Chairman. The results of this assessment were reported to the Board and, by the Board’s Chairman, to the owner. An evaluation is also performed by the owner in conjunction with the nomination of directors. The evaluation for 2022 was conducted with particular focus on the assessment that is to be made of the Board’s suitability as a group in accordance with the guidelines issued by the EBA.

The Board Committees

The Board has established the following committees: Credit Committee, Finance and Risk Committee, Remuneration Committee and Audit Committee. The Board’s rules of procedure include establishing annual instructions for all of its committees. The minutes from each committee are reported at meetings of the Board by the respective committee’s chairman.

Credit Committee

Reinhold Geijer (Chairman), Paula da Silva, Lennart Jacobsen and Katarina Ljungqvist.

| ● | Ensure the Board’s involvement in decision-making regarding credit risks.

| ● | Prepare matters relating to credits and credit decisions that are of fundamental or otherwise significant importance to the Company, and also to make decisions regarding credits in accordance with the delegation rules determined by the Board, where sustainability aspects are implicated.

Finance and Risk Committee

Håkan Berg (Chairman), Paula da Silva, Hanna Lagercrantz and Katarina Ljungqvist.

Ensure that the Company can identify, measure, manage, report internally and control the risks to which it is or can be expected to be exposed.

| ● | Prepare matters pertaining to general policies, strategies and risk appetite in all risk and capital-related issues where sustainability risk is a component, as well as regarding overall issues concerning the Company’s financial operations.

| ● | Set limits for such risk and capital-related matters that the Board delegates to the Committee to determine, and to establish measurement methods and limits concerning market and liquidity risk, in addition to models for valuing financial instruments.

Remuneration Committee

Lennart Jacobsen (Chairman), Reinhold Geijer, and Hanna Lagercrantz.

| ● | Prepare matters relating to employment terms and conditions, salaries, pensions and other benefits for the CEO and the executive management, and general issues relating to salaries, pensions and other benefits.

| ● | Prepare proposals regarding the remuneration policy for decision by the Board.

| ● | Prepare proposals on salaries for other individuals in management positions for whom the Board determines the terms of remuneration.

| ● | Evaluate compliance with the Annual General Meeting’s resolutions on remuneration.

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Audit Committee

Eva Nilsagård (Chairman), Håkan Berg and Anna Brandt.

| ● | Monitor the Company’s financial reporting and submit recommendations and proposals aimed at assuring the reliability of the Company’s reporting.

| ● | Monitor the efficiency of the Company’s internal control, internal audit and risk management in terms of the financial reporting.

| ● | Evaluate the audit process and inform the Board of the results and, through the Chairman of the Board, inform the Company’s owner about the results of the evaluation.

| ● | Keep informed about the audit of the annual accounts and the consolidated financial statements, as well as the conclusions of the Supervisory Board of Public Accountants’ quality control.

| ● | Assist in the preparation of proposals regarding the selection of auditors for resolution by the Annual General Meeting.

Attendance at Board and committee meetings in 2022

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | Finance |  | ​ |  | ​
​ | ​ | ​ | ​ | Board of | ​ | Remuneration | ​ | and Risk | ​ | Credit | ​ | Audit
​ | ​ | Total | ​ | Directors | ​ | Committee | ​ | Committee | ​ | Committee | ​ | Committee
Number of meetings |  | 44 |  | 11 |  | 3 |  | 8 |  | 16 |  | 6
Lennart Jacobsen1 | ​ | 29 | ​ | 11 | ​ | 3 | ​ | 0 | ​ | 13 | ​ | 2
Håkan Berg2 | ​ | 17 | ​ | 7 | ​ | 0 | ​ | 6 | ​ | 0 | ​ | 4
Anna Brandt3 |  | 18 |  | 11 |  | 0 |  | 0 |  | 3 |  | 4
Paula da Silva4 | ​ | 18 | ​ | 8 | ​ | 0 | ​ | 3 | ​ | 7 | ​ | 0
Reinhold Geijer |  | 29 |  | 11 |  | 3 |  | 0 |  | 15 |  | 0
Hanna Lagercrantz |  | 22 |  | 11 |  | 3 |  | 8 |  | 0 |  | 0
Hans Larsson5 |  | 7 |  | 3 |  | 0 |  | 2 |  | 0 |  | 2
Lars Linder-Aronson6 |  | 10 |  | 3 |  | 2 |  | 2 |  | 3 |  | 0
Katarina Ljungqvist7 | ​ | 26 | ​ | 7 | ​ | 0 | ​ | 6 | ​ | 13 | ​ | 0
Eva Nilsagård8 |  | 20 |  | 11 |  | 0 |  | 0 |  | 3 |  | 6

1 Lennart Jacobsen was elected as the Chairman of the Board of Directors, and as the Chairman of the Remuneration Committee, and stepped down as a member of the Audit Committee on March 24, 2022.

2 Håkan Berg was elected as a member of the Board of Directors, and as a Chairman of the Finance- and Risk Committee and as a member of the Audit Committee on March 24, 2022.

3 Anna Brandt was elected as a member of the Audit Committee and stepped down as a member of the Credit Committee on March 24, 2022.

4 Paula da Silva was elected member of the Board of Directors, as member of the Finance- and Risk Committee and Credit Committee on March 24, 2022.

5 Hans Larsson stepped down from the Board of Directors, Finance- and Risk Committee and the Audit Committee on Mach 24, 2022.

6 Lars Linder-Aronson stepped down of the Board of Directors, Remuneration Committee, Finance- and Risk Committee and Audit Committee on March 24, 2022.

7 Katarina Ljungqvist was elected member of the Board of Directors, member of Finance- and Risk Committee and member of Credit Committee on March 24, 2022.

8 Eva Nilsagård stepped down as a member of Credit Committee March 24, 2022.

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D. Employees

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Average employees |  | 266 |  | 256 |  | 248
of which female |  | 132 |  | 127 |  | 123
of which male |  | 134 |  | 129 |  | 125
​ | ​ | ​ | ​ | ​ | ​ | ​
Employees at year-end |  | 283 |  | 264 |  | 253

​

The total number of employees is small in relation to the volume of lending because the number of lending transactions is relatively small and the administration and documentation of loans are in many cases handled by the banks participating in the transactions. The Group has not experienced any strikes or labor disputes and considers its employee relations to be strong.

For more information, see “Personnel Expenses” in Note 5 to the Consolidated Financial Statements.

Members of the Board, the CEO, and other executive officers have no share ownership in the Parent Company or Subsidiary and no options have been granted to them with respect to the Parent Company’s shares. There are no arrangements for involving the employees in the capital of the Parent Company, including any arrangement that involves the issue or grant of options, shares or securities of the Parent Company.

E. Share Ownership

None.

F. Disclosure of a registrant’s action to recover erroneously awarded compensation

Not applicable.

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

A. Major Shareholders

As of December 31, 2022, the total number of shares outstanding was 3,990,000. Since June 30, 2003, the Swedish State has been the sole (100 percent) owner of SEK. The State owns all of the Company’s shares.

The following table sets forth the share ownership of the Parent Company:

​ | ​ | ​ | ​ | ​
Shareholder |  | Ownership% |  | Number of shares
Kingdom of Sweden |  | 100 |  | 3,990,000

​

Ownership and governance

SEK is owned by the Swedish State. The State exerts its influence at the Parent Company’s general meetings and through representation on the Board.

The governance of SEK is divided between the shareholder, the Board and the CEO, in accordance with the Swedish Companies Act, the Articles of Association, and the Board’s procedural rules. The Board appoints the CEO, who conducts ongoing management in accordance with the Board’s guidelines and instructions.

The State as shareholder has decided that State-owned companies should observe the Swedish Corporate Governance Code.

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B. Related party transactions

SEK defines related parties for the Consolidated Group as:

● | the shareholder,i.e., the Swedish State

● | companies and organizations that are controlled through a common owner, the Swedish State

● | key management personnel

● | other related parties

The Swedish State owns 100 percent of the Company’s share capital. By means of direct guarantees extended by the Swedish National Debt Office and the Swedish Export Credits Guarantee Board, EKN, 43 percent (year-end 2021: 44 percent) of the Company’s outstanding loans on December 31, 2022, were guaranteed by the State. The remuneration to EKN for the guarantees paid by SEK during 2022 amounted to Skr 46 million (2021: Skr 45 million). SEK administers, for compensation, the CIRR-system and the State’s related concessionary credit program, see Note 1(f) and Note 24 to the Consolidated Financial Statements.

SEK has a Skr 175 billion (2021: Skr 200 billion) credit facility with the Swedish National Debt Office. The credit facility can be used for loans covered by the CIRR-system up to Skr 162 billion (2021: Skr 180 billion), and for commercial export financing up to Skr 13 billion (2021: Skr 15 billion). During the first quarter of 2022, SEK repaid the drawdown of Skr 10 billion that was made from the credit facility during the first quarter of 2020. In December, 2022, the credit facility was extended with Skr 175 billion through the end of 2023, of which Skr 35 billion can be used for commercial export financing.

SEK enters into transactions in the ordinary course of business with entities that are partially or wholly-owned or controlled by the State. SEK also extends export credits (in the form of direct or pass-through loans) to entities related to the State. Transactions with such parties are conducted on the same terms (including interest rates and repayment schedules) as transactions with unrelated parties.

Key management personnel include the following persons:

| ● | Members of the Board

| ● | The President and CEO

| ● | Other members of the executive management

For information about remuneration and other benefits to key management personnel see Note 5, “Personnel expenses” to the Consolidated Financial Statements.

Other related parties include close family members of key management personnel as well as companies which are controlled by key management personnel controlled by close family members to key management personnel.

See also Note 27 to the Consolidated Financial Statements for further details on related-party transactions.

C. Interests of Experts and Counsel.

Not applicable.

ITEM 8. FINANCIAL INFORMATION

A. Consolidated Statements and Other Financial Information

See Item 18, “Financial Statements.”

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Legal Proceedings

There are no material pending or, to the Group’s knowledge, threatened, legal or governmental proceedings to which the Group is or would be a party or to which any of its property is or would be subject.

Dividend Policy

The Board resolved for each year, as listed in the table below, that the corresponding amount was to be paid to the sole shareholder, the Swedish State, in relation to the fiscal year of each such year.

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | In relation to the respective years
​ |  | 2022 |  | 2021 |  | 2020
Dividend |  | Skr 233 mn |  | Skr 414 mn |  | Skr 290 mn
-of which per share |  | Skr 58.45 |  | Skr 103.70 |  | Skr 72.78

​

For additional details regarding equity, see the Consolidated Statement of Equity.

B. Significant Changes

Except as otherwise disclosed in this report, there has been no significant change in SEK’s financial position since December 31, 2022.

ITEM 9. THE OFFER AND LISTING

A. Offer and Listing Details

Not applicable.

B. Plan of Distribution

Not applicable.

C. Markets

The Parent Company’s shares, all of which are owned by the State, are not listed on any exchange in Sweden or outside Sweden.

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All issues of SEK’s U.S. medium term notes listed on securities exchanges in the United States are set forth on the cover of this Report. Certain global issues of such notes are listed on European exchanges.

​ |  |  |
​ |  | As of December 31, 20221 | ​
Notes listed on European exchanges of which: | ​ | ​ | ​
-Listed on the Irish Stock Exchange | ​ | 2.875% Global Notes due March 14, 2023 | ​
​ | ​ | 1.750% Global Notes due December 12, 2023 | ​
​ | ​ | 0.750% Global Notes due April 6, 2023 | ​
​ | ​ | Floating Rate Global Notes due May 25, 2023 | ​
​ | ​ | 0.250% Global Notes due September 29, 2023 | ​
​ | ​ | 0.500% Global Notes due November 10, 2023 | ​
​ | ​ | 0.375% Global Notes due March 11, 2024 | ​
​ | ​ | 0.375% Global Notes due July 30, 2024 | ​
​ | ​ | 3.625% Global Notes due September 3, 2024 | ​
​ | ​ | 0.625% Global Notes due October 7, 2024 | ​
​ | ​ | 0.625% Global Notes due May 14, 2025 | ​
​ | ​ | 0.500% Global Notes due August 26, 2025 | ​
​ | ​ | 4.625% Global Notes due November 28, 2025 | ​
​ | ​ | Floating Rate Global Notes due August 3, 2026 and | ​
​ | ​ | 2.250% Global Notes due March 22, 2027 | ​

​

1 4.625% Global Notes due November 28, 2025 were listed after December 31, 2022.

Other issuances of SEK’s Medium Term Notes are traded in the over-the-counter market.

D. Selling Shareholders

Not applicable.

E. Dilution

Not applicable.

F. Expenses of the Issue

Not applicable.

ITEM 10. ADDITIONAL INFORMATION

A. Share Capital

The share capital of the Parent Company shall be not less than Skr 1,500 million and not more than Skr 6,000 million. No shareholder is obliged to make additional capital contributions to the Parent Company solely as a result of being a shareholder.

Shareholders’ rights may only be changed by a majority (and in certain cases a qualified majority) of the shares represented at a general meeting of the shareholders. However, all resolutions passed at a general meeting of the shareholders are subject to mandatory provisions under Swedish law (for practical purposes, primarily the Swedish Companies Act). In particular, there are rules protecting minority shareholders and there is a general principle that all shares and shareholders shall be treated equally.

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Annual General Meeting

The Annual General Meeting is held once a year not later than six months following the end of the preceding fiscal year. Notices convening an Annual General Meeting or any other general meeting called to resolve upon any amendment of the Articles of Association, shall be issued not earlier than six weeks and not later than four weeks prior to the meeting. Notices convening a general meeting, in cases other than those set forth in the preceding sentence, shall be issued not earlier than six weeks and not later than three weeks prior to the meeting. Each person entitled to vote at an Annual General Meeting shall have the right to vote all the shares owned and represented by that person. There are no restrictions on the rights of non-Swedish nationals to own shares or vote their shares at the Annual General Meeting.

Swedish law provides that, in matters other than elections, resolutions are passed by a simple majority of the votes cast, except that (among other exceptions):

| ● | a resolution to amend the Articles of Association (except as described in the following paragraphs) requires a majority of at least two-thirds of the votes cast as well as at least two-thirds of the shares represented at the meeting;

| ● | a resolution to amend the Articles of Association that reduces any existing shareholder’s rights to profits or other assets, restricts the transferability of issued shares or alters the legal relationship between issued shares, normally requires the unanimous approval of the shareholders present or represented at the meeting and representing at least nine-tenths of all shares issued; and

| ● | a resolution to amend the Articles of Association for the purpose of limiting the number of shares which a shareholder may vote at an annual general meeting normally requires the approval of shareholders representing at least two-thirds of the votes cast and at least nine-tenths of the shares represented at the meeting.

In elections, the person receiving the most votes is deemed to have been elected.

B. Memorandum and Articles of Association

Set forth below is a brief summary of certain significant provisions of the Parent Company’s Articles of Association and Swedish law. This description does not purport to be complete and is qualified by reference to the Articles of Association, which are incorporated by reference, as an exhibit to this annual report.

Registration

The Parent Company’s registry number with the Swedish Company Registry (Sw. Bolagsregistret) of the Swedish Companies Registration Office (Sw. Bolagsverket) is 556084-0315.

Purpose

Under Article 3 of the Articles of Association, the Parent Company’s objective is to engage, on commercial grounds, in Swedish and international financing activities in accordance with the Swedish Banking and Financing Business Act (2004:297) in order to promote activities of Swedish interest, directly or indirectly related to the Swedish export industry, including Swedish infrastructure, and further to otherwise strengthen the internationalization and competitiveness of Swedish industry. The Parent Company’s financing activities include, but are not limited to: (i) borrowing funds, for example by accepting deposits from the general public or issuing bonds or other comparable debt instruments; (ii) granting and intermediating loans, for example in the form of loans secured by charges over real property or claims; (iii) issuing guarantees and assuming similar obligations; (iv) the holding of securities and the conduct of trading in securities; and (v) engaging in securities operations in accordance with the Swedish Securities Market Act (2007:528).

Certain Powers of Directors

Under the Swedish Companies Act (2005:551), the Board is ultimately responsible for the Parent Company’s organization and the management of its affairs.

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All members of the Board shall, if possible, be given the opportunity to participate in the deliberations relating to a matter and be given sufficient information to do so. A resolution of the Board requires the participation of a majority of the members of the Board and the approval of the higher of (i) a majority of the participating members of the Board and (ii) more than a third of the total number of Board members. However, the Board may delegate the authority to borrow and lend funds on behalf of the Parent Company to the CEO or another employee, acting singly or jointly, provided that such financing transaction does not contravene any fundamental policy of the Parent Company and is not otherwise of great significance to the Parent Company. There are no legal requirements applicable to any member of the Board requiring the ownership of shares in the Parent Company, or requiring retirement at a certain age.

Although the Articles of Association do not address voting by directors on matters in which they are interested, under the Swedish Companies Act, a director may not take part in the Board’ deliberations with respect to any of the following:

| 1. | agreements between such director and the Parent Company;

| 2. | agreements between the Parent Company and third parties, where such director has a material interest in the matter that may conflict with the interests of the Parent Company; or

| 3. | agreements between the Parent Company and a legal entity that such director himself, or together with someone else, may represent.

Under the Swedish Companies Act, the Parent Company may not lend funds to shareholders or directors.

Under Swedish law, the CEO and at least half of the Board must be resident in a European Economic Area country unless exempted by the Swedish Companies Registration Office. Under Swedish law, a director’s term of office may not be more than four years, but the Parent Company’s Articles of Association require one-year terms. A director may, however, serve any number of consecutive terms. Directors elected at a general meeting of the shareholders may be removed from office at another general meeting of the shareholders, and vacancies on the Board, except when filled by a deputy director, may only be filled by a resolution of shareholders. Each year, if not otherwise stipulated in the Parent Company’s Articles of Association, one director is elected Chairman of the Board by resolution of the Board (unless elected by the shareholders) at the statutory meeting following the Board’s appointment.

C. Material Contracts

The Parent Company is a party to certain material contracts, as defined in the Instructions to Item 10.C of Form 20-F. Such contracts are either filed with this annual report or incorporated by reference herein. Please see Item 19 herein.

D. Exchange Controls

There are currently no Swedish exchange control laws or laws restricting the import or export of capital. No approvals are necessary under Swedish law to enable the Group, at the times and in the manner provided in the Group’s debt securities and the indentures or other instruments pursuant to which such securities have been issued, to acquire and transfer out of Sweden all the amounts necessary to pay in full the principal of and/or interest on such securities, and any additional amounts payable with respect thereto, and no external approval is required for any prepayment of such securities.

Under Swedish law and the Parent Company’s Articles of Association, there are no limitations on the right of non-resident or foreign owners to hold debt securities issued by the Parent Company.

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E. Taxation

The following summary outlines certain Swedish tax consequences relating to holders of SEK’s debt securities. The summary is based on the laws of Sweden as currently in effect and is intended to provide general information only. The summary does not address, among other things, situations where debt securities are held in an investment savings account (Sw. investeringssparkonto), the tax consequences in connection with a relevant authority’s exercise of bail-in tools and/or any other powers under the Resolution Act, the tax consequences in connection with any impairment of the debt securities, or the rules regarding reporting obligations for, among others, payers of interest. Investors should consult their professional tax advisors regarding Swedish and other tax consequences (including the applicability and effect of tax treaties for the avoidance of double taxation) of acquiring, owning and disposing of debt securities in their particular circumstances.

Holders not tax resident in Sweden

Payments of any principal amount or any amount that is considered to be interest for Swedish tax purposes to the holder of any debt security should not be subject to Swedish income tax, provided that such holder (i) is not resident in Sweden for Swedish tax purposes and (ii) does not have a permanent establishment in Sweden to which the debt securities are effectively connected.

However, if the value of or the return on the debt securities is deemed equity-related for Swedish tax purposes, private individuals who have been residents of Sweden for tax purposes due to a habitual abode in Sweden or a stay in Sweden for six consecutive months at any time during the calendar year of disposal or redemption or the ten calendar years preceding the year of disposal or redemption are liable for capital gains taxation in Sweden upon disposal or redemption of such debt securities. In a number of cases though, the applicability of this rule is limited by the applicable tax treaty for the avoidance of double taxation.

Swedish withholding tax, or Swedish tax deduction, is not imposed on payments of any principal amount or any amount that is considered to be interest for Swedish tax purposes, except for certain payments of interest (and other returns on debt securities) to a private individual (or an estate of a deceased individual) who is resident in Sweden for Swedish tax purposes (see “Holders tax resident in Sweden” below).

Holders tax resident in Sweden

In general, for Swedish corporations and private individuals (and estates of deceased individuals) with residence in Sweden for Swedish tax purposes, all capital income (for example income that is considered to be interest for Swedish tax purposes and capital gains on debt securities) will be taxable. Specific tax consequences may be applicable to certain categories of corporations, for example life insurance companies. Moreover, specific tax consequences may be applicable if, and to the extent that, a holder of debt securities realizes a capital loss on the debt securities and any currency exchange gains or losses.

If amounts that are deemed as interest for Swedish tax purposes are paid by Euroclear Sweden AB or by another legal entity domiciled in Sweden - including a Swedish branch of a non-Swedish corporation - or, in certain cases, a clearing institution within the EEA, to a private individual (or an estate of a deceased individual) with residence in Sweden for Swedish tax purposes, Swedish preliminary taxes are normally withheld by Euroclear Sweden AB /the legal entity/the clearing institution on such payments. Swedish preliminary taxes should normally also be withheld on other returns on debt securities (but not capital gains), if the return is paid out together with such a payment of interest referred to above.

F. Dividends and Paying Agents

Not applicable.

G. Statements by Experts

Not applicable.

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H. Documents on Display

The Parent Company files reports and other information electronically with the SEC. For a fee, members of the public may request copies of these documents by writing to the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.

I. Subsidiary Information

See Note 1 to the Consolidated Financial Statements.

J. Annual Report to Security Holders

Not applicable.

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

All information about Quantitative and Qualitative Disclosures about Market Risk are included in Note 26 and Note 30 to the Consolidated Financial Statements.

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Please see Exhibit 2.11 to this annual report on Form 20-F.

​

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PART II

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

None.

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

None.

ITEM 15. CONTROLS AND PROCEDURES

A. Disclosure Controls and Procedures

Management, including the CEO and the CFO have evaluated the effectiveness of SEK’s disclosure controls and procedures (as defined in Rule 13a–15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of December 31, 2022. The Group’s disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports the Parent Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms, and that it is compiled with and communicated to the Parent Company’s management, including the CEO and the CFO as appropriate to allow timely decisions regarding required disclosure.

Based upon that evaluation, management, including the CEO and the CFO concluded that the Group’s internal control over financial reporting described in the Management’s Report on Internal Control over Financial Reporting below, and the Group’s disclosure controls and procedures were effective as of December 31, 2022.

B. Management’s Annual Report on Internal Control over Financial Reporting

Management, including the CEO and the CFO is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of SEK’s financial statements for external purposes in accordance with IFRS.

Internal control over financial reporting includes policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Group; (ii) provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with IFRS; (iii) provide reasonable assurance that receipts and expenditures are being made only in accordance with the authorization of management and directors of the Group; and (iv) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Group’s assets that could have a material effect on the financial statements.

Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness for future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.

Management, including the CEO and the CFO assessed the effectiveness of SEK’s internal control over financial reporting as of December 31, 2022, based on criteria set forth in “Internal Control — Integrated Framework” issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission, and using the information contained in the Interpretive Release No.33–8810, “Commission Guidance Regarding Management’s Report on Internal Control Over Financial Reporting Under Section 13(a) or 15(d) of the Securities Exchange Act of 1934,” issued by the U.S. Securities and Exchange Commission. Management concluded that, as of December 31, 2022, SEK’s internal control over financial reporting was effective based on these criteria.

C. Attestation Report of the Registered Public Accounting Firm

Because SEK is a “non-accelerated filer”, this annual report is not required to include an attestation report of the SEK’s registered public accounting firm regarding internal control over financial reporting.

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D. Changes in Internal Control over Financial Reporting

There have been no changes in the Group’s internal control over financial reporting that occurred during the year ended December 31, 2022, that have materially affected, or are reasonably likely to materially affect, SEK’s internal control over financial reporting.

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

The Audit Committee of the Parent Company’s Board was established in January 2008. This committee, whose members are Eva Nilsagård (Chairman) (as of March 26, 2020), Håkan Berg (as of March 24, 2022), and Anna Brandt (as of March 24, 2022), has a mandate to, among other things, supervise the Group’s financial reporting and review the work of its independent auditors. While the members of the Audit Committee have varying degrees of financial and accounting experience, the committee has not concluded that any of its members is an “audit committee financial expert” within the meaning of the regulations adopted under the Sarbanes-Oxley Act of 2002.

The Parent Company has not found it necessary to designate an audit committee financial expert because the Group is under the supervision of the Swedish FSA. Accordingly, SEK believes that there is the opportunity for meaningful independent review of its financial statements by qualified experts (at the Swedish FSA), in addition to the independent review performed by the Parent Company’s external auditor.

ITEM 16B. CODE OF ETHICS

The Group has ethical guidelines (the “Code of Conduct”) in place that apply to all employees including all executive officers. The guidelines are consistent with, and also in some respects more restrictive than, applicable Swedish regulations. The ethical guidelines are designed to deter wrongdoing and promote:

| ● | honest and ethical conduct, including the ethical handling of actual and apparent conflicts of interest between personal and professional relationships; and

| ● | compliance with applicable governmental laws, rules and regulations.

Although these ethical guidelines do not meet the definition of “code of ethics” in the regulations adopted pursuant to the Sarbanes-Oxley Act of 2002, primarily because they do not specifically address matters relating to the Parent Company’s disclosure in reports and documents filed with the SEC and in other public communications, the Parent Company believes that its ethical guidelines are sufficient to regulate the conduct of SEK’s executive officers, including its principal executive officer, its principal financial officer and its principal accounting officer. The guidelines have also been specifically designed to comply with relevant Swedish regulations and guidelines (including the Swedish Governance Code), which is why SEK has not attempted to alter them to comply with the Sarbanes-Oxley Act of 2002.

The Code of Conduct is available on SEK’s website, www.sek.se/en/code-of-conduct. Information available on or accessible through SEK’s website is not incorporated herein by reference.

​

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ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table sets forth, for the years ending December 31, 2022 and 2021, the fees billed from the Parent Company’s independent auditors, Öhrlings PricewaterhouseCoopers AB.

​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021
Öhrlings PricewaterhouseCoopers AB |  |  |  |
Audit fees1 |  | 9 |  | 8
Audit related fees2 |  | — |  | —
Tax related fees3 |  | — |  | —
Other fees4 |  | 2 |  | 3
Total |  | 11 |  | 11

1 Fees related to audit of annual financial statements and reviews of interim financial statements.

2 Fees charged for assurance and related services that are related to the performance of audit or review of the financial statements and are not reported under (1).

3 Fees for professional services rendered by the principal independent auditors for tax compliance and tax advice.

4 Fees for products and services rendered by the principal independent auditors, other than the services reported in (1) through (3) above.

In the financial statements remuneration to auditors is mainly included in Other administrative expenses. No additional fees have been billed by the principal auditors.

See also Item 16G herein for information about corporate governance as it relates to the external auditors of the Parent Company.

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Prior to 2008, the Board as a whole comprised the Parent Company’s audit committee for the purposes of Rule 10A-3 under the Exchange Act. In January 2008, the Board established a separate Audit Committee, which currently has three directors as members. See Item 6 “Directors, Senior Management and Employees — Board Practices—Committees—Audit Committee.” Each of the members of the Board, and thus the Audit Committee, is a representative or designee of the Swedish State. As its sole owner, the Swedish State is an affiliate of the Parent Company. However, no member of the Board is an Executive Officer of the Parent Company. Thus, although no member of the Board or the Audit Committee satisfies the non-affiliate requirement of the independence standard for audit committee members described in Rule 10A-3(b)(1)(ii)(B) under the Exchange Act, the Parent Company relies, as to each member of the Board and the Audit Committee, on the exemption from this requirement for foreign governmental representatives described in Rule 10A-3(b)(1)(iv)(E). The Parent Company does not believe that its reliance on the above exemption materially adversely affects the ability of the Audit Committee to act independently and to satisfy its duties.

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.

None.

ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

Not applicable.

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ITEM 16G. CORPORATE GOVERNANCE

As a result of the listing of certain of its debt securities on NYSE ARCA, SEK is subject to Rule 10A-3 under the Exchange Act. Rule 10A-3, with which SEK complies fully, sets out certain requirements with respect to the independence of audit committee members and with respect to audit committees’ duties, powers and responsibilities. Rule 10A-3 contains certain exemptions for foreign issuers, however, and SEK avails itself of certain of these exemptions. In particular: (i) as noted in Item 16D above, it relies on Section (b)(1)(iv)(E) of Rule 10A-3 (applicable to audit committee members that are representatives or designees of a foreign government, which all of SEK’s audit committee members are) to satisfy the independence requirement set forth in Section (b)(1)(ii)(B) of Rule 10A-3; and (ii) it relies on the “Instructions” accompanying the Rule, which provide that, to the extent that a foreign issuer’s home-country legal requirements conflict with the prescriptions of the Rule concerning the duties, powers or responsibilities of audit committees (i.e., due to the assignment of such duties, powers or responsibilities to another corporate body under local law), it is sufficient to allocate to the audit committee advisory powers, or powers and/or responsibilities concerning the making of proposals to the relevant decision-making body. Regarding the foregoing, Section (b)(2) of Rule 10A-3 states that an issuer’s audit committee should be directly responsible for the appointment, compensation, retention and oversight of external auditors. Under Swedish law, these powers are reserved to the Parent Company’s shareholder. Thus, the charter for SEK’s audit committee gives the committee an advisory role (to the shareholder) with respect to the aforesaid (but does not make the committee directly responsible).

ITEM 16H. MINING SAFETY DISCLOSURE

Not applicable.

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION

Not applicable.

PART III

ITEM 17. FINANCIAL STATEMENTS

Not applicable.

ITEM 18. FINANCIAL STATEMENTS

The Group’s Consolidated Financial Statements prepared in accordance with Item 18 of Form 20-F begin on page F-1 of this annual report.

Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm (PCAOB ID: 1419) | F-1
Consolidated Statement of Comprehensive Income | F-4
Consolidated Statement of Financial Position | F-5
Consolidated Statement of Changes in Equity | F-6
Consolidated Statement of Cash Flows | F-7
Notes to the Consolidated Financial Statements | F-8

​

​

​

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ITEM 19. EXHIBITS

| ​ |
1.1 |  | Articles of Association of the Registrant in effect as of the date of this annual report (filed as Exhibit 1.1 to the Company’s Annual Report on 20-F (No. 001-08382) for the year ended December 31, 2014 and incorporated herein by reference).
​ | ​ | ​
2.1 | ​ | Indenture, dated as of August 15, 1991, between the Company and J.P. Morgan Trust Company, National Association (as successor in interest to the First National Bank of Chicago) as Trustee, providing for the issuance of debt securities, in one or more series, by the Company (filed as Exhibit 4(a) to the Company’s Report of Foreign Issuer on Form 6-K (No. 001-08382) dated September 30, 1991 and incorporated herein by reference).
​ | ​ | ​
2.2 | ​ | First Supplemental Indenture dated as of June 2, 2004 between the Company and J.P. Morgan Trust Company, National Association (filed as Exhibit 4(b) to the Company’s Registration Statement on Form F-3 (No. 333-131369) dated January 30, 2006 and incorporated herein by reference).
​ | ​ | ​
2.3 | ​ | Second Supplemental Indenture, dated as of January 30, 2006, between the Company and J.P. Morgan Trust Company, National Association (filed as Exhibit 4(c) to the Company’s Registration Statement on Form F-3 (No. 333-131369) dated January 30, 2006 and incorporated herein by reference).
​ | ​ | ​
2.4 | ​ | Third Supplemental Indenture, dated as of October 23, 2008, relating to the Debt Securities (filed as Exhibit 4 to the Company’s Report of Foreign Issuer on Form 6-K dated October 23, 2008 (No. 001-08382) and incorporated herein by reference).
​ | ​ | ​
2.5 | ​ | Fourth Supplemental Indenture, dated as of March 8, 2010, relating to the Debt Securities (filed as Exhibit 4(f) to the Company’s Post-Effective Amendment (No. 333-156118) to the Company’s Registration Statement on Form F-3, filed by the Company on March 10, 2010 and filed as Exhibit 2.8 to the Company’s Annual Report on Form 20-F (No. 001-08382) for the year ended December 31, 2009, filed by the Company on March 31, 2010 and incorporated herein by reference).
​ | ​ | ​
2.6 | ​ | Fifth Supplemental Indenture, dated as of November 3, 2020, relating to the Debt Securities (filed as Exhibit 4(f) to the Company’s Registration Statement on Form F-3 (No. 333-249829) dated November 3, 2020 and incorporated herein by reference).
​ | ​ | ​
2.7 | ​ | Fiscal Agency Agreement dated April 1, 2022 relating to an unlimited aggregate principal amount of debt securities authorized to be issued under the Company’s Unlimited Programme for the Continuous Issuance of Debt Instruments.*
​ | ​ | ​
2.8 | ​ | Deed of Covenant dated April 1, 2022 relating to an unlimited aggregate principal amount of securities of SEK authorized to be issued under the Company’s Unlimited Programme for the Continuous Issuance of Debt Instruments.*
​ | ​ | ​
2.9 | ​ | ASX Austraclear Registry and IPA Services Agreement dated February 29, 2016, as amended on February 15, 2023, relating to an unlimited principal amount of debt securities authorized to be issued under the Company’s Australian Dollar Debt Issue Programme. *
​ | ​ | ​
2.10 | ​ | Third Note Deed Poll dated 29 February, 2016 relating to an unlimited principal amount of debt securities authorized to be issued under the Company’s Australian Dollar Debt Issuance Program (filed as Exhibit 2.11 to the Company’s Annual Report on Form 20-F (No. 001-08382) for the year ended December 31, 2017, filed by the Company on February 26, 2018 and incorporated herein by reference).
​ | ​ | ​
2.11 | ​ | Description of each class of securities registered under Section 12 of the Exchange Act.*
| ​ | ​
12.1 | ​ | Certifications pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Exchange Act.*
​ | ​ | ​
13.1 | ​ | Certifications pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
​ | ​ | ​
14.1 | ​ | Consent of Independent Registered Public Accounting Firm.*
​ | ​ | ​

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101.INS | ​ | XBRL Instance Document
​ | ​ | ​
101.SCH | ​ | XBRL Taxonomy Extension Schema Document
​ | ​ | ​
101.CAL | ​ | XBRL Taxonomy Extension Calculation Linkbase Document
​ | ​ | ​
101.DEF | ​ | XBRL Taxonomy Extension Definition Linkbase Document
​ | ​ | ​
101.LAB | ​ | XBRL Taxonomy Extension Label Linkbase Document
​ | ​ | ​
101.PRE | ​ | XBRL Taxonomy Extension Presentation Linkbase Document
​ | ​ | ​
104 | ​ | Cover Page Interactive Data File (embedded within the Inline XBRL document)

​

Pursuant to Instruction 2(b)(i) in the “Instructions as to Exhibits” in Form 20-F, various instruments defining the rights of holders of long-term debt securities issued by the Company are not being filed herewith because such debt securities are not registered with the Commission and the total amount of debt securities authorized under each such instrument does not exceed 10 percent of the total assets of the Company. The Company hereby agrees to furnish a copy of any such instrument to the Commission upon request.

* Exhibits filed herewith.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and shareholder of

Aktiebolaget Svensk Exportkredit (Swedish Export Credit Corporation)

​

Opinion on the Financial Statements

​

We have audited the accompanying consolidated statement of financial position of Aktiebolaget Svensk Exportkredit (Swedish Export Credit Corporation) and its subsidiaries (the “Company”) as of December 31, 2022 and December 31, 2021, and the related consolidated statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and December 31, 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

​

Basis for Opinion

​

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

​

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

​

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

​

​

F-1

Table of Contents

Critical Audit Matters

​

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing a separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

​

Valuation of Certain Level 3 Financial Instruments

​

As described in Notes 1 and 13 to the consolidated financial statements, the Company carries financial instruments at fair value, which includes Skr 26.5 billion of liabilities classified in Level 3 of the fair value hierarchy as one or more inputs to the financial instrument’s valuation technique are significant and unobservable. The Company utilized an internally established model and unobservable inputs to estimate the fair value of the level 3 financial instruments. As disclosed by management, the unobservable parameters included in the model for assessing fair value are associated with subjectivity and uncertainty.

​

The principal considerations for our determination that performing procedures relating to the valuation of certain Level 3 financial instruments is a critical audit matter are (i) the valuation of these certain financial instruments involved the application of significant judgment on the part of management, which in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures related to the valuation of these financial instruments, and (ii) the audit effort involved professionals with specialized skill and knowledge to assist in evaluating the audit evidence.

​

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of the controls relating to the valuation of these financial instruments, including controls over the Company’s model control and governance, and oversight of valuation. These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in developing an independent estimate of fair value for a sample of these certain financial instruments and comparison of management’s estimate to the independently developed estimate of fair value. Developing the independent estimate involved testing the completeness and accuracy of data provided by management and evaluating the reasonableness of management’s assumptions, methodologies, and models used by the Company.

​

Loss allowance on loans

​

As described in Notes 1 and 9 to the consolidated financial statements, the loss allowance on loans represents the expected credit losses in relation to the Company’s credit exposures. As of December 31, 2022, the loss allowance on loans was Skr 223 million, on total loans before expected credit losses of Skr 274 billion. As disclosed by management, the loss allowance or expected credit losses (ECL) are estimated using quantitative models and overall adjustment, which incorporate inputs, assumptions and methodologies that involve a high degree of management judgement. The most significant inputs included determination of significant increase in credit risk, incorporation of forward-looking macroeconomic scenarios and measurement of both 12-month and lifetime expected credit losses. The ECL is a probability-weighted amount that is determined by evaluating the outcome of several possible stages, and where the data taken into consideration comprises both information from previous conditions, the current conditions and forecasts of future economic conditions. The Company entailed three scenarios for the probability of default curve which are defined by a weight allocated to each scenario. The ECL calculation also takes into consideration any collateral held, repayments or guarantees.

​

The principal considerations for our determination that performing procedures relating to the ECL is a critical audit matter are: (i) there was a significant judgment by management in determining the ECL, which in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures related to the ECL model, key assumptions, such as significant increase in credit risk, and the determination of the scenarios, which were used to estimate the ECL, and (ii) the audit effort involved the use of professionals with specialized skill and knowledge to assist in evaluating the audit evidence.

​

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the impairment of loans, which included controls over the data, models and assumptions used in determining the ECL. These procedures also included,

F-2

Table of Contents

among others; (i) the involvement of professionals with specialized skills and knowledge to assist and recalculate the ECL for a sample of loans to evaluate the reasonableness of significant assumptions used in the ECL model; (ii) testing the completeness and accuracy of data points used to determine the ECL; (iii) evaluating the reasonableness of the assumptions and weighting in the scenarios; and (iv) assessed the reasonableness of management’s adjustment related to expert credit judgments and that rationale exists to account for the overall adjustment at year end. Evaluating the assumptions used in the ECL model involved assessing their reasonableness against external factors and economic events that have occurred.

​

​

/s/ Öhrlings PricewaterhouseCoopers AB

​

​

Stockholm, Sweden

February 28, 2023

​

We have served as the Company's auditor since 2017.

​

​

F-3

Table of Contents

Consolidated Statement of Comprehensive Income

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | Note |  | 2022 |  | 2021 |  | 2020
Interest income calculated using effective interest method | ​ | ​ | ​ | 6,563 | ​ | 4,264 |  | 4,960
Other interest income | ​ | ​ | ​ | 166 | ​ | -1,545 | ​ | -852
Interest expenses | ​ | ​ | ​ | -4,550 | ​ | -812 |  | -2,162
Net interest income |  | 2 | ​ | 2,179 | ​ | 1,907 |  | 1,946
Net fee and commission expense |  | 3 | ​ | -31 | ​ | -29 |  | -42
Net results of financial transactions |  | 4 | ​ | 69 | ​ | 56 |  | 83
Total operating income | ​ | ​ | ​ | 2,217 | ​ | 1,934 |  | 1,987
Personnel expenses |  | 5 | ​ | -402 | ​ | -359 |  | -347
Other administrative expenses |  | 6 | ​ | -216 | ​ | -231 |  | -198
Depreciation and impairment of non-financial assets |  | 7 | ​ | -94 | ​ | -80 |  | -51
Total operating expenses | ​ | ​ | ​ | -712 | ​ | -670 |  | -596
Operating profit before credit losses | ​ | ​ | ​ | 1,505 | ​ | 1,264 |  | 1,391
Net credit losses |  | 9 | ​ | -34 | ​ | 41 |  | -153
Operating profit | ​ | ​ | ​ | 1,471 | ​ | 1,305 |  | 1,238
Tax expenses |  | 10 | ​ | -305 | ​ | -271 |  | -270
Net profit1 | ​ | ​ | ​ | 1,166 | ​ | 1,034 |  | 968
Other comprehensive income related to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Items to be reclassified to profit or loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in cash flow hedges | ​ | ​ | ​ | -122 | ​ | — |  | —
Tax on items to be reclassified to profit or loss |  | 10 | ​ | 25 | ​ | — |  | —
Net items to be reclassified to profit or loss | ​ | ​ | ​ | -97 | ​ | — |  | —
Items not to be reclassified to profit or loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Own credit risk | ​ | ​ | ​ | 99 | ​ | -24 | ​ | 18
Revaluation of defined benefit plans | ​ | ​ | ​ | 43 | ​ | 24 |  | 1
Tax on items not to be reclassified to profit or loss |  | 10 | ​ | -30 | ​ | 0 |  | -5
Net items not to be reclassified to profit or loss | ​ | ​ | ​ | 112 | ​ | 0 |  | 14
Total other comprehensive income | ​ | ​ | ​ | 15 | ​ | 0 |  | 14
Total comprehensive income1 | ​ | ​ | ​ | 1,181 | ​ | 1,034 |  | 982

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Skr |  | ​ |  | ​ | ​ | ​ |  | ​
Basic and diluted earnings per share2 | ​ | ​ | ​ | 292 | ​ | 259 |  | 243

1 | The entire profit is attributable to the shareholder of the Parent Company.

2 | The average number of shares in 2022 amounted to 3,990,000 (2021: 3,990,000).

​

F-4

Table of Contents

Consolidated Statement of Financial Position

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | Note |  | December 31, 2022 |  | December 31, 2021
Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | 11, 12 |  | 4,060 |  | 11,128
Treasuries/government bonds |  | 11, 12 |  | 15,048 |  | 10,872
Other interest-bearing securities except loans |  | 11, 12 |  | 57,144 |  | 45,881
Loans in the form of interest-bearing securities |  | 9, 11, 12 |  | 54,257 |  | 46,578
Loans to credit institutions |  | 9, 11, 12 |  | 22,145 |  | 20,775
Loans to the public |  | 8, 9, 11, 12 |  | 207,737 |  | 180,288
Derivatives |  | 12, 14 |  | 10,304 |  | 8,419
Tangible and intangible assets |  | 7 |  | 307 |  | 331
Deferred tax assets |  | 10 |  | 25 |  | 11
Other assets |  | 16 |  | 285 |  | 7,451
Prepaid expenses and accrued revenues | ​ | 17 | ​ | 4,162 | ​ | 1,913
Total assets | ​ | ​ |  | 375,474 |  | 333,647
Liabilities and equity | ​ | ​ | ​ | ​ | ​ | ​
Borrowing from credit institutions |  | 12, 18 |  | 7,153 |  | 5,230
Borrowing from the public | ​ | 12, 18 | ​ | — | ​ | 10,000
Debt securities issued |  | 12, 18 |  | 319,117 |  | 279,770
Derivatives |  | 12, 14 |  | 13,187 |  | 14,729
Other liabilities |  | 19 |  | 10,242 |  | 1,167
Accrued expenses and prepaid revenues |  | 20 |  | 4,172 |  | 1,875
Provisions |  | 5, 21 |  | 28 |  | 68
Total liabilities | ​ | ​ |  | 353,899 |  | 312,839
Share capital | ​ | ​ |  | 3,990 |  | 3,990
Reserves | ​ | ​ |  | -114 |  | -129
Retained earnings | ​ | ​ |  | 17,699 |  | 16,947
Total equity |  | 22 |  | 21,575 |  | 20,808
Total liabilities and equity | ​ | ​ |  | 375,474 |  | 333,647

​

​

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F-5

Table of Contents

Consolidated Statement of Changes in Equity

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Reserves | ​ | ​
​ |  | ​ |  | ​ |  | Hedge |  | Own credit |  | Defined benefit |  | Retained
Skr mn | ​ | Equity | ​ | Share capital | ​ | reserve | ​ | risk | ​ | plans | ​ | earnings
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Opening balance of equity Jan 1, 2022 | ​ | 20,808 |  | 3,990 | ​ | — | ​ | -102 | ​ | -27 | ​ | 16,947
Changes in equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit for the year |  | 1,166 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1,166
Other comprehensive income related to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Items to be reclassified to profit or loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in cash flow hedges |  | -122 | ​ | ​ | ​ | -122 | ​ | ​ | ​ | ​ | ​ | ​
Tax on items to be reclassified to profit or loss | ​ | 25 | ​ | ​ | ​ | 25 | ​ | ​ | ​ | ​ | ​ | ​
Items not to be reclassified to profit or loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Own credit risk |  | 99 | ​ | ​ | ​ | ​ | ​ | 99 | ​ | ​ | ​ | ​
Revaluation of defined benefit plans | ​ | 43 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 43 | ​ | ​
Tax on items not to be reclassified to profit or loss | ​ | -30 | ​ | ​ | ​ | ​ | ​ | -20 | ​ | -10 | ​ | ​
Total other comprehensive income |  | 15 | ​ | — | ​ | -97 |  | 79 | ​ | 33 | ​ | —
Total comprehensive income |  | 1,181 | ​ | — | ​ | -97 |  | 79 | ​ | 33 | ​ | 1,166
Dividend |  | -414 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | -414
Closing balance of equity Dec 31, 20221 | ​ | 21,575 |  | 3,990 |  | -97 |  | -23 | ​ | 6 |  | 17,699
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Opening balance of equity Jan 1, 2021 |  | 20,064 | ​ | 3,990 | ​ | — | ​ | -84 | ​ | -45 |  | 16,203
Changes in equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit for the year | ​ | 1,034 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,034
Other comprehensive income related to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Items to be reclassified to profit or loss |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in cash flow hedges | ​ | — | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
Tax on items to be reclassified to profit or loss |  | — | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
Items not to be reclassified to profit or loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Own credit risk |  | -24 | ​ | ​ | ​ | ​ | ​ | -24 | ​ | ​ | ​ | ​
Revaluation of defined benefit plans |  | 24 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 24 | ​ | ​
Tax on items not to be reclassified to profit or loss |  | 0 | ​ | ​ | ​ | ​ | ​ | 6 | ​ | -6 | ​ | ​
Total other comprehensive income |  | 0 | ​ | — | ​ | — | ​ | -18 | ​ | 18 | ​ | —
Total comprehensive income |  | 1,034 | ​ | — | ​ | — | ​ | -18 | ​ | 18 | ​ | 1,034
Dividend |  | -290 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | -290
Closing balance of equity Dec 31, 20211 |  | 20,808 |  | 3,990 | ​ | — | ​ | -102 | ​ | -27 | ​ | 16,947
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Opening balance of equity Jan 1, 2020 | ​ | 19,082 | ​ | 3,990 | ​ | — | ​ | -98 | ​ | -45 | ​ | 15,235
Changes in equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit for the year |  | 968 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 968
Other comprehensive income related to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Items to be reclassified to profit or loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in cash flow hedges |  | — | ​ | ​ |  | — | ​ | ​ | ​ | ​ | ​ | ​
Tax on items to be reclassified to profit or loss |  | — | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
Items not to be reclassified to profit or loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Own credit risk | ​ | 18 | ​ | ​ | ​ | ​ | ​ | 18 | ​ | ​ | ​ | ​
Revaluation of defined benefit plans |  | 1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​
Tax on items not to be reclassified to profit or loss |  | -5 | ​ | ​ | ​ | ​ |  | -4 | ​ | -1 | ​ | ​
Total other comprehensive income |  | 14 | ​ | — |  | — |  | 14 | ​ | 0 | ​ | —
Total comprehensive income |  | 982 | ​ | — |  | — |  | 14 | ​ | 0 |  | 968
Dividend |  | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | —
Closing balance of equity Dec 31, 20201 |  | 20,064 |  | 3,990 |  | — |  | -84 | ​ | -45 |  | 16,203

1 | The entire equity is attributable to the shareholder of the Parent Company.

​

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F-6

Table of Contents

​

Statement of Cash Flows in the Consolidated Group

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Operating activities | ​ | ​ | ​ | ​ | ​ | ​
Operating profit1 |  | 1,471 |  | 1,305 |  | 1,238
Adjustments for non-cash items in operating profit | ​ | 329 | ​ | 69 | ​ | 140
of which provision for credit losses, net | ​ | 34 | ​ | -41 | ​ | 153
of which depreciation and impairment of non-financial assets | ​ | 94 | ​ | 80 | ​ | 51
of which exchange-rate differences | ​ | 7 | ​ | -2 | ​ | 5
of which unrealized changes in fair value | ​ | -24 | ​ | -21 | ​ | -69
of which other2 | ​ | 218 | ​ | 53 | ​ | 0
Income tax paid |  | -420 |  | -263 |  | -311
Increase (-)/decrease (+) in lending | ​ | -17,970 | ​ | 16,900 | ​ | -37,824
Increase (-)/decrease (+) in bonds and securities held | ​ | -12,027 | ​ | 1,230 | ​ | 4,276
Other changes in assets and liabilities – net |  | 380 |  | 1,334 |  | 14,493
Cash flow from operating activities |  | -28,237 |  | 20,575 |  | -17,988
​ | ​ | ​ | ​ | ​ | ​ | ​
Investing activities | ​ | ​ | ​ | ​ | ​ | ​
Investments |  | -70 |  | -242 |  | -35
Cash flow from investing activities |  | -70 |  | -242 |  | -35
​ | ​ | ​ | ​ | ​ | ​ | ​
Financing activities | ​ | ​ | ​ | ​ | ​ | ​
Senior debt |  | 169,473 |  | 88,328 |  | 153,518
Repayments of debt |  | -149,831 |  | -97,435 |  | -119,143
Repurchase and early redemption of own long-term debt |  | -8,849 |  | -1,851 |  | -4,915
Derivatives |  | 9,770 |  | -1,523 |  | -8,651
Dividend paid |  | -414 |  | -290 |  | —
Payment of lease liability | ​ | -23 | ​ | -24 | ​ | -27
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow from financing activities |  | 20,126 |  | -12,795 |  | 20,782
Net cash flow for the period |  | -8,181 |  | 7,538 |  | 2,759
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents at beginning of the year |  | 11,128 |  | 3,362 |  | 1,362
Net cash flow for the period | ​ | -8,181 | ​ | 7,538 | ​ | 2,759
Exchange-rate differences on cash and cash equivalents |  | 1,113 |  | 228 |  | -759
Cash and cash equivalents at end of year3 | ​ | 4,060 |  | 11,128 |  | 3,362
of which cash at banks |  | 255 |  | 427 |  | 561
of which cash equivalents |  | 3,805 |  | 10,701 |  | 2,801

1 | Interest payments received and expenses paid

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Interest payments received |  | 4,485 | ​ | 2,801 |  | 4,329
Interest expenses paid |  | 2,233 | ​ | 862 |  | 2,861

2 | Of which other includes accrued interest, taxes not paid and changes in other comprehensive income.

3 | 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. See Note 11.

​

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Notes

Corporate information

Svensk Exportkredit (SEK) is a state-owned company that finances Swedish exporters, their subsidiaries, and their foreign customers. AB Svensk Exportkredit (publ) is the parent company of the group. The parent company is a Swedish limited liability company with its registered office in Stockholm, Sweden. The consolidated accounts for the financial year 2022 were approved for publication by the Board of Directors on February 21, 2023, and will be presented for adoption at the 2023 Annual General Meeting on March 27, 2023.

Mandatory information

Name of reporting entity |  | AB Svensk Exportkredit (publ)
Legal form of entity | ​ | Public limited company
Share capital | ​ | 3,990,000 shares / par value Skr 1,000
Organizational number | ​ | 556084-0315
Domicile of entity | ​ | Sweden
Country of incorporation | ​ | Sweden
Address of entity’s registered office | ​ | Fleminggatan 20, 112 26 Stockholm, Sweden
Principal place of business | ​ | Sweden
Nature of the entity’s operations and principal activities | ​ | Credit market company, financing of exports

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Table of Contents

Note table

​ | ​ | ​
Note 1. | Significant accounting policies | F-10
Note 2. | Net interest income | F-26
Note 3. | Net fees and commissions | F-27
Note 4. | Net results of financial transactions | F-27
Note 5. | Personnel expenses | F-28
Note 6. | Other administrative expenses | F-37
Note 7. | Tangible and intangible assets | F-38
Note 8. | Leasing | F-38
Note 9. | Impairment | F-40
Note 10. | Taxes | F-43
Note 11. | Loans and liquidity investments | F-44
Note 12. | Classification of financial assets and liabilities | F-45
Note 13. | Financial assets and liabilities at fair value | F-46
Note 14. | Derivatives and hedge accounting | F-51
Note 15. | Shares | F-54
Note 16. | Other assets | F-54
Note 17. | Prepaid expenses and accrued revenues | F-54
Note 18. | Debt | F-55
Note 19. | Other liabilities | F-56
Note 20. | Accrued expenses and prepaid revenues | F-56
Note 21. | Provisions | F-56
Note 22. | Equity | F-56
Note 23. | Pledged assets and contingent liabilities | F-57
Note 24. | CIRR-system | F-57
Note 25. | Capital adequacy | F-58
Note 26. | Risk information | F-63
Note 27. | Transactions with related parties | F-84
Note 28. | Reference rate reform | F-86
Note 29. | Events after the reporting period | F-86
Note 30. | Risk and capital management | F-87

​

​

​

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F-9

Table of Contents

Note 1. Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these consolidated Financial Statements, unless otherwise stated.

Table of contents:

(a) | Reporting entity

(b) | Basis of presentation

(c) | Changes to accounting policies and presentation

(d) | Basis of consolidation

(e) | Segment reporting

(f) | Recognition of operating income

(g) | Foreign currency transactions

(h) | Financial instruments

(i) | Tangible assets

(j) | Intangible assets

(k) | Employee benefits

(l) | Equity

(m) | Taxes

(n) | Earnings per share

(o) | Statement of cash flows

(p) | Critical accounting policies, assumptions and estimates

(q) | New standards and amendments to standards and interpretations not yet adopted and considered relevant to SEK

(a) Reporting entity

AB Svensk Exportkredit (the “Parent Company”, the “Company” or “SEK”) is domiciled in Sweden. The address of the Company’s registered office is Fleminggatan 20, P.O. Box 194, SE-112 26 Stockholm, Sweden. The Consolidated Group as of December 31, 2022 consists of SEK and its wholly owned, inactive subsidiary, SEKETT AB. These are jointly referred to as the “Consolidated Group” or the “Group”.

(b) Basis of presentation

(i) Statement of compliance

The consolidated accounts have been compiled in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The IFRS standards applied by SEK are all endorsed by the European Union (EU). Additional standards, consistent with IFRS, are imposed by the Swedish Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) (ÅRKL), Recommendation RFR 1, Supplementary Accounting Principles for Groups, issued by the Swedish Financial Reporting Board (RFR), and the accounting regulations of the Swedish FSA (FFFS 2008:25), all of which have been complied with in preparing the Consolidated Financial Statements, of which these notes form a part. SEK also follows the Swedish Government’s principles for external reporting in accordance with its State Ownership Policy and principles for state-owned enterprises.

The Consolidated Financial Statements and annual report were approved for issuance by SEK’s Board of Directors on February 21, 2023. The Group’s Statements of Comprehensive Income and Financial Position will be subject to approval by SEK’s shareholder at the Annual General Meeting to be held on March 27, 2023.

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(ii) Basis of measurement

The Consolidated Financial Statements have been prepared on an amortized cost basis, subject to the following exceptions:

all derivatives are measured at fair value,
financial instruments — measured at fair value through profit or loss — are measured at fair value, and
when applying hedge accounting at fair value, amortized cost is adjusted in the Consolidated Financial Statements based on the underlying hedged item, to reflect changes in fair value with regard to the hedged risk.

(iii) Functional and presentation currency

SEK has determined that the Swedish krona (Skr) is the Parent Company’s functional and presentation currency under IFRS. Significant factors are that SEK’s equity is denominated in Swedish kronor, its performance is evaluated based on a result expressed in Swedish kronor, and that a large portion of SEK’s expenses, especially personnel expenses, other expenses and taxes, are denominated in Swedish kronor. SEK manages its foreign currency risk by hedging exposures between the Swedish kronor and other currencies.

(iv) Going concern

SEK’s Board of Directors and management have made an assessment of SEK’s ability to continue as a going concern and are satisfied that SEK has the resources to continue operations for the foreseeable future. The Board of Directors and management are not aware of any material uncertainties that could cast significant doubt upon SEK’s ability to continue as a going concern. Therefore, the Financial Statements continue to be prepared on a going-concern basis.

(c) Changes to accounting policies and presentation

In all significant respects, the accounting policies, bases of calculation and presentation are unchanged compared with the 2021 annual report on Form 20-F. 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.

(d) Basis of consolidation

The Consolidated Financial Statements encompass the Parent Company and subsidiaries, meaning companies over which the Parent Company has control and that are impacted by the Company’s results. The Consolidated Financial Statements have been prepared using the purchase method. The Financial Statements of the subsidiary are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. The accounting policies of the subsidiary are consistent with Group policies. Intra-group transactions and balances, and any unrealized gains and losses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements. Unless otherwise stated or when it is clear from the context, the information in these notes relates to the Consolidated Group and the Parent Company. Consolidation of SEK pursuant to the supervisory regulations does differ from the consolidation made in the Consolidated Financial Statements, as SEKETT AB is not a financial company and no consolidation of SEK pursuant to the supervisory regulation was made. Since SEKETT is not an institute pursuant to the CRR definition, it is not subject to the supervisory regulations on an individual basis. No current or anticipated material restrictions to prompt transfer of own funds or repayment of liabilities among the parent or its subsidiary have been identified.

(e) Segment reporting

Segments are identified based on internal reporting to the chief executive officer (“CEO”) who serves as the chief operating decision maker. SEK has one segment, lending, based partly on the Company’s assignment from the owner, which is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms, and partly on how governance and earnings monitoring of the business are conducted. Accordingly, no segment reporting has been prepared. Disclosures regarding the geographic breakdown and revenue per product group are presented in Note 2.

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(f) Recognition of operating income

(i) Net interest income

Interest income and interest expense related to all financial assets and liabilities, regardless of classification, are recognized in net interest income. Interest income and interest expense are recognized on a gross basis, with the exception of interest income and interest expenses related to derivatives, which are reported on a net basis. Interest for derivatives used to hedge borrowing is recognized as interest expense and interest on all derivatives used to hedge assets is recognized as interest income, regardless of whether the contracts’ net interest is positive or negative. This reflects the real interest expense of borrowing after taking economic hedges into account. Negative interest rates on assets are recognized as interest expense and negative interest rates on liabilities are recognized as interest income. Interest income calculated using the effective interest method presented in SEK’s Financial Statements applies only to those assets that are subsequently measured at amortized cost and the interest for hedging instruments related to those assets as the effective interest method is a measurement technique whose purpose is to calculate amortized cost and allocate interest income over the relevant time period. This interest income and corresponding interest expense are calculated and recognized based on the effective interest rate method. The effective interest rate is regarded as an integral part of the effective interest rate of a financial instrument (usually fees received as compensation for risk). Guarantee commissions that are comparable to interest are a part of the effective interest rate. The effective interest rate is equivalent to the rate used to discount contractual future cash flows to the carrying amount of the financial asset or liability. The item Other interest income covers interest income of financial assets at fair value through profit or loss and the remuneration for the CIRR-system (as defined below). In addition to interest income and interest expense, net interest income, where these are recognized as interest expense, includes the resolution fee and the risk tax.

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 (the “CIRR-system”). All revenue and expenses from the CIRR-system are recognized in SEK’s profit or loss. SEK receives compensation from the Swedish government in the form of an administration fee, which is calculated based on the principal amount outstanding. The administrative compensation received by SEK from the Swedish government is recognized as part of interest income in SEK’s Statement of Comprehensive Income since the commission received in compensation is equivalent to interest.

(ii) Net fee and commission expense

Commissions earned and commissions incurred are recognized as net fee and commission expense in SEK’s Statement of Comprehensive Income. The gross amounts of commissions earned and commissions incurred are disclosed in the notes to the Financial Statements. The major part of the revenues classified as commission earned constitutes revenue from contracts with customers according to IFRS 15. The recognition of commissions earned depends on the purpose for which the fee is charged. Fees are either recognized as revenue when services are performed or accrued over the period of a specific business transaction. Lending fees that are not part of the effective interest of a financial instrument are recognized at a point of time, such as when the transaction has been performed. Commissions incurred are transaction-based, and are recognized in the period in which the services are received. Guarantee commissions that are comparable to interest and fees that comprise integrated components of financial instruments, and therefore included in the effective interest rate, are not recognized as commissions and are instead included under net interest income.

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(iii) Net results of financial transactions

Net results of financial transactions include realized gains and losses related to all financial instruments and unrealized gains and losses on all financial instruments measured at fair value, except for the types of financial instruments for which the change is to be recognized in other comprehensive income. Gains and losses include gains and losses related to currency exchange effects, interest-rate changes, changes in basis-spreads and changes in the credit rating of the counterparty to the financial contract. The item also includes the hedge ineffectiveness, i.e., market value changes attributable to hedged risks and derivatives in fair value hedges and cash flow hedges. Realized gains and losses from financial instruments measured at amortized cost, such as interest rate compensation received and realized gains/losses from the repurchase of issued own debt, are recognized as they arise directly under net results of financial transactions.

(g) Foreign currency transactions

Monetary assets and liabilities in foreign currencies have been translated into the functional currency (Swedish krona) at the exchange rates applicable on the last day of each reporting period. Revenues and costs in foreign currencies are translated into Swedish kronor at the exchange rate prevailing on the dates that they arise. Any changes in the exchange rates between the relevant currencies and the Swedish krona relating to the period between the dates that they arise and the date of settlement are recognized as currency exchange effects. Currency exchange effects on the nominal amounts of financial assets and liabilities measured at fair value are recognized as currency exchange effects, although the currency exchange effect on the change in fair value that arises due to other components is not separated. Currency exchange effects are included as a component of net results of financial transactions.

(h) Financial instruments

(i) Recognition and derecognition in the Statement of Financial Position

When recognizing financial instruments, trade date accounting is applied for the recognition and derecognition of securities bought, securities issued and derivatives. Other financial instruments are recognized in the Statement of Financial Position and derecognized from this on the relevant settlement date. The difference between the carrying amount of a financial liability or an asset (or part of a financial liability or an asset) that is extinguished or transferred to another party and the consideration paid is recognized in the Statement of Comprehensive Income under net results of financial transactions. A financial asset or liability is recognized in the Statement of Financial Position only when SEK becomes a party to the contractual provisions of the instrument. A financial asset is derecognized from the Statement of Financial Position when the contractual rights to receive the cash flows from the asset cease or when the asset is transferred and the transfer qualifies for derecognition. A financial liability (or part of a financial liability) is derecognized from the Statement of Financial Position only when it is extinguished, such as when the obligation specified in the contract is discharged, canceled or expires. In the case of renegotiated financial assets, such as lending, the asset is derecognized from the Statement of Financial Position when the terms of the loan are deemed to be substantially different. The terms are deemed to be substantially different when the present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, differs by not less than 10 percent from the discounted present value of the remaining cash flows for the original debt instrument. A change of currency or counterparty are deemed substantially different terms. Should the renegotiated loan entail terms that are substantially different, it is recognized as a new loan.

(ii) Measurement on initial recognition

When financial instruments are initially recognized, they are measured at fair value plus, in the case of financial assets or financial liabilities not carried at fair value through profit or loss, any transaction costs that are directly attributable to the acquisition or issuance of the financial asset or financial liability.

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Table of Contents

(iii) Offsetting

Financial assets and liabilities are offset and presented in the Statement of Financial Position when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Derivative assets and derivatives liabilities in relation to central clearing counterparties are offset in the Consolidated Statement of Financial Position, but cash collateral received or paid is accounted for separately as paid or received cash collaterals. Refer to Note 14 for further information about the offsetting of financial assets and financial liabilities.

(iv) Classification of financial assets and liabilities

Financial assets and liabilities are categorized in two categories for valuation purposes: amortized cost and fair value through profit or loss.

Financial assets at amortized cost. The balance sheet items Cash and cash equivalents, Loans to credit institutions, Loans to the public and Loans in the form of interest-bearing securities are recognized at amortized cost, provided that the following criteria are met by all assets:

The financial asset is included in a portfolio where the business model aims to collect contractual cash flows and the terms and conditions for the financial asset entail that the cash flows received comprise solely payments of principal and interest (SPPI) on nominal amounts outstanding.

The business model is based on SEK’s overriding portfolio objective, and on how the Company manages, monitors and evaluates the financial assets in the portfolio from both a business and a risk perspective.

The business model is established at a level (homogenous portfolio) that reflects how the asset is treated in relation to the objective/business goal.

IFRS 9 requires that SEK categorize financial assets based on the properties of the contractual cash flows, where the financial asset is held in a business model with the objective of holding assets to collect contractual cash flows (hold to collect).

The assessment of the properties of the contractual cash flows aims to identify if the contractual cash flows comprise solely payments of principal and interest, which is an SPPI test. Contractual cash flows that solely payments of principal and interest qualify as a basic lending arrangement, which is a prerequisite for measuring the instrument at amortized cost. SEK has prepared a tool for the implementation and documentation of evaluations and assessments of financial assets in the lending portfolios, whereby relevant factors are taken into consideration, such as the tenor of the interest rate in relation the interest-rate setting period, interest-rate cap/floor, index-linked coupon/interest, sustainability-linked interest, payment trigger, currency mismatch, government interest rates and early repayment.

Financial assets measured at fair value through profit or loss. Derivatives are measured at fair value. Interest-bearing securities included in SEK’s liquidity investments, consisting of the balance-sheet items treasuries/government bonds and other interest-bearing securities except loans, are measured at fair value through profit or loss and, accordingly, they are included in a portfolio, where the business model entails measurement at fair value. The following parameters have been evaluated in relation to the liquidity portfolio:

Internal targets and governance of the liquidity portfolio, and documentation thereof;

Administration and commercial follow-up;

Risk management, follow-up and reporting;

Frequency, objective and volume in terms of noted sales; and

Remuneration models, and how these are impacted by valuation methods.

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Table of Contents

Financial assets measured at fair value through profit or loss are recognized at fair value in the Statement of Financial Position. Changes in fair value are recognized in profit or loss under the item Net results of financial transactions.

Financial liabilities measured at fair value through profit or loss. There are two main subcategories in the category of financial liabilities at fair value through profit or loss: financial liabilities designated upon initial recognition at fair value through profit or loss (fair value option) and financial liabilities mandatorily measured at fair value. Securities issued by SEK containing embedded derivatives are in their entirety irrevocably classified as financial liabilities at fair value through profit or loss using the fair value option. Derivatives are measured at fair value through profit or loss. Financial liabilities measured at fair value through profit and loss are recognized at fair value in the Statement of Financial Position. Changes in fair value are recognized in profit or loss under the item Net results of financial transactions with the exception of gains and losses that arise from changes in SEK’s own credit risk on liabilities classified in accordance with the fair value option. Such changes are recognized in the Reserve for changes in own credit risk under Other comprehensive income and are not reclassified to profit or loss.

Financial liabilities at amortized cost. All debt securities issued by SEK other than those classified as financial liabilities at fair value through profit or loss are measured at amortized cost, using the effective interest rate method. Where one or more derivative is used to hedge currency, interest rate and/or other exposures, fair value hedge accounting is applied. Subordinated debt is classified as other financial liabilities and is subject to fair value hedge accounting. When applying fair value hedge accounting on subordinated debt, hedging is applied to the subordinated debt for the period corresponding to the derivative’s time to maturity, when the maturities do not coincide.

(v) Presentation of certain financial instruments in the Statement of Financial Position

The presentation of financial instruments in the Statement of Financial Position differs in certain respects from the categorization of financial instruments made for valuation purposes. Loans in the form of interest-bearing securities comprise loans granted to customers that are contractually documented in the form of interest-bearing securities, as opposed to bilateral loan agreements, which are classified in the Statement of Financial Position either as loans to credit institutions or loans to the public. All other financial assets that are not classified in the Statement of Financial Position as loans in the form of interest-bearing securities are presented as cash and cash equivalents, treasuries/government bonds, other interest-bearing securities except loans or derivatives.

(vi) Presentation of certain financial instruments

Derivatives. In the ordinary course of its business, SEK uses various types of derivatives for the purpose of hedging or eliminating SEK’s interest-rate, currency-exchange-rate or other exposures. Derivatives are classified as financial assets or liabilities at fair value through profit or loss. Where SEK decides to categorize a financial liability at fair value through profit or loss in accordance with the fair value option, the purpose is to avoid the mismatch that would otherwise arise from the fact that the changes in the value of the derivative, measured at fair value, would not match the changes in value of the underlying liability, measured at amortized cost.

Guarantees. SEK holds financial guarantees in connection with certain loans. Such guarantees are ordinarily accounted for as guarantees in accordance with SEK’s established accounting policy and are therefore not recognized in the Consolidated Statement of Financial Position except for the deferred costs of related guarantee fees paid in advance for future periods. When SEK classifies a risk-mitigating instrument as a financial guarantee, SEK always owns the specific asset whose risk the financial guarantee mitigates and the potential amount that SEK can receive from the counterparty under the guarantee represents only the actual loss incurred by SEK related to its holding. Premiums on financial guarantees are accrued and recognized in net interest income. Credit default swaps are recognized at fair value at fair value through profit or loss.

Embedded derivatives. In the ordinary course of its business, SEK issues financial liabilities that frequently contain embedded derivatives. When financial liabilities contain embedded derivatives, where the financial characteristics and risks of the instrument’s unique components are not related, the entire instrument is irrevocably classified as financial liabilities measured at fair value through profit or loss in accordance with the fair value option, and thus does not separate the embedded derivatives.

Leasing assets (SEK as a lessor). In the ordinary course of its business, SEK acquires leases that are classified as finance leases (as opposed to operating leases). When making such a classification, all aspects of the leasing contract, including third-party guarantees, are taken into account. Any lease payment that is received from a lessee is divided into two components for the purposes of measurement: one component constituting a repayment of the loan and the other component recognized as interest income.

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Lease liability (SEK as a lessee). All leases, with the exception of short-term and low-value leases, are to be recognized as right-of-use assets subject to depreciation with corresponding liabilities in the lessee’s balance sheet, and the lease payments are to be recognized as repayments and interest expenses. The leasing liability is accounted for under other liabilities. The lease term is determined as the non-cancellable period of a lease, together with any extension or termination options when SEK is reasonably certain to exercise them. Reassessments of extensions and terminations options are made upon the occurrence of either a significant event or a significant change in circumstances that is within the control of SEK and will affect the assessment of whether it is reasonably certain to exercise the option. The lease term is revised if there is a change in the non-cancellable period of lease, for example, if an option not previously included in the lease term is exercised. The lease liability consists of the future cash flows, which are discounted using SEK’s incremental borrowing rate. SEK has also decided to apply the exceptions for short-term and low-value leases, for example office machinery, which are accounted for as leasing cost under other administrative expenses. SEK has elected not to separate non-lease components from lease components, and accounts for each lease component and any associated non-lease component, except for expenses for real estate tax and non-deductible value added tax, as a single lease.

Committed undisbursed loans and binding offers. Committed undisbursed loans and binding offers, disclosed under the heading “Commitments” in Note 23 are measured as the undiscounted future cash flows concerning loan disbursements related to loans committed but not yet disbursed at the reporting period end date, as well as binding offers.

Repurchased debt. SEK repurchases its own debt from time to time. Gains or losses that SEK realizes when repurchasing own debt instruments are recognized in the Statement of Comprehensive Income as a component of Net results of financial transactions.

Assets and liabilities related to the CIRR-system. All assets and liabilities related to the CIRR-system are included in SEK’s assets and liabilities in the Group’s report on financial position as SEK bears the credit risk for lending and is the party to the agreement regarding lending and borrowing. Unrealized revaluation effects on derivatives related to the CIRR-system are recognized net under other assets.

(vii) Hedge accounting

SEK applies hedge accounting in cases where derivatives are used to create economic hedging and the hedge relationship is eligible for hedge accounting, with the exception of lending within the CIRR-system, for which hedge accounting is not applied. The method used for hedge accounting is either fair value hedge accounting or cash flow hedge accounting. In order to be able to apply hedge accounting in accordance with IFRS 9, the hedge relationship must meet the hedge effectiveness criteria at the beginning of each hedged period which requires that:

there is an economic relationship between the hedged item and the hedging instrument; and

the effect of credit risk does not dominate the value changes that result from that economic relationship; the hedge ratio of the hedging relationship is the same as that actually used in the economic hedge.

Fair value hedge accounting. Fair value hedge accounting is used for transactions in which one or several derivatives are used to hedge the interest-rate risk that has arisen from a fixed-rate financial asset or liability. When applying fair value hedging, the hedged item is revalued at fair value with regard to the risk being hedged. SEK defines the risk being hedged in fair value hedge accounting as the risk of a change in fair value with regard to a chosen reference rate (referred to as interest-rate risk). The hedged item may be a component of the financial asset or liability, i.e., comprises less than the entire fair value change for the financial asset or liability. That could be a component of the nominal amount or the tenor of the item. The hedging instrument may consist of one or several derivatives that exchange fixed interest for floating interest in the same currency (interest-rate derivatives) or one or several instruments that exchange fixed interest in one currency for floating interest in another currency (interest and currency derivatives), in which case the currency risk is a part of the fair value hedge.

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Both at inception of the hedge and on an ongoing basis, SEK’s hedging relationships are expected to be highly effective in achieving offsetting changes in fair values attributable to the hedged risk. An assessment of effectiveness is performed by comparing critical terms for the hedged item and the hedging transaction. If they are identical, but reversed, the hedge relationship is regarded 100 percent effective. The hedge ratio is 1:1 other than in specific circumstances where SEK may choose a hedge ratio other than 1:1 in order to improve the effectiveness. Potential sources of ineffectiveness in the hedge relationship are:

changes in timing of the payment of the hedged item;

use of an existing derivative with a non-zero fair value due to changes in timing of the trade date of the derivative and the validation of the hedge relationship;

the different treatment of currency basis in calculating changes in the fair value of the hedging instrument and hedged item;

a significant change in the credit risk of either party to the hedge relationship; and

the effects of the reforms to reference rates, as this might have a different impact on the hedged item and the hedging instrument.

The credit risk of the entities is monitored by the Credit Department on an ongoing basis. The risk associated with SEK and the counterparty at the inception of the hedge relationship is considered minimal and does not dominate the value changes that result from the economic relationship. This will be reassessed in cases where there is a significant change in either party’s circumstances, for example if the counterparty is in default. In addition, the hedging instruments used by SEK consist of derivatives subject to margining, clearing and cash collateralization, which significantly reduced the credit risk for both parties involved. Therefore, the credit risk is unlikely to dominate the change in fair value of the hedging instrument.

Ineffectiveness is defined as the difference between the fair value change relating to the hedged risk of the hedged item and the fair value change relating to the hedging instrument. Any ineffectiveness is recognized automatically in profit or loss as a result of separately remeasuring the hedged item and the hedging instrument.

If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the hedge ratio of the hedging relationship must be adjusted (i.e., rebalances the hedge) so that it meets the qualifying criteria again. Hedge accounting is discontinued prospectively only when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after any rebalancing). This includes instances when the hedging instrument expires or is sold, terminated or exercised. If a fair value hedge relationship no longer fulfills the requirements for hedge accounting, that component of the hedged item ceases to be measured at fair value and is measured at amortized cost, and the previously recognized fair value changes for the hedged item are amortized over the remaining tenor of the previously hedged item.

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Cash flow hedges. Cash flow hedge accounting is used for transactions in which one or several derivatives hedge risk for variability in the cash flows from a floating-rate financial asset or liability. When hedging cash flows, the hedged asset or liability is measured at amortized cost and the portion of changes in fair value in the hedging instrument, determined to be an effective hedge, is recognized in other comprehensive income and accumulated in the cash flow hedge reserve in equity. The ineffective portion of the gain or loss on the hedging instrument is recognized in the profit or loss under net result of financial transactions. When the hedged cash flow is recognized in profit or loss, the value changes in the hedging instrument in the Statement of Comprehensive Income are reclassified from other comprehensive income to profit or loss, when the interest income and interest expense is recognized. SEK defines the risk hedged in a cash flow hedge as the risk of variability of cash flows with regard to a chosen reference rate (referred to as cash flow risk). The hedging instrument may consist of one or several derivatives that exchange floating interest for fixed interest in the same currency (interest-rate derivatives) or one or several derivatives that exchange floating interest in one currency for fixed interest in another currency (interest and currency derivatives). The hypothetical derivative method is used when measuring the effectiveness of cash flow hedges, meaning that the change in a perfect hypothetical swap is used as a proxy for the present value of the cumulative change in expected future cash flows from the hedged transaction. The possible sources of ineffectiveness for cash flow hedges are generally the same as for those for fair value hedges described above. If a cash flow hedge relationship no longer fulfills the requirements for hedge accounting, and accumulated gains or losses related to the hedge have been recorded in equity, such gains or losses remain in equity and are amortized through other comprehensive income to net interest income over the remaining tenor of the hedged item.

(viii) Principles for determination of fair value of financial instruments

The best evidence of fair value is prices in an active market. Fair value measurements are categorized using a fair value hierarchy. The financial instruments carried at fair value in the Statement of Financial Position have been categorized under the three levels of the fair value hierarchy according to IFRS that reflect the significance of inputs. The categorization of these instruments is based on the lowest level of input that is significant to the fair value measurement in its entirety. SEK uses the following hierarchy for determining and disclosing the fair value of financial instruments, based on valuation techniques:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: valuation models for which all inputs with a significant effect on the recorded fair value are observable, either directly or indirectly; and

Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

SEK recognizes transfers between levels of the fair value hierarchy in the beginning of the reporting period in which the change has occurred.

For all classes of financial instruments (assets and liabilities), fair value is established by using observable market prices or established valuation models. If the market for a financial instrument is not active, fair value is established by using a valuation technique. The objective of using a valuation technique is to establish what the transaction price would have been at the measurement date in an arm’s length exchange based on normal business terms and conditions. Valuation techniques include using recent arm’s length market transactions between knowledgeable, willing parties, if available. Reference to the current fair value of another instrument that is substantially the same can also be used. If the aforementioned are not available, discounted cash flow analysis or option pricing models may be used for assessing the instrument’s value. Periodically, the valuation techniques are calibrated and tested for validity using prices from observable current market transactions in the same instruments, or based on any available observable market data, or compared with the counterparty’s prices.

In calculating fair value with valuation models, SEK seeks to use liquid, observable market quotes (market data) as far as possible, to best reflect the market’s view on prices. These market quotes are used, directly or indirectly, for the calculation of fair value. Examples of the indirect use of market data are:

the derivation of discount curves from observable market data, which is then interpolated to calculate the non-observable data points; and model parameters in quantitative models, which are used to calculate the fair value of a structured product, where the model is calibrated so that available market data can be used to recreate observable market prices on similar instruments.

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In some cases, due to low liquidity in the market, there is no access to observable market data. In these cases, SEK follows market practice by basing its valuations on similar observable market data. One example is if there are no observable market prices for a bond it can be valued through a credit curve based on observable prices for instruments with the same credit risk.

For observable market data, SEK uses third-party information based on purchased contracts (such as Bloomberg). This type of information can be divided into two groups, with the first group consisting of directly observable prices and the second of market data calculated from the observed prices. SEK continuously assures the high quality of market data, and a thorough validation of market data is exercised quarterly in connection with the financial reporting.

For transactions that cannot be valued based on observable market data, the use of non-observable market data is necessary. Examples of non-observable market data are discount curves created using observable market data that are then extrapolated to calculate non-observable interest rates, correlations between different underlying market parameters and volatilities at long maturities. Correlations that are non-observable market data are calculated from time series of observable market data. The valuation models applied by SEK comply with accepted methods for pricing financial instruments. Fair value adjustments are applied by SEK when there are additional factors that market participants take into account and that are not captured by the valuation model. The independent risk function assesses the level of fair value adjustments to reflect counterparty risk, SEK’s own credit rating and other non-observable parameters, where relevant.

Models for the valuation of financial instruments are approved by the Chief Financial Officer. New models for valuation are reported to the Board’s Finance and Risk Committee annually, together with the applicable validation. The use of a valuation model demands a validation and an approval thereafter. Validation is conducted by the independent risk function. Analysis of significant non-observable market data, fair value adjustments and significant changes in fair values of level 3-instruments are reviewed on quarterly basis by plausibility checks.

(ix) Determination of fair value of certain types of financial instruments

Derivatives. Derivatives are recognized at fair value, and fair value is calculated based on established valuation models or market prices. When calculating fair value for derivative instruments, the impact on the fair value of the instrument related to credit risk (own or counterparty) is based on publicly quoted prices on credit default swaps of the counterparty or SEK, if such prices are available.

Issued debt instruments. When calculating the fair value of issued debt instruments, the effect on the fair value of SEK’s own credit risk is assessed based on internally established models.These are if possible based on observable prices.In cases where observable prices are not available, recent transactions or spread against similar lender are used.

Issued debt instruments that are compound financial instruments with embedded derivatives. SEK issues debt instruments in many financial markets. A large portion of these are compound financial instruments with embedded derivatives. SEK’s policy is to hedge the risks in these instruments using derivatives in order to obtain effective financial hedges. The entire compound financial instruments are irrevocably classified as financial liabilities measured at fair value through profit or loss, and accordingly derivatives are not separated. As there are no quoted market prices for these instruments, valuation models are used to calculate fair value. The method applied for calculating gains and losses that arise from changes in SEK’s own credit risk (OCA) is based on the change in the credit risk for the financial liability from initial recognition. In practice, this means that OCA incorporates market movements not related to changes in benchmark rates or the embedded derivatives.

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(x) Impairment of financial assets

The impairment of exposures are based on expected credit losses (ECL). All assets measured at amortized cost, including credit commitments and financial guarantees, are to be tested for any impairment. SEK uses both models and expert assessment to calculate reserves for expected credit losses. The degree of expert assessment depends on the models’ results, materiality and available information and can be used to take into account factors that are not captured by the models. The model for calculating ECL is based on an exposure being at one of three different stages. Initially, all exposures were at stage 1. Stage 1 also includes exposures where the credit risk is no longer significantly higher and which have therefore been reclassified from stage 2. In stage 1, the ECL calculation should correspond to provisions based on expected credit losses for the forthcoming 12-month period (12mECL). Where the credit risk has increased significantly since initial recognition, the exposure is moved to stage 2. Stage 2 also includes exposures where the counterparty/exposure is no longer in default and which have therefore been reclassified from stage 3, as well as a smaller portion of exposures that lack an initial rating and where the rating is below BBB. In stage 2, the provision is based on expected credit losses over the remaining lending period of the asset (LTECL). If the exposure moves into default, it is moved to stage 3, where the ECL calculation continues to be based on LTECL. 12mECL comprises the part of LTECL that arises from expected credit losses based on the probability of default (PD) within 12 months of the reporting date. Both LTECL and 12mECL are calculated on an individual basis.

SEK has chosen to use credit rating models for all exposures, in other words, to calculate expected credit losses (ECL) by using the probability of default (PD), loss given default (LGD) and exposure at default (EAD).

Significant increase in credit risk. A significant increase in credit risk is a relative assessment, whereby the credit quality at the reporting date is compared with the initial credit quality when the exposure was recognized. The starting point when assessing what should be included as criteria for the assessment of credit risk is the existing process for following up credit risk and credit risk management within SEK. All counterparties are given a risk rating, which means that risk classification forms the basis for follow-up should a significant increase in credit risk occur. Moreover, other indicators currently in use to follow up credit risk in exposures and of counterparties, include the number of days past due, forbearance measures and other risk raising factors, such as deviations from covenants. These indicators are applied to assess credit risk and whether a significant increase in credit risk has occurred.

Risk classification. A significant increase in credit risk is defined based on a deterioration by a number of steps in the initial rating and where a separation is made between exposures with an initial rating of AAA to A - and others.

Number of days past due. SEK applies the presumption specifically stated in IFRS 9 and applies a more than 30-days-past-due criterion for receivables when assessing a significant increase in credit risk. All exposures that are more than 30-days-past-due will therefore be included in stage 2 and the LTECL will be calculated for these exposures. To ensure that there is no longer a significant increase in credit risk, a waiting period is applied following the resumption of payments and all past-due receivables being extinguished for the exposure. Appropriate waiting periods are assessed on an ongoing basis to, at any given time, ensure that a reasonable waiting period is set given SEK’s exposures and payment structures.

Forbearance measures. Exposures encompassed by forbearance measures have a raised credit risk assessment and, therefore, will also be assessed as having a significant increase in credit risk on application of IFRS 9. Similar to the days-past-due criterion, a waiting period will be applied to ensure the exposure no longer has a raised credit risk at the time it is returned to stage 1. Appropriate waiting periods are assessed on an ongoing basis to, at any given time, ensure that a reasonable waiting period is set given SEK’s exposures and the reasons the exposure was marked for forbearance.

Other risk raising factors. Other factors can exist that indicate an exposure or a counterparty has an increased credit risk, which are not captured by a change in the risk classification, days-past-due or forbearance measures. Examples of these include recurring waivers that impact credit risk, sector trends and extraordinary changes in the management and/or Board of Directors. To capture these risk-raising factors, management can conduct a specific qualitative assessment of the significant increase in credit risk at a counterparty. Since this assessment comprises a qualitative expert assessment, the waiting period for any transfer to stage 1 will be taken into consideration in the assessment and no extra waiting period will be applied.

Default. If the exposure moves into default, it is moved to stage 3, where the ECL calculation continues to be based on LTECL. Default is a key concept to the calculation of ECL, since ongoing assessments are made of how likely an exposure is to enter default and of the amount SEK is expected to lose on the exposure should it default.

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In the financial reporting when applying IFRS 9, default is defined as:

SEK assesses that it is unlikely that the counterparty will meet its loan commitments in full, irrespective of whether collateral or guarantees are used, and independent of any overdue amount or the number of calendar days since they fell due for payment. This also includes special reasons, such as the risk counterparty’s financial position or equivalent is such that it finds itself in a position which — from a creditor’s perspective — does not correspond to any form of composition or insolvency procedure. This is termed “unlikely to pay.”

The risk counterparty is more than 90 calendar days past due with the payment of a receivable.

If any exposure to a counterparty is deemed in default, all exposures to that counterparty are deemed in default. When an exposure or a counterparty that was previously classified as being in default no longer meets this definition, the exposure or counterparty should no longer be deemed in default. To ensure that default status no longer applies, a waiting period is applied after the moment the exposure or counterparty is no longer deemed to be in default and can accordingly return to stage 2.

Calculation of expected credit losses (ECL). The ECL is based on SEK’s objective expectation of how much it will lose on the exposure given its knowledge on the reporting date and after taking into consideration what could occur in the future. The ECL is a probability-weighted amount that is determined by evaluating the outcome of several possible stages, and where the data taken into consideration comprises both information from previous conditions, the current conditions and forecasts of future economic conditions. The expected credit loss should be calculated on the gross counterparty, in other words the borrower, which means that the PD, as defined below, for the borrower is used in the model.

Moreover, the LGD should incorporate actual future expectations, in other words, all cash flows including guarantees. The calculation of ECL is point-in-time and the included parameters PD, LGD and EAD are all point-in-time and should not be confused with the corresponding parameters for capital adequacy.

Probability of default (PD). PD is the likelihood that a counterparty defaults on one or more exposures on a one-year horizon (for stage 1) or for the entire lending period (for stages 2 and 3). When calculating expected credit losses under IFRS 9, PD represents the probability of default at a specific point-in-time in an economic cycle (point-in-time PD). The most important data sources for PD models are Standard & Poor’s, Federal Reserve and the Organization for Economic Co-operation and Development (OECD), where SEK obtains default statistics and transition matrices as well as macroeconomic series and GDP growth forecasts. SEK has chosen to create a PD segmentation at geographic level; North America, Europe and Rest of the world. SEK’s method entails three scenarios being prepared for each PD curve: a base scenario, a downturn scenario, and an upturn scenario.

The three scenarios are defined by a weight allocated to each scenario; the weights should add up to 1, in other words 100 percent. The weights are prepared quarterly by a cross-functional group at SEK, and are then adopted by the CEO. By allocating a weight to each PD curve, SEK defines its expectations of future macroeconomic trends.

Loss Given Default (LGD). LGD is the amount expressed as a percentage of the credit exposure that on default, SEK expects to lose from the defaulting counterparty. The segments are used for preparing the LGD are Large corporates, Medium Enterprises, and Bank and Financial companies. Due to the low historic rate of default in SEK’s lending, the LGD is modeled by using default data from Global Credit Data (GCD), with the exception of the Sovereign segment, where LGD is prepared based on a qualitative assessment.

When estimating expected losses in cash flows, collateral and other credit enhancements included in the terms and conditions are taken into consideration, subject to the prerequisite that they are not reported separately by the Company. The LGD used for estimating ECL should take into consideration all cash flows that could be collected in the case of a default. These also include the cash flows that SEK can expect from collateral and guarantees included in the terms and conditions. Accordingly, the LGD takes into consideration guarantees where the exposure guaranteed with a guarantee included in the terms and conditions unless an increased correlation between the borrower and the guarantee counterparty is deemed to exist.

Exposure at default (EAD). The impairment requirement under IFRS 9 applies for all financial assets measured at amortized cost. Moreover, this encompasses accepted undisbursed binding offers and financial guarantees issued, which are recognized off balance sheet until used. In the above regard, an assessment is to be made of the scope of the default by the borrower on default, since only that amount should be included in the ECL estimate. These are generally termed credit conversion factors (CCF).

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The ECL estimate is performed based on the appearance of the exposure at default, which means that the repayment structure and any expectations in terms of early repayment or extension clauses in the agreement need to be considered when assessing the EAD. Based on the completed analyses, contractual maturities are assessed given the repayment structures as being a good approximation of the expected maturities on which the ECL is to be estimated. No specific pattern exists regarding early repayment, which could possibly comprise the basis for another approach.

For existing facilities (accepted, undisbursed), two different credit conversion factors (CCFs) exist depending on when default occurs: (1) for default within one year, calculated using default data from GCD; and (2) for default after one year, calculated using internal default data. For binding offers regarding existing facilities, CCFs are based on historic internal data regarding the proportion of binding offers that are used. CCFs are used together with the preliminary repayment plan for both the utilized and unutilized portions of existing facilities to model the future exposure on default.

For exposures in stage 3 where SEK has net risk, the impairment is not calculated in the ECL model, but the account manager calculates and proposes impairment based on established guidelines and methods. The Board’s Credit Committee determines the impairment requirements for stage 3.

Impairment of an asset’s carrying amount is made to a reserve account which, in the Consolidated Statement of Financial Position, reduces the line item to which it relates.

Charge-offs are recorded when a loss has been confirmed, that is that it is evident that it is highly unlikely that any remaining part of SEK’s claim on a counterparty will be reimbursed within the foreseeable future and when there exists no guarantee or collateral covering the claim. Charge-offs may also be made once bankruptcy proceedings have been concluded and a final loss can be established, taking into account the value of any assets held by the bankruptcy estate and SEK’s share of these assets.

Recoveries are recorded only if there is virtual certainty of collection, such as in the aftermath of a bankruptcy proceeding when the payment due to SEK has been finally determined.

Restructured loan receivables pertain to loan receivables where SEK has granted concessions to the borrower as a result of the borrower’s deteriorated financial position. Following a restructure, normally, the loan receivable is no longer considered doubtful if the obligation is being met in compliance with the new terms and conditions. Concessions granted in connection with loan restructuring are regarded as credit losses.

(i) Tangible assets

Items of tangible assets are measured at cost, less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Tangible assets are depreciated using the straight-line method over their estimated useful lives. The right-of-use assets according to IFRS 16 Leases are accounted for as tangible assets when the underlying assets are tangible assets. SEK accounts for right-of-use assets for rental premises as tangible assets.

(j) Intangible assets

Intangible assets comprise mainly the capitalized portion of investments in IT systems. Expenses that are directly attributable to large investments in the development of IT systems are recognized as intangible assets if they are expected to generate future economic benefits. The capitalized portion of investments in IT systems includes expenses related to the intangible asset, such as consulting fees and expenses for Group personnel who have contributed to producing the intangible asset. Each intangible asset is amortized using the straight-line method over an estimated useful life from the date the asset is available for use. Average useful lives are evaluated and reconsidered on a yearly basis. An annual impairment test is performed on intangible assets not yet used.

(k) Employee benefits

SEK sponsors both defined-benefit and defined-contribution pension plans.

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(i) Defined-contribution plans

A defined-contribution pension means that the size of the premium is predetermined, such as is the case with the BTP1 and BTPK plans. A defined-contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate legal entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined-contribution pension plans are recognized as an employee benefit expense in profit or loss at the rate at which they are accrued by employees providing services to the entity during a period. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available.

(ii) Defined-benefit plans

Defined-benefit pension plans means that the pension benefit is predetermined, such as is the case with the BTP2 plan. Defined-benefit plans are post-employment benefit plans other than defined-contribution plans. The present value of the net obligation for defined-benefit plans is calculated separately for each plan by estimating the amount of future benefits that employees have earned in return for their service in the current period and prior periods. The net obligation is recognized in the balance sheet at its present value less the fair value of any plan assets.

The cost for defined-benefit plans is allocated over the employee’s service period. The calculation is performed annually by independent actuaries. The obligations are valued at the present value of the expected future disbursements, taking into consideration assumptions such as expected future pay increases, rate of inflation and mortality rates. The discount rate used is the equivalent of the interest rate on the reporting date for Swedish mortgage bonds, with a remaining term approximating that of the actual commitments. Changes in actuarial assumptions and experience-based adjustments to obligations may result in actuarial gains or losses. These actuarial gains and losses are reported together with the difference between the actual and expected return on pension assets in other comprehensive income as incurred. Service cost, gains/losses from changes in plans, and the interest net of pension assets and liabilities are recognized in profit or loss.SEK participate in various collective pension plans covering all employees. Sufficient information is available to allow the calculation of SEK’s proportionate share in the defined-benefit liabilities, assets and the costs for these plans. The future costs of the plans may change accordingly if the underlying assumptions of the plans change.

(l) Equity

Equity in the Consolidated Group consists of the following items: share capital; reserves; retained earnings; and net profit for the year. Reserves consist of the following items: the reserve for fair value changes in respect of derivatives in cash flow hedges (hedge reserve); the reserve for fair value changes with respect to changes in SEK’s credit risk (own credit risk reserve) and the reserve for remeasurement in respect of defined-benefit pension plans (reserve for defined-benefit pension plans).

(m) Taxes

Income tax on the profit or loss for the year comprises current and deferred taxes. Current tax is tax expected to be payable on taxable income for the fiscal year. Deferred tax is deferred taxes on temporary fiscal differences. Deferred tax is calculated with an expected tax rate of 20.6 percent (2021: 20.6 percent). Deferred tax is calculated on all taxable temporary differences, regardless of whether a given temporary difference is recognized in profit or loss, or through other comprehensive income. A temporary difference is the difference between the recognized and fiscal values of an asset or a liability.

(n) Earnings per share

Earnings per share are calculated as net profit divided by the average number of shares. There is no dilution of shares.

(o) Statement of Cash Flows

The Statement of Cash Flows shows inflows and outflows of cash and cash equivalents during the year. SEK’s Statement of Cash Flows has been prepared in accordance with the indirect method, whereby operating profit is adjusted for effects of non-cash transactions such as depreciation and credit losses. The cash flows are classified under operating, investing and financing activities. Cash and cash equivalents include cash at banks where amounts can be immediately converted into cash and short-term deposits where the time to maturity does not exceed three months from the acquisition date.

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(p) Critical accounting policies, assumptions and estimates

When adopting and applying the Group’s accounting policies, in certain cases, management makes judgments and estimates that have a significant effect on the amounts recognized in the Financial Statements. These estimates are based on past experience and assumptions that the Company believes are fair and reasonable. These estimates and the judgments behind them affect the reported amounts of assets, liabilities, income and expenses as well as disclosures. Actual outcomes can later differ from the estimates and the assumptions made.

SEK considers the judgments made related to the following critical accounting policy to be the most significant:

Functional currency of the Parent Company

Furthermore, SEK has identified the following key sources of estimation uncertainty when applying IFRS:

Fair value assessments of certain financial instruments; and

Provisions for expected credit losses.

(i) Functional currency of the Parent Company

SEK has established that the Swedish krona (Skr) is its functional currency under IFRS. Large portions of its assets, liabilities and related derivatives are denominated in foreign currencies. Significant factors for judgment are that SEK’s equity is denominated in Swedish kronor, its performance is evaluated based on a result expressed in Swedish kronor, and that a large portion of SEK’s expenses, especially personnel expenses, other expenses and taxes, are denominated in Swedish kronor. SEK manages its foreign currency risk by hedging exposures between the Swedish krona and other currencies. See Note 26 for information on SEK’s positions in foreign currency.

(ii) Fair value assessments of certain financial instruments

SEK recognizes a large part of the balance sheet at fair value, primarily interest-bearing securities recognized on the lines Treasuries/Government bonds and Other interest-bearing securities except loans, derivatives and issued debt. When financial instruments are recognized at fair value, these amounts are calculated on the basis of market prices, valuation models, valuations conducted by external parties and discounted cash flows. SEK’s financial instruments are predominantly not subject to public trading and quoted market prices are not available. When recognizing the amounts for assets, liabilities and derivatives, as well as income and expenses, it is necessary to make assumptions and assessments regarding the fair value of financial instruments and derivatives, particularly if they comprise unquoted or illiquid securities or other instruments of debt. Should the conditions underlying these assumptions and assessments change, the recognized amounts would also change. Refer to Note 26 for further information about the impact on the value of financial assets and liabilities of a one percentage point movement in the market interest rate. Other valuation models or assumptions could produce different valuation results. SEK makes judgments regarding what the most appropriate valuation techniques are for the different financial instruments based on their categories. In all cases, the decision is based on a professional assessment pursuant to SEK’s accounting and valuation policies. The use of a valuation model demands a validation and an approval thereafter. The valuation models applied by SEK comply with accepted methods for pricing financial instruments. Fair value adjustments are applied when there are additional factors that market participants take into account and that are not captured by the valuation model. A CVA (Credit Value Adjustment) and DVA (Debt Value Adjustment) are made to reflect the counterparty’s credit risk and SEK’s own credit rating, which affects the fair value of the derivatives (see Note 13, for fair value changes related to credit risk).

When financial assets or liabilities are recognized at fair value, the instruments are recognized at their full fair value, including any credit spreads. When quoted market prices are not available for such instruments, certain assumptions must be made about the credit spread of either the counterparty or one’s own credit spread, depending on whether the instrument is an asset or a liability.

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Developments in the financial markets have to some extent affected the prices at which SEK’s debt is issued. These changes, which are different in different markets, have been included in the calculation of fair value for these liabilities. SEK issues debt instruments in many financial markets. A large portion of these are compound financial instruments with embedded derivatives. SEK’s policy is to hedge the risks in these instruments using derivatives with corresponding structures in order to obtain effective economic hedges. Such compound financial instruments are classified as financial liabilities measured at fair value. As there mostly are no market quotes for this group of transactions, valuation models are used to calculate fair value. The gross value of these instruments and derivatives, which effectively hedge each other, requires complex judgments regarding the most appropriate valuation technique, assumptions and estimates. If other valuation models or assumptions are used, or if assumptions are changed, this could produce other valuation results. Excluding the impact on the valuation of credit spreads on SEK’s own debt and basis spreads, such changes in fair value would generally offset each other.

SEK uses derivative instruments to mitigate and reduce risks attributable to financial assets and liabilities. In order to mitigate counterparty risk, i.e., the form of credit risk generated from derivative transactions, SEK enters into such transactions only with counterparties with good credit ratings. Moreover, SEK endeavors to enter into ISDA Master Agreements with Credit Support Annexes (CSAs) with its counterparties. This means that the highest allowed risk level is established in advance, regardless of what changes in market value may occur.

Derivatives are measured at fair value with reference to listed market prices where available. If market prices are not available, valuation models are used instead. SEK uses a model to adjust the fair value of the net exposure for changes in SEK’s or the counterparty’s credit quality. The models use directly observable market parameters if such are available.

As of December 31, 2022, financial assets and liabilities for which valuation models were used, and where market inputs with a significant effect on the recoded fair value were observable (level 2) amounted to Skr 59 billion (2021: Skr 32 billion) and Skr 11 billion (2021: Skr 19 billion), 16 percent (2021: 10 percent) and 3 percent (2021: 6 percent) of total financial assets and total financial liabilities, respectively. Financial assets and liabilities for which valuation included significant non-observable parameters (level 3) amounted to Skr 0 billion (2021: Skr 0 billion) and Skr 31 billion (2021: Skr 35 billion), 0 percent (2021: 0 percent) and 9 percent (2021: 11 percent) of total financial assets and total financial liabilities respectively. The assessment of non-observable parameters included in models for assessing market value are associated with subjectivity and uncertainty, which can impact the results recognized for specific positions. Despite SEK using appropriate valuation models which are consistent with those used in the market, other models and assumptions for determining the fair value of financial instruments could result in other fair value estimates on the reporting date. At December 31, 2022, the total minimum and maximum effects of changing one or more non-observable parameters to reflect the assumptions under other reasonable circumstances for level 3 instruments amounted to Skr -155 million (2021: Skr -122 million) and Skr 155 million (2021: Skr 122 million), respectively. Refer to Note 13 for information regarding value changes for assets and liabilities if non-observable market parameters are changed and section (h) (viii) above for the Principles for determination of fair value of financial instruments.

(iii) Provisions for expected credit losses

Provisions are estimated using quantitative models, which incorporate inputs, assumptions and methodologies that involve a high degree of management judgment. In particular, the following can have a significant impact on the level of impairment provisions: determination of a significant increase in credit risk, incorporation of forward-looking macroeconomic scenarios and measurement of both 12-month and lifetime expected credit losses. A significant increase in credit risk is defined by SEK based on a deterioration by a number of steps from the initial rating. On December 31, 2022 if the definition of significant increase in credit risk had been one less step of deterioration, the impairments would have been Skr 15 million higher (2021: Skr 1 million), and if the definition had been one more step of deterioration, the impairments would have been Skr 0 million lower (2021: Skr 0 million). SEK’s method of calculating probability of default entails three scenarios being prepared for each PD curve. The three scenarios are defined by a weight allocated to each scenario. On December 31, 2022 if the probability of a downturn scenario, or an upturn scenario, would have been weighted with 100 percent probability, the impairments would have been Skr 42 million higher (2021: Skr 5 million) or Skr 79 million lower (2021: Skr 5 million), respectively. On December 31, 2022, SEK’s total lending including off-balance sheet exposures amounted to Skr 354 billion (2021: Skr 298 billion) and the related impairment reserve amounted to Skr 223 million (2021: Skr 164 million). If, for example, the actual amount of total future cash flow were to have been 10 percent higher or lower than the estimate, this would have affected operating profit for the fiscal year ended December 31, 2022 by an additional approximately Skr 22 million (2021: Skr 16 million) and equity at the same date by approximately Skr 18 million (2021: Skr 13 million). A higher total future cash flow would affect operating profit and equity positively, while a lower total future cash flow would affect operating profit and equity negatively.

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(q) New standards and amendments to standards and interpretations not yet adopted and considered relevant to SEK

No IFRS or IFRS IC interpretations that are not yet applicable are expected to have a material impact on SEK’s Financial Statements, capital adequacy or large exposure ratios.

​

​

Note 2. Net interest income

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Interest income | ​ | ​ | ​ | ​ | ​ | ​
Loans to credit institutions |  | 506 |  | 131 |  | 236
Loans to the public |  | 5,106 |  | 3,782 |  | 4,210
Loans in the form of interest--bearing securities | ​ | 1,114 |  | 776 |  | 897
Interest-bearing securities excluding loans in the form of interest-bearing securities | ​ | 535 | ​ | 50 | ​ | 242
Derivatives |  | -797 |  | -2,239 |  | -1,708
Administrative remuneration CIRR-system1 | ​ | 237 | ​ | 198 | ​ | 197
Other assets | ​ | 28 |  | 21 |  | 34
Total interest income |  | 6,729 |  | 2,719 |  | 4,108
Interest expenses | ​ | ​ | ​ | ​ | ​ | ​
Interest expenses excl. resolution fee | ​ | -4,353 | ​ | -724 | ​ | -2,076
Resolution fee | ​ | -88 | ​ | -88 | ​ | -86
Risk tax | ​ | -109 | ​ | — | ​ | —
Total interest expenses |  | -4,550 |  | -812 |  | -2,162
Net interest income |  | 2,179 |  | 1,907 |  | 1,946

1 | Including administrative remuneration for concessionary loans by Skr 1 million (2021: Skr 1 million).

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Interest income were related to: | ​ | ​ | ​ | ​ | ​ | ​
Financial assets at fair value through profit or loss |  | -32 |  | -1,750 |  | -1,070
Derivatives used for hedge accounting |  | -183 |  | -439 |  | -396
Financial assets at amortized cost |  | 6,944 |  | 4,908 |  | 5,574
Total interest income |  | 6,729 |  | 2,719 |  | 4,108
Interest expenses were related to: | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities at fair value through profit or loss |  | 1,346 |  | 530 |  | 725
Financial assets measured at fair value through profit or loss - negative interest on income | ​ | -37 | ​ | -73 | ​ | -60
Financial assets measured at amortized cost - negative interest income | ​ | 0 | ​ | 0 | ​ | 0
Derivatives used for hedge accounting |  | -1,405 |  | 2,146 |  | 1,904
Financial liabilities at amortized cost |  | -4,454 |  | -3,415 |  | -4,731
Total interest expenses |  | -4,550 |  | -812 |  | -2,162
Net interest income |  | 2,179 |  | 1,907 |  | 1,946

​

Interest income geographical areas

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Sweden |  | 1,907 |  | 863 |  | 1,223
Europe except Sweden |  | 1,071 |  | -944 |  | -166
Countries outside of Europe |  | 3,751 |  | 2,800 |  | 3,051
Total interest income |  | 6,729 |  | 2,719 |  | 4,108

​

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Interest income per product group

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Lending to Swedish exporters |  | 2,714 |  | 1,596 |  | 1,921
Lending to exporters’ customers1 |  | 1,782 |  | 932 |  | 1,229
Liquidity |  | 2,233 |  | 191 |  | 958
Total interest income |  | 6,729 |  | 2,719 |  | 4,108

1 | In interest income for Lending to exporters’ customers, Skr 236 million (2021: Skr 197 million) represents remuneration from the CIRR-system, see Note 24.

​

​

Note 3. Net fee and commissions expense

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Fee and commissions earned were related to: | ​ | ​ | ​ | ​ | ​ | ​
Lending |  | 3 | ​ | 2 | ​ | 1
Total |  | 3 | ​ | 2 | ​ | 1
​ | ​ | ​ | ​ | ​ | ​ | ​
Commissions incurred were related to: | ​ | ​ | ​ | ​ | ​ | ​
Custodian- and bank fees |  | -10 | ​ | -9 | ​ | -10
Brokerage |  | -2 | ​ | -2 | ​ | -4
Other commissions incurred |  | -22 | ​ | -20 | ​ | -29
Total |  | -34 | ​ | -31 | ​ | -43
Net fee and commissions expense1 | ​ | -31 | ​ | -29 | ​ | -42

1 | Skr -29 million (2021: Skr -27 million) includes financial assets and liabilities not measured at fair value through profit or loss.

​

Note 4. Net results of financial transactions

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Derecognition of financial instruments not measured at fair value through profit or loss: | ​ | ​ | ​ | ​ | ​ | ​
Financial assets at amortized cost |  | 9 |  | 33 |  | 14
Financial assets or liabilities at fair value through profit or loss: | ​ | ​ | ​ | ​ | ​ | ​
Designated upon initial recognition (FVO)1 |  | 2,004 |  | -569 |  | -488
Mandatorily |  | -2,023 |  | 582 |  | 466
Financial instruments under fair value hedge accounting: | ​ | ​ | ​ | ​ | ​ | ​
Net results of the hedging instrument |  | -7,976 |  | -3,397 |  | 1,277
Net results of the hedged item |  | 8,064 |  | 3,409 |  | -1,191
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value |  | -9 |  | -2 |  | 5
Total net results of financial transactions | ​ | 69 | ​ | 56 | ​ | 83

​

​

​

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Note 5. Personnel expenses

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Salaries and remuneration to the Board of Directors and the CEO |  | -8 |  | -8 |  | -7
Salaries and remuneration to Senior Executives |  | -24 |  | -25 |  | -25
Salaries and remuneration to other employees |  | -201 |  | -173 |  | -168
Pensions |  | -72 |  | -66 |  | -64
Social insurance |  | -78 |  | -70 |  | -68
Other personnel expenses |  | -19 |  | -17 |  | -15
Total personnel expenses |  | -402 |  | -359 |  | -347

​

The combined total of the remuneration excluding benefits to senior executives, excluding the CEO of the Parent Company, amounted to Skr 23 million (2021: Skr 25 million). Of the remuneration to senior executives, Skr 24 million (2021: Skr 25 million) is pensionable. Of the remuneration to the CEO of the Parent Company, Skr 5 million (2021: Skr 5 million) is pensionable. For all employees, excluding the CEO, SEK follows collective agreements between the Banking Institution Employers’ Organization (BAO) and trade unions. The salary ratio of CEO to median employee is 8.75 (2021: 8.75). The percentage increase of the salary ratio of CEO to median employee is 0.

​

​

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Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fee, |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | includes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022 | ​ | committee | ​ | Fixed | ​ | Other | ​ | ​ | ​ | ​
Skr thousand |  | fee |  | remuneration1 |  | benefits2 |  | Pension fee3 |  | Total
Chairman of the Board of Directors: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lennart Jacobsen4, from March 24, 2022 | ​ | -470 | ​ | — | ​ | — | ​ | — | ​ | -470
Lars Linder-Aronson, resigned March 24, 2022 |  | -154 |  | — |  | — |  | — |  | -154
Other members of the Board of Directors: | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | ​
Lennart Jacobsen4, |  | -79 |  | — | ​ | — |  | — |  | -79
Anna Brandt5 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Reinhold Geijer | ​ | -348 | ​ | — | ​ | — | ​ | — | ​ | -348
Eva Nilsagård | ​ | -335 | ​ | — | ​ | — | ​ | — | ​ | -335
Hans Larsson, resigned March 24, 2022 |  | -85 |  | — |  | — |  | — |  | -85
Hanna Lagercrantz5 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Håkan Berg, from March 24, 2022 | ​ | -276 | ​ | — | ​ | — | ​ | — | ​ | -276
Paula da Silva, from March 24, 2022 | ​ | -266 | ​ | — | ​ | — | ​ | — | ​ | -266
Katarina Ljungqvist, from March 24, 2022 | ​ | -266 | ​ | — | ​ | — | ​ | — | ​ | -266
Senior Executives: |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Magnus Montan, Chief Executive Officer (CEO)6 | ​ | — | ​ | -5,434 | ​ | -19 | ​ | -1,668 | ​ | -7,121
Per Åkerlind, Deputy Chief Executive Officer, resigned June 30, 2022 |  | — |  | -1,772 |  | -17 |  | -652 |  | -2,441
Karl Johan Bernerfalk, General Counsel, Head of Legal and Procurement | ​ | — |  | -1,802 |  | -34 |  | -668 |  | -2,504
Andreas Ericson, Head of International Finance, resigned March 31, 2022 |  | — |  | -509 |  | -9 |  | -175 |  | -693
Pontus Davidsson, Head of International Finance, from September 8, 2022 | ​ | — | ​ | -981 | ​ | -5 | ​ | -196 | ​ | -1,182
Stefan Friberg, Chief Financial Officer (CFO) |  | — |  | -3,018 |  | -17 |  | -608 |  | -3,643
Teresa Hamilton Burman, Chief Credit Officer (CCO) | ​ | — |  | -2,465 |  | -37 |  | -604 |  | -3,106
Jens Hedar, Head of Client Relationship Management |  | — |  | -2,454 |  | -18 |  | -803 |  | -3,275
Peter Svensén, Chief Risk Officer (CRO), resigned December 11, 2022 | ​ | — | ​ | -2,525 | ​ | -30 | ​ | -593 | ​ | -3,148
Anna-Lena Söderlund, Chief Risk Officer (CRO), from December 12, 2022 | ​ | — | ​ | -89 | ​ | -1 | ​ | -38 | ​ | -128
Sirpa Rusanen, Chief Human Resources Officer (CHRO), resigned September 15, 2022 |  | — |  | -1,254 |  | -17 |  | -479 |  | -1,750
Jenny Lilja Lagercrantz, Chief Human Resources Officer (CHRO), from September 16, 2022 | ​ | — | ​ | -613 | ​ | -4 | ​ | -169 | ​ | -786
Susanna Rystedt, Head of Strategy, Business Development and Communications | ​ | — | ​ | -2,532 | ​ | -28 | ​ | -839 | ​ | -3,399
Maria Simonson, Chief Sustainability Officer (CSO), from April 1, 2022 | ​ | — | ​ | -1,575 | ​ | -12 | ​ | -433 | ​ | -2,020
Madeleine Widaeus, Chief Information Officer (CIO), resigned January 31, 2022 |  | — |  | -144 |  | -1 |  | -54 |  | -199
Pia Melke, Chief Information Officer (CIO), from February 1, 2022, resigned April 30, 2022 | ​ | — | ​ | -310 | ​ | -3 | ​ | -93 | ​ | -406
Tomas Nygård, Chief Information Officer (CIO), from May 1, 2022 | ​ | — | ​ | -1,272 | ​ | -11 | ​ | -348 | ​ | -1,631
Total | ​ | -2,279 | ​ | -28,749 | ​ | -263 | ​ | -8,420 | ​ | -39,711

1 | Predetermined salary or other compensation such as holiday pay and allowances.

2 | Other benefits consist of, for example, subsistence benefits.

3 | Includes premiums for insurance, covering sickness benefits for prolonged illness and other public risk insurance as a result of collective pension agreements.

4 | Lennart Jacobsen was a member of the Board until March 23, 2022 and Chairman from March 24, 2022.

5 | Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government.

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6 | The retirement age of the CEO, Magnus Montan, is 65 years and the pension fee is 30 percent of his fixed salary.

​

Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fee, |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | includes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 | ​ | committee | ​ | Fixed | ​ | Other | ​ | ​ | ​ | ​
Skr thousand |  | fee |  | remuneration1 |  | benefits2 |  | Pension fee3 |  | Total
Chairman of the Board of Directors: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lars Linder-Aronson |  | -609 |  | — |  | — |  | — |  | -609
Other members of the Board of Directors: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lennart Jacobsen, from March 24, 2021 | ​ | -238 | ​ | — | ​ | — | ​ | — | ​ | -238
Anna Brandt4 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Reinhold Geijer | ​ | -318 | ​ | — | ​ | — | ​ | — | ​ | -318
Eva Nilsagård | ​ | -334 | ​ | — | ​ | — | ​ | — | ​ | -334
Hans Larsson | ​ | -334 | ​ | — | ​ | — | ​ | — | ​ | -334
Hanna Lagercrantz4 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Cecilia Ardström, resigned March 24, 2021 | ​ | -83 | ​ | — | ​ | — | ​ | — | ​ | -83
Ulla Nilsson, resigned March 24, 2021 | ​ | -84 | ​ | — | ​ | — | ​ | — | ​ | -84
Senior Executives: |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Catrin Fransson, Chief Executive Officer (CEO)5, resigned July 15, 2021 | ​ | — | ​ | -3,130 | ​ | -15 | ​ | -896 | ​ | -4,041
Magnus Montan, Chief Executive Officer (CEO)5, from July 16, 2021 | ​ | — | ​ | -2,459 | 6 | -8 | ​ | -837 | ​ | -3,304
Per Åkerlind, Deputy Chief Executive Officer |  | — |  | -3,544 |  | -20 |  | -1,266 |  | -4,830
Karl Johan Bernerfalk, General Counsel, Head of Legal and Sustainability Analysis | ​ | — |  | -1,643 |  | -35 |  | -574 |  | -2,252
Andreas Ericson, Head of International Finance |  | — |  | -2,020 |  | -34 |  | -646 |  | -2,700
Stefan Friberg, Chief Financial Officer (CFO) |  | — |  | -3,007 |  | -16 |  | -532 |  | -3,555
Teresa Hamilton Burman, Chief Credit Officer (CCO) | ​ | — |  | -2,459 |  | -30 |  | -529 |  | -3,018
Jens Hedar, Head of Client Relationship Management |  | — |  | -2,485 |  | -17 |  | -721 |  | -3,223
Petra Könberg, Head of Marketing and Communications, resigned November 30, 2021 |  | — |  | -1,219 |  | -31 |  | -427 |  | -1,677
Peter Svensén, Chief Risk Officer (CRO) | ​ | — | ​ | -2,624 | ​ | -26 | ​ | -555 | ​ | -3,205
Sirpa Rusanen, Chief Human Resources Officer (CHRO) |  | — |  | -1,749 |  | -24 |  | -687 |  | -2,460
Susanna Rystedt, Head of Strategy, Business Development and Communications | ​ | — | ​ | -2,552 | ​ | -16 | ​ | -804 | ​ | -3,372
Madeleine Widaeus, Chief Information Officer (CIO) |  | — |  | -1,749 |  | -16 |  | -520 |  | -2,285
Total | ​ | -2,000 | ​ | -30,640 | ​ | -288 | ​ | -8,994 | ​ | -41,922

1 | Predetermined salary or other compensation such as holiday pay and allowances.

2 | Other benefits consist of, for example, subsistence benefits.

3 | Includes premiums for insurance covering sickness benefits for prolonged illness and other public risk insurance as a result of collective pension agreements.

4 | Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government.

5 | The retirement age of the former CEO, Catrin Fransson and the current CEO, Magnus Montan, is 65 years and the pension fee is 30 percent of their respective fixed salary.

6 | Employed since June 1, 2021.

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Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fee, |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | includes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 | ​ | committee | ​ | Fixed | ​ | Other | ​ | ​ | ​ | ​
Skr thousand |  | fee |  | remuneration1 |  | benefits2 |  | Pension fee3 |  | Total
Chairman of the Board of Directors: |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Lars Linder-Aronson | ​ | -588 | ​ | — | ​ | — | ​ | — | ​ | -588
Other members of the Board of Directors: |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​
Cecilia Ardström |  | -322 | ​ | — | ​ | — | ​ | — | ​ | -322
Anna Brandt4 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Reinhold Geijer | ​ | -288 | ​ | — | ​ | — | ​ | — | ​ | -288
Eva Nilsagård |  | -297 |  | — |  | — |  | — |  | -297
Ulla Nilsson | ​ | -322 | ​ | — | ​ | — | ​ | — | ​ | -322
Hans Larsson | ​ | -302 | ​ | — | ​ | — | ​ | — | ​ | -302
Hanna Lagercrantz4, | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Senior Executives: |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​
Catrin Fransson, Chief Executive Officer (CEO)5 |  | — | ​ | -5,234 | ​ | -33 |  | -1,536 |  | -6,803
Per Åkerlind, Deputy Chief Executive Officer and Head of Strategic Partnerships and Relations |  | — |  | -3,527 |  | -31 | ​ | -1,257 | ​ | -4,815
Karl Johan Bernerfalk, General Counsel, Head of Legal |  | — |  | -1,576 |  | -31 |  | -552 |  | -2,159
Andreas Ericson, Head of Mid Corporates |  | — |  | -2,024 |  | -32 |  | -631 |  | -2,687
Stefan Friberg, Chief Financial Officer (CFO) |  | — |  | -2,964 |  | -18 |  | -515 |  | -3,497
Teresa Hamilton Burman, Chief Credit Officer (CCO) | ​ | — |  | -2,389 |  | -18 |  | -524 |  | -2,931
Jens Hedar, Head of Large Corporates |  | — |  | -2,316 |  | -18 |  | -635 |  | -2,969
Petra Könberg, Head of Marketing and Communications | ​ | — |  | -1,286 |  | -34 |  | -428 |  | -1,748
Peter Svensén, Chief Risk Officer (CRO) |  | — |  | -2,597 |  | -26 |  | -569 |  | -3,192
Sirpa Rusanen, Chief Human Resources Officer (CHRO) | ​ | — |  | -1,719 |  | -22 |  | -675 |  | -2,416
Susanna Rystedt, Head of Business Development, Business Support and Transformation |  | — | ​ | -2,501 | ​ | -16 |  | -788 |  | -3,305
Madeleine Widaeus, Chief Information Officer (CIO) | ​ | — |  | -1,671 |  | -16 | ​ | -493 | ​ | -2,180
Total | ​ | -2,119 | ​ | -29,804 | ​ | -295 |  | -8,603 |  | -40,821

1 | Predetermined salary or other compensation such as holiday pay and allowances.

2 | Other benefits consist of, for example, subsistence benefits.

3 | Includes premiums for insurance covering sickness benefits for prolonged illness and other public risk insurance as a result of collective pension agreements.

4 | Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government.

5 | The retirement age of the former CEO, Catrin Fransson, is 65 years and the pension fee is 30 percent of her fixed salary.

Total Expenditure on Remuneration

Finansinspektionens (the Swedish FSA’s) regulations (FFFS 2011:1) regarding remuneration structures in credit institutions, investment firms and fund management companies licensed to conduct discretionary portfolio management apply to SEK. Moreover, SEK applies the government’s ownership policy and guidelines on terms of employment for senior executives at state-owned companies 2020. In accordance with these regulations, SEK’s Board has prepared a proposal for a set of guidelines for the remuneration of senior executives at SEK, which was adopted at the 2021 Annual General Meeting. The guidelines stipulate that salary and remuneration to the senior executives of SEK should be fair and reasonable. They should also be competitive, capped and appropriate as well as contribute to good ethical principles and corporate culture. Remuneration should not be higher than at comparable companies, and should be reasonable. Remuneration to senior executives consists of fixed salary, severance pay, pension benefits and other benefits.

SEK’s remuneration system is designed to promote sound and effective risk management and restrict excessive risk-taking. Remuneration to employees is mainly determined at fixed amounts.

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SEK’s Board of Directors’ Remuneration Committee (the “Remuneration Committee”) prepares proposals for decision by the Board relating to remuneration policy for the Company, on total remuneration for the CEO, for other members of the executive management team, for the Head of Compliance, and for other employees reporting directly to the CEO, as well as on the terms and conditions for and the outcome of the Company’s variable remuneration system. The Remuneration Committee also prepares and handles overall issues relating to remuneration (salaries, pension and other benefits), measures aimed at applying SEK’s remuneration policy, and issues relating to succession planning. Further, the Remuneration Committee prepares overall instructions for remuneration issues that it deems necessary. The Remuneration Committee also ensures that the relevant oversight department, together with the Remuneration Committee, annually reviews and evaluates the Company’s remuneration systems and also reviews whether such systems comply with the Company’s remuneration policy and relevant instructions regarding remuneration. The outcome is presented to the Board in a separate report on the same day as the annual report is submitted. The Remuneration Committee met three times in 2022.

The Company only has one variable remuneration system, individual variable compensation (“IRE”). Within this system, permanent staff who have customer or business responsibility, but are not members of senior management, are offered the opportunity to receive individual variable remuneration. IRE has been around since 2017 and should be evaluated on a yearly basis. The result of the evaluations shall be reported to the Remuneration Committee.

The IRE system is discretionary in nature, in that all outcomes are subject to deferred payment and the Board takes all decisions regarding results and payments. Before an individual receives any IRE payment, the payment is subject to testing at three different levels: the Company level, the Department level and the Individual level. The test at the Company level is the basis for any IRE outcome. The outcome at the Company level is conditional on the actual return exceeding a predetermined target. If appropriate, actual return is adjusted for the impact of non-operational items and unexpectedly high risk-taking. Of the profit that corresponds to any excess return, a percentage accrues to the IRE at the Company level. The outcome at the Company level is capped at a maximum of two months’ salary, calculated on the basis of all Company employees entitled to IRE. In the case of a positive outcome at the Company level, the next step is to test at the Department level. This test assesses the outcome at the Department level in relation to the department’s quantitative targets. If the targets have not been reached, the outcome at the Company level is reduced for all members of the department. The remainder after this test comprises the outcome at the Department level, which is capped at a maximum of two months’ salary, calculated on the basis of all department’s employees entitled to IRE. The final test is at the Individual level. This test assesses the behavior and performance of individuals. For each individual, the outcome following the test at the Individual level is subject to a floor of zero and a ceiling of the lower amount corresponding to 1.5 times the outcome at the main function level or an amount corresponding to EUR 50,000. Accordingly, the maximum outcome for any individual is three months’ salary or an amount corresponding to EUR 50,000. The total outcome for all employees encompassed by IRE in a department must be within the outcome at the Department level. The Company pays payroll taxes on any IRE paid.

SEK’s remuneration policy is designed in such a way that the Company may decide that remuneration that is subject to deferred disbursement may be withheld, in part or full, if it subsequently transpires that the performance criteria have not been fulfilled or if the employee has breached certain internal rules. The same applies if disbursement would not be justifiable by the Company’s financial situation. Moreover, the outcome may also be adjusted if credit losses, or recoveries of credit losses, have occurred after the relevant income year, but are deemed to be attributable to that year.

For all employees subject to IRE, the disbursement plan states that 40 percent of the outcome will be disbursed in the year following the income year to which the remuneration relates, and 20 percent will be disbursed in each of the three subsequent years.

As part of its strategic analysis and planning, the Company undertakes an annual process for internal capital and liquidity assessment. As part of this assessment, an analysis is conducted with the aim of identifying employees, whose work duties have a material impact on SEK’s risk profile, including risks related to the Company’s remuneration policy and remuneration system. The outcome of this analysis is taken into account when designing the remuneration systems in order to promote sound and efficient risk management and to restrict excessive risk-taking. No employees receive remuneration of EUR 1 million or more per fiscal year. No new agreements containing variable remunerations have been established during the year.

The CEO’s, Magnus Montan, terms of employment comply with the Guidelines for Terms of Employment for Senior Executives in State-owned Companies 2020.

SEK pays an old-age and survivors’ pension amounting to 30 percent of the CEO’s pensionable salary. The retirement age for the CEO is 65.

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For the CEO, SEK pays premiums for insurance for sickness benefits for prolonged illness, other collective risk insurance corresponding to those applicable under the pension plan between the Swedish Banking Institutions and the Financial Sector Union of Sweden (“BTP”) as well as private healthcare insurance under Skandia and travel insurance. Other benefits payable to the CEO include per diem allowances. The CEO is entitled to six months’ notice prior to termination initiated by SEK and severance pay corresponding to 12 months’ salary. A deduction is made for any income arising from new employment.

The retirement age is 65 for all senior executives. The pension terms, conditions for termination of employment and other terms of employment for the senior executives follow the current Guidelines for Terms of Employment for Senior Executives in State-owned Companies 2020, where the BTP plan is included as an approved, collectively bargained, defined-benefit and defined-contribution pension plan. Since the 2017 Annual General Meeting, the new guidelines apply when appointing new senior executives at SEK. Pension provisions for senior executives in SEK are limited to 30 percent of pensionable income for retirement and survivors’ pension. Due to SEK’s implementation of a defined-benefit pension plan, the BTP plan, resulting from a collective agreement between the BAO and the Financial Sector Union of Sweden, covering employees in the banking and finance industries, the contribution for retirement and survivors’ pension can exceed 30 percent. In 2021, parties to the Banking Institutions Employers’ Organization (BAO) agreement area agreed to strengthen the provision for occupational pensions under the BTP plan. The expanded provision means that the employer will make an additional contribution of 2 percent to the occupational pension. This is enabled by exchanging a holiday pay supplement of 1.45 percent for a higher pension premium. SEK began to apply the enhanced pension on January 1, 2022.

For the senior executives, SEK pays premiums for insurance for sickness benefits for prolonged illness, other collective risk insurance arising out of applicable collective agreements as well as travel insurance and private health insurance. Other benefits offered by the employer include per diem allowances and household services.

Pensions

The employees of SEK have a collectively bargained pension plan through the BTP plan, which is the most significant pension plan for salaried bank employees in Sweden. The BTP plan is funded by means of insurance with the insurance companies SPP and SEB.

Total pension cost for defined benefit and defined contribution obligations

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Service cost |  | -5 |  | -7 |  | -5
Regulation of pension obligations | ​ | 0 | ​ | 0 | ​ | 0
Interest cost, net |  | -1 |  | -1 |  | -1
Pension cost for defined benefit pensions, incl. payroll tax |  | -6 |  | -8 |  | -6
Pension cost for defined contribution pension cost incl. payroll tax |  | -66 |  | -58 |  | -58
Pension cost recognized in personnel costs |  | -72 |  | -66 |  | -64
​ | ​ | ​ | ​ | ​ | ​ | ​
Actuarial gains (+) and losses (-) on defined benefit obligation during period |  | 92 |  | 23 |  | -2
Return above expected return, gains (+) and losses (-) on plan assets |  | -28 |  | 1 |  | 3
Change in the effect of the asset ceiling excluding interest | ​ | -21 |  | — |  | —
Revaluation of defined benefit plans |  | 43 |  | 24 |  | 1

​

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Net value of defined benefit pension obligations

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Defined benefit obligations |  | 167 |  | 258 |  | 277
Plan assets |  | -180 |  | -201 |  | -195
Restriction due to the asset ceiling |  | 21 |  | — |  | —
Provision for pensions, net obligation1 |  | 8 |  | 57 |  | 82

1 | See Note 21.

Development of defined benefit obligations

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Defined benefit obligation, opening balance |  | 258 |  | 277 |  | 272
Service cost |  | 5 |  | 7 |  | 6
Interest cost |  | 4 |  | 3 |  | 5
Pension Payments incl. special payroll tax |  | -8 |  | -7 |  | -9
Actuarial gains (-) and losses (+), effect due to changed demographic assumptions |  | — |  | -2 |  | —
Actuarial gains (-) and losses (+), effect due to changed financial assumptions |  | -98 |  | -24 |  | 12
Actuarial gains (-) and losses (+), effect due to experience based outcome |  | 6 |  | 4 |  | -9
Defined benefit obligation, closing balance |  | 167 |  | 258 |  | 277

​

Development of plan assets related to defined benefit obligation

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Fair value of plan assets, opening balance |  | 201 |  | 195 |  | 189
Expected return on plan assets |  | 4 |  | 2 |  | 3
Contributions by the employer1 |  | 10 |  | 9 |  | 7
Benefits paid2 |  | -7 |  | -6 |  | -8
Return on plan assets excluding interest income |  | -28 |  | 1 |  | 4
Fair value of plan assets, closing balance |  | 180 |  | 201 |  | 195

1 | Expected contribution from the employer in the following year is Skr 6 million (2021: Skr 6 million), excluding payroll tax.

2 | Expected compensation paid in the following year is Skr 8 million (2021: Skr 7 million).

Distribution of plan assets related to defined benefit obligation

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Domestic equity investments | ​ | 4 | ​ | 4 | ​ | 4
Foreign equity investments |  | 22 |  | 24 |  | 23
Domestic government bonds |  | 29 |  | 34 |  | 41
Domestic corporate bonds |  | 9 |  | 12 |  | 18
Mortgage bonds |  | 39 |  | 57 |  | 53
Other Investments | ​ | 48 | ​ | 44 | ​ | 33
Properties |  | 29 |  | 26 |  | 23
Total plan assets |  | 180 |  | 201 |  | 195

​

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Principal actuarial assumptions used end of year

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Percent |  | 2022 |  | 2021 |  | 2020
Discount rate | ​ | 4.0 | ​ | 1.8 | ​ | 1.25
Assumption of early pension withdrawal |  | 20.0 |  | 20.0 |  | 20.0
Expected salary increase |  | 2.0 |  | 2.0 |  | 2.0
Expected inflation |  | 2.0 |  | 2.0 |  | 1.8
Expected lifetime |  | DUS21 |  | DUS21 |  | DUS14
Expected turnover |  | 5.0 |  | 5.0 |  | 5.0

​

Sensitivity analysis of essential assumptions

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Negative outcome | ​ | Positive outcome |
Skr mn |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 | ​
Discount rate | ​ | -1 | % | -1 | % | -1 | % | +1 | % | +1 | % | +1 | %
Defined benefit obligation | ​ | 227 |  | 329 |  | 358 | ​ | 151 |  | 206 |  | 218 | ​
Service cost | ​ | 4 |  | 7 |  | 9 | ​ | 3 |  | 4 |  | 5 | ​
Interest cost | ​ | 6 |  | 2 |  | 1 | ​ | 7 |  | 6 |  | 5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expected lifetime |  | +1 year | ​ | +1 year | ​ | +1 year | ​ | -1 year | ​ | -1 year | ​ | -1 year | ​
Defined benefit obligation | ​ | 193 |  | 270 |  | 291 | ​ | 176 |  | 245 |  | 264 | ​
Service cost | ​ | 3 |  | 5 |  | 7 | ​ | 3 |  | 5 |  | 7 | ​
Interest cost | ​ | 7 |  | 5 |  | 4 | ​ | 6 |  | 4 |  | 3 | ​

​

Net reconciliation of pension liabilities

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Pension liabilities, opening balance |  | 57 |  | 82 |  | 83
Net periodic pension cost |  | 6 |  | 8 |  | 8
Contributions by the employer |  | -10 |  | -8 |  | -7
Net pension payments |  | -2 |  | -1 |  | -1
Revaluations recognized in other comprehensive income |  | -43 |  | -24 |  | -1
Pension liabilities, closing balance |  | 8 |  | 57 |  | 82

​

Net interest is calculated using the discount rate of pension obligations, based on the net surplus or net deficit in the defined benefit plan.

Pension expense in 2022 for defined benefit pensions amounts to Skr 6 million (2021: Skr 8 million).

As of December 31, 2022, the expected weighted average remaining service time for active employees was 11.68 years (2021: 12.80 years), the expected weighted average duration for the present value was 15.75 years (2021: 19.03 years) and the average salary for active employees was Skr 0.9 million (2021: Skr 0.9 million).

Discount rate

The discount rate is based on the estimated interest curve of Swedish mortgage bonds, as this market is regarded as liquid enough to be used for this purpose. The discount rate is based on market expectations at the end of the accounting period, using bonds with the same duration as the pension liability.

Expected early retirement

According to the transitional rule for § 8 in the BTP-plan, the calculation includes the assumption that 20 percent of the employees use the possibility for early retirement. The earliest retirement age is 61 for employees born 1956 or earlier. Employees born 1967 or later have no right to retire before age 65.

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Expected return on plan assets

Expected return on plan assets is equal to the discount rate as regulated in IAS 19.

Expected salary increase

The assumption of salary increase is based on SEK’s assessment of the long-term salary increase rate in SEK.

Expected inflation

The expected inflation is in line with Swedish inflation-linked bonds.

Expected employee turnover

Expected employee turnover is based on SEK’s assessment of the long-term expected Company staff attrition during one year.

​

Average number of employees

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Women |  | 132 |  | 127 |  | 123
Men |  | 134 |  | 129 |  | 125
Total average number of employees |  | 266 |  | 256 |  | 248

​

Employees at year-end1

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Number |  | 2022 |  | 2021 |  | 2020
Women |  | 137 |  | 132 |  | 125
Men |  | 146 |  | 132 |  | 128
Total employees2 |  | 283 |  | 264 |  | 253
of which full-time employees |  | 267 |  | 259 |  | 247
allocation of women/men | ​ | 48/52 | ​ | 49/51 | ​ | 49/51
of which part-time employees |  | 5 |  | 5 |  | 6
allocation of women/men | ​ | 80/20 | ​ | 80/20 | ​ | 83/17
of which permanent employees |  | 281 |  | 263 |  | 253
allocation of women/men | ​ | 48/52 | ​ | 50/50 | ​ | 49/51
of which temporary employees |  | 2 |  | 1 |  | 0
allocation of women/men | ​ | 50/50 | ​ | 0/100 | ​ | 0/0
of which hourly employees3 | ​ | 11 | ​ | — | ​ | —
allocation of women/men | ​ | 55/45 | ​ | — | ​ | —
of which managers |  | 31 |  | 33 |  | 31
of which non-management |  | 252 |  | 231 |  | 222

1 | Information collected from the HR system.

2 | In addition to its employees, SEK had 72 consultants (2021: 73 consultants) engaged at year-end 2022, of which the majority work with IT-related projects.

3 | Hourly employees were excluded in previous years.

Employees by age distribution

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Number |  | 2022 |  | 2021 |  | 2020 |
Total employees |  | 283 |  | 264 |  | 253 |
of which under the age of 30 years |  | 9 | % | 4 | % | 5 | %
of which between ages 30 and 50 years |  | 45 | % | 50 | % | 48 | %
of which over the age of 50 years |  | 46 | % | 46 | % | 47 | %

​

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Employee turnover

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Number |  | 2022 |  | 2021 |  | 2020
Employees who left employment |  | 38 |  | 20 |  | 16
of which women |  | 19 |  | 7 |  | 8
of which men |  | 19 |  | 13 |  | 8
of which under the age of 30 years |  | 2 |  | 1 |  | 0
of which between 30 and 50 years |  | 19 |  | 9 |  | 12
of which over 50 years |  | 17 |  | 10 |  | 4

​

Health

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Percent |  | 2022 |  | 2021 |  | 2020
Absence due to sickness1 |  | 2.9 | ​ | 3.5 | ​ | 2.1

1 | Number of hours of absence due to sickness in relation to scheduled working hours.

Equality and diversity

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Allocation of women/men on the Board of Directors |  | 63/37 |  | 43/57 |  | 62/38
Allocation of women/men in SEK’s executive management |  | 45/55 |  | 36/64 |  | 50/50
Allocation of women/men in management positions |  | 52/48 |  | 45/55 |  | 48/52
Allocation of women/men at SEK in total |  | 48/52 |  | 50/50 |  | 49/51

​

​

​

​

​

Note 6. Other administrative expenses

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Travel expenses and marketing |  | -9 | ​ | -3 | ​ | -3
IT and information system (fees incl.) |  | -163 | ​ | -167 | ​ | -140
Other fees |  | -33 | ​ | -44 | ​ | -38
Premises |  | -7 | ​ | -11 | ​ | -10
Other |  | -4 | ​ | -6 | ​ | -7
Total other administrative expenses |  | -216 | ​ | -231 | ​ | -198

​

Remuneration to auditors

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021 |  | 2020
Öhrlings PricewaterhouseCoopers AB: |  | ​ | ​ |  |  |
Audit fees1 |  | -9 | ​ | -8 | ​ | -9
Audit related fees2 |  | — | ​ | — | ​ | —
Tax related fees3 |  | — | ​ | — | ​ | —
Other fees4 | ​ | -2 | ​ | -3 | ​ | -3
Total |  | -11 | ​ | -11 | ​ | -12

1 | Fees related to audit of annual financial statements and reviews of interim financial statements.

2 | Fees charged for assurance and related services that are related to the performance of audit or review of the financial statements and are not reported under Audit fees.

3 | Fees for professional services rendered by the principal independent auditors for tax compliance and tax advice.

4 | Fees for products and services rendered by the principal independent auditors, other than the services reported in Audit fees through Tax related fees above.

​

In the Financial Statements, remuneration to auditors is mainly included in Other administrative expenses.

​

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Note 7. Tangible and intangible assets

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | Dec 31, 2022 |  | Dec 31, 2021 |  | Dec 31, 2020
Net book value |  | ​ | ​ |  |  |
Tangible assets |  | 42 | ​ | 40 | ​ | 22
Right-of-use assets | ​ | 144 | ​ | 152 | ​ | 25
Intangible assets1 |  | 121 | ​ | 139 | ​ | 98
Total net book value |  | 307 | ​ | 331 | ​ | 145
Depreciation and impairment during the year according to the Consolidated Statement of Comprehensive Income |  | -94 | ​ | -80 | ​ | -51

1 | Intangible assets consist of the capitalized portion of investments in IT systems. The average useful life for intangible assets is 5 years.

​

For disclosures on right-of-use assets see Note 8.

​

​

​

Note 8. Leasing

SEK as lessee

All leases with the exception of short-term and low-value leases, are recognized as a right-of-use asset with a corresponding lease liability. The right-of-use assets are accounted for under Tangible and intangible assets and the lease liability is accounted for under Other liabilities, see Note 7 and Note 19. The right-of-use assets and the lease liability relate to rental premises. For further information see Note 1 Significant accounting policies. The lease term is determined as the non-callable period of a lease, together with any extension or termination option that SEK is reasonably certain to exercise. SEK has extension options which it is not reasonably certain to exercise. The potential future cash flows related to the extension options amount to Skr 88 million (2021: Skr 80 million) for a period of 3 years.

Right-of-use assets

​

​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021
Opening balance |  | 152 | ​ | 25
Depreciation |  | -24 | ​ | -30
Addition1 |  | 16 | ​ | 157
Closing balance |  | 144 | ​ | 152

1 | There have been canceled leases and new leases. During 2021 SEK moved to new premises.

Accounted for in profit or loss

​

​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021
Depreciation charge on right-of-use assets |  | -24 | ​ | -30
Interest expenses on lease liability |  | -1 | ​ | -1
Expenses relating to short-term leases1 |  | 0 | ​ | 0
Expenses relating to low-value leases1 |  | -1 | ​ | -1
Variable lease fees1 |  | -3 | ​ | -6
Total amount accounted for in profit or loss |  | -29 | ​ | -38

1 | Accounted for under Other administrative expenses.

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Lease liability

​

​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 | ​ | 2021
Opening balance |  | 153 | ​ | 19
Interest expenses accrued |  | 1 | ​ | 1
Payments of lease liability |  | -23 | ​ | -24
Addition1 |  | 16 | ​ | 157
Closing balance |  | 147 | ​ | 153

1 | There have been canceled and new leases. During 2021 SEK moved to new premises.

Contractual flows of lease liability

​

​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021
Within 1 year |  | 28 | ​ | 21
Between 1 and 5 years |  | 122 | ​ | 122
More than 5 years | ​ | — | ​ | 13
Discounting effect |  | -3 | ​ | -3
Closing balance |  | 147 | ​ | 153

​

The total cash outflow for leases in 2022 was Skr 27 million (2021: Skr 31 million).

SEK as lessor

All SEK’s leasing transactions, where SEK is the lessor, are classified as financial leases. When making such classification, all aspects regarding the leasing contract, including third-party guarantees, are taken into account. A reconciliation between the gross investment in the leases and the present value of minimum lease payments receivable at the end of the reporting period can be found below. Future lease payments receivable will mature in the following periods. The leases are included in the line item “Loans to the public” in the Statement of Financial Position.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ | ​ | ​ | ​ | Present value of | ​ | ​ | ​ | Present value of
​ | ​ | ​ | ​ | mini-mum lease | ​ | ​ | ​ | mini-mum lease
Skr mn |  | Gross investment |  | payments |  | Gross investment |  | payments
Within 1 year |  | 109 | ​ | 106 | ​ | 111 | ​ | 108
Between 1 and 5 years |  | 118 | ​ | 104 | ​ | 83 | ​ | 74
More than 5 years |  | 60 | ​ | 46 | ​ | 44 | ​ | 34
Total |  | 287 | ​ | 256 | ​ | 238 | ​ | 216
Unearned finance income |  | — | ​ | 32 | ​ | — | ​ | 21

​

​

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Note 9. Impairments

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Loans in |  | ​ |  | ​ | ​ | ​ | ​ | ​
​ | ​ | the form | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | of interest- | ​ | Loans to | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | bearing | ​ | credit | ​ | Loans to the | ​ | ​ | ​ | ​
Skr mn | ​ | securities | ​ | institutions | ​ | public | ​ | Off-balance | ​ | Total
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expected credit losses, stage 1 | ​ | -9 | ​ | 1 | ​ | -26 | ​ | -4 | ​ | -38
Expected credit losses, stage 2 | ​ | 4 | ​ | 0 | ​ | 3 | ​ | -1 | ​ | 6
Expected credit losses, stage 3 | ​ | — | ​ | — | ​ | -15 | ​ | 0 | ​ | -15
Established credit losses |  | — | ​ | — | ​ | — | ​ | — | ​ | —
Reserves applied to cover established credit losses | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Recovered credit losses |  | — | ​ | — | ​ | 12 | ​ | 1 | ​ | 13
Net credit losses | ​ | -5 | ​ | 1 | ​ | -26 | ​ | -4 | ​ | -34
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expected credit losses, stage 1 | ​ | 7 | ​ | 2 | ​ | 50 | ​ | 1 | ​ | 60
Expected credit losses, stage 2 | ​ | 6 | ​ | 0 | ​ | 23 | ​ | 0 | ​ | 29
Expected credit losses, stage 3 | ​ | — | ​ | — | ​ | -46 | ​ | 0 | ​ | -46
Established credit losses | ​ | — | ​ | — | ​ | -52 | ​ | — | ​ | -52
Reserves applied to cover established credit losses | ​ | — | ​ | — | ​ | 49 | ​ | — | ​ | 49
Recovered credit losses | ​ | — | ​ | — | ​ | 1 | ​ | — | ​ | 1
Net credit losses | ​ | 13 | ​ | 2 | ​ | 25 | ​ | 1 | ​ | 41
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expected credit losses, stage 1 | ​ | -6 | ​ | -6 | ​ | -81 | ​ | -5 | ​ | -98
Expected credit losses, stage 2 | ​ | -11 | ​ | 0 | ​ | -37 | ​ | 0 | ​ | -48
Expected credit losses, stage 3 | ​ | — | ​ | — | ​ | -7 | ​ | 0 | ​ | -7
Established credit losses | ​ | — | ​ | — | ​ | -20 | ​ | — | ​ | -20
Reserves applied to cover established credit losses | ​ | — | ​ | — | ​ | 20 | ​ | — | ​ | 20
Recovered credit losses | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Net credit losses | ​ | -17 | ​ | -6 | ​ | -125 | ​ | -5 | ​ | -153

​

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The table below 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 OECD, which explains the low provision ratio.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021 |
Skr mn |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total |
Loans, before expected credit losses | ​ | ​ |  |  |  |  |  |  | ​ | ​ | ​ | ​ | ​ | ​ |  |  | ​
Loans in the form of interest-bearing securities | ​ | 51,401 |  | 2,882 |  | — |  | 54,283 | ​ | 42,827 |  | 3,772 |  | — |  | 46,599 | ​
Loans to credit institutions | ​ | 11,147 |  | 310 |  | — |  | 11,457 | ​ | 6,948 |  | 3,414 |  | — |  | 10,362 | ​
Loans to the public | ​ | 167,354 |  | 33,851 |  | 6,713 |  | 207,918 | ​ | 147,137 |  | 30,999 |  | 2,284 |  | 180,420 | ​
Total, loans, before expected credit losses | ​ | 229,902 | ​ | 37,043 | ​ | 6,713 | ​ | 273,658 | ​ | 196,912 | ​ | 38,185 | ​ | 2,284 | ​ | 237,381 | ​
Off balance, before expected credit losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Guarantees | ​ | 3,902 |  | 900 |  | — |  | 4,802 | ​ | 4,767 |  | — |  | — |  | 4,767 | ​
Committed undisbursed loans | ​ | 49,492 |  | 20,620 |  | 5,257 |  | 75,369 | ​ | 26,810 |  | 28,466 |  | 105 |  | 55,381 | ​
Total, off balance, before expected credit losses | ​ | 53,394 |  | 21,520 |  | 5,257 |  | 80,171 | ​ | 31,577 |  | 28,466 |  | 105 |  | 60,148 | ​
Total, before expected credit losses | ​ | 283,296 |  | 58,563 |  | 11,970 |  | 353,829 | ​ | 228,489 |  | 66,651 |  | 2,389 |  | 297,529 | ​
of which guaranteed (percent) | ​ | 62.9 | ​ | 92.6 | ​ | 98.7 | ​ | 68.9 | ​ | 63.7 | ​ | 93.2 | ​ | 95.7 | ​ | 70.3 | ​
Loss allowance, loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans in the form of interest-bearing securities | ​ | -23 |  | -3 |  | — | ​ | -26 | ​ | -14 |  | -7 |  | — | ​ | -21 | ​
Loans to credit institutions | ​ | -2 |  | 0 |  | — | ​ | -2 | ​ | -4 |  | 0 |  | — | ​ | -4 | ​
Loans to the public | ​ | -93 |  | -19 |  | -70 | ​ | -182 | ​ | -64 |  | -20 |  | -48 | ​ | -132 | ​
Total, loss allowance, loans | ​ | -118 | ​ | -22 | ​ | -70 | ​ | -210 | ​ | -82 | ​ | -27 | ​ | -48 | ​ | -157 | ​
Loss allowance, off balance1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Guarantees | ​ | 0 |  | 0 |  | — | ​ | 0 | ​ | 0 |  | — |  | — | ​ | 0 | ​
Committed undisbursed loans | ​ | -12 |  | -1 |  | 0 | ​ | -13 | ​ | -6 |  | -1 |  | 0 | ​ | -7 | ​
Total, loss allowance, off balance | ​ | -12 |  | -1 |  | 0 | ​ | -13 | ​ | -6 |  | -1 |  | 0 | ​ | -7 | ​
Total, loss allowance | ​ | -130 |  | -23 |  | -70 | ​ | -223 | ​ | -88 |  | -28 |  | -48 | ​ | -164 | ​
Provision ratio (percent) | ​ | 0.05 | ​ | 0.04 | ​ | 0.58 | ​ | 0.06 | ​ | 0.04 | ​ | 0.04 | ​ | 2.01 | ​ | 0.06 | ​

1 | Recognized under provision in the Consolidated Statement of Financial Position.

Loans and off balance, before loss allowance

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
Skr mn |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Opening balance | ​ | 228,489 |  | 66,651 |  | 2,389 |  | 297,529 | ​ | 226,456 |  | 66,485 |  | 1,482 |  | 294,423
Increase due to origination and acquisition |  | 125,243 |  | 5,451 |  | 2,453 |  | 133,147 | ​ | 79,856 |  | 7,380 |  | 234 |  | 87,470
Transfer to stage 1 |  | 5,788 |  | -7,798 |  | — |  | -2,010 | ​ | 1,240 |  | -1,302 |  | — |  | -62
Transfer to stage 2 |  | -4,447 |  | 3,845 |  | — |  | -602 | ​ | -4,676 |  | 4,223 |  | — |  | -453
Transfer to stage 3 |  | -7,980 |  | -725 |  | 7,502 |  | -1,203 | ​ | -105 |  | -948 |  | 945 |  | -108
Decrease due to derecognition |  | -63,797 |  | -8,861 |  | -374 |  | -73,032 | ​ | -74,282 |  | -9,187 |  | -272 |  | -83,741
Closing balance |  | 283,296 |  | 58,563 |  | 11,970 |  | 353,829 | ​ | 228,489 |  | 66,651 |  | 2,389 |  | 297,529

​

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Loss allowance

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
Skr mn |  | Stage 1 |  | Stage 2 |  | Stage 3 | ​ | Total |  | Stage 1 |  | Stage 2 |  | Stage 3 | ​ | Total
Opening balance |  | -88 | ​ | -28 | ​ | -48 | ​ | -164 | ​ | -147 |  | -56 |  | -46 | ​ | -249
Increases due to origination and acquisition | ​ | -67 | ​ | -3 | ​ | 0 | ​ | -70 | ​ | -40 | ​ | 0 | ​ | -25 | ​ | -65
Net remeasurement of loss allowance |  | 5 |  | 9 |  | 9 | ​ | 23 |  | 51 |  | 13 |  | -43 | ​ | 21
Transfer to stage 1 |  | -1 |  | 7 |  | — | ​ | 6 |  | 0 |  | 0 |  | — | ​ | 0
Transfer to stage 2 |  | 1 |  | -12 |  | — | ​ | -11 |  | 2 |  | -6 |  | — | ​ | -4
Transfer to stage 3 |  | 1 |  | 3 |  | -23 | ​ | -19 |  | 0 |  | 2 |  | -21 | ​ | -19
Decreases due to derecognition |  | 22 |  | 2 |  | 0 | ​ | 24 |  | 47 |  | 20 |  | 43 | ​ | 110
Decrease in allowance account due to write-offs |  | — |  | — |  | — | ​ | — |  | — |  | — |  | 49 | ​ | 49
Exchange-rate differences1 |  | -3 |  | -1 |  | -8 | ​ | -12 |  | -1 |  | -1 |  | -5 | ​ | -7
Closing balance | ​ | -130 | ​ | -23 | ​ | -70 | ​ | -223 | ​ | -88 | ​ | -28 | ​ | -48 | ​ | -164

1 | Recognized under Net results of financial transactions in the Statement of Comprehensive Income.

Provisions for ECLs are calculated using quantitative models based on inputs, assumptions and methods that are highly reliant on assessments. In particular, the following could heavily impact the level of provisions: the establishment of a material increase in credit risk, allowing for forward-looking macroeconomic scenarios, and the measurement of both ECLs over the next 12 months and lifetime ECLs. ECLs are based on objective assessments of what SEK expects to lose on the exposures given what was known on the reporting date and taking into account possible future events. The ECL is a probability-weighted amount that is determined by evaluating the outcome of several possible scenarios and where the data taken into consideration comprises information from previous conditions, current conditions and projections of future economic conditions. SEK’s method entails three scenarios being prepared for each probability of default curve: a base scenario, a downturn scenario, and an upturn scenario, where the scenarios are expressed in a business cycle parameter. The business cycle parameter reflects the general risk of default in each geographic segment. The parameter is standard, normally distributed where zero indicates a neutral economy where the economy has been on average, historically. The business cycle parameters for the base scenario are between -0.8 and -0.2 for the various probability of default (PD) segments. The base scenarios have been weighted at between 40 and 90 percent, the downturn scenarios have been weighted at between 10 and 60 percent, and the upturn scenarios have been weighted at zero percent between the different PD-segments. An improvement of the PD model took place during the first quarter of 2022, which means, among other things, that the difference between the base and downturn/upturn scenarios has increased and that new data sources are used.

Due to the current macroeconomic uncertainty, SEK has made an overall adjustment according to management’s overall assessment. This resulted in an increase of expected credit losses, which was calculated pursuant to SEK’s IFRS 9 model as of December 31, 2022.

Loan credit quality, before expected credit losses, allocated by stage

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
Skr mn |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
AAA |  | — |  | — |  | — |  | — | ​ | — |  | — |  | — |  | —
AA+ to A- |  | 28,382 |  | — |  | — |  | 28,382 | ​ | 25,815 |  | — |  | — |  | 25,815
BBB+ to BBB- |  | 150,441 |  | 3,085 |  | — |  | 153,526 | ​ | 131,514 |  | 2,258 |  | — |  | 133,772
BB+ to BB- |  | 38,523 |  | 25,309 |  | — |  | 63,832 | ​ | 32,247 |  | 25,043 |  | — |  | 57,290
B+ to B- | ​ | 12,396 | ​ | 6,663 | ​ | — | ​ | 19,059 | ​ | 6,697 | ​ | 5,461 | ​ | — | ​ | 12,158
CCC to D |  | 160 |  | 1,986 |  | 6,713 |  | 8,859 | ​ | 639 |  | 5,423 |  | 2,284 |  | 8,346
Total, before expected credit losses |  | 229,902 |  | 37,043 |  | 6,713 |  | 273,658 | ​ | 196,912 |  | 38,185 |  | 2,284 |  | 237,381

​

More information regarding SEK’s Credit Policy is found in Note 26 and Note 30.

​

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Note 10. Taxes

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Consolidated Group | ​
Skr mn |  | 2022 |  | 2021 |  | 2020 | ​
Income tax | ​ |  |  |  |  |  | ​
Adjustment previous year | ​ | 0 |  | 0 |  | -4 | ​
Current tax | ​ | -304 |  | -272 |  | -266 | ​
Deferred tax | ​ | -1 |  | 1 |  | 0 | ​
Total income tax | ​ | -305 |  | -271 |  | -270 | ​

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax related to other comprehensive income |  |  |  |  |  |
Tax on items to be reclassified to profit or loss | ​ |  |  |  |  |
Current tax | ​ | — |  | — |  | —
Deferred tax | ​ | 25 | ​ | — | ​ | —
Tax on items not to be reclassified to profit or loss | ​ | ​ | ​ | ​ | ​ | ​
Current tax | ​ | -20 | ​ | 5 | ​ | -4
Deferred tax | ​ | -10 |  | -5 |  | -1
Income tax related to other comprehensive income | ​ | -5 |  | 0 |  | -5

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of effective tax rate |  |  |  |  |  |
The Swedish corporate tax rate (percent) | ​ | 20.6 | ​ | 20.6 | ​ | 21.4
Profit before taxes | ​ | 1,471 | ​ | 1,305 | ​ | 1,238
National tax based on profit before taxes | ​ | -303 | ​ | -269 | ​ | -265
Tax effects of: | ​ | ​ | ​ | ​ | ​ | ​
Non-taxable income | ​ | 0 | ​ | 0 | ​ | 0
Non-deductible expenses | ​ | -2 | ​ | -3 | ​ | -1
Tax effect of the tax credit for investments in equipment | ​ | — | ​ | 1 | ​ | —
Other | ​ | — |  | — |  | -4
Total tax | ​ | -305 |  | -271 |  | -270
Effective tax expense (percent) | ​ | 20.7 |  | 20.8 |  | 21.8

​

Deferred taxes

​

​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021
Deferred tax assets concerning: | ​ | ​ | ​ | ​
Temporary differences, related to pensions |  | 0 |  | 10
Tax effect of the tax credit for investments in equipment | ​ | — | ​ | 1
Temporary differences, related to cash flow hedges | ​ | 25 | ​ | —
Total deferred tax assets |  | 25 |  | 11

​

No deductible loss carry forwards existed as of December 31, 2022, or December 31, 2021.

Change in deferred taxes

​

​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021
Opening balance |  | 11 |  | 15
Change through profit or loss |  | -1 |  | 1
Change in other comprehensive income |  | 15 |  | -5
Closing balance |  | 25 |  | 11

​

​

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Note 11. Loans and liquidity investments

​

​ | ​ | ​ | ​ | ​
​ |  | Dec 31, |  | Dec 31,
Skr mn | ​ | 2022 | ​ | 2021
Loans: |  |  |  |
Loans in the form of interest--bearing securities |  | 54,257 |  | 46,578
Loans to credit institutions |  | 22,145 |  | 20,775
Loans to the public |  | 207,737 |  | 180,288
Less: |  | ​ |  | ​
Cash collateral under the security agreements for derivative contracts1 |  | -10,691 |  | -10,417
Total lending portfolio |  | 273,448 |  | 237,224
​ | ​ | ​ | ​ | ​
Liquidity investments: |  | ​ |  | ​
Cash and cash equivalents |  | 4,060 |  | 11,128
Treasuries/government bonds |  | 15,048 |  | 10,872
Other interest-bearing securities except loans |  | 57,144 |  | 45,881
Total liquidity investments |  | 76,252 |  | 67,881
of which issued by public authorities |  | 19,014 |  | 16,584

​

Difference between book value amount and amount contractually required to be paid at maturity for interest-bearing securities not carried at fair value

​

​ | ​ | ​ | ​ | ​
Skr mn | ​ | 2022 | ​ | 2021
Sum of amounts exceeding nominal |  | 87 |  | 243
Sum of amounts falling below nominal |  | -479 |  | -9

​

Volume Development, Lending

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  |  |  | of which the
​ | ​ | ​ | ​ | ​ | ​ | CIRR-system
Skr mn | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
Offers of long-term loans accepted |  | 133,181 |  | 76,988 |  | 29,481 |  | 11,797
Undisbursed loans at year-end |  | 75,369 |  | 53,871 |  | 56,265 |  | 39,084
Loans outstanding at year-end1 |  | 273,448 | ​ | 237,224 | ​ | 94,241 |  | 87,872

1 | Including concessionary loans in the amount of Skr 361 million (year-end 2021: Skr 315 million).

Outstanding loans as per business area

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | of which the CIRR-system
​ |  | Dec 31, |  | Dec 31, |  | Dec 31, | ​ | Dec 31,
Skr mn | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
Lending to Swedish exporters |  | 128,399 | ​ | 109,281 |  | — | ​ | —
Lending to exporters’ customers |  | 145,049 | ​ | 127,943 |  | 94,241 | ​ | 87,872
Total lending portfolio1 |  | 273,448 | ​ | 237,224 | ​ | 94,241 | ​ | 87,872

1 | Including concessionary loans in the amount of Skr 361 million (year-end 2021: Skr 315 million).

​

​

​

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Table of Contents

Note 12. Classification of financial assets and liabilities

Financial assets by accounting category

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Financial assets at fair value | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Derivatives used | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | for hedge | ​ | ​ | ​ | ​
Skr mn |  | Mandatorily |  | accounting |  | Amortized cost |  | Total
Cash and cash equivalents |  | — |  | — |  | 4,060 |  | 4,060
Treasuries/government bonds |  | 15,048 |  | — |  | — |  | 15,048
Other interest-bearing securities except loans |  | 57,144 |  | — |  | — |  | 57,144
Loans in the form of interest-bearing securities |  | — |  | — |  | 54,257 |  | 54,257
Loans to credit institutions |  | — |  | — |  | 22,145 |  | 22,145
Loans to the public |  | — |  | — |  | 207,737 |  | 207,737
Derivatives |  | 8,718 |  | 1,586 |  | — |  | 10,304
Total financial assets |  | 80,910 |  | 1,586 |  | 288,199 |  | 370,695

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Financial assets at fair value | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Derivatives used | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | for hedge | ​ | ​ | ​ | ​
Skr mn |  | Mandatorily |  | accounting |  | Amortized cost |  | Total
Cash and cash equivalents |  | — |  | — |  | 11,128 |  | 11,128
Treasuries/government bonds |  | 10,872 |  | — |  | — |  | 10,872
Other interest-bearing securities except loans |  | 45,881 |  | — |  | — |  | 45,881
Loans in the form of interest-bearing securities |  | — |  | — |  | 46,578 |  | 46,578
Loans to credit institutions |  | — |  | — |  | 20,775 |  | 20,775
Loans to the public |  | — |  | — |  | 180,288 |  | 180,288
Derivatives |  | 5,764 |  | 2,655 |  | — |  | 8,419
Total financial assets |  | 62,517 |  | 2,655 |  | 258,769 |  | 323,941

​

Financial liabilities by accounting category

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Financial liabilities at fair value | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Designated upon | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | initial recognition | ​ | Derivatives used for | ​ | ​ | ​ | ​
Skr mn |  | Mandatorily |  | (FVO) |  | hedge accounting |  | Amortized cost |  | Total
Borrowing from credit institutions |  | — |  | — |  | — |  | 7,153 |  | 7,153
Borrowing from the public | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Debt securities issued |  | 0 |  | 28,788 |  | — |  | 290,329 |  | 319,117
Derivatives |  | 953 |  | — |  | 12,234 |  | — |  | 13,187
Total financial liabilities |  | 953 |  | 28,788 | ​ | 12,234 |  | 297,482 |  | 339,457

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Financial liabilities at fair value | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Designated upon | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | initial recognition | ​ | Derivatives used for | ​ | ​ | ​ | ​
Skr mn |  | Mandatorily |  | (FVO) |  | hedge accounting |  | Amortized cost |  | Total
Borrowing from credit institutions |  | — |  | — |  | — |  | 5,230 |  | 5,230
Borrowing from the public | ​ | — | ​ | — | ​ | — | ​ | 10,000 | ​ | 10,000
Debt securities issued |  | — |  | 39,316 |  | — |  | 240,454 |  | 279,770
Derivatives |  | 11,185 |  | — |  | 3,544 |  | — |  | 14,729
Total financial liabilities |  | 11,185 |  | 39,316 |  | 3,544 |  | 255,684 |  | 309,729

​

​

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Table of Contents

​

Note 13. Financial assets and liabilities at fair value

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 |
​ |  |  |  |  |  | Surplus value (+) |
Skr mn | ​ | Book value | ​ | Fair value | ​ | /Deficit value (-) |
Cash and cash equivalents |  | 4,060 |  | 4,060 |  | — | ​
Treasuries/governments bonds |  | 15,048 |  | 15,048 |  | — | ​
Other interest-bearing securities except loans |  | 57,144 |  | 57,144 |  | — | ​
Loans in the form of interest-bearing securities |  | 54,257 |  | 54,877 |  | 620 | ​
Loans to credit institutions |  | 22,145 |  | 21,747 |  | -398 | ​
Loans to the public |  | 207,737 |  | 204,543 |  | -3,194 | ​
Derivatives |  | 10,304 |  | 10,304 |  | — | ​
Total financial assets |  | 370,695 |  | 367,723 |  | -2,972 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Borrowing from credit institutions |  | 7,153 |  | 7,153 |  | — | ​
Borrowing from the public | ​ | — | ​ | — | ​ | — | ​
Debt securities issued |  | 319,117 |  | 318,900 |  | -217 | ​
Derivatives |  | 13,187 |  | 13,187 |  | — | ​
Total financial liabilities |  | 339,457 |  | 339,240 |  | -217 | ​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 |
​ |  |  |  |  |  | Surplus value (+) |
Skr mn | ​ | Book value | ​ | Fair value | ​ | /Deficit value (-) |
Cash and cash equivalents |  | 11,128 |  | 11,128 |  | — | ​
Treasuries/governments bonds |  | 10,872 |  | 10,872 |  | — | ​
Other interest-bearing securities except loans |  | 45,881 |  | 45,881 |  | — | ​
Loans in the form of interest-bearing securities |  | 46,578 |  | 47,991 |  | 1,413 | ​
Loans to credit institutions |  | 20,775 |  | 20,993 |  | 218 | ​
Loans to the public |  | 180,288 |  | 186,436 |  | 6,148 | ​
Derivatives |  | 8,419 |  | 8,419 |  | — | ​
Total financial assets |  | 323,941 |  | 331,720 |  | 7,779 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Borrowing from credit institutions |  | 5,230 |  | 5,230 |  | — | ​
Borrowing from the public |  | 10,000 | ​ | 10,000 | ​ | — | ​
Debt securities issued | ​ | 279,770 |  | 280,294 |  | 524 | ​
Derivatives |  | 14,729 |  | 14,729 |  | — | ​
Total financial liabilities |  | 309,729 |  | 310,253 |  | 524 | ​

​

The majority of financial liabilities and some of the financial assets in the Statement of Financial Position are accounted for at full fair value or at a value that represents fair value for the components hedged in a hedging relationship. Lending and borrowing not classified as hedge accounting or FVO are accounted for at amortized cost.

Determining fair value of financial instruments

The best evidence of fair value is quoted prices in an active market. The majority of SEK’s financial instruments are not publicly traded, and quoted market values are not readily available.

Fair value measurements are categorized using a fair value hierarchy. The financial instruments have been categorized under the three levels of the IFRS fair value hierarchy that reflects the significance of inputs. The categorization of these instruments is based on the lowest level of input that is significant to the fair value measurement in its entirety.

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SEK uses the following hierarchy for determining and disclosing the fair value of financial instruments based on valuation techniques:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and

Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

For more information on determining the fair value of financial transactions, see Note 1.

In the process of estimating or deriving fair values for items accounted for at amortized cost, certain assumptions have been made. In those cases where quoted market values for the relevant items are available, such market values have been used.

The following tables show the fair values of the items carried at amortized cost or fair value. They are distributed according to the fair value hierarchy.

Financial assets reported at amortized cost in fair value hierarchy

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
Loans and accounts receivable | ​ | Fair value | ​ | Book value
Skr mn |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Total
Cash and cash equivalents |  | 4,060 |  | — |  | — |  | 4,060 |  | 4,060
Loans in the form of interest-bearing securities |  | 1,446 |  | 53,431 |  | — |  | 54,877 |  | 54,257
Loans to credit institutions |  | — |  | 21,747 |  | — |  | 21,747 |  | 22,145
Loans to the public |  | — |  | 204,543 |  | — |  | 204,543 |  | 207,737
Total financial assets in fair value hierarchy |  | 5,506 |  | 279,721 |  | — |  | 285,227 |  | 288,199

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
Loans and accounts receivable | ​ | Fair value | ​ | Book value
Skr mn |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Total
Cash and cash equivalents |  | 11,128 |  | — |  | — |  | 11,128 |  | 11,128
Loans in the form of interest-bearing securities |  | 1,970 |  | 46,021 |  | — |  | 47,991 |  | 46,578
Loans to credit institutions |  | — |  | 20,993 |  | — |  | 20,993 |  | 20,775
Loans to the public |  | — |  | 186,436 |  | — |  | 186,436 |  | 180,288
Total financial assets in fair value hierarchy |  | 13,098 |  | 253,450 |  | — |  | 266,548 |  | 258,769

​

​

Financial liabilities reported at amortized cost in fair value hierarchy

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
Other financial liabilities | ​ | Fair value | ​ | Book value
Skr mn |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Total
Borrowing from credit institutions |  | — |  | 7,153 |  | — |  | 7,153 |  | 7,153
Borrowing from the public | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Debt securities issued |  | — |  | 290,112 |  | — |  | 290,112 |  | 290,329
Total financial liabilities in fair value hierarchy |  | — |  | 297,265 |  | — |  | 297,265 |  | 297,482

​

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Table of Contents

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
Other financial liabilities | ​ | Fair value | ​ | Book value
Skr mn |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Total
Borrowing from credit institutions |  | — |  | 5,230 |  | — |  | 5,230 |  | 5,230
Borrowing from the public | ​ | — | ​ | 10,000 | ​ | — | ​ | 10,000 | ​ | 10,000
Debt securities issued |  | — |  | 240,979 |  | — |  | 240,979 |  | 240,454
Total financial liabilities in fair value hierarchy |  | — |  | 256,209 |  | — |  | 256,209 |  | 255,684

​

Financial assets reported at fair value in fair value hierarchy

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
Skr mn |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Treasuries/governments bonds |  | 2,366 |  | 12,682 |  | — |  | 15,048
Other interest-bearing securities except loans |  | 21,342 |  | 35,802 |  | — |  | 57,144
Derivatives |  | — |  | 10,201 |  | 103 |  | 10,304
Total financial assets in fair value hierarchy |  | 23,708 |  | 58,685 |  | 103 |  | 82,496

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
Skr mn |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Treasuries/governments bonds |  | 5,638 |  | 5,234 |  | — |  | 10,872
Other interest-bearing securities except loans |  | 26,549 |  | 19,332 |  | — |  | 45,881
Derivatives |  | — |  | 7,933 |  | 486 |  | 8,419
Total financial assets in fair value hierarchy |  | 32,187 |  | 32,499 |  | 486 |  | 65,172

​

Financial liabilities reported at fair value in fair value hierarchy

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
Skr mn |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Debt securities issued |  | — | ​ | 2,252 | ​ | 26,536 | ​ | 28,788
Derivatives |  | — | ​ | 8,568 | ​ | 4,619 | ​ | 13,187
Total financial liabilities in fair value hierarchy |  | — | ​ | 10,820 | ​ | 31,155 | ​ | 41,975

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
Skr mn |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Debt securities issued |  | — |  | 6,761 |  | 32,555 |  | 39,316
Derivatives |  | — |  | 12,206 |  | 2,523 |  | 14,729
Total financial liabilities in fair value hierarchy |  | — |  | 18,967 |  | 35,078 |  | 54,045

​

There were no transfers between levels during the period (year-end 2021: a transfer of Skr -1 million for derivatives was made from level 2 to level 3, due to an increased element of subjective assessment of the input in the valuation).

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Table of Contents

Financial assets and liabilities at fair value in Level 3

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ |  | ​ |  |  |  | ​ |  | ​ |  | ​ |  | Gains (+) and |  | Gains (+) and |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | losses (-) | ​ | losses (-) | ​ | Currency | ​ | ​
​ | ​ | Jan 1, | ​ | ​ | ​ | Settlements | ​ | Transfers to | ​ | Transfers | ​ | through profit or | ​ | through other | ​ | exchange- rate | ​ | Dec 31,
Skr mn | ​ | 2022 | ​ | Purchases | ​ | & sales | ​ | Level 3 | ​ | from Level 3 | ​ | loss1 | ​ | comprehensive income | ​ | effects | ​ | 2022
Debt securities issued |  | -32,555 |  | -4,267 | ​ | 10,255 | ​ | — | ​ | — | ​ | 2,641 | ​ | -52 | ​ | -2,558 | ​ | -26,536
Derivatives, net |  | -2,037 |  | 0 | ​ | 221 | ​ | — | ​ | — | ​ | -616 | ​ | — | ​ | -2,084 | ​ | -4,516
Net assets and liabilities |  | -34,592 |  | -4,267 | ​ | 10,476 | ​ | — | ​ | — | ​ | 2,025 | ​ | -52 | ​ | -4,642 | ​ | -31,052

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ |  | ​ |  |  |  | ​ |  | ​ |  | ​ |  | Gains (+) and |  | Gains (+) and |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | losses (-) | ​ | losses (-) | ​ | Currrency | ​ | ​
​ | ​ | Jan 1, | ​ | ​ | ​ | Settlements | ​ | Transfers to | ​ | Transfers | ​ | through profit or | ​ | through other | ​ | exchange- rate | ​ | Dec 31,
Skr mn | ​ | 2021 | ​ | Purchases | ​ | & sales | ​ | Level 3 | ​ | from Level 3 | ​ | loss1 | ​ | comprehensive income | ​ | effects | ​ | 2021
Debt securities issued |  | -41,198 |  | -10,372 |  | 19,337 |  | — |  | — | ​ | 196 |  | -36 |  | -482 |  | -32,555
Derivatives, net |  | -263 |  | 5 |  | -599 |  | -1 |  | — | ​ | 411 |  | — |  | -1,590 |  | -2,037
Net assets and liabilities |  | -41,461 |  | -10,367 |  | 18,738 |  | -1 |  | — | ​ | 607 |  | -36 |  | -2,072 |  | -34,592

1 | Gains and losses through profit or loss, including the impact of exchange rates, are 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 December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 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.

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Table of Contents

Sensitivity analysis - level 3

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets and liabilities | ​ | December 31, 2022
​ | ​ | ​ | ​ | Unobservable | ​ | Range of estimates for | ​ | ​ | ​ | ​ | ​ | ​
Skr mn |  | Fair value |  | input |  | unobservable input |  | Valuation method |  | Sensitivity Max |  | Sensitivity Min
Equity |  | -2,890 | ​ | Correlation |  | 0.12 - (0.12) |  | Option Model | ​ | -13 | ​ | 13
Interest rate |  | 13 | ​ | Correlation |  | 0.12 - (0.12) |  | Option Model | ​ | — | ​ | —
FX |  | -1,528 | ​ | Correlation |  | 0.12 - (0.12) |  | Option Model | ​ | -34 | ​ | 34
Other |  | -111 | ​ | Correlation |  | 0.12 - (0.12) |  | Option Model | ​ | — | ​ | —
Sum derivatives, net |  | -4,516 | ​ |  |  | ​ |  |  | ​ | -47 | ​ | 47
Equity |  | -10,797 | ​ | Correlation |  | 0.12 - (0.12) |  | Option Model | ​ | 13 | ​ | -13
​ |  | ​ | ​ | Credit spreads |  | 10BP - (10BP) |  | Discounted cash flow | ​ | 14 | ​ | -14
Interest rate |  | -8,817 | ​ | Correlation |  | 0.12 - (0.12) |  | Option Model | ​ | — | ​ | —
​ |  | ​ | ​ | Credit spreads |  | 10BP - (10BP) |  | Discounted cash flow | ​ | 102 | ​ | -102
FX |  | -6,750 | ​ | Correlation |  | 0.12 - (0.12) |  | Option Model | ​ | 36 | ​ | -36
​ |  | ​ | ​ | Credit spreads |  | 10BP - (10BP) |  | Discounted cash flow | ​ | 36 | ​ | -36
Other |  | -172 | ​ | Correlation |  | 0.12 - (0.12) |  | Option Model | ​ | — | ​ | —
​ |  | ​ | ​ | Credit spreads |  | 10BP - (10BP) |  | Discounted cash flow | ​ | 1 | ​ | -1
Sum debt securities issued |  | -26,536 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 202 | ​ | -202
Total effect on total comprehensive income |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 155 | ​ | -155

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
Assets and liabilities |  | ​ |  | Unobservable |  | Range of estimates for |  | ​ |  | ​ |  | ​
Skr mn |  | Fair value |  | input |  | unobservable input |  | Valuation method |  | Sensitivity Max |  | Sensitivity Min
Equity |  | -892 |  | Correlation |  | 0.12 - (0.12) |  | Option Model |  | -3 |  | 3
Interest rate |  | -1 |  | Correlation |  | 0.12 - (0.12) |  | Option Model |  | 0 |  | 0
FX |  | -1,038 |  | Correlation |  | 0.12 - (0.12) |  | Option Model |  | -56 |  | 56
Other |  | -106 |  | Correlation |  | 0.12 - (0.12) |  | Option Model |  | 0 |  | 0
Sum derivatives, net |  | -2,037 |  |  |  | ​ |  |  |  | -59 |  | 59
Equity |  | -9,283 |  | Correlation |  | 0.12 - (0.12) |  | Option Model |  | 3 |  | -3
​ |  | ​ |  | Credit spreads |  | 10BP - (10BP) |  | Discounted cash flow |  | 10 |  | -10
Interest rate |  | -11,900 |  | Correlation |  | 0.12 - (0.12) |  | Option Model |  | 0 |  | 0
​ |  | ​ |  | Credit spreads |  | 10BP - (10BP) |  | Discounted cash flow |  | 58 |  | -58
FX |  | -11,235 |  | Correlation |  | 0.12 - (0.12) |  | Option Model |  | 59 |  | -59
​ |  | ​ |  | Credit spreads |  | 10BP - (10BP) |  | Discounted cash flow |  | 50 |  | -50
Other |  | -137 |  | Correlation |  | 0.12 - (0.12) |  | Option Model |  | 0 |  | 0
​ |  | ​ |  | Credit spreads |  | 10BP - (10BP) |  | Discounted cash flow |  | 1 |  | -1
Sum debt securities issued |  | -32,555 |  |  |  | ​ |  |  |  | 181 |  | -181
Total effect on total comprehensive income |  | ​ |  |  |  |  |  |  |  | 122 |  | -122

​

The sensitivity analysis shows the effect that a shift in correlations or SEK’s own credit spread has on Level 3 instruments. The table presents maximum positive and negative change in fair value when correlations or SEK’s own credit spread is shifted by +/– 0.12 and +/- 10 basis points, respectively. When determining the total maximum/minimum effect on total comprehensive income the most adverse/favorable shift is chosen, considering the net exposure arising from the issued securities and the derivatives, for each correlation.

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Fair value related to credit risk

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair value originating from credit risk | ​ | The period’s change in fair value origination
​ | ​ | (- liabilities increase/ + liabilities decrease) | ​ | from credit risk (+ income/ - loss)
Skr mn |  | December 31, 2022 |  | December 31, 2021 |  | 2022 |  | 2021
CVA/DVA, net1 | ​ | -51 | ​ | -14 | ​ | -37 | ​ | 3
OCA2 | ​ | -32 | ​ | -132 | ​ | 100 | ​ | -24

1 | Credit value adjustment (CVA) and Debt value adjustment (DVA) reflect how the counterparties’ credit risk as well as SEK’s own credit rating affect the fair value of derivatives.

2 | Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affect the fair value of financial liabilities measured at fair value through profit and loss.

​

​

​

​

Note 14. Derivatives and hedge accounting

Derivatives by categories

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ |  | Assets |  | Liabilities |  | Nominal |  | Assets |  | Liabilities |  | Nominal
Skr mn | ​ | Fair value | ​ | Fair value | ​ | amounts1 | ​ | Fair value | ​ | Fair value | ​ | amounts1
Interest rate-related contracts |  | 2,396 |  | 2,119 |  | 423,124 |  | 3,192 |  | 9,464 |  | 361,160
of which in fair value hedges |  | 560 |  | 8,282 |  | 247,039 |  | 1,256 |  | 2,104 |  | 211,285
of which in cash flow hedges |  | — |  | 123 |  | 5,000 |  | — |  | — |  | —
Currency-related contracts | ​ | 7,897 | ​ | 8,056 | ​ | 189,323 | ​ | 5,218 | ​ | 3,518 | ​ | 157,362
of which in fair value hedges | ​ | 1,026 | ​ | 3,829 | ​ | 29,479 | ​ | 1,399 | ​ | 1,440 | ​ | 30,902
Equity-related contracts | ​ | 11 | ​ | 2,901 | ​ | 12,022 | ​ | 2 | ​ | 895 | ​ | 9,801
Contracts related to commodities, credit risk, etc. |  | — |  | 111 |  | 3,330 |  | 7 |  | 852 |  | 3,521
Total derivatives2 |  | 10,304 |  | 13,187 |  | 627,799 |  | 8,419 |  | 14,729 |  | 531,844

​

1 | Nominal amounts before set-off.

2 | All derivatives are used for economic hedging purposes.

Maturity analysis of the nominal amounts of hedging instruments

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | 1 year | ​ | ​ | ​ | Nominal
Skr mn |  | < 1 year |  | < 5 years | ​ | > 5 years |  | amounts
Interest rate-related contracts | ​ | ​ |  |  | ​ |  |  | ​
Hedge of fixed rate assets |  | 1 | ​ | 111 | ​ | 921 | ​ | 1,033
Hedge of fixed rate liabilities | ​ | 88,652 | ​ | 136,730 | ​ | 20,624 | ​ | 246,006
Hedge of floating rate assets |  | — | ​ | 5,000 | ​ | — | ​ | 5,000
Currency-related contracts |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedge of fixed rate assets |  | 3,824 | ​ | 4,442 | ​ | 558 | ​ | 8,824
Hedge of fixed rate liabilities |  | 5,160 | ​ | 12,908 | ​ | 2,587 | ​ | 20,655

​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | ​ | ​ | 1 year | ​ | ​ | ​ | Nominal
Skr mn |  | < 1 year |  | < 5 years | ​ | > 5 years |  | amounts
Interest rate-related contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedge of fixed rate assets | ​ | 1,228 | ​ | 12,070 | ​ | 7,340 | ​ | 20,638
Hedge of fixed rate liabilities | ​ | 55,039 | ​ | 131,655 | ​ | 5,306 | ​ | 192,000
Hedge of floating rate assets | ​ | — | ​ | — | ​ | — | ​ | —
Currency-related contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedge of fixed rate assets | ​ | 1,879 | ​ | 2,976 | ​ | 233 | ​ | 5,088
Hedge of fixed rate liabilities | ​ | 6,943 | ​ | 15,669 | ​ | 2,590 | ​ | 25,202

​

The carrying amount of hedged items in fair value hedge relationships, and the accumulated amount of fair value hedge adjustments included in these carrying amounts

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 | ​ | December 31, 2021
Assets | ​ | ​ | ​ | Fair value hedge | ​ | ​ | ​ | Fair value hedge
Skr mn |  | Book value |  | adjustments |  | Book value |  | adjustments
Loans in the form of interest-bearing securities |  | 12,757 |  | -1,089 | ​ | 11,035 |  | 278
Loans to credit institutions |  | 988 |  | -45 | ​ | 1,019 |  | -23
Loans to the public |  | 14,371 |  | -514 | ​ | 14,869 |  | 527
Total |  | 28,116 |  | -1,648 | ​ | 26,923 |  | 782

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 | ​ | December 31, 2021
Liabilities | ​ | ​ | ​ | Fair value hedge | ​ | ​ | ​ | Fair value hedge
Skr mn |  | Book value |  | adjustments | ​ | Book value |  | adjustments
Debt securities issued |  | 235,370 |  | -9,312 | ​ | 216,242 |  | 1,183
Total |  | 235,370 |  | -9,312 | ​ | 216,242 |  | 1,183

​

For disclosure on hedge ineffectiveness of fair value hedges see Note 4 Net results of financial transactions.

Cash flow hedge effectiveness

​

​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021
Changes in fair value of hedging instruments |  | -122 |  | —
Changes in value of hedged items uses as a basis for recognizing hedge ineffectiveness |  | 126 |  | —
Hedge ineffectiveness recognized in profit or loss1 |  | — |  | —
Hedging gain or losses recognized in other comprehensive income |  | -122 |  | —

​

1 Recognized in the line item “Net result of financial transactions”.

Cash flow hedge reserve

​

​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021
Opening balance January 1 |  | — |  | —
Valuation gains and losses |  | -137 |  | —
Tax on valuation gains and losses |  | 28 |  | —
Transferred to the income statement |  | 15 |  | —
Tax on transfers to the income statement |  | -3 |  | —
Other comprehensive income, net of tax |  | -97 |  | —
Total comprehensive income |  | -97 |  | —
Closing balance December 31 |  | -97 |  | —
of which relates to continuing hedges for which hedge accounting is applied |  | -97 |  | —
of which relates to hedging relationships for which hedge accounting is no longer applied |  | — |  | —

​

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It is SEK’s risk management strategy and objective to identify its material foreign currency and interest rate exposures and to manage those exposures with appropriate derivative instruments or non-derivative alternatives. SEK has the intention to, as much as possible, achieve fair value hedge accounting for transactions entered into for economic hedging purposes.

SEK primarily sets interest rate terms based on the various needs and preferences of customers and counterparties. Consequently, assets and liabilities can to some extent have different fixed interest periods, which leads to interest rate risk. Using different derivatives, the original interest rate risk in assets and liabilities are normally transformed from fixed to floating interest terms in currencies with well-functioning markets. EUR, USD and Skr are preferably used. It is SEK’s objective to mitigate the risk of changes in fair value of the underlying hedged item due to changes in benchmark interest rates, i.e., to convert a fixed interest rate in a financial asset or liability into a floating rate. For that SEK uses interest rate swaps, or a proportion of interest rate swaps, swapping fixed to floating interest rates.

SEK’s granting of credits and a large portion of its borrowing can take place in the currency of the borrower’s and investor’s choice. It is therefore seldom that borrowing and lending are made in the same currency and therefore directly balance each other. Differences in exposures to individual currencies that exist between different transactions are fully matched with the aid of various derivatives, primarily currency swaps. It is SEK’s objective to mitigate the risk of changes in fair value due to changes in FX and interest rates. For example, converting a fixed interest rate in a financial asset or liability into a variable rate financial asset or liability denominated in SEK’s functional currency Skr. For that, SEK uses cross currency interest rate swap or a proportion of these swaps, swapping fixed to floating interest rates in Skr.

For more disclosures regarding SEK’s hedge accounting, see Note 30 Risk and Capital Management, Consolidated Statement of Changes in Equity, Note 1 Significant accounting policies, and Note 4 Net results of financial transactions.

In accordance with SEK’s policies with regard to counterparty, interest rate, currency exchange-rate, and other exposures, SEK uses, and is a party to, different kinds of derivative instruments, mostly various interest rate-related and currency exchange-rate-related contracts. These contracts are carried at fair value in the statements of financial position on a contract-by-contract basis.

SEK uses derivatives to hedge risk exposure inherent in financial assets and liabilities. Derivatives are measured at fair value by using market quoted rates where available. If market quotes are not available, valuation models are used. SEK uses models to adjust the net exposure fair value for changes in counter-parties’ credit quality. The models used include both directly observable and non-observable market parameters.

The majority of SEK’s derivative contracts are what are known as OTC derivatives, i.e., derivative contracts that are not transacted on an exchange. SEK’s derivative transactions that are not transacted on an exchange are entered into under ISDA Master Netting Agreements. In general, under such agreements the amounts owed by each counterparty in respect of all transactions outstanding in the same currency under the agreement are aggregated into a single net amount payable by one party to the other. In certain circumstances, for example when a credit event such as a default occurs and all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of all transactions. SEK endeavors to only enter into derivatives transactions with counterparties in jurisdictions where such netting is enforceable when such events occur.

The above ISDA arrangements do not meet the criteria for offsetting in the Statement of Financial Position. This is because such agreements create a right of set-off of recognized amounts that is enforceable only following an event of default, insolvency or bankruptcy of SEK or the counterparties. In addition, SEK and its counterparties do not intend to settle on a net basis or to realize the assets and settle the liabilities simultaneously.

The ISDA Master Netting Agreements are complemented by supplementary agreements providing for the collateralization of counterparty exposure. SEK receives and accepts collateral in the form of cash. Such collateral is subject to the standard industry terms of an ISDA Credit Support Annex (CSA).

The disclosures set out in the tables below include financial assets and financial liabilities that are subject to an enforceable master netting arrangement or similar agreement that cover similar financial instruments. SEK’s derivative transactions are subject to enforceable master netting agreements or similar agreements. Derivative assets and derivative liabilities in relation to central clearing counterparties are offset in the Statement of Financial Position.

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Table of Contents

Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements

​

​ | ​ | ​ | ​ | ​
Skr mn |  | Dec 31, 2022 |  | Dec 31, 2021
Gross amounts of recognized financial assets |  | 19,557 |  | 10,059
Amounts offset in the Statement of Financial Position |  | -9,253 |  | -1,640
Net amounts of financial assets presented in the Statement of Financial Position |  | 10,304 |  | 8,419
Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to: |  | ​ |  |
Financial instruments |  | -3,749 |  | -3,262
Cash collateral received |  | -6,539 |  | -3,500
Net amount |  | 16 |  | 1,657

​

Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements

​

​ | ​ | ​ | ​ | ​
Skr mn |  | Dec 31, 2022 |  | Dec 31, 2021
Gross amounts of recognized financial liabilities |  | 22,440 |  | 16,369
Amounts offset in the Statement of Financial Position |  | -9,253 |  | -1,640
Net amounts of financial liabilities presented in the Statement of Financial Position |  | 13,187 |  | 14,729
Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to: |  | ​ |  |
Financial instruments |  | -3,749 |  | -3,262
Cash collateral paid |  | -9,186 |  | -9,528
Net amount |  | 252 |  | 1,939

​

​

Note 15. Shares

Since March 2018, SEKETT AB is a wholly owned, non-active, subsidiary to AB Svensk Exportkredit with a share capital of Skr 50 thousand.

​

Shares in subsidiaries

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
Skr mn |  | Book value |  | Number of shares |  | Book value |  | Number of shares
SEKETT AB (reg. no 559132-9668) |  | 0 |  | 50 |  | 0 |  | 50

​

​

Note 16. Other assets

​

​ | ​ | ​ | ​ | ​
Skr mn |  | Dec 31, 2022 |  | Dec 31, 2021
Claim against the State for CIRR-loans and concessionary loans |  | 17 |  | 7,208
Cash receivables, funding operations |  | 201 |  | 191
Other |  | 67 |  | 52
Total |  | 285 |  | 7,451

​

​

Note 17. Prepaid expenses and accrued revenues

​

​ | ​ | ​ | ​ | ​
Skr mn |  | Dec 31, 2022 |  | Dec 31, 2021
Interest income accrued |  | 4,121 |  | 1,876
Prepaid expenses and other accrued revenues |  | 41 |  | 37
Total |  | 4,162 |  | 1,913

​

​

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Table of Contents

Note 18. Debt

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Debt excl. | ​ | Debt | ​ | ​
Skr mn |  | debt securities issued |  | securities issued |  | Total
Exchange-rate related contracts |  | — |  | 8,714 |  | 8,714
Interest rate related contracts |  | 7,153 |  | 299,240 |  | 306,393
Equity related contracts |  | — |  | 10,797 |  | 10,797
Contracts related to raw materials, credit risk etc. |  | — |  | 366 |  | 366
Total debt outstanding |  | 7,153 |  | 319,117 |  | 326,270
​ | ​ | ​ | ​ | ​ | ​ | ​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | ​
of which denominated in: |  | Skr |  | USD |  | JPY |  | EUR |  | currencies |  | Total
​ |  | 13,656 |  | 238,055 |  | 17,596 |  | 32,664 | ​ | 24,299 |  | 326,270

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Debt excl. debt securities | ​ | Debt securities | ​ | ​
Skr mn |  | issued |  | issued |  | Total
Exchange-rate related contracts |  | — |  | 25,112 |  | 25,112
Interest rate related contracts |  | 15,230 |  | 254,298 |  | 269,528
Equity related contracts |  | — |  | 223 |  | 223
Contracts related to raw materials, credit risk etc. |  | — |  | 137 |  | 137
Total debt outstanding |  | 15,230 |  | 279,770 |  | 295,000
​ | ​ | ​ | ​ | ​ | ​ | ​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | ​
of which denominated in: |  | Skr |  | USD |  | JPY |  | EUR |  | currencies |  | Total
​ | ​ | 24,672 |  | 202,158 |  | 20,852 |  | 19,841 | ​ | 27,477 |  | 295,000

​

SEK’s Borrowing programs, value outstanding1

​

​ | ​ | ​ | ​ | ​
Skr mn |  | December 31, 2022 |  | December 31, 2021
Medium-term note program: |  |  |  |
Unlimited Euro Medium-Term Note Program |  | 96,474 |  | 107,597
Unlimited SEC-registered U.S. Medium-Term Note Program |  | 186,138 |  | 159,393
Unlimited Swedish Medium-Term Note Program |  | 452 |  | 429
Unlimited MTN/STN AUD Debt Issuance Program |  | 4,297 |  | 4,417
Commercial paper program: |  | ​ |  |
USD 3,000,000,000 U.S. Commercial Paper Program |  | 19,412 |  | 1,806
USD 4,000,000,000 Euro-Commercial Paper Program |  | 6,283 |  | 1,355

1 | Amortized cost excluding fair value adjustments.

Liabilities in financing activities

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Non-cash items | ​ | ​
Skr mn |  | January 1, 2022 |  | Cash Flow |  | Exchange rate difference |  | Unrealized changes in fair value |  | Accrued interest |  | December 31, 2022
Senior debt | ​ | 295,000 | ​ | 10,793 | ​ | 33,075 | ​ | -12,598 | ​ | — | ​ | 326,270
Lease liability |  | 153 | ​ | -23 |  | 0 |  | 16 | 1 | 1 |  | 147
Derivatives, net |  | 6,310 |  | 9,770 |  | -7,591 |  | -5,606 | ​ | — |  | 2,883
Total liabilities in financing activities |  | 301,463 |  | 20,540 |  | 25,484 |  | -18,188 |  | 1 |  | 329,300

​

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​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Non-cash items | ​ | ​
Skr mn |  | January 1, 2021 |  | Cash Flow |  | Exchange rate difference |  | Unrealized changes in fair value |  | Accrued interest |  | December 31, 2021
Senior debt | ​ | 287,462 | ​ | -10,958 | ​ | 22,588 | ​ | -4,092 | ​ | — | ​ | 295,000
Lease liability |  | 19 | ​ | -24 |  | — |  | 157 | 1 | 1 |  | 153
Derivatives, net |  | 17,832 |  | -1,523 |  | -7,589 |  | -2,410 | ​ | — |  | 6,310
Total liabilities in financing activities |  | 305,313 |  | -12,505 |  | 14,999 |  | -6,345 |  | 1 |  | 301,463

​

1 | Attributable to an increase in leasing debts due to new leasing agreements.

​

​

Note 19. Other liabilities

​

​ | ​ | ​ | ​ | ​
Skr mn |  | Dec 31, 2022 |  | Dec 31, 2021
Liability against the State for CIRR loans and concessionary loans | ​ | 8,509 | ​ | —
Cash payables, debt purchases |  | 982 |  | 725
Other |  | 751 |  | 442
Total |  | 10,242 |  | 1,167

​

​

Note 20. Accrued expenses and prepaid revenues

​

​ | ​ | ​ | ​ | ​
Skr mn |  | Dec 31, 2022 |  | Dec 31, 2021
Interest expenses accrued |  | 4,110 |  | 1,793
Other accrued expenses and prepaid revenues |  | 62 |  | 82
Total |  | 4,172 |  | 1,875

​

​

Note 21. Provisions

​ | ​ | ​ | ​ | ​
​ |  | Consolidated Group
Skr mn | ​ | December 31, 2022 |  | December 31, 2021
Pension liabilities1 |  | 8 |  | 57
Long term employee benefit |  | 7 |  | 4
Off balance, expected credit losses2 | ​ | 13 | ​ | 7
Total |  | 28 |  | 68

1 | See Note 5.

2 | Provisions for expected credit losses for off-balance-sheet exposures, in accordance with IFRS 9, see Note 9.

​

Not 22. Equity

​

The total number of shares is 3,990,000 with a par value of Skr 1,000.

Own credit risk consists of gains and losses that arise from changes in SEK´s own credit risk on liabilities designated at fair value. These are recognized in Other comprehensive income under the reserve for own credit risk and are not reclassified to profit or loss in the financial statements of the Group.

Defined benefit plans consists of gains and losses that arises from changes in the value of defined benefit plans. These are presented in other comprehensive income in the reserve for defined benefit plans in accordance with IAS 19.

The fair value reserve consists of the hedge reserve (value changes on derivatives in cash flow hedges).

The entire equity is attributable to the shareholder of the Parent Company.

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For information on the objectives, policies and processes for managing capital, see Note 30.

Proposal for the distribution of profits

The results of the Consolidated Group’s operations during the year and its financial position at December 31, 2022, can be seen in the Statement of Comprehensive Income, Statement of Financial Position and Statement of Cash Flows for the Consolidated Group and related notes.

The Board has decided to propose to the Annual General Meeting the payment of a dividend of 20 percent of the year’s profit, corresponding to Skr 233 million (year-end 2021: Skr 414 million), in accordance with the Company’s dividend policy of 20-40 percent. The following proposal regarding distribution of profits relates to the Parent Company.

​

​ | ​ | ​
Skr mn |  | ​
At the disposal of the Annual General Meeting |  | 17,278
The Board of Directors proposes that the Annual General Meeting dispose of these funds as follows: |  | ​
- dividend to the shareholder of Skr 58.45 per share, amounting to |  | 233
Remaining disposable funds to be carried forward |  | 17,045

​

​

Note 23. Pledged assets and contingent liabilities

​

​ | ​ | ​ | ​ | ​
Skr mn |  | Dec 31, 2022 |  | Dec 31, 2021
Collateral provided |  |  |  |
Cash collateral under the security agreements for derivative contracts |  | 10,691 |  | 10,417
​ | ​ | ​ | ​ | ​
Contingent liabilities |  | ​ |  | ​
Guarantee commitments |  | 4,802 |  | 4,767
​ | ​ | ​ | ​ | ​
Commitments |  | ​ |  | ​
Committed undisbursed loans |  | 75,369 |  | 53,871
Binding offers |  | — |  | 1,510

​

​

Note 24. CIRR-system

Pursuant to the Company’s assignment as stated in its owner instruction issued by the Swedish government, SEK administers credit granting in the Swedish system for officially supported export credits (CIRR-system). SEK receives compensation from the Swedish government in the form of an administrative compensation, which is calculated based on the principal amount outstanding.

The administrative compensation paid by the state to SEK is recognized in the CIRR-system as administrative remuneration to SEK. Refer to the following tables of the statement of comprehensive income and statement of financial positions for the CIRR-system, presented as reported to the owner. Interest expenses includes interest expenses for loans between SEK and the CIRR-system which reflects the borrowing cost for the CIRR-system. Interest expenses for derivatives hedging CIRR-loans are also recognized as interest expenses, which differs from SEK’s accounting principles. Arrangement fees to SEK are recognized together with other arrangement fees as interest expenses.

In addition to the CIRR-system, SEK administers the Swedish government’s previous concessionary credit program according to the same principles as the CIRR-system. No new lending is being offered under the concessionary credit program. As of December 31, 2022, concessionary loans outstanding amounted to Skr 361 million (year-end 2021: Skr 315 million) and operating profit for the program amounted to Skr -19 million for the period January-December 2022 (2021: Skr -21 million). SEK´s administrative compensation for administrating the concessionary credit program amounted to Skr 1 million (2021: Skr 1 million).

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Statement of comprehensive income for the CIRR-system

​ | ​ | ​ | ​ | ​
Skr mn |  | 2022 |  | 2021
Interest income |  | 2,231 |  | 2,105
Interest expenses |  | -2,012 |  | -2,061
Interest compensation |  | 2 |  | 7
Foreign exchange effects |  | 3 |  | -1
Profit before compensation to SEK | ​ | 224 | ​ | 50
Administrative remuneration to SEK | ​ | -236 | ​ | -197
Operating profit CIRR-system | ​ | -12 | ​ | -147
Reimbursement to (-) / from (+) the State |  | 12 |  | 147

​

Statement of financial position for the CIRR-system

​ | ​ | ​ | ​ | ​
Skr mn | ​ | Dec 31, 2022 | ​ | Dec 31, 2021
Cash and cash equivalents |  | 1 |  | 8
Loans |  | 94,241 |  | 87,872
Derivatives |  | 8,571 |  | 36
Other assets |  | 218 |  | 7,359
Prepaid expenses and accrued revenues |  | 1,597 |  | 470
Total assets |  | 104,628 |  | 95,745
​ | ​ | ​ | ​ | ​
Liabilities |  | 103,336 |  | 88,092
Derivatives |  | — |  | 7,060
Accrued expenses and prepaid revenues |  | 1,292 |  | 593
Total liabilities and equity |  | 104,628 |  | 95,745
​ | ​ | ​ | ​ | ​
Commitments |  | ​ |  | ​
Committed undisbursed loans |  | 56,265 |  | 39,084
Binding offers |  | — |  | 1,510

​

​

Note 25. Capital adequacy

Capital Adequacy Analysis

​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 |  | December 31, 2021
Capital ratios |  | percent1 |  | percent1
Common Equity Tier 1 capital ratio |  | 20.6 | ​ | 21.6
Tier 1 capital ratio |  | 20.6 | ​ | 21.6
Total capital ratio |  | 20.6 | ​ | 21.6

1 | Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. See tables Own funds - adjusting items and Minimum capital requirements exclusive of buffers.

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​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
Total risk-based capital requirement |  | Skr mn |  | percent1 |  | Skr mn |  | percent1
Capital base requirement of 8 percent2 |  | 8,074 | ​ | 8.0 | ​ | 7,371 | ​ | 8.0
of which Tier 1 requirement of 6 percent |  | 6,056 | ​ | 6.0 | ​ | 5,528 | ​ | 6.0
of which minimum requirement of 4.5 percent |  | 4,542 | ​ | 4.5 | ​ | 4,146 | ​ | 4.5
Pillar 2 capital requirements3 | ​ | 3,704 | ​ | 3.7 | ​ | 3,382 | ​ | 3.7
Common Equity Tier 1 capital available to meet buffer requirements4 |  | 9,013 | ​ | 8.9 | ​ | 9,149 | ​ | 9.9
Capital buffer requirements |  | 3,330 | ​ | 3.3 | ​ | 2,333 | ​ | 2.5
of which Capital conservation buffer | ​ | 2,523 | ​ | 2.5 | ​ | 2,303 | ​ | 2.5
of which Countercyclical buffer | ​ | 807 | ​ | 0.8 | ​ | 30 | ​ | 0.0
Pillar 2 guidance5 | ​ | 1,514 | ​ | 1.5 | ​ | 1,382 | ​ | 1.5
Total risk-based capital requirement including Pillar 2 guidance | ​ | 16,622 | ​ | 16.5 | ​ | 14,468 | ​ | 15.7

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 firm).

3 | Individual Pillar 2 requirement of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA SREP.

4 | Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital - that is 4.5 percent, 1.5 percent. and 2 percent) and after the Pillar 2 requirements (3.67 percent).

5 | On September 29, 2021, the Swedish FSA notified SEK, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement.

​

​

​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 | ​ | December 31, 2021 | ​
Leverage ratio1 | ​ | Skr mn |  | Skr mn | ​
On-balance sheet exposures | ​ | 241,239 | ​ | 209,889 | ​
Off-balance sheet exposures | ​ | 7,357 | ​ | 5,309 | ​
Total exposure measure | ​ | 248,596 | ​ | 215,198 | ​
Leverage ratio2 | ​ | 8.4 | % | 9.3 | %

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.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
Total Leverage ratio requirement |  | Skr mn |  | percent1 |  | Skr mn |  | percent1
Capital base requirement of 3 percent | ​ | 7,458 | ​ | 3.0 | ​ | 6,456 | ​ | 3.0
Pillar 2 guidance2 |  | 373 |  | 0.2 |  | 323 |  | 0.2
Total capital requirement relating to leverage ratio |  | 7,831 |  | 3.2 |  | 6,779 |  | 3.2

1 | Expressed as a percentage of total exposure amount.

2 | On September 29, 2021, the Swedish FSA notified SEK, within the latest SREP, that SEK should hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement.

​

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Own funds — adjusting items

​

​ | ​ | ​ | ​ | ​
​ | ​ | Parent Company
​ |  | Dec 31, |  | Dec 31,
Skr mn |  | 2022 |  | 2021
Share capital1 |  | 3,990 |  | 3,990
Retained earnings |  | 16,133 |  | 15,518
Accumulated other comprehensive income and other reserves |  | 212 |  | 323
Independently reviewed profit net of any foreseeable charge or dividend |  | 1,009 |  | 601
Common Equity Tier 1 (CET1) capital before regulatory adjustments |  | 21,344 |  | 20,432
Additional value adjustments due to prudent valuation |  | -474 |  | -395
Intangible assets |  | -44 |  | -99
Fair value reserves related to gains or losses on cash flow hedges |  | 97 |  | —
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing |  | 9 |  | 98
Negative amounts resulting from the calculation of expected loss amounts | ​ | -94 | ​ | -111
Total regulatory adjustments to Common Equity Tier 1 capital |  | -506 |  | -507
Total Common Equity Tier 1 capital |  | 20,838 |  | 19,925
Total Own funds |  | 20,838 |  | 19,925

1 | For a detailed description of the instruments constituting share capital, see Note 22.

Minimum capital requirements exclusive of buffers

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Parent Company
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ | ​ | ​ | ​ | Risk | ​ | Min. | ​ | ​ | ​ | Risk | ​ | Min.
​ |  | ​ |  | exposure |  | capital |  | ​ |  | exposure |  | capital
Skr mn |  | EAD1 |  | amount |  | requirement |  | EAD1 |  | amount |  | requirement
Credit risk, standardized approach |  |  |  |  |  |  |  |  |  |  |  |
Corporates |  | 3,012 |  | 2,987 |  | 239 |  | 2,990 |  | 2,990 |  | 239
Default exposures | ​ | 102 | ​ | 102 | ​ | 8 | ​ | 74 | ​ | 74 | ​ | 6
Total credit risk, standardized approach |  | 3,114 |  | 3,089 |  | 247 |  | 3,064 |  | 3,064 |  | 245
Credit risk, IRB approach |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Central governments | ​ | 242,609 | ​ | 11,018 | ​ | 882 | ​ | 196,606 | ​ | 9,673 | ​ | 774
Financial institutions2 |  | 33,299 |  | 6,356 |  | 508 |  | 41,082 |  | 8,843 |  | 707
Corporates3 |  | 136,849 |  | 72,779 |  | 5,822 |  | 115,412 |  | 62,988 |  | 5,039
Non-credit-obligation assets |  | 351 |  | 351 |  | 28 |  | 372 |  | 372 |  | 30
Total credit risk IRB approach |  | 413,108 |  | 90,504 |  | 7,240 |  | 353,472 |  | 81,876 |  | 6,550
Credit valuation adjustment risk |  | n.a. |  | 2,565 |  | 205 |  | n.a. |  | 2,922 |  | 233
Foreign exchange risk |  | n.a. |  | 800 |  | 64 |  | n.a. |  | 645 |  | 52
Commodity risk |  | n.a. |  | 19 |  | 2 |  | n.a. |  | 11 |  | 1
Operational risk |  | n.a. |  | 3,949 |  | 316 |  | n.a. |  | 3,622 |  | 290
Total |  | 416,222 |  | 100,926 |  | 8,074 |  | 356,536 |  | 92,140 |  | 7,371

1 | Exposure at default (EAD) shows the size of the outstanding exposure at default.

2 | Of which counterparty risk in derivative contracts: EAD Skr 6,355 million (year-end 2021: Skr 5,975 million), Risk exposure amount of Skr 2,022 million (year-end 2021: Skr 2,000 million) and Capital requirement of Skr 162 million (year-end 2021: Skr 160 million).

3 | Of which related to Specialized lending: EAD Skr 6,112 million (year-end 2021 Skr 5,224 million), Risk exposure amount of Skr 4,412 million (year-end 2021: Skr 3,589 million) and Capital requirement of Skr 353 million (year-end 2021: Skr 287 million).

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Credit risk by PD grade

The tables illustrate the exposure at default (EAD), the portion of the exposure that will be lost in the event of a default (LGD) and the probability of default or cancellation of payments by a counterparty (PD) for the exposure classes where PD is estimated internally. Average PD is calculated without consideration of PD floors. Average PD and LGD are weighted by EAD,the average risk weight is the quotient of risk exposure amount and EAD.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ | ​ | AAA | ​ | A+ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | A+ | ​ | BBB+ | ​ | ​ | ​ | ​
​ | ​ | to AA- | ​ | to A– | ​ | BBB+ | ​ | BB+ to B– | ​ | CCC to D | ​ | AAA to AA- | ​ | to A– | ​ | to BBB– | ​ | BB+ to B– | ​ | CCC to D
​ | ​ | 0.003%– | ​ | 0.02– | ​ | to BBB– | ​ | 0.45– | ​ | 38.28– | ​ | 0.003%– | ​ | 0.02– | ​ | 0.12– | ​ | 0.54– | ​ | 44.36–
Skr mn |  | 0.01% |  | 0.06% |  | 0.10–0.27% |  | 7.69% |  | 100% |  | 0.01% |  | 0.07% |  | 0.32% |  | 6.80% |  | 100%
Central governments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EAD |  | 238,038 |  | 4,556 |  | — |  | 15 |  | — |  | 191,669 |  | 4,587 |  | — |  | — |  | —
Average PD in % |  | 0.003 | ​ | 0.04 |  | — |  | 2.0 |  | — |  | 0.004 | ​ | 0.05 |  | — |  | — |  | —
Average LGD in % |  | 45.0 |  | 45.0 |  | — |  | 45.0 |  | — |  | 45.0 |  | 45.0 |  | — |  | — |  | —
Average risk weight in % |  | 4.3 |  | 17.4 |  | — |  | 122.5 |  | — |  | 4.6 |  | 20.3 |  | — |  | — |  | —

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ |  | ​ |  | A+ |  | ​ |  | ​ |  | ​ |  | ​ |  | A+ |  | ​ |  | ​ |  | ​
​ | ​ | AAA | ​ | to A– | ​ | BBB+ | ​ | BB+ to B– | ​ | CCC to D | ​ | AAA | ​ | to A– | ​ | BBB+ | ​ | BB+ to B– | ​ | CCC to D
​ | ​ | to AA- 0.01%- | ​ | 0.06– | ​ | to BBB– | ​ | 0.50– | ​ | 28.91– | ​ | to AA- | ​ | 0.06– | ​ | to BBB– | ​ | 0.50– | ​ | 28.91–
Skr mn |  | 0.04% |  | 0.11% |  | 0.16–0.32% |  | 8.27% |  | 100% |  | 0.01%–0.04% |  | 0.11% |  | 0.16–0.32% |  | 8.27% |  | 100%
Financial institutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EAD |  | 12,662 |  | 19,471 |  | 1,089 |  | 77 |  | — |  | 18,176 |  | 21,637 |  | 1,225 |  | 43 |  | —
Average PD in % |  | 0.04 |  | 0.07 |  | 0.27 |  | 1.18 |  | — |  | 0.04 |  | 0.07 |  | 0.25 |  | 1.16 |  | —
Average LGD in % |  | 34.9 |  | 30.8 |  | 45.0 |  | 45.0 |  | — |  | 35.7 |  | 32.8 |  | 45.0 |  | 45.0 |  | —
Average risk weight in % |  | 17.2 |  | 19.8 |  | 71.1 |  | 130.4 |  | — |  | 17.6 |  | 22.0 |  | 67.9 |  | 129.3 |  | —
Corporates |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
EAD |  | 3,374 |  | 25,955 |  | 71,615 |  | 29,774 |  | 18 |  | 2,562 |  | 16,286 |  | 67,509 |  | 23,810 |  | 22
Average PD in % |  | 0.03 |  | 0.09 |  | 0.24 |  | 0.74 |  | 88.4 |  | 0.04 |  | 0.09 |  | 0.24 |  | 0.74 |  | 89.43
Average LGD in % |  | 45.0 |  | 45.0 |  | 45.0 |  | 45.0 |  | 45.0 |  | 45.0 |  | 45.0 |  | 45.0 |  | 45.0 |  | 45.0
Average risk weight in % |  | 13.2 |  | 25.8 |  | 50.4 |  | 84.3 |  | 42.9 |  | 19.2 |  | 30.0 |  | 49.9 |  | 85.4 |  | 39.2

​

Credit risks

For risk classification and quantification of credit risk, SEK uses an internal ratings-based (IRB) approach. Specifically, SEK applies the foundation IRB approach. Under the foundation IRB 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 the 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 for calculating the capital requirement. For further information regarding these exposures see the Risk measurement section in Note 26. Counterparty risk exposure amounts in derivative contracts are calculated in accordance with the standardized approach for counterparty credit risk.

Credit valuation adjustment risk

A capital requirement for credit valuation adjustment risk is calculated for all OTC derivatives, except for credit derivatives used as credit risk hedges and transactions with a qualifying central counterparty. SEK calculates this capital requirement using the standardized approach.

Foreign exchange risk

Foreign exchange risk is calculated with the standardized approach, whereas the scenario approach is used for calculating the gamma and volatility risks.

Commodity risk

Own funds requirements for commodity risk are calculated using the simplified approach under the standardized approach, and where the scenario approach is used for calculating the gamma and volatility risks.

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Operational risk

The capital requirement for operational risk is calculated with the standardized approach, whereby 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 fiscal years for each business area.

Transitional rules

SEK does not apply IFRS9 transitional rules for expected losses. The capital adequacy ratios already reflect the full impact of IFRS 9 with regard to expected loss.

Capital buffer requirements

SEK met capital buffer requirements with Common Equity Tier 1 capital as of December 31, 2022. The Swedish FSA has not classified SEK as a systemically important institution. Accordingly, the capital buffer requirements for systemically important institutions that entered into force on January 1, 2016 do not apply to SEK. The mandatory capital conservation buffer is 2.5 percent. The countercyclical buffer rate that is applied to exposures located in Sweden was increased from 0 percent to 1 percent as of September 29, 2022. At December 31, 2022, the capital requirement related to credit risk exposures in Sweden was 71 percent (year-end 2021: 68 percent) of the total capital requirement regardless of location, this fraction is also the weight applied to the Swedish buffer rate when calculating SEK’s countercyclical capital buffer. On June 21, 2022, the Swedish FSA decided to further increase the countercyclical buffer rate to 2 percent, which will take effect on June 22, 2023. Buffer rates activated in other countries may impact SEK, but as most capital requirements from relevant credit exposures are related to Sweden, the potential effect is limited. At December 31, 2022, the contribution to SEK’s countercyclical capital buffer from buffer rates in other countries was 0.09 percentage points (year-end 2021: 0.03 percentage points).

Leverage ratio

The leverage ratio is a metric that was introduced in 2015. A capital base requirement amounts to 3 percent and is calculated on the total leverage ratio exposure measure. The leverage ratio is defined in the CRR as the quotient of the Tier 1 capital and an exposure measure. The exposure measure consists of assets, with special treatment of derivatives among other items, and off-balance-sheet credit risk exposures that have been weighted with a factor depending on the type of exposure. SEK does not apply IFRS9 transitional rules for expected losses. The leverage ratio already reflects the full impact of IFRS 9 with regard to expected loss. SEK has a leverage ratio of 8.4 percent as of December 31, 2022, that well exceeds the requirements.

Pillar 2 guidance

The Pillar 2 guidance refers to what the Swedish FSA believes to be an appropriate level of the institution’s own funds. The difference between the believed appropriate level of own funds and the minimum capital requirement, the Pillar 2 capital requirement and the combined capital buffer requirement is calculated, decided and established by the Swedish FSA in the form of a non-binding recommendation (so-called Pillar 2 guidance). The Pillar 2 guidance covers both the risk-based capital requirement and the leverage ratio requirement, and replaces the previous capital planning buffer.

Internally assessed capital adequacy

​

​ | ​ | ​ | ​ | ​
Skr mn |  | Dec 31, 2022 |  | Dec 31, 2021
Credit risk |  | 7,202 |  | 6,038
Operational risk |  | 311 |  | 225
Market risk |  | 1,466 |  | 1,247
Other risks |  | 205 |  | 234
Capital planning buffer | ​ | 2,697 | ​ | 1,610
Total |  | 11,881 |  | 9,354

​

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SEK regularly conducts an internal capital adequacy assessment process (ICAAP), during which the company determines how much capital is needed to cover its risks. The result of SEK’s capital adequacy assessment is presented above. For more information regarding the ICAAP and its methods, please see Note 30.

​

Liquidity coverage

​

​ | ​ | ​ | ​ | ​ | ​
Skr bn, 12 month average |  | Dec 31, 2022 |  | Dec 31, 2021 |
Total liquid assets |  | 58.4 |  | 56.1 | ​
Net liquidity outflows1 |  | 10.9 |  | 10.1 | ​
Liquidity outflows |  | 25.0 |  | 21.2 | ​
Liquidity inflows |  | 15.7 |  | 12.2 | ​
Liquidity Coverage Ratio |  | 784 | % | 695 | %

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 |  | Dec 31, 2022 |  | Dec 31, 2021 |
Available stable funding |  | 235.2 | ​ | 245.9 |
Requiring stable funding |  | 198.2 | ​ | 176.4 |
Net Stable Funding Ratio |  | 119 | % | 139 | %

​

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.

​

Note 26. Risk information

For further information on SEK’s risk management, see Note 30.

Consolidation of SEK pursuant to the supervisory regulations differs from consolidation in the consolidated financial statements, where no consolidation pursuant to the supervisory regulation was conducted, since the wholly owned subsidiary, SEKETT AB, which is the only company in the Group aside from the Parent Company, is not a financial company. Since no subsidiary is an institute pursuant to the CRR definition, subsidiaries are not subject to the supervisory regulations on an individual basis. The table of credit quality per category in the Statement of Financial Position and the table illustrating the link between the Statement of Financial Position categories and exposures under the CRR, contain carrying amounts. Other tables show amounts in accordance with the capital requirements calculations before the application of conversion factors.

Credit risk

Credit risk is the risk of default on a debt that may arise from a borrower failing to make required payments. A credit risk can be divided into credit default risk, concentration risk, and country risk (see Note 30).

SEK’s credit risks are limited using a risk-based selection of counterparties and are further mitigated by the use of guarantees,credit insurance, netting agreements and collateral.

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Risk management

The Risk policy and the Credit Policy

The Risk Policy and the Credit Policy issued by the Board, and the Credit Instruction issued by the Board’s Credit Committee, are the foundations upon which SEK’s credit risk management is based. These policy documents constitute the framework for the level of credit risk that SEK can accept and describe the decision-making structure and credit decision mandate as well as the credit norm. The underlying methodological working papers clarify the credit process, fundamental principles for credit limits and the management of problem loans.

The credit norm is a core concept for SEK’s credit granting and clarifies expectations in terms of credit quality. For a business transaction to be considered to fall within the credit norm, it is necessary for the proposition to satisfy the requirements in the following areas: norm for the risk level and norm for the lending terms.

The Company’s Board establishes an overall framework for SEK’s risk management in the form of policies, risk appetite, capital targets (decided at the Annual General Meeting) and limits. For credit risk, a number of measures are defined for risk appetite. SEK’s risk appetite for credit risk is low to moderate, but higher than for other risks. The Board also decides on the Company’s policy for sustainable business. All credit decisions are to be made in line with the decision-making mandate structure established by the Board for delegated decision-making. SEK’s credit-decision structure and established mandates are built on a decision-making structure based on the duality principle, thus ensuring thorough analysis and assessment of all credit propositions.

Risk reduction

Credit risk is reduced through the use of various credit risk hedges, in the form of guarantees, netting agreements, credit insurance and other forms of collateral.

The guarantors, particularly with regard to lending to exporters’ customers, are predominantly government export credit agencies in the OECD, of which the EKN is the largest. Since credit risk is allocated to a guarantor, SEK’s guaranteed credit risk exposure in reports of its net credit risk exposure largely consists of exposure to government counterparties. Guarantees are also received from financial institutions and, to a lesser extent, non-financial corporations and insurance companies.

The counterparty risk associated with derivative contracts is always documented using ISDA Master Agreements, which also entail a netting agreement, with the support of collateral agreements in the form of a CSA. Approved collateral under the CSAs entered into by SEK always take the form of liquid assets.

SEK also uses various types of collateral to reduce credit risks pertaining to certain types of credit granting. While collateral is significant for individual transactions, it has a limited impact on the total lending portfolio.

Limit setting

SEK utilizes limits to restrict credit risks to a specified level. Limits express the highest permissible exposure to a counterparty for specific tenors and for various types of exposures, such as corporate lending, guarantees, counterparty risk in derivative contracts or liquidity investments. Exposures must be encompassed within the limits that have been decided for the particular counterparties. The overall limits are set by the Board. All limits are reviewed at least once annually.

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Testing provisions

SEK applies IFRS 9 for the impairment of financial instruments. Impairment is based on the model for expected credit losses (ECL). The assets being impairment tested are divided into three stages: Stage 1, Stage 2 and Stage 3. Initially, all exposures are in Stage 1. Exposures where there is a significant increase in credit risk are placed in Stage 2 and Stage 3 encompasses exposures in default. Stage 3 impairments are calculated through individual testing based on an expert assessment. Individual testing provisions are made when objective conditions exist that indicate a possible need for the financial asset to be impaired according to Stage 3. The Credit Committee prepares provision proposals from the account managers and credit analysts, which are thereafter determined by the Board’s Credit Committee. The Board adopts the accounts and thereby the provisions. Refer to Note 1(h) for more information on the calculation of expected credit losses under IFRS 9.

Risk measurement

With the exception of a few counterparties, SEK uses, and has permission to use, the Foundation IRB approach for measuring the credit risk inherent in exposures to a majority of SEK’s counterparties. This means that for these exposures SEK uses its own estimates of the probability of default (PD) risk parameter which, per counterparty, reflects the assigned internal rating. Other risk parameters, including loss given default (LGD) and credit conversion factors (CCF), are determined by the Capital Requirements Regulation (CRR). All of SEK’s counterparties are assigned internal ratings. ESG factors are integrated into the assessment of the counterparty’s creditworthiness.

SEK’s permission from the Swedish FSA to use the Foundation IRB approach encompasses exposures to central governments, regional governments, county councils, multilateral development banks, and companies, including insurance companies and financial institutions. The Swedish FSA has granted SEK permission to apply exceptions from the IRB approach for certain exposures. For these exposures, SEK uses the Standardized approach and external ratings when calculating risk exposure amounts (when no external rating is available, the exposure is assigned a risk weight of 100 percent).

The exempted exposures, for which the Standardized approach are used, are as follows (the permissions are valid as long as these exposures are of minor importance in terms of scope and risk profile):

exposures to small and medium-sized companies (with an annual turnover not exceeding EUR 50 million);

exposures in the Customer Finance business area; and

guarantees for the benefit of small and medium-sized enterprises.

In the assessment of capital adequacy, those counterparties using external ratings are assigned an internal rating under IFRS 9.

​

Counterparty risk in derivative contracts

Counterparty risk in derivative contracts — which is a type of credit risk — arises when derivatives are used to manage risks. To limit this risk, SEK enters into such transactions solely with counterparties with strong credit ratings. Risk is further reduced by SEK’s entering into ISDA Master Agreements (ISDAs), together with associated CSAs, with its counterparties before entering into derivative contracts. These bilateral CSAs define the maximum permissible risk levels in form of threshold amounts. ISDA and CSA agreements are reviewed continuously to be able to renegotiate the terms as necessary. For counterparty exposures that exceed the threshold amounts under the relevant CSAs due to market value changes, settlement is demanded so that the counterparty exposure is reduced to the pre-agreed level. Additionally, SEK is monitoring the new initial margin requirements for non-centrally cleared transactions according to the European Markets Infrastructure Regulation (EMIR). Furthermore, interest derivative contracts are cleared with a central counterpart according to EMIR. SEK measures the exposures from counterparty risk by using the standardized approach (SA-CCR) described in the CRR.

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Risk monitoring

SEK’s exposures are analyzed, reported and followed up regularly in respect of credit portfolio risk concentration and the credit quality of individual debtors. The analysis encompasses, among other things, (i) the size of individual commitments, (ii) domicile and (iii) sector. The analysis refers to both direct exposure and indirect exposure. The concentration risks mentioned above are reflected in SEK’s calculation of economic capital for credit risks, which leads to a higher capital requirement compared with the minimum capital requirement. When calculating capital requirements, the minimum capital requirement does not take concentration risks into account. For the purpose of monitoring and checking large exposures, SEK has defined internal limits, which impose further limitations on the size of such exposures in addition to those stated in the CRR.

Exposures assessed as problem loans, meaning those for which SEK assesses that there is a high probability that the undertaking according to the original agreement will not be fulfilled, are analyzed in greater detail and more frequently. The term “problem loans” encompasses forborne exposures, non-performing receivables, non-performing exposures and defaulted exposures. The intention is to identify, at an early stage, credits with an elevated risk. This is to adapt the exposure, reduce credit losses and ensure that the risk rating reflects the actual risk associated with the particular counterparty.

The credit portfolio is subject to regular stress tests. The results of the scenario analyses and stress tests are reported to the Board and the Finance and Risk Committee on a regular basis. The Company’s risk and product rating, and risk estimates, comprise a central feature of the reporting of credit risk to the Board, the Board’s Finance and Risk Committee, management and the Credit Committee. The CEO and the Chief Risk Officer inform the Board and the Board’s Finance and Risk Committee of all significant changes concerning SEK’s IRB system. SEK’s IRB system is validated by the independent risk function at least once annually.

Risk information

For a supplementary and expanded account of the credit risk-related information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2022”.

Risk information, credit risk

The following table shows the maximum credit exposure. Nominal amounts are shown, apart from cash and cash equivalents and derivatives, which are recognized at the carrying amount. Maximum credit risk exposure for loans to credit institutions and loans to the public includes committed but undisbursed loans at year end, which are recognized in nominal amounts.

​

​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Maximum credit risk exposure
​ | ​ | Assets at fair value through | ​ | Amortized
Skr mn |  | profit or loss |  | costs
Cash and cash equivalents |  | — |  | 4,060
Treasuries/government bonds |  | 15,049 |  | —
Other interest-bearing securities except loans |  | 57,226 |  | —
Loans in the form of interest-bearing securities |  | — |  | 54,528
Loans to credit institutions |  | — |  | 20,374
Loans to the public |  | — |  | 280,620
Derivatives |  | 10,304 |  | —
Total financial assets |  | 82,579 |  | 359,582

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​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Maximum credit risk exposure
​ | ​ | Assets at fair value through | ​ | Amortized
Skr mn |  | profit or loss |  | costs
Cash and cash equivalents |  | — |  | 11,128
Treasuries/government bonds |  | 10,884 |  | —
Other interest-bearing securities except loans |  | 45,959 |  | —
Loans in the form of interest-bearing securities |  | — |  | 46,736
Loans to credit institutions |  | — |  | 12,891
Loans to the public |  | — |  | 238,599
Derivatives |  | 8,419 |  | —
Total financial assets |  | 65,262 |  | 309,354

​

The table below shows the credit quality following risk mitigation (net) per row in the Statement of Financial Position. The figures pertain to carrying amounts. SEK uses guarantees and insurance policies as credit risk hedges. The credit quality of financial assets is assessed using internal and external ratings.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
Skr mn |  | AAA |  | AA+ to A- |  | BBB+ to BBB- |  | BB+ to B- |  | CCC to D |  | Carrying amount
Cash and cash equivalents |  | 3,000 |  | 1,060 | ​ | — |  | — |  | — |  | 4,060
Treasuries/government bonds |  | 1,106 |  | 13,942 | ​ | — |  | — |  | — |  | 15,048
Other interest-bearing securities except loans |  | 29,922 |  | 27,222 | ​ | — |  | — |  | — |  | 57,144
Loans in the form of interest-bearing securities |  | 3,031 |  | 16,949 | ​ | 30,238 |  | 4,039 |  | — |  | 54,257
Loans to credit institutions |  | 6,434 |  | 13,115 | ​ | 2,480 |  | 116 |  | — |  | 22,145
Loans to the public |  | 113,495 |  | 27,062 | ​ | 39,597 |  | 27,468 |  | 115 |  | 207,737
Derivatives |  | — |  | 10,257 | ​ | 47 |  | — |  | — |  | 10,304
Total financial assets |  | 156,988 |  | 109,607 | ​ | 72,362 |  | 31,623 |  | 115 |  | 370,695
Committed undisbursed loans |  | 66,058 |  | 1,389 | ​ | 5,284 |  | 2,638 |  | — |  | 75,369

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
Skr mn |  | AAA |  | AA+ to A- |  | BBB+ to BBB- |  | BB+ to B- |  | CCC to D |  | Carrying amount
Cash and cash equivalents |  | 11,128 |  | — | ​ | — |  | — |  | — |  | 11,128
Treasuries/government bonds |  | 2,493 |  | 8,379 | ​ | — |  | — |  | — |  | 10,872
Other interest-bearing securities except loans |  | 23,669 |  | 21,412 | ​ | — |  | 800 |  | — |  | 45,881
Loans in the form of interest-bearing securities |  | 2,982 |  | 10,783 | ​ | 3,365 |  | 29,448 |  | — |  | 46,578
Loans to credit institutions |  | 4,122 |  | 14,573 | ​ | 115 |  | 1,965 |  | — |  | 20,775
Loans to the public |  | 101,245 |  | 20,206 | ​ | 20,983 |  | 37,758 |  | 96 |  | 180,288
Derivatives |  | — |  | 7,427 | ​ | — |  | 992 |  | — |  | 8,419
Total financial assets |  | 145,639 |  | 82,780 | ​ | 24,463 |  | 70,963 |  | 96 |  | 323,941
Committed undisbursed loans |  | 48,633 |  | 852 | ​ | 1,423 |  | 2,963 |  | — |  | 53,871

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The table below illustrates the link between the Statement of Financial Position categories and net exposures according to CRR.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ |  | ​ |  | Adjustment |  | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​
​ | ​ | ​ | ​ | to carrying | ​ | ​ | ​ | ​ | ​ | Multilateral | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | amount from | ​ | Central | ​ | Regional | ​ | development | ​ | Public sector | ​ | Financial | ​ | ​
Skr bn |  | amount |  | exposure |  | governments |  | governments |  | banks |  | entity |  | institutions |  | Corporates
Cash and cash equivalents | ​ | 4.1 | ​ | — | ​ | 3.0 | ​ | — | ​ | — | ​ | — | ​ | 1.1 | ​ | 0.0
Treasuries/government bonds |  | 15.0 |  | — |  | 15.0 |  | — |  | — |  | — | ​ | — |  | —
Other interest-bearing securities except loans |  | 57.1 |  | -0.1 |  | 15.0 |  | 20.2 |  | 5.3 |  | 2.1 | ​ | 14.6 |  | —
Loans in the form of interest-bearing securities |  | 54.3 |  | -0.2 |  | 3.0 |  | — |  | — |  | — | ​ | — |  | 51.5
Loans to credit institutions including cash and cash equivalents1 |  | 22.1 |  | 10.7 |  | 5.9 |  | 1.5 |  | — |  | — | ​ | 3.3 |  | 0.7
Loans to the public |  | 207.7 |  | -1.3 |  | 120.2 |  | 0.7 |  | 0.8 |  | — | ​ | 7.1 |  | 80.2
Derivatives |  | 10.3 |  | 3.9 |  | — | ​ | — |  | — |  | — | ​ | 6.4 |  | 0.0
Other assets |  | 0.3 |  | 0.3 |  | — |  | — |  | — |  | — | ​ | — |  | —
Total financial assets |  | 370.9 |  | 13.3 |  | 162.1 |  | 22.4 |  | 6.1 |  | 2.1 | ​ | 32.5 |  | 132.4
Contingent liabilities and commitments2 |  | 80.3 |  | -0.3 |  | 65.2 |  | 0.9 |  | 0.4 |  | — | ​ | 1.1 |  | 13.0
Total |  | 451.2 |  | 13.0 |  | 227.3 |  | 23.3 |  | 6.5 |  | 2.1 | ​ | 33.6 | ​ | 145.4

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ |  | ​ |  | Adjustment |  | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​
​ | ​ | ​ | ​ | to carrying | ​ | ​ | ​ | ​ | ​ | Multilateral | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | amount from | ​ | Central | ​ | Regional | ​ | development | ​ | Public sector | ​ | Financial | ​ | ​
Skr bn |  | amount |  | exposure |  | governments |  | governments |  | banks |  | entity |  | institutions |  | Corporates
Cash and cash equivalents | ​ | 11.1 | ​ | 0.1 | ​ | 2.0 | ​ | 0.0 | ​ | 0.0 | ​ | 0.0 | ​ | 9.0 | ​ | 0.0
Treasuries/government bonds |  | 10.9 |  | 0.0 |  | 10.9 |  | 0.0 |  | 0.0 |  | 0.0 | ​ | 0.0 |  | 0.0
Other interest-bearing securities except loans |  | 45.9 |  | 4.6 |  | 6.7 |  | 11.6 |  | 2.6 |  | 5.4 | ​ | 11.9 |  | 3.1
Loans in the form of interest-bearing securities |  | 46.6 |  | -0.1 |  | 3.0 |  | 0.0 |  | 0.0 |  | 0.0 | ​ | 0.0 |  | 43.7
Loans to credit institutions including cash and cash equivalents1 |  | 20.8 |  | 11.6 |  | 3.6 |  | 2.4 |  | 0.0 |  | 0.0 | ​ | 2.5 |  | 0.7
Loans to the public |  | 180.3 |  | -1.0 |  | 109.9 |  | 0.3 |  | 0.4 |  | 0.0 | ​ | 5.5 |  | 65.2
Derivatives |  | 8.4 |  | 2.4 |  | 0.0 | ​ | 0.0 |  | 0.0 |  | 0.0 | ​ | 6.0 |  | 0.0
Other assets |  | 7.5 |  | 7.5 |  | 0.0 |  | 0.0 |  | 0.0 |  | 0.0 | ​ | 0.0 |  | 0.0
Total financial assets |  | 331.5 |  | 25.1 |  | 136.1 |  | 14.3 |  | 3.0 |  | 5.4 | ​ | 34.9 |  | 112.7
Contingent liabilities and commitments2 |  | 60.1 |  | -6.0 |  | 49.4 |  | 1.0 |  | 0.0 |  | 0.0 | ​ | 6.3 |  | 9.4
Total |  | 391.6 |  | 19.1 |  | 185.5 |  | 15.3 |  | 3.0 |  | 5.4 | ​ | 41.2 | ​ | 122.1

1 | Skr 10.7 billion (2021: Skr 10.4 billion) of the book value for Loans to credit institutions is cash collateral under the CSAs for derivative contracts.

2 | Contingent liabilities and commitments, except cash collateral.

​

Derivative exposure after netting under current ISDA Master Agreements in accordance with the CRR’s management of the counterparty risk in derivative contracts amounts to Skr 6.4 billion (2021: Skr 6.0 billion).

Total credit exposures in the Group

Net exposures are recognized after taking the impact of credit risk hedges into account. Gross exposures are recognized without taking the impact of credit risk hedges into account. According to the internal risk follow-up, the amounts coincide with the capital requirements calculations, although without the application of conversion factors. In tables showing the geographical breakdown of exposures, North America is shown excluding Central America.

Total net exposures

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Interest-bearing securities | ​ | Committed undisbursed loans, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | and lending | ​ | derivatives, etc. | ​ | Total
Skr bn | ​ | Dec 31, 2022 | ​ | Dec 31, 2021 | ​ | Dec 31, 2022 | ​ | Dec 31, 2021 | ​ | Dec 31, 2022 | ​ | Dec 31, 2021
Exposure class |  | Amount |  | % |  | Amount |  | % |  | Amount |  | % |  | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Central governments |  | 162.3 |  | 46.2 |  | 136.1 |  | 44.4 |  | 65.0 |  | 75.0 |  | 49.4 |  | 74.8 |  | 227.3 |  | 51.9 |  | 185.5 |  | 49.8
Regional governments |  | 22.5 |  | 6.4 |  | 14.3 |  | 4.7 |  | 0.8 |  | 0.9 |  | 1.0 |  | 1.5 |  | 23.3 |  | 5.3 |  | 15.3 |  | 4.1
Multilateral development banks |  | 6.1 |  | 1.7 |  | 3.0 |  | 1.0 |  | 0.4 |  | 0.5 |  | — |  | — |  | 6.5 |  | 1.5 |  | 3.0 |  | 0.8
Public sector entity | ​ | 2.1 | ​ | 0.6 | ​ | 5.4 | ​ | 1.7 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 2.1 | ​ | 0.5 | ​ | 5.4 | ​ | 1.4
Financial institutions |  | 26.1 |  | 7.4 |  | 34.9 |  | 11.4 |  | 7.5 |  | 8.6 |  | 6.3 |  | 9.5 |  | 33.6 |  | 7.6 |  | 41.2 |  | 11.1
Corporates |  | 132.4 |  | 37.7 |  | 112.7 |  | 36.8 |  | 13.0 |  | 15.0 |  | 9.4 |  | 14.2 |  | 145.4 |  | 33.2 |  | 122.1 |  | 32.8
Total |  | 351.5 |  | 100.0 |  | 306.4 |  | 100.0 |  | 86.7 |  | 100.0 |  | 66.1 |  | 100.0 |  | 438.2 |  | 100.0 |  | 372.5 |  | 100.0

​

Geographical breakdown of credit exposures

Geographical breakdown of gross exposures by exposure class

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022
​ | ​ | Middle | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | East/ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Western | ​ | Central and | ​ | ​
​ | ​ | Africa/ | ​ | Asia excl. | ​ | ​ | ​ | North | ​ | Latin | ​ | ​ | ​ | Europe excl. | ​ | Eastern | ​ | ​
Skr bn |  | Turkey |  | Japan |  | Japan |  | America |  | America |  | Sweden |  | Sweden |  | Europe |  | Total
Central governments |  | 27.7 |  | 3.2 |  | 2.4 |  | — |  | 42.5 |  | 6.7 |  | 24.2 |  | — |  | 106.7
Regional governments |  | 1.5 |  | — |  | — |  | — |  | — |  | 16.3 |  | 4.1 |  | — |  | 21.9
Multilateral development banks |  | — |  | 0.3 |  | — |  | 1.1 |  | — |  | — |  | 3.9 |  | — |  | 5.3
Public sector entity |  | — |  | — |  | — |  | — |  | — |  | — |  | 2.1 |  | — |  | 2.1
Financial institutions |  | — |  | — |  | 0.0 |  | 0.8 |  | — |  | 16.4 |  | 10.0 |  | 6.8 |  | 34.0
Corporates |  | 18.2 |  | 3.9 |  | — |  | 75.8 |  | 12.5 |  | 118.4 |  | 35.8 |  | 3.6 |  | 268.2
Total |  | 47.4 |  | 7.4 |  | 2.4 |  | 77.7 |  | 55.0 |  | 157.8 |  | 80.1 |  | 10.4 |  | 438.2

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021
​ | ​ | Middle | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | East/ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Western | ​ | Central and | ​ | ​
​ | ​ | Africa/ | ​ | Asia excl. | ​ | ​ | ​ | North | ​ | Latin | ​ | ​ | ​ | Europe excl. | ​ | Eastern | ​ | ​
Skr bn |  | Turkey |  | Japan |  | Japan |  | America |  | America |  | Sweden |  | Sweden |  | Europe |  | Total
Central governments |  | 25.9 |  | 3.3 |  | 1.9 |  | 1.3 |  | 42.2 |  | 6.6 |  | 10.1 |  | — |  | 91.3
Regional governments |  | 1.6 |  | — |  | — |  | — |  | — |  | 10.4 |  | 0.0 |  | — |  | 12.0
Multilateral development banks |  | — |  | — |  | — |  | — |  | — |  | — |  | 2.6 |  | — |  | 2.6
Public sector entity |  | — |  | — |  | — |  | — |  | — |  | — |  | 5.4 |  | — |  | 5.4
Financial institutions |  | — |  | — |  | 2.3 |  | 3.9 |  | — |  | 17.5 |  | 15.3 |  | 0.1 |  | 39.1
Corporates |  | 13.2 |  | 4.4 |  | 1.2 |  | 56.5 |  | 8.8 |  | 99.8 |  | 34.0 |  | 4.2 |  | 222.1
Total |  | 40.7 |  | 7.7 |  | 5.4 |  | 61.7 |  | 51.0 |  | 134.3 |  | 67.4 |  | 4.3 |  | 372.5

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Geographical breakdown of net exposures by exposure class

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022
​ | ​ | Middle | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | East/ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Western | ​ | Central and | ​ | ​
​ | ​ | Africa/ | ​ | Asia excl. | ​ | ​ | ​ | North | ​ | Latin | ​ | ​ | ​ | Europe excl. | ​ | Eastern | ​ | ​
Skr bn |  | Turkey |  | Japan |  | Japan |  | America |  | America |  | Sweden |  | Sweden |  | Europe |  | Total
Central governments |  | 0.0 |  | 0.3 |  | 2.4 |  | 0.8 |  | — |  | 191.3 |  | 30.3 |  | 2.2 |  | 227.3
Regional governments |  | — |  | — |  | — |  | — |  | — |  | 19.2 |  | 4.1 |  | — |  | 23.3
Multilateral development banks |  | — |  | 0.3 |  | — |  | 1.1 |  | — |  | — |  | 5.1 |  | — |  | 6.5
Public sector entity | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 2.1 | ​ | — | ​ | 2.1
Financial institutions |  | 0.1 |  | — |  | 0.2 |  | 1.3 |  | — |  | 16.0 |  | 15.9 |  | 0.1 |  | 33.6
Corporates |  | 0.2 |  | 1.0 |  | 1.3 |  | 6.5 |  | 3.8 |  | 97.0 |  | 34.4 |  | 1.2 |  | 145.4
Total |  | 0.3 |  | 1.6 |  | 3.9 |  | 9.7 |  | 3.8 |  | 323.5 | ​ | 91.9 |  | 3.5 |  | 438.2

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021
​ | ​ | Middle | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | East/ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Western | ​ | Central and | ​ |
​ | ​ | Africa/ | ​ | Asia excl. | ​ | ​ | ​ | North | ​ | Latin | ​ | ​ | ​ | Europe excl. | ​ | Eastern | ​ |
Skr bn |  | Turkey |  | Japan |  | Japan |  | America |  | America |  | Sweden |  | Sweden |  | Europe |  | Total
Central governments |  | — |  | 0.4 |  | 2.0 |  | 2.0 |  | — |  | 161.5 |  | 17.0 |  | 2.6 |  | 185.5
Regional governments |  | — |  | — |  | — |  | — |  | — |  | 15.3 |  | 0.0 |  | — |  | 15.3
Multilateral development banks |  | — |  | — |  | — |  | — |  | — |  | — |  | 3.0 |  | — |  | 3.0
Public sector entity |  | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 5.4 | ​ | — | ​ | 5.4
Financial institutions |  | 0.0 |  | — |  | 2.4 |  | 4.9 |  | — |  | 15.1 |  | 18.6 |  | 0.2 |  | 41.2
Corporates | ​ | 1.4 |  | 1.2 |  | 3.3 |  | 5.7 |  | 3.3 |  | 82.7 |  | 23.1 |  | 1.4 |  | 122.1
Total |  | 1.4 |  | 1.6 |  | 7.7 |  | 12.6 |  | 3.3 | ​ | 274.6 |  | 67.1 |  | 4.2 |  | 372.5

​

Impact of credit risk hedges by exposure class and hedge type

The table below shows, on the basis of gross exposure class, a breakdown based on whether or not the amounts are covered by credit risk hedges that are included in the capital adequacy calculations. Credit insurance issued by insurance companies is thus counted as a guarantee. Hedged amounts have been divided in accordance with the hedge issuer’s exposure class and type of hedge. Accordingly, the tables show the hedge types that convert gross exposures to net exposures.

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Impact of credit risk hedges

Gross exposures by exposure class

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | whereof subject
​ | ​ | ​ | ​ | ​ | ​ | Multilateral | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | to the write-down
​ | ​ | Central | ​ | Regional | ​ | development | ​ | Public | ​ | Financial | ​ | ​ | ​ | ​ |  | requirement in
Skr bn | ​ | government | ​ | governments | ​ | banks | ​ | Sector Entity | ​ | institutions | ​ | Corporates | ​ | Total |  | IFRS91
Amounts related to hedges issued by: |  |  |  |  |  | ​ | ​ |  |  |  |  |  |  |  | ​ | ​
Central governments |  | 72.7 |  | 1.5 |  | — | ​ | — |  | 8.2 |  | 113.1 |  | 195.5 | ​ | 195.5
of which, guarantees issued by the EKN |  | 72.3 |  | 1.5 |  | — | ​ | — |  | 6.7 |  | 101.3 |  | 181.8 | ​ | 181.8
of which, guarantees issued by other export credit agencies |  | 0.4 |  | — |  | — | ​ | — |  | — |  | 6.8 |  | 7.2 | ​ | 7.2
of which, other guarantees |  | — |  | — |  | — | ​ | — |  | 1.5 |  | 5.0 |  | 6.5 | ​ | 6.5
Regional governments |  | — |  | — |  | — | ​ | — |  | — |  | 1.3 |  | 1.3 | ​ | 1.3
Multilateral development banks | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 1.2 | ​ | 1.2 | ​ | 1.2
Financial institutions |  | 0.1 |  | — |  | — | ​ | — |  | — |  | 7.7 |  | 7.8 | ​ | 7.8
of which, credit default swaps |  | — |  | — |  | — | ​ | — |  | — |  | — |  | — | ​ | —
of which, guarantees |  | 0.1 |  | — |  | — | ​ | — |  | — |  | 7.7 |  | 7.8 | ​ | 7.8
Corporates |  | 0.6 |  | — |  | — | ​ | — |  | — |  | 14.3 |  | 14.9 | ​ | 14.9
of which, credit insurance from insurance companies |  | 0.6 |  | — |  | — | ​ | — |  | — |  | 11.5 |  | 12.1 | ​ | 12.1
of which, other guarantees |  | — |  | — |  | — | ​ | — |  | — |  | 2.8 |  | 2.8 | ​ | 2.8
Total hedged exposures |  | 73.4 |  | 1.5 |  | — | ​ | — |  | 8.2 |  | 137.6 |  | 220.7 | ​ | 220.7
Unhedged exposures2 |  | 33.3 |  | 20.4 |  | 5.3 | ​ | 2.1 |  | 25.8 |  | 130.6 |  | 217.5 | ​ | 145.3
Total |  | 106.7 |  | 21.9 |  | 5.3 | ​ | 2.1 |  | 34.0 |  | 268.2 |  | 438.2 | ​ | 366.0

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | whereof subject
​ | ​ | ​ | ​ | ​ | ​ | Multilateral | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | to the write-down
​ | ​ | Central | ​ | Regional | ​ | development | ​ | Public | ​ | Financial | ​ | ​ | ​ | ​ | ​ | requirement in
Skr bn |  | government |  | governments |  | banks |  | Sector Entity |  | institutions |  | Corporates |  | Total |  | IFRS91
Amounts related to hedges issued by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Central governments |  | 70.9 |  | 1.6 |  | — | ​ | — |  | — |  | 93.1 |  | 165.6 |  | 165.6
of which, guarantees issued by the EKN |  | 70.4 |  | 1.6 |  | — | ​ | — |  | — |  | 82.6 |  | 154.6 |  | 154.6
of which, guarantees issued by other export credit agencies |  | — |  | — |  | — | ​ | — |  | — |  | 7.5 |  | 7.5 |  | 7.5
of which, other guarantees |  | 0.5 |  | — |  | — | ​ | — |  | — |  | 3.0 |  | 3.5 |  | 3.5
Regional governments |  | — |  | — |  | — | ​ | — |  | 2.4 |  | 1.2 |  | 3.6 |  | 3.6
Multilateral development banks | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 0.4 | ​ | 0.4 | ​ | 0.4
Financial institutions |  | 0.1 |  | — |  | — | ​ | — |  | 0.1 |  | 5.6 |  | 5.8 |  | 5.8
of which, credit default swaps |  | — |  | — |  | — | ​ | — |  | — |  | — |  | — |  | —
of which, guarantees |  | 0.1 |  | — |  | — | ​ | — |  | 0.1 |  | 5.6 |  | 5.8 |  | 5.8
Corporates |  | 0.3 |  | — |  | — | ​ | — |  | — |  | 4.9 |  | 5.2 |  | 5.2
of which, credit insurance from insurance companies |  | — |  | — |  | — | ​ | — |  | — |  | 0.7 |  | 0.7 |  | 0.7
of which, other guarantees |  | 0.3 |  | — |  | — | ​ | — |  | — |  | 4.2 |  | 4.5 |  | 4.5
Total hedged exposures |  | 71.3 |  | 1.6 |  | — | ​ | — |  | 2.5 |  | 105.2 |  | 180.6 |  | 180.6
Unhedged exposures2 |  | 20.0 |  | 10.4 |  | 2.6 | ​ | 5.4 |  | 36.6 |  | 116.9 |  | 191.9 |  | 124.3
Total |  | 91.3 |  | 12.0 |  | 2.6 | ​ | 5.4 |  | 39.1 |  | 222.1 |  | 372.5 |  | 304.9

1 | Assets valued at accrued acquisition value, which are subject to the write-down requirements in IFRS 9.

2 | Exposures whereby the hedge issuer belongs to the same group as the counterparty in the unhedged exposure have been reported as “Unhedged exposures.” The amounts for these were Skr 24.5 billion (2021: Skr 22.8 billion) for corporates, Skr 0.0 billion (2021: Skr 0.0 billion) for financial institutions and Skr 0.0 billion (2021: Skr 0.0 billion) for central governments.

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Gross exposures Europe, excluding Sweden, breakdown by exposure class

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Central | ​ | Regional | ​ | Multilateral | ​ | Public sector | ​ | Financial | ​ | ​ | ​ | ​
Skr bn |  | governments |  | governments |  | development banks |  | entity |  | institutions |  | Corporates |  | Total
Finland |  | 0.0 |  | 4.1 | ​ | — | ​ | — |  | 0.2 |  | 9.3 |  | 13.6
United Kingdom | ​ | 4.1 | ​ | — | ​ | — | ​ | — | ​ | 0.2 | ​ | 8.0 | ​ | 12.3
Germany | ​ | 7.3 | ​ | — | ​ | — | ​ | 2.1 | ​ | 0.6 | ​ | 0.1 | ​ | 10.1
France |  | 5.6 |  | — | ​ | — | ​ | — |  | 2.5 |  | 1.9 |  | 10.0
Poland |  | — |  | — | ​ | — | ​ | — |  | 6.7 |  | 2.4 |  | 9.1
Norway | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 0.1 | ​ | 6.6 | ​ | 6.7
Austria |  | 5.9 |  | — | ​ | — | ​ | — |  | — |  | — |  | 5.9
Denmark |  | 0.6 |  | — | ​ | — | ​ | — |  | 2.6 |  | 2.1 |  | 5.3
Spain | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 0.8 | ​ | 3.3 | ​ | 4.1
Netherlands |  | 0.6 |  | — | ​ | — | ​ | — |  | 2.8 |  | 0.6 |  | 4.0
Luxembourg |  | — |  | — | ​ | 3.8 | ​ | — |  | 0.0 |  | — |  | 3.8
Italy |  | — |  | — | ​ | — | ​ | — |  | — |  | 2.0 |  | 2.0
Portugal | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 1.0 | ​ | 1.0
Ireland |  | — |  | — | ​ | — | ​ | — |  | 0.3 |  | 0.3 |  | 0.6
Serbia |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.5 |  | 0.5
Belgium |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.5 |  | 0.5
Lithuania |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.2 |  | 0.2
Czech Republic |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.2 |  | 0.2
Russian Federation |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.1 |  | 0.1
Estonia |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.1 |  | 0.1
Latvia |  | — |  | — | ​ | — | ​ | — |  | 0.1 |  | — |  | 0.1
Iceland |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.1 |  | 0.1
Slovakia |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.1 |  | 0.1
Total | ​ | 24.1 | ​ | 4.1 | ​ | 3.8 | ​ | 2.1 | ​ | 16.9 | ​ | 39.4 | ​ | 90.4

​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Central | ​ | Regional | ​ | Multilateral | ​ | Public sector | ​ | Financial | ​ | ​ | ​ | ​
Skr bn |  | governments |  | governments |  | development banks |  | entity |  | institutions |  | Corporates |  | Total
Finland |  | 1.0 |  | 0.0 | ​ | — | ​ | — |  | 0.3 |  | 9.0 |  | 10.3
United Kingdom | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 2.0 | ​ | 7.4 | ​ | 9.4
Germany | ​ | 3.1 | ​ | — | ​ | — | ​ | 5.2 | ​ | 0.3 | ​ | 0.2 | ​ | 8.8
Norway |  | — |  | — | ​ | — | ​ | — |  | 1.9 |  | 4.7 |  | 6.6
Austria |  | 4.3 |  | — | ​ | — | ​ | — |  | 1.8 |  | — |  | 6.1
Denmark |  | — | ​ | — | ​ | — | ​ | 0.2 | ​ | 3.1 | ​ | 1.8 | ​ | 5.1
Spain |  | — |  | — | ​ | — | ​ | — |  | 0.5 |  | 4.5 |  | 5.0
Netherlands |  | — |  | — | ​ | — | ​ | — |  | 3.3 |  | 0.6 |  | 3.9
France |  | — | ​ | — | ​ | — | ​ | — | ​ | 2.0 | ​ | 1.8 | ​ | 3.8
Luxembourg |  | 0.6 |  | — | ​ | 2.6 | ​ | — |  | — |  | — |  | 3.2
Poland |  | — |  | — | ​ | — | ​ | — |  | — |  | 2.8 |  | 2.8
Italy |  | — |  | — | ​ | — | ​ | — |  | 0.0 |  | 2.4 |  | 2.4
Belgium |  | 1.2 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 0.3 | ​ | 1.5
Portugal |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.9 |  | 0.9
Ireland |  | — |  | — | ​ | — | ​ | — |  | 0.1 |  | 0.3 |  | 0.4
Serbia |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.4 |  | 0.4
Lithuania |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.3 |  | 0.3
Russian Federation | ​ | — |  | — | ​ | — | ​ | — |  | — |  | 0.2 |  | 0.2
Czech Republic |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.2 |  | 0.2
Estonia | ​ | — |  | — | ​ | — | ​ | — |  | — |  | 0.1 |  | 0.1
Iceland |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.1 |  | 0.1
Latvia | ​ | — |  | — | ​ | — | ​ | — |  | 0.1 |  | — |  | 0.1
Slovakia |  | — |  | — | ​ | — | ​ | — |  | — |  | 0.1 |  | 0.1
Total | ​ | 10.2 | ​ | 0.0 | ​ | 2.6 | ​ | 5.4 | ​ | 15.4 | ​ | 38.1 | ​ | 71.7

​

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Net exposures Europe, excluding Sweden, breakdown by exposure class

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | Multilateral | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Central | ​ | Regional | ​ | development | ​ | Public sector | ​ | Financial | ​ | ​ | ​ | ​
Skr bn | ​ | governments | ​ | governments | ​ | banks | ​ | entity | ​ | institution | ​ | Corporates | ​ | Total
France |  | 8.9 |  | — |  | — |  | — |  | 3.4 |  | 3.9 |  | 16.2
Germany |  | 7.9 |  | — |  | — |  | 2.1 |  | 1.8 |  | 1.3 |  | 13.1
Finland |  | 0.7 |  | 4.1 |  | — |  | — |  | 0.3 |  | 6.5 |  | 11.6
Luxembourg |  | — |  | — |  | 5.1 |  | — |  | 0.0 |  | 5.5 |  | 10.6
United Kingdom |  | 4.1 |  | — |  | — |  | — |  | 2.0 |  | 4.4 |  | 10.5
Austria |  | 5.9 |  | — |  | — |  | — |  | — |  | — |  | 5.9
Denmark |  | 1.4 |  | — |  | — |  | — |  | 2.6 |  | 1.6 |  | 5.6
Norway |  | 0.6 |  | — |  | — |  | — |  | 0.1 |  | 4.7 |  | 5.4
Netherlands |  | 0.8 |  | — |  | — |  | — |  | 2.9 |  | 0.3 |  | 4.0
Belgium |  | — |  | — |  | — |  | — |  | 0.9 |  | 2.3 |  | 3.2
Poland |  | 2.2 |  | — |  | — |  | — |  | — |  | 0.1 |  | 2.3
Spain |  | — |  | — |  | — |  | — |  | 1.6 |  | 0.7 |  | 2.3
Ireland |  | — |  | — |  | — |  | — |  | 0.1 |  | 1.4 |  | 1.5
Portugal |  | — |  | — |  | — |  | — |  | — |  | 1.0 |  | 1.0
Switzerland |  | — |  | — |  | — |  | — |  | 0.1 |  | 0.5 |  | 0.6
Serbia |  | — |  | — |  | — |  | — |  | — |  | 0.5 |  | 0.5
Lithuania | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 0.2 | ​ | 0.2
Italy | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 0.2 | ​ | 0.2
Czech Republic |  | — |  | — |  | — |  | — |  | — |  | 0.2 |  | 0.2
Estonia | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 0.1 | ​ | 0.1
Latvia | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 0.1 | ​ | — | ​ | 0.1
Iceland |  | — |  | — |  | — |  | — |  | — |  | 0.1 |  | 0.1
Slovakia | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 0.1 | ​ | 0.1
Total |  | 32.5 |  | 4.1 |  | 5.1 |  | 2.1 |  | 15.9 |  | 35.6 |  | 95.3

​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | Multilateral | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Central | ​ | Regional | ​ | development | ​ | Public sector | ​ | Financial | ​ | ​ |  | ​
Skr bn | ​ | governments | ​ | governments | ​ | banks | ​ | entity | ​ | institution | ​ | Corporates |  | Total
Germany |  | 3.7 |  | — |  | — |  | 5.2 |  | 1.1 |  | 0.3 |  | 10.3
Finland |  | 1.5 |  | 0.0 |  | — |  | — |  | 0.4 |  | 6.3 |  | 8.2
France |  | 4.5 |  | — |  | — |  | — |  | 1.9 |  | 1.4 |  | 7.8
United Kingdom |  | 0.0 |  | — |  | — |  | — |  | 3.0 |  | 4.0 |  | 7.0
Norway |  | 0.6 |  | — |  | — |  | — |  | 1.9 |  | 4.3 |  | 6.8
Austria |  | 4.3 |  | — |  | — |  | — |  | 1.7 |  | — |  | 6.0
Denmark |  | 0.2 |  | — |  | — |  | 0.2 |  | 3.2 |  | 1.8 |  | 5.4
Luxembourg |  | 0.7 |  | — |  | 3.0 |  | — |  | — |  | 0.6 |  | 4.3
Netherlands |  | 0.3 |  | — |  | — |  | — |  | 3.4 |  | 0.3 |  | 4.0
Belgium |  | 1.2 |  | — |  | — |  | — |  | 0.8 |  | 0.9 |  | 2.9
Poland |  | 2.6 |  | — |  | — |  | — |  | — |  | 0.2 |  | 2.8
Spain |  | — |  | — |  | — |  | — |  | 1.3 |  | 1.0 |  | 2.3
Portugal |  | — |  | — |  | — |  | — |  | — |  | 1.0 |  | 1.0
Ireland |  | — |  | — |  | — |  | — |  | — |  | 0.6 |  | 0.6
Serbia |  | — |  | — |  | — |  | — |  | — |  | 0.4 |  | 0.4
Switzerland |  | — |  | — |  | — |  | — |  | 0.0 |  | 0.4 |  | 0.4
Lithuania | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 0.3 | ​ | 0.3
Czech Republic | ​ | — |  | — |  | — |  | — |  | — |  | 0.2 |  | 0.2
Estonia | ​ | — |  | — |  | — |  | — |  | — |  | 0.1 |  | 0.1
Iceland | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 0.1 | ​ | 0.1
Italy |  | — |  | — |  | — |  | — |  | 0.0 |  | 0.1 |  | 0.1
Latvia |  | — |  | — |  | — |  | — |  | 0.1 |  | — |  | 0.1
Slovakia |  | — |  | — |  | — |  | — |  | — |  | 0.1 |  | 0.1
Total | ​ | 19.6 | ​ | 0.0 | ​ | 3.0 | ​ | 5.4 | ​ | 18.8 | ​ | 24.4 | ​ | 71.2

​

Corporate exposures, broken down by industry1

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
Skr bn |  | Gross exposure |  | Net exposure |  | Gross exposure |  | Net exposure
IT and telecom |  | 94.6 |  | 16.6 |  | 76.2 |  | 14.8
Industrials |  | 62.4 |  | 49.6 |  | 44.7 |  | 41.6
Consumer goods |  | 32.7 |  | 26.4 |  | 32.3 |  | 27.5
Utilities |  | 30.7 |  | 14.7 |  | 19.5 |  | 9.2
Materials |  | 27.4 |  | 15.8 |  | 23.4 |  | 16.1
Finance |  | 13.3 |  | 19.1 |  | 21.8 |  | 10.1
Energy |  | 4.1 |  | 0.7 |  | 1.2 |  | 0.1
Healthcare |  | 2.8 |  | 2.3 |  | 2.8 |  | 2.5
Other |  | 0.2 |  | 0.2 |  | 0.2 |  | 0.2
Total |  | 268.2 |  | 145.4 |  | 222.1 |  | 122.1

1 | In accordance with the reporting standard (GICS).

Market risk

Market risk is defined as the risk of the Company’s result, capital or value being affected in an adverse manner from changes in the financial markets, such as movements in interest rates, foreign exchange rates, basis spreads or credit spreads. Value encompasses both accounting value and economic value.

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Risk management

SEK’s Board establishes SEK’s appetite and strategy for market risk, which clearly define and limit the permissible exposure to market risk. In addition, instructions established by the CEO regulate SEK’s management of market risks. The Chief Risk Officer decides on the method for measuring market risks and proposes changes in limit structures in connection with reviews of risk appetite and limits. Market risk is managed operationally by the Treasury function. SEK’s risk appetite for market risk is low, and the strategy for managing market risk aims to ensure a stable net interest income.

SEK conducts no active trading, and the intention is to hold all assets and liabilities to maturity. The Company borrows funds by issuing bonds or other debt instruments which, regardless of the market risk exposures in the bonds, are hedged by being swapped via derivatives to a floating interest rate. Borrowed funds are used either immediately for lending, mainly at floating interest rates, or alternatively through derivatives at a floating rate, or to ensure that SEK has adequate liquidity in the form of liquidity investments and liquidity reserves. The duration of available funding matches the duration of lending and the maturity profile of liquidity investments are adapted to ensure that funds are available for committed undisbursed loans.

Unrealized changes in fair value affect the value of SEK’s assets and liabilities and impact both earnings and SEK’s own funds. SEK’s largest net exposures are to changes in interest rates, basis spreads and credit spreads. Those risks are managed by having established limits and daily limit monitoring. Interest rate and currency risk excluding unrealized changes in fair value are kept low by matching assets and liabilities or through the use of derivatives. In addition, accrued gains and losses in foreign currency are regularly converted to Swedish kronor.

Market risk exposures are measured and reported on a daily basis to the CEO, and the Board’s Finance and Risk Committee at scheduled meetings. Cases where limits are exceeded are escalated without delay to the CEO, and the Board’s Finance and Risk Committee.

Risk measurement

The following describes how SEK measures market risk internally. The government compensates SEK for all interest rate differentials, borrowing costs and net foreign-exchange losses within the CIRR-system (see Note 1). The CIRR-system is therefore reported separately.

Risk to net interest income

The risk to net interest income (NII) pertains to SEK’s overall business profile, particularly the balance between interest-bearing assets and liabilities in terms of volume and repricing periods, as well as cases where funding and lending are not matched in terms of currency and where those imbalances are managed by the use of derivatives. The primary way of measuring the risk to NII is by shifting all interest rates 100 basis points and all cross-currency basis spreads 20 basis points over the next 12-month period. At the end of 2022, the risk to NII from changes in interest rates and cross-currency basis spreads amounted to Skr 201 million (year-end 2021: Skr 200 million).

Value-at-Risk and stressed Value-at-Risk

SEK uses stressed Value-at-Risk (sVaR) as the primary market risk metric regarding unrealized value changes. Value-at-Risk (VaR) is a statistical technique used to measure and quantify the level of financial risk over a specific time frame at a predefined confidence level. SEK uses a historical simulation VaR model that applies daily historic market movements from the past two years to current positions and estimates the expected loss for a time horizon of one day. Market parameters used as risk factors are interest rates, basis spreads, credit spreads, FX rates, equities, commodity and equity indices as well as volatilities of swaptions, caps/floors, FX, equities and commodity and equity indices. VaR is calculated for SEK’s portfolio and separately for the liquidity portfolio for positions on the balance sheet that impact own funds.

Stressed VaR (sVaR) is calculated using the same risk factors and overall methodology as VaR, but where a one-year stressed period is applied instead. Stressed VaR is measured at a 99 percent confidence level. At the end of 2022, sVaR for positions affecting own funds amounted to Skr 83 million (year-end 2021: Skr 124 million), the main risk drivers being basis spreads and interest rates.

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Complementary stress tests

SEK regularly conducts stress tests by applying historically observed market movements (historical scenarios) and movements that potentially could occur in the future (hypothetical or forward-looking scenarios). The hypothetical scenarios include interest rate chocks and reversed stress tests. Analyses of this type provide management with insight into the potential impact on SEK from significant movements in market risk factors or broader market scenarios, and continuously ensure that the risk measurement remains effective.

Risk-specific measures

The risk to NII,VaR, sVaR and stress tests are complemented with risk-specific measures, including interest rate risk measures, spread-risk measures, and currency-risk measures. These are further described in the following table.

​

Market risk, type | Definition | Risk profile
--- | --- | ---
Interest rate risk regarding changes in the economic value of SEK’s portfolio (EVE) | The interest rate risk regarding changes in economic value is calculated by means of a 100 basis-point parallel shift in all yield curves, as well as rotations of all yield curves. | The risk pertains to SEK’s overall business profile, particularly the balance between interest-bearing assets and liabilities in terms of volume and fixed interest terms. The risk measurement captures the long-term impact of changes in interest rates.
Credit spread risk in assets | Credit spread risk in assets is calculated as the potential impact on SEK’s own funds, in the form of unrealized gains or losses, as a result of a 100 basis-point shift in the credit spreads for assets measured at fair value. | The risk is attributable to SEK’s liquidity portfolio.
Credit spread risk in own debt | Credit spread risk in own debt is calculated as the potential impact on SEK’s equity, in the form of unrealized gains or losses, resulting from a 20 basis points change in SEK’s own credit spreads. | The risk is attributable to SEK’s structured debt measured at fair value.
Cross-currency basis spread risk | The cross-currency basis spread risk measures the potential impact on SEK’s own funds, in the form of unrealized gains or losses, as a result of changes in cross-currency basis spreads by 20 basis points. | The risk is attributable to cross-currency basis swaps used by SEK to hedge the currency risk in the portfolio.
Currency risk | The risk is calculated as the change in value of all foreign currency positions excluding unrealized changes in fair value at an assumed ten percentage-point change in the exchange rate between the respective currency and the Swedish krona. | The foreign exchange position mainly arises on an ongoing basis due to differences between revenues and costs in foreign currency.
Tenor basis spread risk | Tenor basis spread risk measures the potential impact on SEK’s economic value, in the form of unrealized gains or losses, as a result of ten basis point shifts of interest rate curves of different tenors. | The risk is attributable to lending and borrowing with one and six month tenors which are not swapped to three month tenors.
Other risks (equity, commodity and volatility risks) | Equity risk, equity volatility risk, commodity risk, commodity volatility risk, FX volatility risk and interest rate volatility risk all measures unrealized gains or losses and are calculated by stress tests of underlying indices or volatilities. | SEK’s interest rate volatility risk is mainly attributable to interest rate floors in lending transactions, while equity and commodity risks, as well as FX volatility risks, only arise from structured borrowing. Although all structured cash flows are matched through a hedging swap, there could be an impact on SEK’s result. These risks are low, and arise because valuation of the bond, but not the swap, takes SEK’s own credit spread into account.

​

Risk monitoring

Market risks are measured, analyzed and reported to senior management on a daily basis. Cases where limits are exceeded are escalated without delay and managed pursuant to documented instructions. A more comprehensive analysis is conducted each month of how markets and risks have developed during the period. This is complemented with stress tests.

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Risk information

For a supplementary and expanded account of the market risk-related information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2022”.

Change in value should the market interest rate rise by one percentage point

Impact on the value of assets and liabilities, including derivatives, should the market interest rate rise by one percentage point (+1 percent).

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021
​ | ​ | ​ |  | of which, financial instruments | ​ | ​ |  | of which, financial instruments
​ | ​ | ​ |  | measured at fair | ​ | ​ |  | measured at fair
​ | ​ | ​ |  | value through profit or | ​ | ​ |  | value
Skr mn |  | Total |  | loss |  | Total |  | through profit or loss
Foreign currency |  | -101 |  | 167 |  | -268 |  | 162
Swedish kronor |  | -351 |  | 18 |  | -109 |  | 121
Total |  | -452 |  | 185 |  | -377 |  | 283

​

Change in value should the market interest rate decline by one percentage point

Impact on the value of assets and liabilities, including derivatives, should the market interest rate decline by one percentage point (-1 percent).

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | ​ | ​ | 2021
​ | ​ | ​ | ​ | of which, financial instruments | ​ | ​ |  | of which, financial instruments
​ | ​ | ​ |  | measured at fair | ​ | ​ |  | measured at fair
​ | ​ | ​ |  | value through profit or | ​ | ​ |  | value
Skr mn |  | Total |  | loss |  | Total |  | through profit or loss
Foreign currency |  | 129 |  | -179 |  | 579 |  | -165
Swedish kronor |  | 437 |  | -15 |  | 256 |  | -115
Total |  | 566 |  | -194 |  | 835 |  | -280

​

Assets, liabilities and derivatives denominated in foreign currency

Assets, liabilities and derivatives denominated in foreign currency (meaning currencies other than Swedish kronor) have been translated to Swedish kronor using the exchange rates applying at year-end between the currency concerned and Swedish kronor.

The relevant exchange rates for the currencies representing the largest shares in the Group’s net assets and net liabilities in the balance sheet were as shown in the table below (expressed in Swedish kronor per unit of the particular foreign currency). Share at year end is the share of the total volume of assets and liabilities denominated in foreign currency. Currency positions at year-end are the net for each currency of all assets and liabilities in the balance sheet. The figures shown are carrying amounts.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ |  | ​ |  | Share at |  | ​ |  | ​ |  | Share at |  | ​
​ | ​ | Exchange | ​ | year end | ​ | Currency positions | ​ | Exchange | ​ | year end | ​ | Currency positions
Currency | ​ | rate | ​ | (%) | ​ | at year end (Skr mn) | ​ | rate | ​ | (%) | ​ | at year end (Skr mn)
EUR |  | 11.1122 |  | 1 |  | -178 |  | 10.2431 |  | 1 |  | -242
USD |  | 10.4055 |  | 1 |  | -133 |  | 9.0356 |  | 0 |  | -50
JPY |  | 0.0788 |  | 0 |  | 24 |  | 0.0785 |  | 0 |  | 9
GBP |  | 12.5567 |  | 0 |  | -63 |  | 12.2119 |  | 0 |  | -51
MXN |  | 0.5360 |  | 1 |  | -121 |  | 0.4408 |  | 1 |  | -105
THB |  | 0.3011 |  | 0 |  | 3 |  | 0.2709 |  | 0 |  | -4
Other |  | — |  | 0 |  | 107 |  | — |  | 0 |  | -19
Total foreign currency position |  | ​ |  | 3 |  | -361 |  | ​ |  | 2 |  | -462

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In accordance with SEK’s strategy for risk management, currency positions attributable to unrealized changes in fair value are not hedged. Currency positions excluding unrealized changes in fair value amounted to Skr 13 million (year-end 2021: Skr 5 million) at year end. Assets and liabilities denominated in foreign currency are included in the total volumes of assets and liabilities in the following amounts.

​ | ​ | ​ | ​ | ​
Skr mn |  | December 31, 2022 |  | December 31, 2021
Total assets |  | 375,474 | ​ | 333,647
of which, denominated in foreign currencies |  | 291,952 | ​ | 262,056
Total liabilities |  | 353,899 | ​ | 312,839
of which, denominated in foreign currencies |  | 292,313 | ​ | 262,518

​

Liquidity risk and refinancing risk

Liquidity and refinancing risk is the risk, within a defined period of time, of the Company not being able to refinance its existing assets or being unable to meet the need for increased liquidity. Liquidity risk also includes the risk of having to borrow funds at unfavorable interest rates or needing to sell assets at unfavorable prices in order to meet payment commitments. Liquidity risk encompasses refinancing risk and market liquidity risk.

Risk management

SEK’s Board has overall responsibility for liquidity and refinancing risks and establishes policy documents for liquidity risk management; in addition, the CEO establishes instructions for operational management. Liquidity risk is managed operationally by the Treasury function. Liquidity and refinancing risk is measured and reported regularly to the relevant managers, senior management, the CEO, and the Board and its committees. SEK’s risk appetite for both operational and structural liquidity risk is low and SEK’s overall strategy is to reduce the liquidity risks arising from SEK’s business strategy.

SEK has low tolerance for long-term structural liquidity risk and financing must be available throughout the maturity for all credit commitments, pertaining to both outstanding and committed undisbursed loans. The Company includes the credit facility with the Swedish National Debt Office as available borrowing. For information on the credit facility, see Note 27.

Borrowed funds not yet used to finance credits must be invested in interest-bearing securities, also known as liquidity investments. The management of liquidity investments is regulated in the Financing and liquidity Strategy established by the Board’s Finance and Risk Committee. The liquidity investments consists of the liquidity reserve and other investments, which together amount to SEK’s liquidity portfolio. The size of the liquidity portfolio is adapted to cover outflows, outside the CIRR-system, attributable to: 1) committed undisbursed loans, 2) CSAs with derivative counterparties, 3) outflows attributable to short-term borrowing transactions and 4) budgeted new lending. The target for SEK’s new lending capacity is to facilitate at least 60 days of new lending, in line with SEK’s estimated new lending requirements.

The maturity profile of liquidity investments is matched against the net of borrowing and lending. Investments must be made in assets of good credit quality. Such investments should take into account the liquidity of the investment under normal market conditions and the investment’s currency must comply with established guidelines. SEK intends to hold these assets to maturity and only divest them should circumstances so demand. The liquidity reserve, in which only securities regarded as highly liquid are included, accounts for a large portion of SEK’s liquidity investments. The purpose of the liquidity reserve is to safeguard SEK’s short-term solvency, and to fulfill the Company’s requirement for the lowest liquidity coverage ratio (LCR).

SEK’s borrowing strategy is regulated in the Financing and liquidity Strategy Policy, which is established by the Board’s Finance and Risk Committee. For the purpose of ensuring access to short-term funding, SEK has revolving borrowing programs for maturities of less than one year, including a US Commercial Paper Program (UCP) and a European Commercial Paper program (ECP). SEK also has a swingline facility that functions as a back-up facility for SEK’s revolving borrowing program for maturities of less than one year. To secure access to substantial volumes of non-current borrowing, and to ensure that insufficient liquidity or investment appetite among individual borrowing sources does not constitute an obstacle to operations, SEK issues bonds with different structures, currencies and maturities. SEK also issues bonds in many different geographic markets. With regard to maturity, no refinance risk is allowed.

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SEK has a contingency plan for the management of liquidity crises, which is issued by the CEO. The plan describes what constitutes a liquidity crisis according to SEK and what actions SEK intends to take if such a crisis is deemed to have occurred. The plan also describes the decision-making structure during a liquidity crisis. An internal and external communication plan is also included. The contingency plan is also closely linked to the results of the scenario analyses that are performed regularly, whereby various actions are taken to increase the release of cash and cash equivalents that have been analyzed with a preventive purpose.

Risk measurement

In the short term, liquidity risk is monitored mainly through measurement of the liquidity coverage ratio (LCR), which shows SEK’s highly liquid assets in relation to its net cash outflows for the next 30 calendar days. Cash flow forecasts of up to one year are prepared regularly according to various scenarios. SEK’s policy for long-term structural liquidity risk is not to accept refinancing risk. Forecasts are made of the relationship between borrowing, including equity, and lending over time. A net stable funding ratio (NSFR) is also estimated. The NSFR measures the volume of available stable funding in relation to the need for stable funding. SEK also performs regular liquidity stress tests.

Risk monitoring

Liquidity risk is monitored through regular analysis and reporting to the Executive Committee, the Board’s Finance and Risk Committee, the Board of Directors and the Treasury function. Reports are submitted to the Board on a regular basis and cover monitoring of LCR, NSFR, internal metrics, liquidity portfolio composition and liquidity stress tests.

Risk information

For a supplementary and expanded account of the liquidity and refinancing risk-related information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2022”.

Liquidity reserve1

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
Skr bn |  | Total |  | SKR |  | EUR |  | USD |  | Other
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks |  | 30.1 |  | 4.7 |  | 7.2 |  | 18.1 |  | 0.1
Securities issued or guaranteed by municipalities or other public entities |  | 27.9 |  | 10.1 |  | 1.6 |  | 16.2 |  | —
Covered bonds issued by other institutions |  | 12.0 |  | 12.0 |  | — |  | — |  | —
Balances with National Debt Office |  | 3.0 |  | 3.0 |  | — |  | — |  | —
Total liquidity reserve |  | 73.0 |  | 29.8 |  | 8.8 |  | 34.3 |  | 0.1

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
Skr bn |  | Total |  | SKR |  | EUR |  | USD |  | Other
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks |  | 23.0 |  | 4.4 |  | 4.8 |  | 13.7 |  | 0.1
Securities issued or guaranteed by municipalities or other public entities |  | 15.8 |  | 8.0 |  | 1.6 |  | 6.2 |  | —
Covered bonds issued by other institutions |  | 12.9 |  | 12.9 |  | — |  | — |  | —
Balances with National Debt Office |  | 2.0 |  | 2.0 |  | — |  | — |  | —
Total liquidity reserve |  | 53.7 |  | 27.3 |  | 6.4 |  | 19.9 |  | 0.1

1 | The liquidity reserve is a part of SEK’s liquidity investments.

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Liquidity investments by remaining maturity (“M”)

​

​ | ​ | ​ | ​ | ​
Percent |  | Dec 31, 2022 |  | Dec 31, 2021
M ≤ 1 year |  | 90 | ​ | 84
1 year < M ≤ 3 years |  | 10 | ​ | 16
M > 3 years |  | — | ​ | —

​

Key figures for liquidity risk

​ | ​ | ​ | ​ | ​
Percent |  | Dec 31, 2022 |  | Dec 31, 2021
LCR under EU Commission’s delegated act |  | 311 | ​ | 463
NFSR |  | 119 | ​ | 139

​

Liquidity investments by exposure type

​ | ​ | ​ | ​ | ​
Percent |  | Dec 31, 2022 |  | Dec 31, 2021
States and multilateral development banks |  | 46 |  | 40
Local governments |  | 37 |  | 23
Covered bonds |  | 16 |  | 19
Financial institutions |  | 1 |  | 15
Corporates |  | — |  | 3

​

Contractual flows

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ |  | ​ |  | Due |  | Due |  | Due |  | Due |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | Due | ​ | 1 month < 3 | ​ | 3 months < 1 | ​ | 1 year < 3 | ​ | 3 years < 5 | ​ | Due > 5 | ​ | ​ | ​ | Discounting | ​ | Carrying
Skr mn | ​ | < 1 month | ​ | months | ​ | year | ​ | years | ​ | years | ​ | years | ​ | Total cash flow | ​ | effect | ​ | amount
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 4,053 |  | — |  | — |  | — |  | — |  | — |  | 4,053 |  | 7 |  | 4,060
Treasuries/government bonds |  | 4,149 |  | 8,749 |  | 2,223 |  | — |  | — |  | — |  | 15,121 |  | -73 |  | 15,048
Other interest-bearing securities except loans |  | 12,983 |  | 17,791 |  | 19,706 |  | 7,685 |  | — |  | — |  | 58,165 |  | -1,021 |  | 57,144
Loans in the form of interestbearing securities |  | 368 |  | 317 |  | 9,257 |  | 22,498 |  | 14,449 |  | 17,893 |  | 64,782 |  | -10,525 |  | 54,257
Loans to credit institutions |  | 10,824 |  | 271 |  | 2,485 |  | 2,389 |  | 1,970 |  | 5,285 |  | 23,224 |  | -1,079 |  | 22,145
Loans to the public |  | 6,020 |  | 12,350 |  | 34,214 |  | 84,867 |  | 45,683 |  | 52,149 |  | 235,283 |  | -27,546 |  | 207,737
Derivatives |  | 1,035 |  | 2,700 |  | 3,485 |  | 1,066 |  | 1,065 |  | 2,682 |  | 12,033 |  | -1,729 |  | 10,304
of which cash inflow in currency derivatives | ​ | 5,461 | ​ | 17,826 | ​ | 43,773 | ​ | 14,767 | ​ | 6,076 | ​ | 6,012 | ​ | 93,915 | ​ | ​ | ​ | ​
of which cash outflow in currency derivatives | ​ | -4,544 | ​ | -15,538 | ​ | -40,380 | ​ | -14,257 | ​ | -5,250 | ​ | -5,288 | ​ | -85,257 | ​ | ​ | ​ | ​
Total |  | 39,432 |  | 42,178 |  | 71,370 |  | 118,505 |  | 63,167 |  | 78,009 |  | 412,661 |  | -41,966 |  | 370,695
of which derivatives in hedge relationship | ​ | -16 | ​ | 59 | ​ | 130 | ​ | 257 | ​ | 608 | ​ | 1,079 | ​ | 2,117 | ​ | -531 | ​ | 1,586

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ |  | ​ |  | Due |  | Due |  | Due |  | Due |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | Due | ​ | 1 month < | ​ | 3 months | ​ | 1 year < 3 | ​ | 3 years < 5 | ​ | Due > 5 | ​ | ​ | ​ | Discounting | ​ | Carrying
Skr mn | ​ | < 1 month | ​ | 3 months | ​ | < 1 year | ​ | years | ​ | years | ​ | years | ​ | Total cash flow | ​ | effect | ​ | amount
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings from credit institutions |  | -7,153 |  | — |  | — |  | — |  | — |  | — |  | -7,153 |  | 0 |  | -7,153
Borrowings from the public |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Debt securities issued |  | -12,894 |  | -31,803 |  | -105,290 |  | -121,741 |  | -42,690 |  | -49,181 |  | -363,599 |  | 44,482 |  | -319,117
Derivatives |  | -1,398 |  | -3,467 |  | -4,440 |  | -3,407 |  | 632 |  | 673 |  | -11,407 |  | -1,780 |  | -13,187
of which cash inflow in currency derivatives | ​ | 881 | ​ | 10,948 | ​ | 15,660 | ​ | 25,532 | ​ | 4,782 | ​ | 3,793 | ​ | 61,596 | ​ | ​ | ​ | ​
of which cash outflow in currency derivatives | ​ | -1,064 | ​ | -13,306 | ​ | -17,293 | ​ | -28,734 | ​ | -5,069 | ​ | -4,582 | ​ | -70,048 | ​ | ​ | ​ | ​
Total |  | -21,445 |  | -35,270 |  | -109,730 |  | -125,148 |  | -42,058 |  | -48,508 |  | -382,159 |  | 42,702 |  | -339,457
of which derivatives in hedge relationship | ​ | -426 | ​ | -967 | ​ | -5,642 | ​ | -5,083 | ​ | -546 | ​ | -513 | ​ | -13,177 | ​ | 943 | ​ | -12,234
Commitments |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Committed undisbursed loans |  | -4,871 |  | -860 |  | -26,663 |  | -16,224 |  | 201 |  | 48,415 |  | ​ |  | ​ |  | ​
Liquidity surplus (+)/ deficit (-) |  | 13,116 |  | 6,048 |  | -65,023 |  | -22,867 |  | 21,310 |  | 77,916 |  | 30,500 |  | ​ |  | ​
Accumulated liquidity surplus (+)/deficit (-) |  | 13,116 |  | 19,164 |  | -45,859 |  | -68,726 |  | -47,416 |  | 30,500 |  | 30,500 |  | ​ |  | ​

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In addition to the instruments in the Statement of Financial Position and committed undisbursed loans, SEK has outstanding binding offers of Skr 0.2 billion (year-end 2021: Skr 1.5 billion) as well as additional available funds consisting of a credit facility with the Swedish National Debt Office,see Note 27. With regard to deficits in cash flow with maturities between one and three months and one and three years, SEK intends to refinance these through borrowing on the financial market.

Assets with repayments subject to notice are assumed to occur on the maturity date. Derivatives with payments subject to notice are assumed to be repaid on the maturity date regardless of whether SEK or the counterparty has the right to invoke repayments. Liabilities where only SEK has the right to early repayments are assumed to be repaid on the maturity date. Embedded financial derivatives in financial assets and liabilities have been handled in the same way as its host contract. It is unlikely that the applied precautionary principle regarding cash flows on derivatives will be a real outcome. Cash collateral according to collateral agreements for derivative contracts is assumed to mature within the first maturity interval. Differences between book values and future cash flows for financial assets and financial liabilities are reported in the column “Discount effect”. The following items other than financial instruments have an approximate expected recovery time of less than 12 months: other assets; prepaid expenses; accrued revenue; other liabilities; accrued expenses; and prepaid revenue. All other balance sheet items other than financial instruments have an approximate expected recovery time of 12 months or more.

The amounts above include interest, except for committed undisbursed loans.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ |  | ​ |  | Due |  | Due |  | Due |  | Due |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | Due | ​ | 1 month < | ​ | 3 months | ​ | 1 year < 3 | ​ | 3 years < 5 | ​ | Due | ​ | ​ | ​ | Discounting | ​ | Carrying
Skr mn | ​ | < 1 month | ​ | 3 months | ​ | < 1 year | ​ | years | ​ | years | ​ | > 5 years | ​ | Total cash flow | ​ | effect | ​ | amount
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 11,129 |  | — |  | — |  | — |  | — |  | — |  | 11,129 |  | -1 |  | 11,128
Treasuries/government bonds |  | 1,822 |  | 4,131 |  | 4,144 |  | 785 |  | — |  | — |  | 10,882 |  | -10 |  | 10,872
Other interest-bearing securities except loans |  | 7,647 |  | 10,909 |  | 17,511 |  | 9,913 |  | — |  | — |  | 45,980 |  | -99 |  | 45,881
Loans in the form of interest-bearing securities |  | 77 |  | 1,532 |  | 7,529 |  | 14,427 |  | 15,220 |  | 11,329 |  | 50,114 |  | -3,536 |  | 46,578
Loans to credit institutions |  | 11,673 |  | 110 |  | 2,417 |  | 2,581 |  | 1,218 |  | 3,581 |  | 21,580 |  | -805 |  | 20,775
Loans to the public |  | 5,182 |  | 7,229 |  | 37,218 |  | 62,116 |  | 43,375 |  | 50,887 |  | 206,007 |  | -25,719 |  | 180,288
Derivatives |  | 497 |  | 1,336 |  | 2,154 |  | 2,470 |  | 691 |  | 2,486 |  | 9,634 |  | -1,215 |  | 8,419
of which cash inflow in currency derivatives | ​ | 912 | ​ | 13,274 | ​ | 21,973 | ​ | 41,766 | ​ | 5,075 | ​ | 4,071 | ​ | 87,071 | ​ | ​ | ​ | ​
of which cash outflow in currency derivatives | ​ | -896 | ​ | -12,596 | ​ | -20,645 | ​ | -39,925 | ​ | -4,786 | ​ | -3,373 | ​ | -82,221 | ​ | ​ | ​ | ​
Total |  | 38,027 |  | 25,247 |  | 70,973 |  | 92,292 |  | 60,504 |  | 68,283 |  | 355,326 |  | -31,385 |  | 323,941
of which derivatives in hedge relationship | ​ | -7 | ​ | 205 | ​ | 374 | ​ | 688 | ​ | 222 | ​ | 1,597 | ​ | 3,079 | ​ | -418 | ​ | 2,661

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ |  | ​ |  | Due |  | Due |  | Due |  | Due |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | Due | ​ | 1 month < | ​ | 3 months | ​ | 1 year < 3 | ​ | 3 years < 5 | ​ | Due > 5 | ​ | ​ | ​ | Discounting | ​ | Carrying
Skr mn | ​ | < 1 month | ​ | 3 months | ​ | < 1 year | ​ | years | ​ | years | ​ | years | ​ | Total cash flow | ​ | effect | ​ | amount
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings from credit institutions |  | -5,230 |  | — |  | — |  | — |  | — |  | — |  | -5,230 |  | — |  | -5,230
Borrowings from the public |  | — |  | -9,998 |  | — |  | — |  | — |  | — |  | -9,998 |  | -2 |  | -10,000
Debt securities issued |  | -13,587 |  | -26,300 |  | -52,343 |  | -128,316 |  | -42,130 |  | -41,864 |  | -304,540 |  | 24,770 |  | -279,770
Derivatives |  | -358 |  | 101 |  | -206 |  | -4,139 |  | -1,637 |  | -4,210 |  | -10,449 |  | -4,280 |  | -14,729
of which cash inflow in currency derivatives | ​ | 888 | ​ | 16,122 | ​ | 10,459 | ​ | 8,188 | ​ | 8,942 | ​ | 5,107 | ​ | 49,706 | ​ | ​ | ​ | ​
of which cash outflow in currency derivatives | ​ | -952 | ​ | -17,618 | ​ | -10,981 | ​ | -8,886 | ​ | -8,964 | ​ | -5,454 | ​ | -52,855 | ​ | ​ | ​ | ​
Total |  | -19,175 |  | -36,197 |  | -52,549 |  | -132,455 |  | -43,767 |  | -46,074 |  | -330,217 |  | 20,488 |  | -309,729
of which derivatives in hedge relationship | ​ | 41 | ​ | 201 | ​ | -61 | ​ | -1,864 | ​ | -345 | ​ | -830 | ​ | -2,858 | ​ | -688 | ​ | -3,546
Commitments |  |  |  |  |  |  |  | ​ |  |  |  |  |  |  |  |  |  |
Committed undisbursed loans |  | -238 |  | -1,938 |  | -14,890 |  | -22,498 |  | 970 |  | 38,594 |  | ​ | ​ | ​ | ​ | ​
Liquidity surplus (+)/ deficit (-) |  | 18,614 |  | -12,888 |  | 3,534 |  | -62,661 |  | 17,707 |  | 60,803 |  | 25,109 |  | ​ | ​ | ​
Accumulated liquidity surplus (+)/deficit (-) |  | 18,614 |  | 5,726 |  | 9,260 |  | -53,401 |  | -35,694 |  | 25,109 |  | 25,109 |  | ​ | ​ | ​

​

Operational risk

Operational risk is the risk of losses resulting from inadequate or faulty internal processes or systems, human error, or from external events. Operational risk also includes legal risk and IT and security risk.

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Risk management

Operational risk exists in potentially all functions within SEK. The risk appetite for operational risk is low, which means that SEK does not accept any severe operational risks in its business. Active work is carried out to avoid and reduce operational risks to a level where they neither hinder nor prevent the implementation of SEK’s strategy and business plan. Costs associated with reducing the operational risks must be reasonable and in proportion to the intended effects and the expected results of the mitigating actions. Managers of each of the various SEK functions are responsible for the effective management of operational risk within their own function. To support operational risk management, SEK works in compliance with internal policy documents in accordance with SEK’s risk framework. The risk function is responsible for monitoring, analyzing and reporting aggregated risk levels, and for monitoring the appropriateness and efficiency of the Company’s operational risk management. The risk function reports to executive management and to the Board’s Finance and Risk Committee.

Risk measurement

SEK measures and reports operational risk levels at least every quarter. The risk level is based on an assessment of expected loss from risks with high ratings, the scope of loss due to incidents, key risk indicators and whether any breaches of rules related to operations requiring permits have occurred. SEK uses the standardized approach in calculating the capital requirement for operational risk.

Risk monitoring

SEK’s work on operational risk is conducted at all levels of the organization to ensure that the Company is able to identify and reduce risk. All risk-related events are registered in an IT-based incident reporting system. The fundamental cause of each reported risk event is analyzed and actions are then taken to prevent a recurrence.

By means of the New Product Approval Process (NPAP), SEK prevents the Company from unknowingly taking on risks that it is unable to manage.

All functions within SEK perform regular self-assessments of their operations in order to identify and reduce major risks. These assessments include identification of ICT and cyber security risks. The self-assessments and the subsequent analysis are coordinated with business planning and the internal capital assessment. The Risk function carries out aggregated monitoring and analysis of the risks and action plans, as well as of significant operational risk events.

Risk information

For a supplementary and expanded account of the operational risk-related information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2022”.

Sustainability risk

Sustainability risk is defined in the Risk policy as the risk that SEK’s operations, directly or indirectly impact their surroundings negatively in respect of ethics, corruption, climate and the environment, human rights and labor conditions. Human rights include rights from the child’s perspective and labor conditions encompasses gender equality and diversity. Ethics is included in tax transparency.

Sustainability risk means that SEK’s risk concept is broadened to also include how the environment, including the climate is affected by SEK’s operations. Sustainability risk can also affect other types of risk, such as credit risk and is both a non-financial and financial risk for the Company.

ESG factors are environmental, social and governance-related factors that could potentially have a positive or negative effect on the financial position or solvency of SEK’s counterparties and, ultimately, SEK’s financial risks. ESG factors have been integrated into SEK’s assessment of counterparties’ creditworthiness and the Company will also start work to review the potential impact of the ESG factors on other types of risks.

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Risk management

The Board of Directors is ultimately responsible for ensuring that active and forward-looking sustainability work is conducted at SEK. The Board resolves on a sustainability strategy and goals in conjunction with the business plan and risk strategy, which include addressing sustainability risks. The Board continuously monitors and evaluates SEK’s sustainability work. In late 2021, the Board adopted SEK’s “Sustainable finance policy”, which stipulates basic principles for SEK’s lending. These principles also form the basis of the company’s risk appetite for sustainability risk. SEK shall fulfill the risk appetite for sustainability risk by working preventive, detective and perform follow-up procedures. SEK’s uses a risk based approach for managing sustainability risks. This means that the SEK performs more and deeper analysis for transactions with a higher risk. SEK only engages in transactions for which SEK has conducted procedures for gaining understanding of the company and its business relations (know your customer activities) in accordance with current regulations.

SEK’s process for managing sustainability risks is a part of the regular credit process.

Risk measurement

SEK measures and reports the risk level for sustainability risk at least quarterly. Potential sustainability risks are identified and assessed in conjunction with a new business opportunity, potential sustainability risks are identified and assessed at country, counterparty, and or business transaction level.

Country — Countries are classified according to the risk of corruption, negative impact on human rights including labor conditions and the risk of money laundering, financing of terrorism and non-transparent tax jurisdiction.

Counterparty — Checks are conducted as part of know your customer, including ownership checks and checks against international sanction lists, as well as whether the counterparty has been involved in significant sustainability-related incidents.

Business transaction level — i) Projects and project-related financing are classified based on their potential societal and environmental impact according to the OECD’s framework for export credits or the Equator Principles. Category A projects potentially have a material impact, category B projects potentially have some impact, and category C projects have little or no potential impact. ii) Other business transactions are analyzed to assess the risk of corruption, negative environmental or climate impact, negative effects on human rights and labor conditions and the risk of money laundering, financing of terrorism and operation in a non-transparent tax jurisdiction.

Risk monitoring

Sustainability risk is monitored through regular analysis of elevated risks, follow-up of the Company’s risk appetite and reporting to the Board of Directors. Project or project-related funding with an identified elevated sustainability risk is monitored via continuous checks of compliance with the agreement’s sustainability clauses.

SEK performs stress tests for climate-related transitions risk annually. The results of the scenario analyses and stress tests are reported to the Executive Committee and to the Finance and Risk Committee.

Risk information

For a supplementary of the sustainability risk related information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2022”.

​

Note 27. Transactions with related parties

SEK defines related parties to the Parent Company and the Consolidated Group as:

the shareholder, i.e., the Swedish government
companies and organizations that are controlled through a common owner, the Swedish government
subsidiaries
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key management personnel
other related parties

The Swedish government owns 100 percent of the Company’s share capital. By means of direct guarantees extended by the Swedish Export Credits Guarantee Board, EKN, 43 percent (year-end 2021: 44 percent) of the Company’s loans outstanding on December 31, 2022, were guaranteed by the Swedish government. The remuneration to EKN for the guarantees paid by SEK during 2022 amounted to Skr 46 million (2021: Skr 45 million). SEK administers, in return for compensation, the Swedish system for officially supported export credits (CIRR-system), and the government’s previous concessionary credits system, refer to Note 1 (f) and Note 24.

SEK has a Skr 175 billion (2021: Skr 200 billion) credit facility with the Swedish National Debt Office. The credit facility can be used for loans covered by the CIRR-system up to Skr 162 billion (2021: Skr 185 billion), and for commercial export financing up to Skr 13 billion (2021: Skr 15 billion). During the first quarter of 2022, SEK repaid the drawdown of Skr 10 billion that was made from the credit facility during the first quarter of 2020. In December, 2022, the credit facility was extended with Skr 175 billion through 2023, of which Skr 35 billion can be used for commercial export financing.

SEK enters into transactions in the ordinary course of business with entities that are partially or wholly owned or controlled by the State. SEK also extends export credits, in the form of direct or pass-through loans, to entities related to the State. Transactions with such counterparties are conducted on the same terms, including interest rates and repayment schedules, as transactions with unrelated parties. The Group’s and the Parent Company’s transactions do not differ significantly. There are no internal transactions between the Parent Company and the subsidiary. For further information see Note 1 (d), Basis of consolidation and Note 15.

Key management personnel include the following positions:

The Board of Directors

The Chief Executive Officer

Other executive directors

For information about remuneration and other benefits to key management personnel see Note 5, Personnel expenses.

Other related parties include close family members of key management personnel as well as companies which are controlled by key management personnel of SEK or controlled by close family members to key management personnel. The following tables further summarize the Group’s transactions with its related parties.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | Companies and | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | organizations controlled | ​ | ​ | ​ | ​
​ | ​ | The shareholder, | ​ | through a common owner, | ​ | ​ | ​ | ​
​ | ​ | the Swedish government | ​ | the Swedish government | ​ | Total
​ |  | ​ |  | Interest |  | ​ |  | Interest |  | ​ |  | Interest
​ | ​ | ​ | ​ | income/ | ​ | ​ | ​ | income/ | ​ | ​ | ​ | income/
​ | ​ | Assets/ | ​ | interest | ​ | Assets/ | ​ | interest | ​ | Assets/ | ​ | interest
Skr mn | ​ | liabilities | ​ | expense | ​ | liabilities | ​ | expense | ​ | liabilities | ​ | expense
Cash | ​ | 3,000 | ​ | 20 | ​ | — | ​ | — | ​ | 3,000 | ​ | 20
Treasuries/government bonds |  | — |  | 2 |  | — |  | — |  | — |  | 2
Other interest-bearing securities except loans |  | 3,499 |  | 24 |  | 2,185 | ​ | 11 |  | 5,684 |  | 35
Loans in the form of interest-bearing securities |  | — |  | — |  | 5,349 |  | 64 |  | 5,349 |  | 64
Loans to credit institutions |  | — |  | — |  | 2,417 |  | 54 |  | 2,417 |  | 54
Loans to the public |  | — |  | — |  | 691 |  | 24 |  | 691 |  | 24
Settlement claim against the State1 |  | 17 |  | — |  | — |  | — |  | 17 |  | —
Total |  | 6,516 |  | 46 |  | 10,642 |  | 153 |  | 17,158 |  | 199
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Borrowing from the public |  | — |  | — |  | — |  | — |  | — |  | —
Other liabilities |  | — |  | 2 |  | — |  | — |  | — |  | 2
Settlement debt against the State1 | ​ | 8,509 |  | — |  | — |  | — |  | 8,509 |  | —
Total |  | 8,509 |  | 2 |  | — |  | — |  | 8,509 |  | 2

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | Companies and | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | organizations -controlled | ​ | ​ | ​ | ​
​ | ​ | The shareholder, | ​ | through a common owner, | ​ | ​ | ​ | ​
​ | ​ | the Swedish government | ​ | the Swedish government | ​ | Total
​ |  | ​ |  | Interest |  | ​ |  | Interest |  | ​ |  | Interest
​ | ​ | ​ | ​ | income/ | ​ | ​ | ​ | income/ | ​ | ​ | ​ | income/
​ | ​ | Assets/ | ​ | interest | ​ | Assets/ | ​ | interest | ​ | Assets/ | ​ | interest
Skr mn | ​ | liabilities | ​ | expense | ​ | liabilities | ​ | expense | ​ | liabilities | ​ | expense
Cash | ​ | 2,000 | ​ | — | ​ | — | ​ | — | ​ | 2,000 | ​ | —
Treasuries/government bonds |  | 1,250 |  | -7 |  | — |  | — |  | 1,250 |  | -7
Other interest-bearing securities except loans |  | — |  | — |  | 5,175 | ​ | 0 |  | 5,175 |  | 0
Loans in the form of interest-bearing securities |  | — |  | — |  | 2,600 |  | 33 |  | 2,600 |  | 33
Loans to credit institutions |  | — |  | — |  | 1,719 |  | 23 |  | 1,719 |  | 23
Loans to the public |  | — |  | — |  | 1,419 |  | 9 |  | 1,419 |  | 9
Settlement claim against the State1 |  | 7,209 |  | — |  | — |  | — |  | 7,209 |  | —
Total |  | 10,459 |  | -7 |  | 10,913 |  | 65 |  | 21,372 |  | 58
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Borrowing from the public |  | 10,000 |  | — |  | — |  | 4 |  | 10,000 |  | 4
Other liabilities |  | 147 |  | — |  | — |  | — |  | 147 |  | —
Settlement debt against the State1 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Total |  | 10,147 |  | — |  | — |  | 4 |  | 10,147 |  | 4

1 | For information about settlement claim or debt against the State, see Note 16,Note 19 and Note 24.

​

​

Note 28. Reference interest rate reform

Since the 2010s, there has been an ongoing reform to replace or amend benchmark interest rates such as LIBOR and other interbank offered rates (IBOR). SEK’s exposure that is directly affected by the reference interest rate reform is primarily its lending contracts with floating interest rates, its lending and borrowing contracts at fixed interest rates that are hedged to floating interest rates as well as swaps to floating interest rates. The main floating interest rate exposures relate to USD LIBOR, STIBOR and EURIBOR. LIBOR is the group of benchmark interest rates that currently has a timed settlement plan. GBP LIBOR, CHF LIBOR, EUR LIBOR, JPY LIBOR and USD LIBOR 1W and USD LIBOR 2M ceased on December 31, 2021. For USD LIBOR, the rest of the maturities will expire after June 30, 2023. For EURIBOR and STIBOR, no such end date has been communicated, but the general opinion is that these will continue to exist for the next few years. Outstanding exposures with a reference interest rate of USD LIBOR and a maturity after June 2023 will be converted during the period up to June 30, 2023. Change of reference interest rate during the reform will be carried out with the intention that the change shall be financially neutral for each party. SEK has lending contracts and derivative contracts maturing after June 30, 2023 in USD LIBOR with a nominal amount of USD 1,682 million (year-end 2021: Skr 1,870 million) and USD 19,063 million (year-end 2021: Skr 19,284 million), respectively. The nominal amount of the hedging instruments directly affected by the IBOR reform amounts to Skr 81,590 million (year-end 2021: Skr 105,440 million).

SEK has adhered to the 2020 ISDA Fallback Protocol, which sets a market standard for handling the conversion of derivatives to a new reference interest rate between counterparties during the reference interest rate reform. For lending contracts, conversion is handled by agreement. SEK has applied the relief under IFRS 9 Reform for new reference rates.

SEK has been working since 2018 to prepare the company for the reference interest rate reform. The work includes changes in systems, processes, agreements, pricing and risk models to manage the new risk-free reference rates (RFRs) that replace LIBOR. SEK continues to monitor the development of new market standards and relevant interest groups to ensure an orderly transition to the new reference rates. In applying the amendments to IFRS 9, SEK has made the assumption in assessing the financial relationship between hedged items and hedging instruments that the uncertainty regarding future reference interest rates will remain until the hedging instruments are converted.

​

​

Note 29. 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.

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Note 30. Risk and capital management

The Risk and capital management section addresses significant aspects of SEK’s risk and capital management. For detailed descriptions, including quantitative information on SEK’s capital adequacy and its risk and capital management, refer to Note 25 and Note 26, respectively. For supplementary and expanded information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2022”, available at www.sek.se.

Events in 2022

Market developments in 2022 were dominated by Russia’s invasion of Ukraine, rising inflation and increased interest rates. The Swedish Krona weakened sharply against the USD and EUR. Broad index declines in stock markets indicated poorer times ahead. In Sweden, the economic indicators showed that the economy was moving towards a worsening trajectory. In January 2023, the World Bank lowered its growth forecast for the world economy from the 3.0 percent predicted in the summer to 1.7 percent.

In 2022, SEK recorded no confirmed credit losses. In 2022, provisions for expected credit losses were up year-on-year due to the prevailing macroeconomic uncertainty.

At the end of the year, the total capital ratio was 20.6 percent (2021: 21.6 percent), of which the Tier 1 capital ratio and the Common Equity Tier 1 ratio amounted to 20.6 percent (2021: 21.6 percent). The decline in the capital ratio primarily pertained to increased lending and a weaker Swedish krona.

The leverage ratio amounted to 8.4 percent (2021: 9.3 percent) at year-end. The year-on-year decrease in the leverage ratio was attributable to high lending.

SEK’s total net exposures, after credit risk mitigation, have increased since the end of 2021 due to increased lending volumes, with the main increase being net exposures to central governments.

SEK’s largest financial risks are credit risk in the amount of Skr 7.2 billion (2021: Skr 6.0 billion), market risk in the amount of Skr 1.5 billion (2021: Skr 1.2 billion) and operational risk in the amount of Skr 0.3 billion (2021: Skr 0.2 billion), in line with internally assessed capital requirements.

The Swedish National Debt Office has updated the minimum requirement for own funds and eligible liabilities (MREL). SEK is deemed systemically important to the Swedish financial system and shall also meet part of the requirement using own funds and subordinated eligible instruments. SEK is in compliance with minimum levels as well as target levels set out for 2023. In order to comply with the requirement after the transitional period ending on January 1, 2024, SEK needs to issue about Skr 12 billion in subordinated eligible debt (senior non-preferred) during 2023.

The market was volatile in 2022 with periods of limited access to liquidity in the system. Despite the above, SEK had healthy liquidity throughout the year with good capacity to manage operational and structural liquidity risk. New lending capacity amounted to 96 days (2021: 125 days), the liquidity coverage ratio (LCR) was 311 percent (2021: 463 percent) at year-end. The net stable funding ratio (NSFR) amounted to 119 percent (2021: 139 percent) at year-end.

Capital target

The Company’s capital target, which is one of the principal control instruments, is established by the owner at a general meeting of shareholders. The capital target is designed to ensure that SEK has sufficient capital to support its strategy and that regulatory requirements are met, even in the event of deep economic declines. In addition, SEK’s own funds must also cover the volatility that may be expected under normal conditions. The capital target for SEK’s total capital ratio shall amount to between two (2) and four (4) percentage points over the requirement communicated by the Swedish FSA. Moreover, SEK’s Common Equity Tier 1 ratio shall be in total at least four (4) percentage points above the requirement communicated by the Swedish FSA.

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As part of the most recent review and evaluation process, as of September 29, 2021, the Swedish FSA informed SEK that in addition to the capital requirement pursuant to Regulation (EU) No. 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.5 percent of the total risk exposure amount and 0.15 percent of the total exposure measure for the leverage ratio. The risk-based Pillar 2 guidance and the leverage ratio guidance can both only be met with Common Equity Tier 1 capital. Pillar 2 guidance is not a binding requirement.

On December 31, 2022, SEK’s total capital ratio requirements, including Pillar 2 guidance, and CET1 ratio requirements, including Pillar 2 guidance, amounted to 16.5 percent and 11.4 percent, respectively (year-end 2021: 15.7 percent and 10.6 percent respectively). The requirements, including Pillar 2 guidance, should be compared to a total capital ratio and CET1 ratio that amounted to 20.6 percent on December 31, 2022 (year-end 2021: 21.6 percent).

Core risk management principles

SEK must be selective in its choice of counterparties and clients in order to ensure a strong credit rating. SEK only lends funds to clients who have successfully undergone SEK’s procedure for gaining understanding of the customer and its business relations under know your customer, and have a business structure that complies with SEK’s mission of promoting the Swedish export industry.

The business operations are limited to financial solutions and positions that the Company has approved and has procedures for, whose risks can be measured and evaluated and where the Company complies with international sustainability risk guidelines.

SEK’s liquidity strategy requires that the Company secures financing that, at the very least, has the same maturities as the funds that it lends. SEK uses derivatives to maintain market risk at a low level and with the aim of ensuring stable net interest income.

SEK’s risk framework

Effective risk management and control in SEK are based on a sound risk culture, a common approach and a well-functioning control environment. SEK emphasizes the importance of high risk awareness among personnel and an understanding of the importance of preventive risk management to, thereby, keep risk exposure within the determined level. SEK also has a risk framework, see the Risk Framework illustration.

The structure of the risk framework is ultimately governed by SEK’s mission from its owner, the Swedish government, and SEK’s business model.

The capital target constitutes the outer boundary for SEK’s strategy. Within the restrictions of the capital target, risk appetite is stated, which is expressed by risk class and comprises the risk to which the Board is prepared to expose SEK in order to achieve its strategic objectives. Risk governance is specified in the form of a risk strategy, a risk policy, in SEK’s risk culture, and in instructions, processes and limits. These policy documents describe the risk management process and define what activities and operations are included in the process, and how they should be performed. The policy documents also indicate how responsibility is structured in terms of the execution, monitoring of and compliance with risk management.

Risk appetite

The Board decides on the Company’s risk appetite, which is to encompass all of the Company’s significant risk classes and to express the outer limits for the business operations. The risk appetite must specify the risk measurements that, in the opinion of the Board, provide information that is sufficient for the members of the Board to be well informed about the type and scope of the Company’s risks. The risk appetite is strongly connected to the Company’s loss capacity and thus to its equity. At least on a quarterly basis, the Board is provided with a comprehensive update of the risk exposures’ relationship to the risk appetite.

Refer also to the table Detailed risk statement, where the risk appetite by risk class is described in detail.

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Risk governance

The Board of Directors has ultimate responsibility for governing and monitoring risk exposure and risk management, and for ensuring satisfactory internal control. The Board determines the overall risk governance by making decisions on such matters as risk appetite and risk strategy. The Board also decides on risk policy and on matters of considerable importance to credit granting. For a detailed description of the Board of Directors’ rules of procedure, refer to the Corporate Governance Report.

SEK has organized risk management and risk control in accordance with the principle of three lines of defense in the form of clear-cut separation of responsibility between the commercial and support operations that own the risks, the control functions that independently identify and monitor the risks and an internal audit function, which reviews the control functions; see the illustration below.

Risk management process

The Company’s risk management process encompasses: identification, measurement, management, reporting, control and monitoring of those risks with which the business is associated and for which SEK has formulated internal controls with this purpose in mind. SEK’s risk management process consists of the following key elements:

Risk identification — at any given time, SEK must be aware of the risks to which it is or can be exposed. Risks are identified, primarily in new transactions, in external changes in SEK’s operating environment or internally in, for example, products, processes, systems and through annual risk analyses that include all aspects of SEK. Both forward-looking and historical analyses and testing are performed.

Measurement — the size of the risks is measured on a daily basis in respect of significant measurable risks or is assessed qualitatively as frequently as necessary. For those risks that are not directly measurable, SEK evaluates the risk according to models that are based on SEK’s risk appetite for the respective risk class, specifying appropriate scales of probability and consequence.

Governance — SEK aims to oversee the development of business, actively utilize risk-reduction capabilities and control the development of risks over time to ensure that the business activities are kept within the risk appetite and limits. SEK also plans and draws up documentation to ensure the continuity of business-critical processes and systems and that planning is carried out for crisis management. Exercises and training regarding the management of situations that require crisis and/or continuity planning are performed continuously.

Control and monitoring — SEK checks and monitors compliance with capital targets, risk appetite, limits, risk management and internal and external regulations to ensure that risk exposures are kept at an acceptable level for SEK and that risk management is effective and appropriate.

Reporting — the Company reports on the current risk situation, on the use of capital and on related matters to the CEO, the Finance and Risk Committee and the Board, at least once each quarter.

Internal capital and liquidity assessment processes

The internal capital adequacy assessment process is an integral part of SEK’s strategic planning. The purposes of the internal capital adequacy assessment process are to ensure that SEK has sufficient capital to meet the regulatory requirements under both normal and stressed financial conditions and to support SEK’s credit rating. The capital kept by SEK must be sufficient in relation to the risks that SEK has, or can be exposed to. The capital adequacy assessment is based on SEK’s internal assessments of the risks and their development, as well as assessments of risk measurement models, risk governance and risk management. It is integrated into business planning and forms the foundation for SEK’s strategy for maintaining an adequate level of capital. Capital adequacy assessments are conducted at least for the forthcoming three-year period.

To arrive at an adequate capitalization level that also applies under stressed financial conditions, an analysis is conducted of how the capitalization is affected by stress in global financial markets, as well as of other factors that impact SEK’s business model and net risk exposure.

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When SEK performs the internal capital adequacy assessment, it applies methods other than those used for the Swedish FSA’s capital requirement. The assessment is based on SEK’s internal calculation of economic capital, which captures all of the specific risks to which SEK’s operations are exposed, even risks over and above those included in the Swedish FSA’s capital requirement.

In addition to the internal capital adequacy assessment, SEK also estimates the total capital requirement as set for SEK by the Swedish FSA in its review and evaluation process. The capital adequacy assessment estimated by the Swedish FSA is a minimum requirement for SEK’s own funds.

Refer also to the information about Pillar 2 guidance in the Capital target section on page 31. In SEK’s assessment, SEK has own funds that comfortably exceed both the internally estimated need of own funds and the total capital requirement calculated by the Swedish FSA.

In addition to the internal capital adequacy assessment process, an in-depth liquidity analysis is performed. During the planning period, the liquidity requirement and its composition in terms of liquidity requirements for different currencies, among other items, are evaluated to ensure the Company has adequate liquidity to implement the business plan and meet regulatory requirements. In SEK’s assessment, the Company has liquidity that exceeds liquidity needs during the planning period.

For supplementary and expanded information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2022”, available at www.sek.se.

SEK’s risk framework

The risk framework encompasses the entire operations and is ultimately governed by SEK’s mission.

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Detailed risk statement

| ​ | ​ |  |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | ---
Risk class |  | Risk management |  | Risk profile |  | Risk appetite |  | Proportion of Economic capital
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Credit risk Credit risk is the risk of default on debt that may arise from a borrower failing to make required payments. A credit risk can be of the following types: Credit default risk – The risk of loss arising from a debtor being unlikely to pay its loan obligations in full or the debtor is more than 90 days past due on any material credit obligation. Default risk may impact all credit-sensitive transactions, including loans, securities and derivatives. Concentration risk – The risk associated with any single exposure or group of exposures. It may arise in the form of single-name concentration, geography or industry concentration. Country risk – The risk of loss arising from a sovereign state freezing foreign currency payments (transfer/conversion risk) or when it defaults on its obligations (sovereign risk). ​ | ​ | Lending must be based on in-depth knowledge of SEK’s counterparties as well as counterparties’ repayment capacity. Lending must also be aligned with SEK’s mission based on its owner instruction. SEK’s credit risks are mitigated through a risk-based selection of counterparties and managed through the use of guarantees, credit insurance, netting agreements and other types of collateral. Furthermore, SEK’s lending is guided by the use of a normative credit policy, specifying principles for risk levels and lending terms. Concentrations that occur naturally as a result of the Company’s mission are accepted, but the Company continuously works towards reducing the risk of concentration where this is possible. | ​ | SEK’s lending portfolio is of a high credit quality. The Company’s mission naturally entails certain concentration risks, such as geographical concentration risk in Sweden. The net risk is principally limited to counterparties with high creditworthiness, such as export credit agencies (ECAs), major Swedish exporters, banks and insurers. SEK invests its liquidity in high credit quality securities, primarily with short maturities. | ​ | Moderate (SEK’s risk appetite for credit risk is higher than other risks.) | ​ | 60.6%
Liquidity risk Liquidity and refinancing risk is the risk, within a defined period of time, of the Company not being able to refinance its existing assets or being unable to meet the need for increased liquidity. Liquidity risk also includes the risk of having to borrow funds at unfavorable interest rates or needing to sell assets at unfavorable prices in order to meet payment commitments. Liquidity risk encompasses refinancing risk and market liquidity risk. | ​ | SEK shall have diversified funding to ensure that funding is available through maturity for all credit commitments — credits outstanding as well as agreed but undisbursed credits. The size of SEK’s liquidity investments must ensure that new lending can take place even during times of financial stress. | ​ | SEK has secured its funding for all its credit commitments, including those agreed but not yet disbursed. In addition, the size of SEK’s liquidity investments allow new lending to continue at a normal pace, even during times of stress. As a consequence of SEK having secured its funding for all its credit commitments, the remaining term to maturity for available funding is longer than the remaining term to maturity for lending. | ​ | Low ​ | ​ | —
Market risk Market risk is the risk of loss or changes in future earnings due to changes in, for example, interest rates, exchange rates, commodity prices or share prices. A distinction is made between market risk of non-market valued assets and liabilities and fair valued assets and liabilities. Market risk includes price risk in connection with sales of assets or the closing of exposures. | ​ | SEK conducts no active trading. The core of SEK’s market risk strategy is to borrow funds in the form of bonds which, regardless of the market risk exposures in the bonds, are hedged by being swapped to a floating interest rate. Borrowed funds are used either immediately for lending, mainly at a floating rate of interest, or swapped to a floating rate, or to ensure that SEK has sufficient liquidity. The aim is to hold assets and liabilities to maturity. | ​ | SEK’s business model leads to exposures towards market movements, mainly to interest rates, basis spreads, credit spreads and foreign exchange rates. | ​ | Low ​ | ​ | 12.3%

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Risk class |  | Risk management |  | Risk profile |  | Risk appetite |  | Proportion of Economic capital
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Operational risk Operational risk is the risk of losses resulting from inappropriate, inadequate or faulty internal processes or procedures, systems, human error, or from external events. Operational risk includes legal, IT and information security risk. | ​ | SEK manages the operational risk on an ongoing basis through mainly efficient internal control procedures, performing risk analysis before changes, focus on continuous improvements and business continuity management. Costs to reduce risk exposures must be in proportion to the effect that such measures have. | ​ | Operational risks arise in all parts of the business. The vast majority of incidents that have occurred are minor events that are rectified promptly within each function. Overall operational risk is low as a result of effective internal control measures and a focus on continuous improvement. | ​ | Low ​ | ​ | 2.6%
Compliance risk Compliance risk is the risk of failure to meet obligations pursuant on the one hand to legislation, ordinances and other regulations, and on the other hand, to internal rules. | ​ | SEK works continuously to develop tools and knowledge to help identify the Company’s compliance risks. The Company analyses and monitors compliance risks with the intention of continuously reducing the risk of non-compliance with regulations. | ​ | SEK’s operations lead to exposure to the risk of failing to comply with current regulatory requirements and ordinances in markets in which the Company operates. | ​ | Low | ​ | -
Business and strategic risk Business risk is the risk of an unexpected decline in revenue resulting from, for example, changes to competitive conditions with a decrease in volumes and/or falling margins. Strategic risk is the risk of lower revenue because strategic initiatives fail to achieve the pursued results, inefficient organizational changes, improper implementation of decisions, unwanted effects from outsourcing, or the lack of adequate response to changes in the regulatory and business environment. Strategic risk focuses on large-scale and structural risk factors. | ​ | SEK’s executive management is responsible for identifying and managing the strategic risks and monitoring the external business environment and developments in the markets in which SEK conducts operations and for proposing the strategic direction to the Board. A risk analysis in the form of a self-assessment concerning strategic risk is to be conducted each year. | ​ | SEK’s strategic risks mainly arise through changes in the external operating environment, such as market conditions, which could result in limited lending opportunities for SEK, and regulatory reforms from two perspectives: (1) the impact of these reforms on SEK’s business model; and (2) the requirements on the organization resulting from increased regulatory complexity. | ​ | Low to moderate | ​ | -

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Risk class |  | Risk management |  | Risk profile |  | Risk appetite |  | Proportion of Economic capital
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Sustainability risk and ESG factors Sustainability risk is the risk that SEK’s operations directly or indirectly impact their surroundings negatively with respect to business ethics, corruption, climate and the environment, human rights and labor conditions. Human rights includes the child’s rights perspective; labor conditions encompasses gender equality and diversity; and ethics includes tax transparency. ESG factors are environmental, social and governance-related factors that could potentially have a positive or negative effect on the financial position or solvency of SEK’s counterparties and, ultimately, SEK’s financial risks. | ​ | Sustainability risks are managed according to a risk-based approach. In cases of heightened sustainability risk, a detailed sustainability review is performed and measures could be required in order to mitigate environmental and social risks. Requirements are based on national and international regulations and guidelines within the areas of environment and climate, anti-corruption, human rights including labor conditions and business ethics including tax. ESG factors have been integrated into SEK’s assessment of counterparties’ creditworthiness and the Company will also start work to review the potential impact of the ESG factors on other types of risks. | ​ | SEK is indirectly exposed to sustainability risks in connection to its lending activities. High sustainability risks could occur in financing of large projects or businesses in countries with high risk of corruption or human rights violations. | ​ | Low to moderate | ​ | -

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SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

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​ | AKTIEBOLAGET SVENSK EXPORTKREDIT (publ)
​ | (Swedish Export Credit Corporation)
​ | (Registrant)
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​ | ​
​ | ​ | By | /s/ Magnus Montan
​ | ​ | Magnus Montan, Chief Executive Officer

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Stockholm, Sweden

February 28, 2023

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