6-K

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Dated July 15, 2021.

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Aktiebolaget Svensk Exportkredit

Swedish Export Credit Corporation

(Translation of Registrant’s Name into English)

Klarabergsviadukten

61-63

SE-101 23 Stockholm

Sweden

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): N/A

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): N/A

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ◻ No ⌧

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

Incorporation by Reference

This Report on Form 6-K, including the exhibits hereto, is hereby incorporated by reference, in its entirety, into the registration statement on Form F-3 (File No. 333-249829) of Aktiebolaget Svensk Exportkredit (publ) (“SEK”).

This Report comprises the following:

1. Registrant’s report for the second quarter of 2021.

2. Table of unaudited consolidated capitalization of the Registrant (attached as Exhibit 99.2 hereto).

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AB Svensk Exportkredit

Swedish Export Credit Corporation

Interim Report

January-June 2021

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: July 15, 2021

AB Svensk Exportkredit
(Swedish Export Credit Corporation)
By:	/s/ Catrin Fransson
	Catrin Fransson, Chief Executive Officer

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AB Svensk Exportkredit
Swedish Export Credit Corporation

January-June 2021

(Compared to the period January-June 2020)

● Net interest income Skr 953 million (1H20: Skr 874 million)

● Operating profit Skr 603 million (1H20: Skr 290 million)

● Net profit Skr 479 million (1H20: Skr 224 million)

● New lending Skr 38.1 billion (1H20: Skr 89.8 billion)

● Volume of green bonds issued Skr 4.0 billion (1H20: 2.2 billion)

● Basic and diluted earnings per share Skr 120 (1H20: Skr 56)

● After-tax return on equity 4.8 percent (1H20: 2.3 percent)

Second quarter of 2021

(Compared to the second quarter of 2020)

● Net interest income Skr 468 million (2Q20: Skr 469 million)

● Operating profit Skr 312 million (2Q20: Skr 133 million)

● Net profit Skr 248 million (2Q20: Skr 101 million)

● New lending Skr 23.2 billion (2Q20: Skr 56.5 billion)

● Volume of green bonds issued Skr 1.6 billion (2Q20: 2.2 billion)

● Basic and diluted earnings per share Skr 62 (2Q20: Skr 25)

● After-tax return on equity 4.9 percent (2Q20: 2.1 percent)

Equity and balances

(Compared to December 31, 2020)

● Total capital ratio 23.3 percent (year-end 2020: 21.8 percent)

● Total assets Skr 319.8 billion (year-end 2020: Skr 335.4 billion)

● Loans, outstanding and undisbursed Skr 281.4 billion (year-end 2020: Skr 288.9 billion)

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Strong export industry recovery but reduced needs for financing

The Swedish export industry has posted a strong recovery from the COVID-19 pandemic and production is at full speed in certain sectors. Comprehensive fiscal measures and vaccination programs are now being rolled out across most of the world, which is leading to positive effects and a strong future outlook. SEK’s Export Credit Trends Survey shows that many companies have strong finances and high order intakes, while the need for financing has declined. This is mainly attributable to companies having very strong liquidity positions and that many of them are still cautious about making major investments.

Despite lower needs for financing in total, demand for financing solutions for the environmental transition is high, particularly in terms of project financing and export credits. Industry’s need to transition is considerable, and the conditions for investing in climate-positive transition are beneficial. Global growth forecasts are healthy, capital is readily available in the market and the demand for sustainable solutions is very high.

For the first six months of the year, new lending was Skr 38.1 billion, which was lower year-on-year (1H20: Skr 89.8 billion) since the need for financing was at record highs in the first six months of 2020 due to the COVID-19 pandemic. However, net interest income for the period was higher and totaled Skr 953 million (1H20: Skr 874 million), operating profit for the period amounted to Skr 603 million, up considerably year-on-year (1H20: Skr 290 million) and net profit amounted to Skr 479 million (1H20: Skr 224 million). Strong net interest income in combination with lower provisions for expected credit losses and improved net results of financial transactions positively impacted earnings.

As a result of the pandemic, the majority of SEK’s employees continue to work from home, and customer meetings will continue to take place digitally until autumn at the earliest. This has worked very well even if it has proved difficult to cultivate new customers. SEK has signed agreements for new premises for its head office, which means that in the autumn this year, we are moving from Klarabergsviadukten to Fleminggatan in Kungsholmen in Stockholm. The new office will be more suitable for physical, digital and hybrid meetings.

This will be my final interim report, as Magnus Montan is taking over the role as CEO of SEK on July 16, 2021. I would like to express my thanks to all customers, investors, owners, business partners and colleagues for seven fantastic and rewarding years.

Catrin Fransson Chief Executive Officer

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Increased demand for export financing in the second quarter

New lending for the first six months of 2021 as a whole was lower than in the first six months of 2020. The second quarter witnessed higher demand for financing compared with the first, with new lending of Skr 23.2 billion (3M21: Skr 14.9 billion). On a sequential quarterly basis, demand for working capital has increased, and lending from SEK’s offering of loans in local currency has doubled. Export financing, that is project financing and export credits, also performed strongly in the second quarter, including a major transaction in West Africa amounting to EUR 520 million. A higher lending volume in the second quarter compared with the first was anticipated, partly because the export industry is demonstrating a strong recovery from the COVID-19 pandemic and partly because the second quarter tends to include higher activity with stronger earnings than the first, in accordance with the seasonal variations of SEK’s business.

The number of green transactions increased in the second quarter compared with the first. Some examples of the new transactions include SEK’s participation in the financing of one of Europe’s largest land-based wind farms the Björnberget wind farm, a new loan to the heating technology company Nibe with the loan conditions linked to the company’s sustainability targets, and a new loan to Exeger, which manufactures thin, flexible solar cells for consumer products.

A lasting effect of the COVID-19 pandemic is that the ability to meet customers physically is still limited. Despite this, customer relationships have worked well and customer processing has taken place digitally.

SEK’s new lending

Skr bn	Jan-Jun 2021		Jan-Jun 2020		Jan-Dec 2020
Lending to Swedish exporters1	10.7		52.4		62.2
Lending to exporters’ customers2	27.4		37.4		63.3
Total	38.1		89.8		125.5
CIRR loans as percentage of new lending	24	%	12	%	15	%

1 Of which Skr 0.7 billion (1H20: Skr 0.9 billion; year-end 2020: Skr 1.1 billion) had not been disbursed at period end.

2 Of which Skr 11.1 billion (1H20: Skr 15.4 billion; year-end 2020: Skr 17.9 billion) had not been disbursed at period end.

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Lower needs for financing in a stable bond market

Following a substantial increase in customer demand for long-term financing in 2020, SEK is now seeing demand at more normal levels. As a result, SEK’s need to raise long-term financing has also now normalized. SEK raised borrowings corresponding to Skr 9.2 billion with maturities of at least one year in the second quarter and Skr 43.4 billion in the first half of the year, which was Skr 23 billion less than in the first half of 2020. No major public offerings were conducted during the period, which enabled a number of minor transactions at advantageous levels. The share of structured debt in Japan increased in the second quarter.

In line with SEK’s focus on sustainability, the company has issued Skr 4 billion in green bonds during the first half of the year, of which Skr 1.6 billion was issued during the second quarter.

SEK continues to have high liquidity for new lending and is well prepared to meet the future financing needs of the Swedish export industry.

SEK’s borrowing

Skr bn	Jan-Jun 2021	Jan-Jun 2020	Jan-Dec 2020
New long-term borrowings	43.4	66.4	123.2
Volume of green bonds issued during the period	4.0	2.2	5.1
Outstanding senior debt	281.2	304.5	287.5
Repurchase and redemption of own debt	0.8	2.6	3.0

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January-June 2021

Operating profit amounted to Skr 603 million (1H20: Skr 290 million). Net profit amounted to Skr 479 million (1H20: Skr 224 million). Strengthened net interest income, in combination with lower provisions for expected credit losses and an improved net result of financial transactions had a positive effect on profit compared to the same period in the previous year.

Net interest income

Net interest income amounted to Skr 953 million (1H20: Skr 874 million), an increase of 9 percent compared to the same period in the previous year. The record high volumes of lending during 2020 affected net interest income positively.

The table below shows average interest-bearing assets and liabilities.

Skr bn, average	Jan-Jun 2021	Jan-Jun 2020	Change
Total loans	226.7	232.8	-3	%
Liquidity investments	63.0	59.9	5	%
Interest-bearing assets	306.9	311.4	-1	%
Interest-bearing liabilities	284.3	288.8	-2	%

Net results of financial transactions

Net results of financial transactions amounted to Skr -8 million (1H20: Skr -91 million) mainly due to unrealized value changes in derivatives and early loan redemptions.

Operating expenses

Operating expenses amounted to Skr -326 million (1H20: Skr -301 million), an increase of 8 percent compared to the same period in the previous year. The increase in expenses is mainly due to increased costs for regulatory compliance adaption of operations. A provision of Skr 4 million (1H20: -) was made for the individual variable remuneration program.

Net credit losses

Net credit losses amounted to Skr 1 million (1H20: Skr -175 million). Net credit losses were primarily attributable to decreased provi-sions for expected credit losses for exposures in stage 1 and stage 2, offset by increased provisions for expected credit losses for exposures in stage 3.

SEK’s IFRS 9 model is based on GDP growth projections estimating the impact on the probability of default. SEK’s

management believes it underestimates the probability of default within the asset portfolio, see Note 4. SEK has made an overall adjustment ac-cordingly.

Loss allowances as of June 30, 2021 amounted to Skr -247 million compared to Skr -249 million as of December 31, 2020, of which exposures in stage 3 amounted to Skr -97 million (year-end 2020: Skr -46 million). The increase in stage 3 is the result of a counterparty being moved from stage 2 to stage 3.

The provision ratio amounted to 0.09 percent (year-end 2020: 0.08 percent).

Taxes

Tax costs amounted to Skr -124 million (1H20: Skr -66 million) and the effective tax rate amounted to 20.6 percent (1H20: 22.8 per-cent).

Other comprehensive income (OCI)

Other comprehensive income before tax amounted to Skr 15 million (1H20: Skr 48 million), due to positive results related to the revaluation of defined benefit plans, which have been affected by a higher discount rate. This result was partly offset by a negative result from changes in own credit risk.

April-June 2021

Operating profit amounted to Skr 312 million (2Q20: Skr 133 million). Net profit amounted to Skr 248 million (2Q20: Skr 101 million). The strengthened profit was mainly attributable to lower provisions for expected credit losses but also in part to an improved net result of financial transactions compared to the same period in the previous year.

Net interest income

Net interest income amounted to Skr 468 million (2Q20: Skr 469 million) and is in line with net interest income in the same period in the previous year. The record-high lending during the previous year has made a positive contribution to net interest income during the current period. Customer demand for financing in 2021 has been significantly lower compared to the previous year.

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The table below shows average interest-bearing assets and liabilities.

Skr bn, average	Apr-Jun 2021	Apr-Jun 2020	Change
Total loans	229.0	245.0	-7	%
Liquidity investments	71.6	56.9	26	%
Interest-bearing assets	312.2	321.6	-3	%
Interest-bearing liabilities	292.9	308.7	-5	%

Net results of financial transactions

Net results of financial transactions amounted to Skr 9 million (2Q20: Skr -24 million) mainly due to unrealized value changes in derivatives and early loan redemptions.

Operating expenses

Operating expenses amounted to Skr -171 million (2Q20: Skr -151 million), an increase of 13 percent compared to the same period in the previous year. The costs associated with regulatory compliance have increased during the period compared to the same period in the previous year. A provision of Skr 2 million (2Q20: -) was made for the individual variable remuneration program.

Net credit losses

Net credit losses amounted to Skr 13 million (2Q20: Skr -151 million). Net credit losses were primarily attributable to decreased provisions for expected credit losses for exposures in stage 1 and stage 2, offset by increased provisions for expected credit losses for exposures in stage 3.

SEK’s IFRS 9 model is based on GDP growth projections estimating the impact on the probability of default. SEK’s management believes it underestimates the probability of default within the asset portfolio, see Note 4. SEK has made an overall adjustment accordingly.

Taxes

Tax costs amounted to Skr -64 million (2Q20: Skr -32 million) and the effective tax rate amounted to 20.5 percent (2Q20: 24.1 percent).

Other comprehensive income (OCI)

Other comprehensive income before tax amounted to Skr 2 million (2Q20: Skr -54 million), due to positive results related

to the revaluation of defined benefit plans, which have been affected by a higher discount rate. This result was partly offset by a negative result from changes in own credit risk.

Statement of Financial Position

Total assets and liquidity investments

Total assets increased compared to the end of 2020, mainly explained by changes in exchange rates and the fact that outstanding customer exposures have been amortized at a higher rate than new customer lending volumes.

Skr bn	June 30,  2021	December 31, 2020	Change
Total assets	319.8	335.4	-5	%
Liquidity investments	66.7	59.2	13	%
Total loans	221.7	231.7	-4	%
of which loans in the CIRR-system	74.0	69.2	7	%

SEK’s total net exposures, after risk mitigation, amounted to Skr 363.3 billion as of June 30, 2021 (year-end 2020: Skr 359.5 billion). Credit exposures have increased to central governments and financial institutions, which is mainly due to the increase in liquidity investments.

Liabilities and equity

As of June 30, 2021, the aggregate volume of available funds and shareholders’ equity exceeded the aggregate volume of loans outstanding and loans committed at all maturities. SEK considers all of its outstanding commitments to be covered through maturity.

SEK has a credit facility in place with the Swedish National Debt Office of up to Skr 200 billion, of which Skr 10 billion was utilized as of June 30, 2021. The credit facility can be utilized when the Swedish export industry’s demand for financing is particularly high.

Capital adequacy

As of June 30, 2021, SEK’s total own funds amounted to Skr 19.7 billion (year-end 2020: Skr 19.5 billion). The total capital ratio was 23.3 percent (year-end 2020: 21.8 percent), representing a margin of 8.0 percentage points above SEK’s estimate of Finansinspektionen’s (the Swedish FSA) requirement of 15.3 percent as of June 30, 2021. The

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corresponding Common Equity Tier 1 capital estimated requirement was 9.8 percent. Given that SEK’s own funds are comprised solely of Common Equity Tier 1 capital, this represents a margin of 13.5 percentage points above the requirement. Overall, SEK is strongly capitalized and has healthy liquidity.

Percent	June 30,  2021	December 31, 2020
Common Equity Tier 1 capital ratio	23.3	21.8
Tier 1 capital ratio	23.3	21.8
Total capital ratio	23.3	21.8
Leverage ratio	9.3	5.8
Liquidity coverage ratio (LCR)	637	604
Net stable funding ratio (NSFR)	144	135

Rating

	Skr	Foreign currency
Moody’s	Aa1/Stable	Aa1/Stable
Standard & Poor’s	AA+/Stable	AA+/Stable

Other events

SEK has implemented a new organizational structure aimed at meeting its customers’ needs in a more efficient way, which became effective on January 1, 2021. The Large Corporates and Mid Corporates functions have been replaced by the Customer Relations and Structured Finance functions. The Sustainability Analysis function has moved from Credit to Legal, with the Legal function changing its name to Legal and Sustainability Analysis.

Catrin Fransson informed the Board of her intention to resign as CEO of SEK, which the Board accepted on January 15, 2021. Catrin Fransson has a six month notice period, and will step down on July 15, 2021. On May 3, 2021, Magnus Montan was appointed as the new CEO of SEK. Magnus Montan will take up his position on July 16, 2021.

In February 2021, the Swedish parliament decided to extend the credit facility of Skr 200 billion, that SEK has in place with the Swedish National Debt Office, for 2021.

At SEK’s annual general meeting on March 24, 2021, Lennart Jacobsen was elected as a new member of the Board of Directors of SEK (the “Board”). After ten years of service, Ulla Nilsson and Cecilia Ardström stepped down from their

respective positions as members of the Board. A resolution passed at the annual general meeting to adopt the income statement and balance sheet in the Annual Report 2020 on Form 20-F, and to appropriate distributable funds pursuant to the Board’s proposal. Resolutions were also passed at the annual general meeting relating to the company’s financial goals. The profitability target was changed from 6 percent to 5 percent return on equity after tax. Furthermore, the dividend policy was changed from the previous 30 percent dividend to a 20-40 percent dividend range of the year’s profit. The company’s capital target was left unchanged.

SEK will move to a new office at Fleminggatan in Stockholm later in 2021. A new lease was signed in the first quarter which will commence in the fourth quarter.

Risk factors and the macro environment

Various risks arise as part of SEK’s operations, primarily credit risks, but also market, liquidity, re­financing, operational and sustainability risks. For a more detailed description of these risks, refer to the separate risk report Capital Adequacy and Risk Management Report – Pillar 3 2020 and Note 30 to the annual financial statements included in SEK’s 2020 Annual Report on Form 20-F, as well as the “Risk Factors” section in SEK’s 2020 Annual Report on Form 20-F.

According to Statistics Sweden, the annualized rate of Swedish GDP growth was 0.0 percent in the first quarter of 2021 and the unemployment rate was 9.1 percent as of May 2021. The consumer price index rose 1.8 percent on an annualized basis in May 2021 and the repo rate remained unchanged at zero percent.

Brexit, trade conflicts and geopolitical risks were overshadowed in the second quarter of 2021 by the effects of the COVID-19 pandemic, even though the situation – primarily in the US and Europe – improved substantially as the quarter progressed. In line with an increasing number of people being vaccinated – over half of the adult population in Europe and the US have received their first dose – closures and restrictions have been rapidly relaxed. Vaccination rates have not reached the same levels in other parts of the world – even if the pace of vaccination appears to have increased – and restrictions are still largely present in such areas. However, the overall trend, particularly in developed countries, seems to be moving in the direction of decreased restrictions in line with the increasing rate of vaccinations, even if the risk of new virus mutations is omnipresent.

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In June, the World Bank revised its projection for global growth upward by 1.5 percentage points to 5.6 percent. This was accompanied by generally strong global macro figures that appear to go hand in hand with the vaccination rollout. For example, the IMF revised its projection upward for growth in the US in 2021 to a full 7 percent. Overall, this is a far more positive trend than many had believed at the start of the COVID-19 pandemic. The massive support programs introduced are impacting growth, but at the same time are increasing public debt.

In the first half of 2020, the COVID-19 pandemic had a substantial adverse effect on Swedish exports, but was followed by a relatively strong recovery in the second half of the year. Exports also continued to increase in the first quarter of 2021, growing 1.3 percent compared with the preceding quarter. Industry order intake in Sweden declined 2.5 percent between March and April, and Business Sweden’s Export Managers’ Index rose 6.0 points to 70.9 in the second quarter of 2021 compared with the preceding quarter, which had also posted a strong upturn compared with the fourth quarter of 2020.

The strong state of Sweden’s public finances, with low public debt, has allowed the use of fiscal stimuli. The Swedish state has implemented special measures to promote Swedish exports during the COVID-19 pandemic and SEK’s role of securing financing for the Swedish export industry has become even clearer in the form of, among other things, the expanded credit facility with the Swedish National Debt Office.

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Financial targets

Profitability target	A return on equity after tax of at least 5 percent.
Dividend policy	Payment of an ordinary dividend of 20-40 percent of the profit for the year.
Capital target	SEK’s total capital ratio is to exceed the Swedish FSA’s requirement by 2 to 4 percentage points and SEK’s Common Equity Tier 1 capital ratio is to exceed the Swedish FSA’s require­ment by at least 4 percentage points. Currently, the capital targets mean that the total capital ratio should amount to 17.3-19.3 percent and the Common Equity Tier 1 capital ratio should amount to 13.8 percent, based on SEK’s estimation of the Swedish FSA’s requirements as of June 30, 2021.

Key performance indicators (unaudited)

Skr mn (if not otherwise indicated)	Apr-Jun 2021		Jan-Mar 2021		Apr-Jun 2020		Jan-Jun 2021		Jan-Jun 2020		Jan-Dec 2020
New lending	23,199		14,868		56,509		38,067		89,799		125,470
of which to Swedish exporters	8,593		2,091		32,478		10,684		52,366		62,148
of which to exporters’ customers	14,606		12,777		24,031		27,383		37,433		63,322
CIRR-loans as a percentage of new lending	28	%	17	%	18	%	24	%	12	%	15	%
Loans, outstanding and undisbursed	281,382		290,600		308,091		281,382		308,091		288,891
New long-term borrowings	9,287		34,153		30,069		43,440		66,361		123,156
Volume of green bonds issued during the period	1,600		2,400		2,200		4,000		2,200		5,100
Outstanding senior debt	281,195		304,682		304,493		281,195		304,493		287,462
After-tax return on equity	4.9	%	4.6	%	2.1	%	4.8	%	2.3	%	4.9	%
Common Equity Tier 1 capital ratio	23.3	%	21.8	%	20.4	%	23.3	%	20.4	%	21.8	%
Tier 1 capital ratio	23.3	%	21.8	%	20.4	%	23.3	%	20.4	%	21.8	%
Total capital ratio	23.3	%	21.8	%	20.4	%	23.3	%	20.4	%	21.8	%
Leverage ratio	9.3	%	5.4	%	5.4	%	9.3	%	5.4	%	5.8	%
Liquidity coverage ratio (LCR)	637	%	941	%	722	%	637	%	722	%	604	%
Net stable funding ratio (NSFR)	144	%	138	%	129	%	144	%	129	%	135	%

See definitions on page 31.

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Condensed Consolidated Statement of Comprehensive Income (unaudited)

		Apr–Jun	Jan–Mar	Apr–Jun	Jan-Jun	Jan-Jun	Jan-Dec
Skr mn	Note	2021	2021	20201	2021	20201	2020
Interest income		678	660	1,178	1,338	2,480	4,108
Interest expenses		-210	-175	-709	-385	-1,606	-2,162
Net interest income	2	468	485	469	953	874	1,946
Net fee and commission expense		-7	-10	-10	-17	-17	-42
Net results of financial transactions	3	9	-17	-24	-8	-91	83
Total operating income		470	458	435	928	766	1,987
Personnel expenses		-98	-89	-92	-187	-177	-347
Other administrative expenses		-61	-55	-46	-116	-98	-198
Depreciation and impairment of non-financial assets		-12	-11	-13	-23	-26	-51
Total operating expenses		-171	-155	-151	-326	-301	-596
Operating profit before credit losses		299	303	284	602	465	1,391
Net credit losses	4	13	-12	-151	1	-175	-153
Operating profit		312	291	133	603	290	1,238
Tax expenses		-64	-60	-32	-124	-66	-270
Net profit2		248	231	101	479	224	968
Other comprehensive income related to:
Items not to be reclassified to profit or loss
Own credit risk		-2	-18	-62	-20	49	18
Revaluation of defined benefit plans		4	31	8	35	-1	1
Tax on items not to be reclassified to profit or loss		0	-3	12	-3	-11	-5
Net items not to be reclassified to profit or loss		2	10	-42	12	37	14
Total other comprehensive income		2	10	-42	12	37	14
Total comprehensive income2		250	241	59	491	261	982

Skr
Basic and diluted earnings per share3	62	58	25	120	56	243

1 Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

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

3 Net profit divided by average number of shares, which amounts to 3,990,000 for each period.

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Consolidated Statement of Financial Position (unaudited)

		June 30,	December 31,
Skr mn	Note	2021	2020
Assets
Cash and cash equivalents	5	5,549	3,362
Treasuries/government bonds	5	13,381	22,266
Other interest-bearing securities except loans	5	47,796	33,551
Loans in the form of interest-bearing securities	4, 5	46,923	50,780
Loans to credit institutions	4, 5	23,631	31,315
Loans to the public	4, 5	163,723	171,562
Derivatives	5, 6	6,453	7,563
Tangible and intangible assets		172	145
Deferred tax asset		8	15
Other assets		10,388	12,853
Prepaid expenses and accrued revenues		1,821	1,987
Total assets		319,845	335,399
Liabilities and equity
Borrowing from credit institutions	5	2,862	3,486
Borrowing from the public	5	10,000	10,000
Debt securities issued	5	268,333	273,976
Derivatives	5, 6	16,021	25,395
Other liabilities		543	455
Accrued expenses and prepaid revenues		1,761	1,924
Provisions		60	99
Total liabilities		299,580	315,335
Share capital		3,990	3,990
Reserves		-117	-129
Retained earnings		16,392	16,203
Total equity		20,265	20,064
Total liabilities and equity		319,845	335,399

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Condensed Consolidated Statement of Changes in Equity (unaudited)

			Reserves
			Own	Defined	Retained
Skr mn	Equity	Share capital	credit risk	benefit plans	earnings
Opening balance of equity January 1, 2020	19,082	3,990	-98	-45	15,235
Net profit Jan-Jun 2020	224	—	—	—	224
Other comprehensive income Jan-Jun 2020	37	—	38	-1	—
Total comprehensive income Jan-Jun 2020	261	—	38	-1	224
Dividend	—	—	—	—	—
Closing balance of equity June 30, 20201	19,343	3,990	-60	-46	15,459
Opening balance of equity January 1, 2020	19,082	3,990	-98	-45	15,235
Net profit Jan-Dec 2020	968	—	—	—	968
Other comprehensive income Jan-Dec 2020	14	—	14	0	—
Total comprehensive income Jan-Dec 2020	982	—	14	0	968
Dividend	—	—	—	—	—
Closing balance of equity December 31, 20201	20,064	3,990	-84	-45	16,203
Opening balance of equity January 1, 2021	20,064	3,990	-84	-45	16,203
Net profit Jan-Jun 2021	479	—	—	—	479
Other comprehensive income Jan-Jun 2021	12	—	-15	27	—
Total comprehensive income Jan-Jun 2021	491	—	-15	27	479
Dividend	-290	—	—	—	-290
Closing balance of equity June 30, 20211	20,265	3,990	-99	-18	16,392

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

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Condensed Statement of Cash Flows in the Consolidated Group (unaudited)

	Jan-Jun	Jan-Jun	Jan-Dec
Skr mn	2021	2020	2020
Operating activities
Operating profit	603	290	1,238
Adjustments for non-cash items in operating profit	111	322	140
Income tax paid	-130	-188	-311
Changes in assets and liabilities from operating activities	19,023	-12,216	-19,055
Cash flow from operating activities	19,607	-11,792	-17,988
Investing activities
Capital expenditures	-37	-14	-35
Cash flow from investing activities	-37	-14	-35
Financing activities
Change in senior debt	-14,472	14,327	29,460
Derivatives, net	-2,748	352	-8,651
Dividend paid	-290	—	—
Payment of lease liability	-13	-13	-27
Cash flow from financing activities	-17,523	14,666	20,782
Cash flow for the period	2,047	2,860	2,759
Cash and cash equivalents at beginning of the period	3,362	1,362	1,362
Cash flow for the period	2,047	2,860	2,759
Exchange-rate differences on cash and cash equivalents	140	-311	-759
Cash and cash equivalents at end of the period1	5,549	3,911	3,362

1 Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date.

14

Notes

Note 1. Accounting policies

Note 2. Net interest income

Note 3. Net results of financial transactions

Note 4. Impairments

Note 5. Financial assets and liabilities at fair value

Note 6. Derivatives

Note 7. CIRR-system

Note 8. Pledged assets and contingent liabilities

Note 9. Capital adequacy

Note 10. Exposures

Note 11. Transactions with related parties

Note 12. Events after the reporting period

References to “SEK” or the “Parent Company” are to AB Svensk Exportkredit. References to “Consolidated Group” are to SEK and its consolidated subsidiary. All amounts are in Skr million, unless otherwise indicated. All figures concern the Consolidated Group, unless otherwise indicated.

Note 1. Accounting policies

This condensed interim report is presented in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting. The Consolidated Group’s consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), together with the interpretations from IFRS Interpretations Committee (IFRS IC). The IFRS standards applied by SEK are all endorsed by the European Union (EU). The accounting also follows the additional standards imposed by the Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) (ÅRKL) and the regulation and general guidelines issued by Finansinspektionen (the Swedish FSA), “Annual Reports in Credit Institutions and Securities Companies” (FFFS 2008:25). In addition to this, the supplementary accounting rules for groups (RFR 1) issued by the Swedish Financial Reporting Board have been applied. SEK also follows the state’s principles for external reporting in accordance with its State Ownership Policy and principles for state-owned enterprises.

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

The amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 in "Reform for new reference rates - phase 2" are applicable from January 1, 2021. Phase 2 of the reform of the reference rates is comprised of three main areas: hedge accounting, modifications and information. The changes clarify that hedge accounting does not have to cease just because the hedged items and hedging instruments were modified as a result of the IBOR reform. Security conditions (and associated documentation) must be changed to reflect the modifications made to the hedged item, the hedging instrument and the hedged risk. Any value adjustments resulting from the changes must be reported as hedging inefficiency. SEK has not made any changes related to the IBOR reform during the reporting period, nor entered into a hedging relationship where an alternative benchmark interest rate constitutes the hedged risk. The reform of the reference rates further clarifies that modifications required as a direct result of the IBOR reform and made in an economically equivalent way should not be reported as modifications for instruments valued at accrued acquisition value. For such modifications, the effective interest rate must be adjusted in line with those modified cash flows. SEK did not use the accounting relief rule for modifications. SEK's exposure that is directly affected by the reference interest rate reform is mainly its lending contracts to variable interest rates, its lending and borrowing contracts at fixed interest rates that are hedged at variable interest rates and currency swaps at variable interest rates. The exposures to variable interest rates are mainly against USD LIBOR, STIBOR and EURIBOR. After 2021-12-31, GBP LIBOR, CHF LIBOR and JPY LIBOR are expected to cease. For USD LIBOR, the most common maturities are expected to expire after 2023-06-30. SEK has lending contracts and derivative contracts maturing after 2023-06-30 in USD LIBOR with a nominal amount of USD 1,893 million and USD 17,829 million respectively. The changes are not expected to result in a change to SEK's hedging conditions and no significant modification gains or modification losses are expected to be reported. The changes are therefore not expected to have any significant impact on SEK's accounts, capital adequacy or large exposures when first applied.

To further improve the resilience of credit institutions within the EU, a reform package was adopted in June 2019: Regulation (EU) 2019/876 (CRRII) and Directive (EU) 2019/878 (CRDV) of the European Parliament and of the Council. As of June 28, 2021, the

15

Capital Requirements Regulation (CRRII) entered into force. This means that new requirements such as a binding leverage ratio and a binding stable net financing ratio (NSFR) are included in note 9, Capital adequacy, per 2021-06-30. The information is published in accordance with Supervisory Regulations FFFS 2014:12 and FFFS 2008:25.

There are no other IFRS or IFRS Interpretations Committee interpretations that are not yet applicable that are expected to have a material impact on SEK’s financial statements, capital adequacy or large exposure ratios.

Note 2. Net interest income

	Apr-Jun	Jan–Mar	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Skr mn	2021	2021	20201	2021	20201	2020
Interest income
Loans to credit institutions	34	33	51	67	147	236
Loans to the public	919	920	1,124	1,839	2,199	4,210
Loans in the form of interest-bearing securities	189	195	243	384	456	897
Interest-bearing securities excluding loans in the form of interest-bearing securities	12	19	71	31	191	242
Derivatives	-529	-558	-369	-1,087	-634	-1,708
Administrative remuneration CIRR-system	48	45	52	93	102	197
Other assets	5	6	6	11	19	34
Total interest income2	678	660	1,178	1,338	2,480	4,108
Interest expenses
Interest expenses	-191	-150	-692	-341	-1,563	-2,076
Resolution fee	-19	-25	-17	-44	-43	-86
Total interest expenses	-210	-175	-709	-385	-1,606	-2,162
Net interest income	468	485	469	953	874	1,946

1 Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

2 Interest income calculated using the effective interest method amounted to Skr 2,087 million during January-June 2021 (1H20: Skr 2,622 million).

Note 3. Net results of financial transactions

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

16

Note 4. Impairments

	Apr-Jun	Jan–Mar	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Skr mn	2021	2021	2020	2021	2020	2020
Expected credit losses, stage 1	31	5	-110	36	-127	-98
Expected credit losses, stage 2	8	10	-39	18	-46	-48
Expected credit losses, stage 3	-30	-27	-2	-57	-2	-7
Established losses	-3	—	-20	-3	-20	-20
Reserves applied to cover established credit losses	3	—	20	3	20	20
Recovered credit losses	4	—	—	4	—	—
Net credit losses	13	-12	-151	1	-175	-153

	June 30, 2021				December 31, 2020
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Loans, before expected credit losses	184,075	36,057	1,852	221,984	231,927
Off balance sheet exposures, before expected credit losses	34,259	31,184	—	65,443	62,504
Total, before expected credit losses	218,334	67,241	1,852	287,427	294,431
Loss allowance, loans	-107	-38	-97	-242	-240
Loss allowance, off balance sheet exposures1	-5	0	—	-5	-9
Total loss allowance	-112	-38	-97	-247	-249
Provision ratio (in percent)	0.05	0.06	5.24	0.09	0.08

1 Recognized under provision in Consolidated Statement of Financial Position. Off balance sheet exposures consist of guarantee commitments, committed undisbursed loans and binding offers, see Note 8.

The table above shows the book value of loans and nominal amounts for off-balance sheet exposures before expected credit losses for each stage as well as related loss allowance amounts, in order to place expected credit losses in relation to credit exposures. Overall, the credit portfolio has an extremely high credit quality and SEK often uses risk mitigation measures, primarily through guarantees from the Swedish Export Credit Agency (EKN) and other government export credit agencies in the Organisation for Economic Co-operation and Development (OECD), which explains the low provision ratio.

Loss Allowance

	June 30, 2021				December 31, 2020
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Opening balance January 1	-147	-56	-46	-249	-128
Increases due to origination and acquisition	-26	-2	-23	-51	-84
Net remeasurement of loss allowance	42	8	0	50	-69
Transfer to stage 1	-2	3	—	1	—
Transfer to stage 2	0	-9	—	-9	—
Transfer to stage 3	0	3	-41	-38	-9
Decreases due to derecognition	21	17	7	45	8
Decrease in allowance account due to write-offs	—	—	7	7	20
Exchange-rate differences1	0	-2	-1	-3	13
Closing balance	-112	-38	-97	-247	-249

1 Recognized under net results of financial transactions in Statement of Comprehensive Income.

17

Provisions for expected credit losses (ECLs) are calculated using quantitative models based on inputs, assumptions and methods that are highly reliant on assessments. In particular, the following could heavily impact the level of provisions: the establishment of a material increase in credit risk, allowing for forward-looking macroeconomic scenarios, and the measurement of both ECLs over the next 12 months and lifetime ECLs. ECLs are based on objective assessments of what SEK expects to lose on the exposures given what was known on the reporting date and taking into account possible future events. The ECL is a probability-weighted amount that is determined by evaluating the outcome of several possible scenarios and where the data taken into consideration comprises information from previous conditions, current conditions and projections of future economic conditions. SEK’s method entails three scenarios being prepared for each probability of default curve: (i) a base scenario, (ii) a downturn scenario and (iii) an upturn scenario. The base scenario consists of GDP forecasts from the World Bank. When calculating the ECL as of June 30, 2021 the latest available forecast was the World Bank's forecast from June 2021. According to the World Bank's forecast, global economic output is expected to increase by 5.6 percent in 2021 and to increase by 4.3 percent in 2022. The base scenario has been weighted at between 75 and 78 percent, and the downturn and upturn scenarios weighted equally at between 11 and 13 percent.

SEK’s IFRS 9 model is based on GDP growth projections estimating the impact on the probability of default. SEK’s management believes that the strong positive GDP growth projections for 2021 may understate the probability of default of the asset portfolio. In the second quarter, as the IFRS 9 model is assessed to underestimate the probability of default, SEK made an overall adjustment to increase expected credit losses which was calculated pursuant to SEK’s IFRS 9 model as of June 30, 2021.

Note 5. Financial assets and liabilities at fair value

	June 30, 2021
			Surplus value (+)/
Skr mn	Book value	Fair value	Deficit value (–)
Cash and cash equivalents	5,549	5,549	—
Treasuries/governments bonds	13,381	13,381	—
Other interest-bearing securities except loans	47,796	47,796	—
Loans in the form of interest-bearing securities	46,923	48,247	1,324
Loans to credit institutions	23,631	23,825	194
Loans to the public	163,723	171,258	7,535
Derivatives	6,453	6,453	—
Total financial assets	307,456	316,509	9,053
Borrowing from credit institutions	2,862	2,862	—
Borrowing from the public	10,000	10,000	—
Debt securities issued	268,333	268,939	606
Derivatives	16,021	16,021	—
Total financial liabilities	297,216	297,822	606

	December 31, 2020
			Surplus value (+)/
Skr mn	Book value	Fair value	Deficit value (–)
Cash and cash equivalents	3,362	3,362	—
Treasuries/governments bonds	22,266	22,266	—
Other interest-bearing securities except loans	33,551	33,551	—
Loans in the form of interest-bearing securities	50,780	52,091	1,311
Loans to credit institutions	31,315	31,424	109
Loans to the public	171,562	180,453	8,891
Derivatives	7,563	7,563	—
Total financial assets	320,399	330,710	10,311
Borrowing from credit institutions	3,486	3,486	—
Borrowing from the public	10,000	10,000	—
Debt securities issued	273,976	274,552	576
Derivatives	25,395	25,395	—
Total financial liabilities	312,857	313,433	576

18

Determination of fair value

The determination of fair value is described in the annual financial statements included in SEK’s 2020 Annual Report on Form 20-F, see Note 1 (h) (viii) Principles for determination of fair value of financial instruments and (ix) Determination of fair value of certain types of financial instruments.

Financial assets in fair value hierarchy

	Financial assets at fair value through profit or loss
Skr mn	Level 1	Level 2	Level 3	Total
Treasuries/governments bonds	9,836	3,545	—	13,381
Other interest-bearing securities except loans	23,518	24,278	—	47,796
Derivatives	—	5,827	626	6,453
Total, June 30, 2021	33,354	33,650	626	67,630
Total, December 31, 2020	33,582	28,220	1,578	63,380

Financial liabilities in fair value hierarchy

	Financial liabilities at fair value through profit or loss
Skr mn	Level 1	Level 2	Level 3	Total
Debt securities issued	—	6,812	30,553	37,365
Derivatives	—	14,366	1,655	16,021
Total, June 30, 2021	—	21,178	32,208	53,386
Total, December 31, 2020	—	29,744	43,039	72,783

Due to an increased element of subjective assessment of the input in the valuation, a transfer of Skr -1 million for derivatives was made from level 2 to level 3 (year-end 2020: a transfer of Skr -10,649 million for debt securities issued was made from level 2 to level 3, a transfer from level 3 to level 2 of Skr 6,534 million for debt securities issued was made and a transfer from level 3 to level 2 of net Skr -1,259 million for derivatives was made).

Financial assets and liabilities at fair value in Level 3, 2021

							Gains (+) and
						Gains (+) and	losses (–) in
					Transfers	losses (–)	Other	Exchange-
	January 1,		Settlements &	Transfers	from	through profit	comprehensive	rate	June 30,
Skr mn	2021	Purchases	sales	to Level 3	Level 3	or loss1	income	differences	2021
Debt securities issued	-41,198	-6,735	17,922	—	—	-505	-33	-4	-30,553
Derivatives, net	-263	9	-561	-1	—	847	—	-1,060	-1,029
Net assets and liabilities	-41,461	-6,726	17,361	-1	—	342	-33	-1,064	-31,582

Financial assets and liabilities at fair value in Level 3, 2020

							Gains (+) and
						Gains (+) and	losses (–) in
					Transfers	losses (–)	Other	Exchange-
	January 1,		Settlements &	Transfers	from	through profit	comprehensive	rate	December 31,
Skr mn	2020	Purchases	sales	to Level 3	Level 3	or loss1	income	differences	2020
Debt securities issued	-43,752	-10,584	16,285	-10,649	6,534	-1,345	44	2,269	-41,198
Derivatives, net	22	7	-400	—	-1,259	-1,597	—	2,964	-263
Net assets and liabilities	-43,730	-10,577	15,885	-10,649	5,275	-2,942	44	5,233	-41,461

1 Gains and losses through profit or loss, including the impact of exchange-rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange-rates, held as of June 30, 2021 amounted to a Skr 328 million gain (year-end 2020: Skr 36 million gain) and are reported as net results of financial transactions.

19

Uncertainty of valuation of Level 3 instruments

As the estimation of parameters included in the models used to ­calculate the market value of Level 3 instruments is associated with subjectivity and uncertainty, SEK has conducted an analysis of the difference in fair value of Level 3 instruments using other established parameter values. Option models and discounted cash flows are used to value the Level 3 instruments. For the Level 3 instruments that are significantly affected by different types of correlations, which are not based on observable market data, a revaluation has been made by shifting the correlations. The correlation is expressed as a value between 1 and -1, where 0 indicates no relationship, 1 indicates a maximum positive relationship and -1 indicates a maximum negative relationship. The maximum correlation in the range of unobservable inputs can thus be from 1 to -1. In the analysis, the correlations have been adjusted by +/- 0.12, which represents the level SEK uses within its prudent valuation framework. For Level 3 instruments that are significantly affected by non--observable market data in the form of SEK’s own creditworthiness, a revaluation has been made by shifting the credit curve. The revaluation is made by shifting the credit spreads by +/- 10 basis points, which has been assessed as a reasonable change in SEK’s credit spread. The analysis shows the impact of the non-observable market data on the market value. In addition, the market value will be affected by observable market data.The result of the analysis corresponds with SEK’s business model where issued securities are linked with a matched hedging derivative. The underlying market data is used to evaluate the issued security as well as to evaluate the fair value in the derivative. This means that a change in fair value of the issued security, excluding SEK’s own credit spread, is offset by an equally large change in fair value in the derivative.

Sensitivity analysis – level 3 assets and liabilities

Assets and liabilities	June 30, 2021
			Range of estimates
		Unobservable	for unobservable		Sensitivity	Sensitivity
Skr mn	Fair Value	input	input	Valuation method	max	min
Equity	-549	Correlation	0.12 - (0.12)	Option Model	-5	5
Interest rate	1	Correlation	0.12 - (0.12)	Option Model	0	0
FX	-368	Correlation	0.12 - (0.12)	Option Model	-49	49
Other	-113	Correlation	0.12 - (0.12)	Option Model	0	0
Sum derivatives, net	-1,029				-54	54
Equity	-6,901	Correlation	0.12 - (0.12)	Option Model	5	-5
		Credit spreads	10BP - (10BP)	Discounted cash flow	8	-8
Interest rate	-12,243	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	63	-63
FX	-11,293	Correlation	0.12 - (0.12)	Option Model	52	-52
		Credit spreads	10BP - (10BP)	Discounted cash flow	52	-52
Other	-116	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	1	-1
Sum debt securities issued	-30,553				181	-181
Total effect on total comprehensive income					127	-127
Derivatives, net, December 31, 2020	-263				-59	59
Debt securities issued, December 31, 2020	-41,198				196	-196
Total effect on total comprehensive income, December 31, 2020					137	-137

The sensitivity analysis shows the effect that a shift in correlations or SEK’s own credit spread has on Level 3 instruments. The table presents maximum positive and negative change in fair value when correlations or SEK’s own credit spread 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. The resulting effect related to correlation sensitivity is Skr +/- 3 million. The impact from SEK’s own credit spread amounts to Skr 124 million (year-end 2020: Skr 137 million) under a maximum scenario and Skr -124 million (year-end 2020: Skr -137 million) under a minimum scenario.

20

Fair value related to credit risk

	Fair value originating from credit risk		The period's change in fair value originating
	(- liabilities increase/ + liabilities decrease)		from credit risk (+ income/ - loss)
	June 30,	31 December	Jan-Jun	Jan-Jun
Skr mn	2021	2020	2021	2020
CVA/DVA, net1	-14	-17	3	-12
OCA2	-127	-108	-19	49

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

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

Note 6. Derivatives

Derivatives by category

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

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

Note 7. CIRR-system

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

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

In addition to the CIRR-system, SEK administers the Swedish government’s previous concessionary credit program according to the same principles as the CIRR-system. No new lending is being offered under the concessionary credit program. As of June 30, 2021, concessionary loans outstanding amounted to Skr 348 million (year-end 2020: Skr 382 million) and operating profit for the program amounted to Skr -11 million (1H20: Skr -15 million) for the period January-June 2021. SEK’s administrative compensation for administrating the concessionary credit program amounted to Skr 1 million (1H20: Skr 1 million).

21

Statement of Comprehensive Income for the CIRR-system

	Apr-Jun	Jan–Mar	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Skr mn	2021	2021	2020	2021	2020	2020
Interest income	498	487	582	985	1,121	2,170
Interest expenses	-494	-520	-529	-1,014	-1,041	-2,087
Interest compensation	7	—	11	7	14	14
Exchange-rate differences	0	-1	-1	-1	2	4
Profit before compensation to SEK	11	-34	63	-23	96	101
Administrative remuneration to SEK	-47	-45	-52	-92	-102	-196
Operating profit CIRR-system	-36	-79	11	-115	-6	-95
Reimbursement to (–) / from (+) the State	36	79	-11	115	6	95

Statement of Financial Position for the CIRR-system

	June 30,	December 31,
Skr mn	2021	2020
Cash and cash equivalents	26	2
Loans	73,958	69,163
Other assets	9,277	12,528
Prepaid expenses and accrued revenues	421	407
Total assets	83,682	82,100
Liabilities	74,205	69,289
Derivatives	8,962	12,232
Accrued expenses and prepaid revenues	515	579
Total liabilities	83,682	82,100
Commitments
Committed undisbursed loans	52,974	51,463
Binding offers	1,492	1,322

Note 8. Pledged assets and contingent liabilities

	June 30,	December 31,
Skr mn	2021	2020
Collateral provided
Cash collateral under the security agreements for derivative contracts	12,535	21,979
Contingent liabilities1
Guarantee commitments	4,311	3,969
Commitments1
Committed undisbursed loans	59,640	57,213
Binding offers	1,492	1,322
Leases committed but not yet commenced	156	—

1 For expected credit losses in guarantee commitments, committed undisbursed loans and binding offers, see Note 4.

Note 9. Capital adequacy

The capital adequacy analysis relates to the parent company AB Svensk Exportkredit. The information is disclosed according to FFFS 2014:12 and FFFS 2008:25. For further information on capital adequacy and risks, see Note 30 to the annual financial statements included in SEK’s 2020 Annual Report on Form 20-F and see SEK’s 2020 Capital Adequacy and Risk Management (Pillar 3) Report.

22

Capital Adequacy Analysis

	June 30, 2021	December 31, 2020
Capital ratios	percent1	percent1
Common Equity Tier 1 capital ratio	23.3	21.8
Tier 1 capital ratio	23.3	21.8
Total capital ratio	23.3	21.8

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

	June 30, 2021		December 31, 2020
Total risk-based capital requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 8 percent2	6,763	8.0	7,136	8.0
of which Tier 1 requirement of 6 percent	5,072	6.0	5,352	6.0
of which minimum requirement of 4.5 percent	3,804	4.5	4,014	4.5
Pillar 2 capital requirements3	4,038	4.8	3,921	4.4
Common Equity Tier 1 capital available to meet buffer requirements4	8,876	10.5	12,310	13.8
Capital buffer requirements	2,146	2.5	2,259	2.5
of which Capital conservation buffer	2,113	2.5	2,230	2.5
of which Countercyclical buffer	33	0.0	29	0.0
of which Systemic risk buffer	—	—	—	—
Total risk-based capital requirement	12,947	15.3	13,316	14.9

1 Expressed as a percentage of total risk exposure amount.

2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012) have fully come into force in Sweden without regard to the transitional period.

3 Individual Pillar 2 requirement according to decision from latest Swedish FSA SREP.

4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK cover all minimum requirements with CET1 capital - i.e. 4.5 percent, 1.5 percent and 2 percent) and from Q2 2021 pillar 2 requirements (4.8 percent).

	June 30, 2021		December 31, 2020
Leverage ratio	Skr mn		Skr mn
On-balance sheet exposures	207,250		297,605
Off-balance sheet exposures	4,357		37,162
Total exposure measure1	211,607		334,767
Leverage ratio2	9.3	%	5.8	%

1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized.

2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure.

	June 30, 2021		December 31, 2020
Total capital requirement relating to leverage ratio	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 3 percent	6,348	3.0	—	—
Pillar 2 capital requirements	—	—	—	—
Total capital requirement relating to leverage ratio	6,348	3.0	—	—

1 Expressed as a percentage of total exposure amount.

23

Own funds – Adjusting items

	June 30,	December 31,
Skr mn	2021	2020
Share capital	3,990	3,990
Retained earnings	15,516	14,856
Accumulated other comprehensive income and other reserves1	325	292
Independently reviewed profit net of any foreseeable charge or dividend	272	694
Common Equity Tier 1 (CET1) capital before regulatory adjustments	20,103	19,832
Additional value adjustments due to prudent valuation	-337	-306
Intangible assets1	-106	-98
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing	94	77
Negative amounts resulting from the calculation of expected loss amounts	-44	-55
Total regulatory adjustments to Common Equity Tier 1 capital	-393	-382
Total Common Equity Tier 1 capital	19,710	19,450
Total Own funds	19,710	19,450

1 From December 31, 2020, SEK applies the amendments to Delegated Regulation (EU) No 241/2014 regarding deduction of software assets from Common Equity Tier 1 (CET1). The amendments introduce an exemption from the deduction of intangible assets from CET1 for prudently valued software assets of which the value is not negatively affected by resolution, insolvency or liquidation of the institution.

Minimum capital requirements exclusive of buffer

	June 30, 2021			December 31, 2020
			Minimum			Minimum
		Risk exposure	capital		Risk exposure	capital
Skr mn	EAD1	amount	requirement	EAD1	amount	requirement
Credit risk standardized method
Corporates	2,386	2,386	191	2,238	2,238	179
Exposures in default	85	85	7	7	7	1
Total credit risk standardized method	2,471	2,471	198	2,245	2,245	180
Credit risk IRB method
Central Governments	198,982	9,613	769	192,077	9,684	775
Financial institutions2	35,868	7,601	608	30,661	6,764	541
Corporates3	108,195	57,657	4,613	117,415	63,766	5,101
Assets without counterparty	200	200	16	163	163	13
Total credit risk IRB method	343,245	75,071	6,006	340,316	80,377	6,430
Credit valuation adjustment risk	n.a.	2,681	214	n.a.	2,284	183
Foreign exchange risk	n.a.	663	53	n.a.	664	52
Commodities risk	n.a.	22	2	n.a.	7	1
Operational risk	n.a.	3,625	290	n.a.	3,625	290
Total	345,716	84,533	6,763	342,561	89,202	7,136

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

2 Of which counterparty risk in derivatives: EAD Skr 5,933 million (year-end 2020: Skr 5,535 million), Risk exposure amount of Skr 1,999 million (year-end 2020: Skr 1,908 million) and Capital requirement of Skr 160 million (year-end 2020: Skr 153 million).

3 Of which related to specialized lending: EAD Skr 5,113 million (year-end 2020: 3,847 million), Risk exposure amount of Skr 3,651 million (year -end 2020: Skr 2,739 million) and Capital requirement of Skr 292 million (year-end 2020: Skr 219 million).

24

Credit risk

For classification and quantification of credit risk, SEK uses the IRB approach. Specifically, SEK applies the Foundation Approach. Under the Foundation Approach, the company determines the probability of default within one year (PD) for each of its counterparties, while the remaining parameters are established in accordance with CRR. Application of the IRB approach requires the Swedish FSA’s permission and is subject to ongoing supervision. Certain exposures are, by permission from the Swedish FSA, exempted from application of the IRB approach, and, instead, the standardized approach is applied. In 2020, SEK reviewed its credit risk processes in order to comply with new regulatory requirements, EBA Guidelines EBA/GL/2016/07 and Commission Delegated Regulation (EU) 2018/171, on the definition of default. As a result, SEK established a new internal definition of default, which was subsequently approved by the Swedish FSA and later, on January 1, 2021, implemented in the IRB approach for own funds requirements calculation. Counterparty risk exposure amounts in derivatives are calculated in accordance with the mark-to-market method.

Credit valuation adjustment risk

Credit valuation adjustment risk is calculated for all over-the-counter derivative contracts, except for credit derivatives used as credit protection and transactions with a qualifying central counterparty. SEK calculates this capital requirement according to the standardized method.

Foreign exchange risk

Foreign exchange risk is calculated according to the standardized approach, whereas the scenario approach is used for calculating the gamma and volatility risks.

Commodities risk

Capital requirements for commodity risk are calculated in ­ accordance with the simplified approach under the standardized approach. The scenario approach is used for calculating the gamma and volatility risks.

Operational risk

Capital requirement for operational risk is calculated according to the standardized approach. The company’s operations are divided into business areas as defined in the CRR. The capital requirement for each area is calculated by multiplying a factor depending on the business area by an income indicator. The factors applicable for SEK are 15 percent and 18 percent. The income indicators consist of the average operating income for the past three financial years for each business area.

Transitional rules

The capital adequacy ratios reflect the full impact of IFRS 9 as no transitional rules for IFRS 9 were utilized.

Capital buffer requirements

SEK expects to meet capital buffer requirements with Common Equity Tier 1 capital. The mandatory capital conservation buffer is 2.5 percent. The countercyclical buffer rate that is applied to exposures located in Sweden was lowered from 2.5 percent to 0 percent as of March 16, 2020. The reduction is made for preventive purposes, in order to counteract credit tightening due to the development and spread of COVID-19 and its effects on the economy. As of June 30, 2021, the capital requirement related to relevant exposures in Sweden was 67 percent (year-end 2020: 70 percent) of the total relevant capital requirement regardless of location; this fraction is also the weight applied on the Swedish buffer rate when calculating SEK’s countercyclical capital buffer. The countercyclical capital buffer as of June 30, 2021 for Sweden has been dissolved due to the reduction of the countercyclical buffer value to 0 percent. Buffer rates applicable in other countries may have effects on SEK, but as most capital requirements for SEK’s relevant credit exposures are related to Sweden, the potential effect is limited. As of June 30, 2021, the contribution to SEK’s countercyclical buffer from buffer rates in other countries was 0.04 percentage points (year-end 2020: 0.03 percentage points). SEK has not been classified as a systemically important institution by any financial regulatory authority. The capital buffer requirements for systemically important institutions that came into force January 1, 2016, therefore do not apply to SEK.

25

Internally assessed economic capital

	June 30,	December 31,
Skr mn	2021	2020
Credit risk	5,875	6,121
Operational risk	203	203
Market risk	1,233	1,140
Other risks	214	183
Capital planning buffer	1,610	2,831
Total	9,135	10,478

SEK regularly conducts an internal capital adequacy assessment process, during which the company determines how much capital is needed in order to cover its risks. The result of SEK’s assessment of capital adequacy is presented above. For more information regarding the internal capital adequacy assessment process and its methods, please see Note 30 to the annual financial statements included in SEK’s 2020 Annual Report on Form 20-F.

Liquidity coverage

	June 30,		December 31,
Skr bn	2021		2020
Total liquid assets	56.6		49.0
Net liquidity outflows1	11.0		10.1
Liquidity outflows	21.9		22.1
Liquidity inflows	11.4		13.3
Liquidity Coverage Ratio	637	%	604	%

1 Net liquidity outflows is calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows is calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61.

Information on Liquidity Coverage Ratio (LCR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61.

Net stable funding

Skr bn	June 30,  2021		December 31,  2020
Available stable funding	240.6		242.6
Requiring stable funding	166.9		179.7
Net Stable Funding Ratio	144	%	135	%

Information on Net Stable Funding Ratio (NSFR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61.

Note 10. Exposures

Net exposures are reported after taking into consideration effects of guarantees and credit default swaps. Amounts are calculated in accordance with capital adequacy calculations, but before the application of credit conversion factors.

26

Total net exposures by exposure class

	Credits & interest-bearing				Committed undisbursed loans,
	securities				derivatives, etc.				Total
	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
Skr bn	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%
Central -governments	134.5	46.0	131.6	45.0	56.2	79.0	53.9	80.0	190.7	52.5	185.5	51.6
Regional -governments	13.8	4.7	12.3	4.2	—	—	—	—	13.8	3.8	12.3	3.4
Multilateral development banks	3.2	1.1	3.5	1.2	0.1	0.1	0.0	0.0	3.3	0.9	3.5	1.0
Public Sector Entity	5.2	1.8	4.2	1.5	—	—	—	—	5.2	1.4	4.2	1.2
Financial -institutions	29.3	10.0	24.5	8.4	6.8	9.6	6.4	9.5	36.1	10.0	30.9	8.6
Corporates	106.2	36.4	116.0	39.7	8.0	11.3	7.1	10.5	114.2	31.4	123.1	34.2
Total	292.2	100.0	292.1	100.0	71.1	100.0	67.4	100.0	363.3	100.0	359.5	100.0

Net exposure by region and exposure class, as of June 30, 2021

								West
								European	Central-
	Middle							countries	and East
	East/	Asia excl.		North		Latin		excl.	European
Skr bn	Africa	Japan	Japan	America	Oceania	America	Sweden	Sweden	countries	Total
Central governments	—	0.4	1.9	1.6	—	—	167.9	16.2	2.7	190.7
Regional governments	—	—	—	—	—	—	13.8	0.0	—	13.8
Multilateral development banks	—	—	—	—	—	—	—	3.3	—	3.3
Public Sector Entity	—	—	—	—	—	—	—	5.2	—	5.2
Financial institutions	0.0	0.9	0.2	1.9	0.9	—	17.1	14.9	0.2	36.1
Corporates	1.5	1.2	4.0	4.3	—	3.0	76.7	23.0	0.5	114.2
Total	1.5	2.5	6.1	7.8	0.9	3.0	275.5	62.6	3.4	363.3

Net exposure by region and exposure class, as of December 31, 2020

								West
								European	Central-
	Middle							countries	and East
	East/	Asia excl.		North		Latin		excl.	European
Skr bn	Africa	Japan	Japan	America	Oceania	America	Sweden	Sweden	countries	Total
Central governments	0.1	0.4	2.4	1.6	—	—	159.2	19.0	2.8	185.5
Regional governments	—	—	—	—	—	—	12.2	0.1	—	12.3
Multilateral development banks	—	—	—	—	—	—	—	3.5	—	3.5
Public Sector Entity	—	—	—	—	—	—	—	4.2	—	4.2
Financial institutions	0.0	1.2	0.6	1.7	0.8	—	11.4	15.0	0.2	30.9
Corporates	2.6	1.1	3.9	5.7	—	3.3	85.2	20.9	0.4	123.1
Total	2.7	2.7	6.9	9.0	0.8	3.3	268.0	62.7	3.4	359.5

27

Net exposure to European countries, excluding Sweden

Skr bn	June 30, 2021	December 31, 2020
Germany	10.2	8.6
France	8.2	8.0
Finland	7.1	8.9
United Kingdom	6.1	7.0
Denmark	5.9	5.2
Luxembourg	5.6	4.6
Norway	5.3	4.8
The Netherlands	3.4	3.2
Austria	3.3	5.7
Spain	3.1	1.9
Poland	2.8	2.9
Belgium	2.7	2.5
Portugal	0.6	0.7
Ireland	0.6	0.6
Switzerland	0.4	0.8
Serbia	0.2	0.3
Latvia	0.1	0.2
Iceland	0.1	0.1
Estonia	0.1	0.1
Italy	0.1	0.1
Lithuania	0.1	—
Total	66.0	66.2

Note 11. Transactions with related parties

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

Note 12. Events after the reporting period

No events with significant impact on the information in this report have occurred after the end of the reporting period.

28

The Board of Directors and the Chief Executive Officer confirm that this Interim report provides a fair overview of the Consolidated Group’s operations and financial position and result, and describes material risks and uncertainties facing the Consolidated Group.

Stockholm, July 15, 2021

AB SVENSK EXPORTKREDIT

SWEDISH EXPORT CREDIT CORPORATION

Lars Linder-Aronson	Anna Brandt
Chairman of the Board	Director of the Board

Reinhold Geijer	Lennart Jacobsen	Hanna Lagercrantz
Director of the Board	Director of the Board	Director of the Board

Hans Larsson	Eva Nilsagård
Director of the Board	Director of the Board

Catrin Fransson

Chief Executive Officer

SEK has established the following expected dates for the publication of financial information and other related matters:

October 25, 2021	Interim report for the period January 1, 2021 - September 30, 2021
February 2, 2022	Year-end report for the period January 1, 2021 - December 31, 2021

The report contains information that SEK will disclose pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication on July 15, 2021, 15:00 (CEST).

Additional information about SEK, including investor presentations and SEK’s 2020 Annual Report on Form 20-F, is available at www.sek.se. Information available on or accessible through SEK’s website is not incorporated herein by reference.

29

Alternative performance measures (see *)

Alternative performance measures (APMs) are key performance indicators that are not defined under IFRS or in the Capital Requirements Directive IV (CRD IV) or in regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms (CRR). SEK has presented these, either because they are in common use within the industry or because they comply with SEK’s assignment from the Swedish government. The APMs are used internally to monitor and manage operations, and are not considered to be directly comparable with similar key performance indicators presented by other companies. For additional information regarding the APMs, refer to www.sek.se.

*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).

*Average interest-bearing assets

The total of cash and cash equivalents, treasuries/government bonds, other interest-bearing securities except loans, loans in the form of interest-bearing securities, loans to credit institutions and loans to the public. Calculated using the opening and closing balances for the report period.

*Average interest-bearing liabilities

The total of outstanding senior debt and subordinated liabilities. Calculated using the opening and closing balances for the report period.

Basic and diluted earnings per share (Skr)

Net profit divided by the average number of shares, which amounted to 3,990,000 for each period.

*CIRR loans as percentage of new lending

The proportion of officially supported export credits (CIRR) of new lending.

CIRR-system

The CIRR-system comprises of the system of officially supported export credits (CIRR).

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.

Green bond

A green bond is a bond where the capital is earmarked for various forms of environmental projects.

Definitions

Green lending and green loans

SEK’s green lending comprises green loans that promote the transition to a low-carbon economy. The classification is performed by sus-tainability analysts at SEK. The effects that the loan will give rise to, such as reduced emissions of greenhouse gases, are monitored and reported. The term green project is assigned the same meaning as the term green loan. Green loans are categorized 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.

Leverage ratio

Tier 1 capital expressed as a percentage of the exposure measured under CRR (refer to Note 9).

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. An 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.

Loans

Lending pertains to all credit facilities provided in the form of interest-bearing securities, and credit facilities granted by traditional documentation. SEK considers these amounts to be useful measurements of SEK’s lending volumes. Accordingly, comments on lending volumes in this report pertain to amounts based on this definition.

*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 8).

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.

30

*New lending

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 8). The amounts reported for committed undisbursed loans may change when presented in the Con-solidated Statement of Financial Position due to changes in exchange rates, for example.

*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.

Own credit risk

Net fair value change due to credit risk on financial liabilities designated as at fair value through profit or loss.

Repurchase and redemption of own debt

The amounts are based on the trade date.

Swedish exporters

SEK’s clients that directly or indirectly promote Swedish export.

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.

31

Unless otherwise stated, amounts in this report are in millions (mn) of Swedish kronor (Skr), abbreviated “Skr mn” and relate to the group consisting of the Parent Company and its consolidated subsidiary (together, the “Group” or the “Consolidated Group”). AB Svensk Exportkredit (SEK), is a Swedish corporation with the identity number 556084-0315, and with its registered office in Stockholm, Sweden. SEK is a public limited liability company as defined in the Swedish Companies Act. In some instances, under Swedish law, a public company is obliged to add “(publ.)” to its company name.

32

About SEK

About Swedish Export Credit Corporation (SEK)

SEK is owned by the Swedish state, and since 1962 has enabled growth for thousands of Swedish companies. To expand their production, make acquisitions, employ more people and enable selling goods and services to customers worldwide.

SEK’s mission	Our mission is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms. The mission includes making available fixed-interest export credits within the officially supported CIRR-system.
SEK’s vision	Our vision is a sustainable world through increased Swedish exports.
SEK’s core values	We are professionals, make the difficult easy and build sustainable relationships.
SEK’s clients	We finance exporters, their subcontractors and foreign clients. The target group is companies with annual sales exceeding Skr 200 million and that are linked to Swedish interests and exports.
SEK’s partnerships	Through Team Sweden, we have close partnerships with other export promotion agencies in Sweden such as Business Sweden and The Swedish Export Credit Agency (EKN). Our international network is substantial and we also work with numerous Swedish and international banks.

33

EX-99.2

Exhibit 99.2

CAPITALIZATION

The following table sets out SEK’s consolidated capitalization as at June 30, 2021. This table should be read in conjunction with the unaudited financial statements included in our Report on Form 6-K for the three months ended June 30, 2021.

(Skr millions)
Senior debt:
Long-term	203,379
Short-term	77,816
Total senior debt (1), (2)	281,195
Subordinated debt:
Long-term	—
Short-term	—
Total subordinated debt (1)	—
Equity:
Share capital (3,990,000) shares issued and paid-up, par value skr 1,000 (3)	3,990
Reserves	-117
Retained earnings	16,392
Total	20,265
Total capitalization	301,460

(1) At June 30, 2021, our consolidated group had no contingent liabilities. Other than that disclosed herein, we had no other indebtedness as at June 30, 2021.

(2) Unguaranteed and unsecured.

(3) In accordance with our Articles of Association, SEK’s share capital shall neither be less than Skr 1,500 million nor more than Skr 6,000 million.

There has been no material change in SEK’s capitalization, contingent liabilities and guarantees since June 30, 2021.

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2021
Document and Entity Information
Entity Registrant Name	SWEDISH EXPORT CREDIT CORP /SWED/
Entity Central Index Key	0000352960
Document Type	6-K
Document Period End Date	Jun. 30, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

XML

Condensed Consolidated Statement of Comprehensive Income (unaudited) - SEK (kr) kr in Millions		3 Months Ended				6 Months Ended			12 Months Ended
		Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020		Dec. 31, 2020
Condensed Consolidated Statement of Comprehensive Income (unaudited)
Interest income		kr 678	kr 660	kr 1,178	[1]	kr 1,338	kr 2,480	[1]	kr 4,108
Interest expenses		(210)	(175)	(709)	[1]	(385)	(1,606)	[1]	(2,162)
Net interest income		468	485	469	[1]	953	874	[1]	1,946
Net fee and commission expense		(7)	(10)	(10)	[1]	(17)	(17)	[1]	(42)
Net results of financial transactions		9	(17)	(24)	[1]	(8)	(91)	[1]	83
Total operating income		470	458	435	[1]	928	766	[1]	1,987
Personnel expenses		(98)	(89)	(92)	[1]	(187)	(177)	[1]	(347)
Other administrative expenses		(61)	(55)	(46)	[1]	(116)	(98)	[1]	(198)
Depreciation and impairment of non-financial assets		(12)	(11)	(13)	[1]	(23)	(26)	[1]	(51)
Total operating expenses		(171)	(155)	(151)	[1]	(326)	(301)	[1]	(596)
Operating profit before credit losses		299	303	284	[1]	602	465	[1]	1,391
Net credit losses		13	(12)	(151)	[1]	1	(175)	[1]	(153)
Operating profit		312	291	133	[1]	603	290	[1]	1,238
Tax expenses		(64)	(60)	(32)	[1]	(124)	(66)	[1]	(270)
Net profit	[2]	248	231	101	[1]	479	224	[1]	968
Items not to be reclassified to profit or loss
Own credit risk		(2)	(18)	(62)	[1]	(20)	49	[1]	18
Revaluation of defined benefit plans		4	31	8	[1]	35	(1)	[1]	1
Tax on items not to be reclassified to profit or loss		0	(3)	12	[1]	(3)	(11)	[1]	(5)
Net items not to be reclassified to profit or loss		2	10	(42)	[1]	12	37	[1]	14
Total other comprehensive income		2	10	(42)	[1]	12	37	[1]	14
Total comprehensive income	[2]	kr 250	kr 241	kr 59	[1]	kr 491	kr 261	[1]	kr 982
Basic earnings per share (in SEK per share)	[3]	kr 62	kr 58	kr 25		kr 120	kr 56		kr 243
Diluted earnings per share (in SEK per share)	[3]	kr 62	kr 58	kr 25		kr 120	kr 56		kr 243

[1] Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

[2] The entire profit is attributable to the shareholder of the Parent Company.

[3] Net profit divided by average number of shares, which amounts to 3,990,000 for each period.

XML

Condensed Consolidated Statement of Comprehensive Income (unaudited) (Parenthetical) - shares	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Condensed Consolidated Statement of Comprehensive Income (unaudited)
Weighted average number of shares (in shares)	3,990,000	3,990,000	3,990,000	3,990,000	3,990,000	3,990,000

XML

Consolidated Statement of Financial Position (unaudited) - SEK (kr) kr in Millions		Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	[1]	kr 5,549	kr 3,362
Treasuries/government bonds		13,381	22,266
Other interest-bearing securities except loans		47,796	33,551
Loans in the form of interest-bearing securities		46,923	50,780
Loans to credit institutions		23,631	31,315
Loans to the public		163,723	171,562
Derivatives		6,453	7,563
Tangible and intangible assets		172	145
Deferred tax asset		8	15
Other assets		10,388	12,853
Prepaid expenses and accrued revenues		1,821	1,987
Total assets		319,845	335,399
Liabilities and equity
Borrowing from credit institutions		2,862	3,486
Borrowing from the public		10,000	10,000
Debt securities issued		268,333	273,976
Derivatives		16,021	25,395
Other liabilities		543	455
Accrued expenses and prepaid revenues		1,761	1,924
Provisions		60	99
Total liabilities		299,580	315,335
Share capital		3,990	3,990
Reserves		(117)	(129)
Retained earnings		16,392	16,203
Total equity	[2]	20,265	20,064
Total liabilities and equity		kr 319,845	kr 335,399

[1] Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date.

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

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Condensed Consolidated Statement of Changes in Equity (unaudited) - SEK (kr) kr in Millions		Share capital	Own credit risk	Defined benefit plans	Retained earnings	Total
Balance at the beginning of the period at Dec. 31, 2019		kr 3,990	kr (98)	kr (45)	kr 15,235	kr 19,082
Net profit					224	224	[1],[2]
Other comprehensive income			38	(1)		37	[1]
Total comprehensive income			38	(1)	224	261	[1],[2]
Balance at the end of the period at Jun. 30, 2020	[3]	3,990	(60)	(46)	15,459	19,343
Balance at the beginning of the period at Dec. 31, 2019		3,990	(98)	(45)	15,235	19,082
Net profit					968	968	[2]
Other comprehensive income			14	0		14
Total comprehensive income			14	0	968	982	[2]
Balance at the end of the period at Dec. 31, 2020	[3]	3,990	(84)	(45)	16,203	20,064
Net profit					479	479	[2]
Other comprehensive income			(15)	27		12
Total comprehensive income			(15)	27	479	491	[2]
Dividend					(290)	(290)
Balance at the end of the period at Jun. 30, 2021	[3]	kr 3,990	kr (99)	kr (18)	kr 16,392	kr 20,265

[1] Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

[2] The entire profit is attributable to the shareholder of the Parent Company.

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

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Condensed Statement of Cash Flows in the Consolidated Group (unaudited) - SEK (kr) kr in Millions		6 Months Ended				12 Months Ended
		Jun. 30, 2021		Jun. 30, 2020		Dec. 31, 2020
Operating activities
Operating profit		kr 603		kr 290	[1]	kr 1,238
Adjustments for non-cash items in operating profit
Adjustments for non-cash items in operating profit		111		322		140
Income tax paid		(130)		(188)		(311)
Changes in assets and liabilities from operating activities		19,023		(12,216)		(19,055)
Cash flow from operating activities		19,607		(11,792)		(17,988)
Investing activities
Capital expenditures		(37)		(14)		(35)
Cash flow from investing activities		(37)		(14)		(35)
Financing activities
Change in senior debt		(14,472)		14,327		29,460
Derivatives, net		(2,748)		352		(8,651)
Dividend paid		(290)
Payment of lease liability		(13)		(13)		(27)
Cash flow from financing activities		(17,523)		14,666		20,782
Cash flow for the period		2,047		2,860		2,759
Cash and cash equivalents at beginning of the period		3,362	[2]	1,362		1,362
Exchange-rate differences on cash and cash equivalents		140		(311)		(759)
Cash and cash equivalents at end of the period	[2]	kr 5,549		kr 3,911		kr 3,362

[1] Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

[2] Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date.

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Accounting policies

6 Months Ended

Jun. 30, 2021

Accounting policies

Accounting policies

Note 1. Accounting policies

This condensed interim report is presented in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting. The Consolidated Group’s consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), together with the interpretations from IFRS Interpretations Committee (IFRS IC). The IFRS standards applied by SEK are all endorsed by the European Union (EU). The accounting also follows the additional standards imposed by the Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) (ÅRKL) and the regulation and general guidelines issued by Finansinspektionen (the Swedish FSA), “Annual Reports in Credit Institutions and Securities Companies” (FFFS 2008:25). In addition to this, the supplementary accounting rules for groups (RFR 1) issued by the Swedish Financial Reporting Board have been applied. SEK also follows the state’s principles for external reporting in accordance with its State Ownership Policy and principles for state-owned enterprises.

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

The amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 in "Reform for new reference rates - phase 2" are applicable from January 1, 2021. Phase 2 of the reform of the reference rates is comprised of three main areas: hedge accounting, modifications and information. The changes clarify that hedge accounting does not have to cease just because the hedged items and hedging instruments were modified as a result of the IBOR reform. Security conditions (and associated documentation) must be changed to reflect the modifications made to the hedged item, the hedging instrument and the hedged risk. Any value adjustments resulting from the changes must be reported as hedging inefficiency. SEK has not made any changes related to the IBOR reform during the reporting period, nor entered into a hedging relationship where an alternative benchmark interest rate constitutes the hedged risk. The reform of the reference rates further clarifies that modifications required as a direct result of the IBOR reform and made in an economically equivalent way should not be reported as modifications for instruments valued at accrued acquisition value. For such modifications, the effective interest rate must be adjusted in line with those modified cash flows. SEK did not use the accounting relief rule for modifications. SEK's exposure that is directly affected by the reference interest rate reform is mainly its lending contracts to variable interest rates, its lending and borrowing contracts at fixed interest rates that are hedged at variable interest rates and currency swaps at variable interest rates. The exposures to variable interest rates are mainly against USD LIBOR, STIBOR and EURIBOR. After 2021-12-31, GBP LIBOR, CHF LIBOR and JPY LIBOR are expected to cease. For USD LIBOR, the most common maturities are expected to expire after 2023-06-30. SEK has lending contracts and derivative contracts maturing after 2023-06-30 in USD LIBOR with a nominal amount of USD 1,893 million and USD 17,829 million respectively. The changes are not expected to result in a change to SEK's hedging conditions and no significant modification gains or modification losses are expected to be reported. The changes are therefore not expected to have any significant impact on SEK's accounts, capital adequacy or large exposures when first applied.

To further improve the resilience of credit institutions within the EU, a reform package was adopted in June 2019: Regulation (EU) 2019/876 (CRRII) and Directive (EU) 2019/878 (CRDV) of the European Parliament and of the Council. As of June 28, 2021, the

Capital Requirements Regulation (CRRII) entered into force. This means that new requirements such as a binding leverage ratio and a binding stable net financing ratio (NSFR) are included in note 9, Capital adequacy, per 2021-06-30. The information is published in accordance with Supervisory Regulations FFFS 2014:12 and FFFS 2008:25.

There are no other IFRS or IFRS Interpretations Committee interpretations that are not yet applicable that are expected to have a material impact on SEK’s financial statements, capital adequacy or large exposure ratios.

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Net interest income

6 Months Ended

Jun. 30, 2021

Net interest income

Net interest income

Note 2. Net interest income

	Apr-Jun	Jan–Mar	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Skr mn	2021	2021	20201	2021	20201	2020
Interest income
Loans to credit institutions	34	33	51	67	147	236
Loans to the public	919	920	1,124	1,839	2,199	4,210
Loans in the form of interest-bearing securities	189	195	243	384	456	897
Interest-bearing securities excluding loans in the form of interest-bearing securities	12	19	71	31	191	242
Derivatives	-529	-558	-369	-1,087	-634	-1,708
Administrative remuneration CIRR-system	48	45	52	93	102	197
Other assets	5	6	6	11	19	34
Total interest income2	678	660	1,178	1,338	2,480	4,108
Interest expenses
Interest expenses	-191	-150	-692	-341	-1,563	-2,076
Resolution fee	-19	-25	-17	-44	-43	-86
Total interest expenses	-210	-175	-709	-385	-1,606	-2,162
Net interest income	468	485	469	953	874	1,946

1 Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

2 Interest income calculated using the effective interest method amounted to Skr 2,087 million during January-June 2021 (1H20: Skr 2,622 million).

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Net results of financial transactions

6 Months Ended

Jun. 30, 2021

Net results of financial transactions

Net results of financial transactions

Note 3. Net results of financial transactions

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

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Impairments

6 Months Ended

Jun. 30, 2021

Impairments

Impairments

Note 4. Impairments

	Apr-Jun	Jan–Mar	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Skr mn	2021	2021	2020	2021	2020	2020
Expected credit losses, stage 1	31	5	-110	36	-127	-98
Expected credit losses, stage 2	8	10	-39	18	-46	-48
Expected credit losses, stage 3	-30	-27	-2	-57	-2	-7
Established losses	-3	—	-20	-3	-20	-20
Reserves applied to cover established credit losses	3	—	20	3	20	20
Recovered credit losses	4	—	—	4	—	—
Net credit losses	13	-12	-151	1	-175	-153

	June 30, 2021				December 31, 2020
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Loans, before expected credit losses	184,075	36,057	1,852	221,984	231,927
Off balance sheet exposures, before expected credit losses	34,259	31,184	—	65,443	62,504
Total, before expected credit losses	218,334	67,241	1,852	287,427	294,431
Loss allowance, loans	-107	-38	-97	-242	-240
Loss allowance, off balance sheet exposures1	-5	0	—	-5	-9
Total loss allowance	-112	-38	-97	-247	-249
Provision ratio (in percent)	0.05	0.06	5.24	0.09	0.08

1 Recognized under provision in Consolidated Statement of Financial Position. Off balance sheet exposures consist of guarantee commitments, committed undisbursed loans and binding offers, see Note 8.

The table above shows the book value of loans and nominal amounts for off-balance sheet exposures before expected credit losses for each stage as well as related loss allowance amounts, in order to place expected credit losses in relation to credit exposures. Overall, the credit portfolio has an extremely high credit quality and SEK often uses risk mitigation measures, primarily through guarantees from the Swedish Export Credit Agency (EKN) and other government export credit agencies in the Organisation for Economic Co-operation and Development (OECD), which explains the low provision ratio.

Loss Allowance

	June 30, 2021				December 31, 2020
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Opening balance January 1	-147	-56	-46	-249	-128
Increases due to origination and acquisition	-26	-2	-23	-51	-84
Net remeasurement of loss allowance	42	8	0	50	-69
Transfer to stage 1	-2	3	—	1	—
Transfer to stage 2	0	-9	—	-9	—
Transfer to stage 3	0	3	-41	-38	-9
Decreases due to derecognition	21	17	7	45	8
Decrease in allowance account due to write-offs	—	—	7	7	20
Exchange-rate differences1	0	-2	-1	-3	13
Closing balance	-112	-38	-97	-247	-249

1 Recognized under net results of financial transactions in Statement of Comprehensive Income.

Provisions for expected credit losses (ECLs) are calculated using quantitative models based on inputs, assumptions and methods that are highly reliant on assessments. In particular, the following could heavily impact the level of provisions: the establishment of a material increase in credit risk, allowing for forward-looking macroeconomic scenarios, and the measurement of both ECLs over the next 12 months and lifetime ECLs. ECLs are based on objective assessments of what SEK expects to lose on the exposures given what was known on the reporting date and taking into account possible future events. The ECL is a probability-weighted amount that is determined by evaluating the outcome of several possible scenarios and where the data taken into consideration comprises information from previous conditions, current conditions and projections of future economic conditions. SEK’s method entails three scenarios being prepared for each probability of default curve: (i) a base scenario, (ii) a downturn scenario and (iii) an upturn scenario. The base scenario consists of GDP forecasts from the World Bank. When calculating the ECL as of June 30, 2021 the latest available forecast was the World Bank's forecast from June 2021. According to the World Bank's forecast, global economic output is expected to increase by 5.6 percent in 2021 and to increase by 4.3 percent in 2022. The base scenario has been weighted at between 75 and 78 percent, and the downturn and upturn scenarios weighted equally at between 11 and 13 percent.

SEK’s IFRS 9 model is based on GDP growth projections estimating the impact on the probability of default. SEK’s management believes that the strong positive GDP growth projections for 2021 may understate the probability of default of the asset portfolio. In the second quarter, as the IFRS 9 model is assessed to underestimate the probability of default, SEK made an overall adjustment to increase expected credit losses which was calculated pursuant to SEK’s IFRS 9 model as of June 30, 2021.

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Financial assets and liabilities at fair value

6 Months Ended

Jun. 30, 2021

Financial assets and liabilities at fair value

Financial assets and liabilities at fair value

Note 5. Financial assets and liabilities at fair value

	June 30, 2021
			Surplus value (+)/
Skr mn	Book value	Fair value	Deficit value (–)
Cash and cash equivalents	5,549	5,549	—
Treasuries/governments bonds	13,381	13,381	—
Other interest-bearing securities except loans	47,796	47,796	—
Loans in the form of interest-bearing securities	46,923	48,247	1,324
Loans to credit institutions	23,631	23,825	194
Loans to the public	163,723	171,258	7,535
Derivatives	6,453	6,453	—
Total financial assets	307,456	316,509	9,053
Borrowing from credit institutions	2,862	2,862	—
Borrowing from the public	10,000	10,000	—
Debt securities issued	268,333	268,939	606
Derivatives	16,021	16,021	—
Total financial liabilities	297,216	297,822	606

	December 31, 2020
			Surplus value (+)/
Skr mn	Book value	Fair value	Deficit value (–)
Cash and cash equivalents	3,362	3,362	—
Treasuries/governments bonds	22,266	22,266	—
Other interest-bearing securities except loans	33,551	33,551	—
Loans in the form of interest-bearing securities	50,780	52,091	1,311
Loans to credit institutions	31,315	31,424	109
Loans to the public	171,562	180,453	8,891
Derivatives	7,563	7,563	—
Total financial assets	320,399	330,710	10,311
Borrowing from credit institutions	3,486	3,486	—
Borrowing from the public	10,000	10,000	—
Debt securities issued	273,976	274,552	576
Derivatives	25,395	25,395	—
Total financial liabilities	312,857	313,433	576

Determination of fair value

The determination of fair value is described in the annual financial statements included in SEK’s 2020 Annual Report on Form 20-F, see Note 1 (h) (viii) Principles for determination of fair value of financial instruments and (ix) Determination of fair value of certain types of financial instruments.

Financial assets in fair value hierarchy

	Financial assets at fair value through profit or loss
Skr mn	Level 1	Level 2	Level 3	Total
Treasuries/governments bonds	9,836	3,545	—	13,381
Other interest-bearing securities except loans	23,518	24,278	—	47,796
Derivatives	—	5,827	626	6,453
Total, June 30, 2021	33,354	33,650	626	67,630
Total, December 31, 2020	33,582	28,220	1,578	63,380

Financial liabilities in fair value hierarchy

	Financial liabilities at fair value through profit or loss
Skr mn	Level 1	Level 2	Level 3	Total
Debt securities issued	—	6,812	30,553	37,365
Derivatives	—	14,366	1,655	16,021
Total, June 30, 2021	—	21,178	32,208	53,386
Total, December 31, 2020	—	29,744	43,039	72,783

Due to an increased element of subjective assessment of the input in the valuation, a transfer of Skr -1 million for derivatives was made from level 2 to level 3 (year-end 2020: a transfer of Skr -10,649 million for debt securities issued was made from level 2 to level 3, a transfer from level 3 to level 2 of Skr 6,534 million for debt securities issued was made and a transfer from level 3 to level 2 of net Skr -1,259 million for derivatives was made).

Financial assets and liabilities at fair value in Level 3, 2021

							Gains (+) and
						Gains (+) and	losses (–) in
					Transfers	losses (–)	Other	Exchange-
	January 1,		Settlements &	Transfers	from	through profit	comprehensive	rate	June 30,
Skr mn	2021	Purchases	sales	to Level 3	Level 3	or loss1	income	differences	2021
Debt securities issued	-41,198	-6,735	17,922	—	—	-505	-33	-4	-30,553
Derivatives, net	-263	9	-561	-1	—	847	—	-1,060	-1,029
Net assets and liabilities	-41,461	-6,726	17,361	-1	—	342	-33	-1,064	-31,582

Financial assets and liabilities at fair value in Level 3, 2020

							Gains (+) and
						Gains (+) and	losses (–) in
					Transfers	losses (–)	Other	Exchange-
	January 1,		Settlements &	Transfers	from	through profit	comprehensive	rate	December 31,
Skr mn	2020	Purchases	sales	to Level 3	Level 3	or loss1	income	differences	2020
Debt securities issued	-43,752	-10,584	16,285	-10,649	6,534	-1,345	44	2,269	-41,198
Derivatives, net	22	7	-400	—	-1,259	-1,597	—	2,964	-263
Net assets and liabilities	-43,730	-10,577	15,885	-10,649	5,275	-2,942	44	5,233	-41,461

1 Gains and losses through profit or loss, including the impact of exchange-rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange-rates, held as of June 30, 2021 amounted to a Skr 328 million gain (year-end 2020: Skr 36 million gain) and are reported as net results of financial transactions.

Uncertainty of valuation of Level 3 instruments

As the estimation of parameters included in the models used to ­calculate the market value of Level 3 instruments is associated with subjectivity and uncertainty, SEK has conducted an analysis of the difference in fair value of Level 3 instruments using other established parameter values. Option models and discounted cash flows are used to value the Level 3 instruments. For the Level 3 instruments that are significantly affected by different types of correlations, which are not based on observable market data, a revaluation has been made by shifting the correlations. The correlation is expressed as a value between 1 and -1, where 0 indicates no relationship, 1 indicates a maximum positive relationship and -1 indicates a maximum negative relationship. The maximum correlation in the range of unobservable inputs can thus be from 1 to -1. In the analysis, the correlations have been adjusted by +/- 0.12, which represents the level SEK uses within its prudent valuation framework. For Level 3 instruments that are significantly affected by non--observable market data in the form of SEK’s own creditworthiness, a revaluation has been made by shifting the credit curve. The revaluation is made by shifting the credit spreads by +/- 10 basis points, which has been assessed as a reasonable change in SEK’s credit spread. The analysis shows the impact of the non-observable market data on the market value. In addition, the market value will be affected by observable market data.The result of the analysis corresponds with SEK’s business model where issued securities are linked with a matched hedging derivative. The underlying market data is used to evaluate the issued security as well as to evaluate the fair value in the derivative. This means that a change in fair value of the issued security, excluding SEK’s own credit spread, is offset by an equally large change in fair value in the derivative.

Sensitivity analysis – level 3 assets and liabilities

Assets and liabilities	June 30, 2021
			Range of estimates
		Unobservable	for unobservable		Sensitivity	Sensitivity
Skr mn	Fair Value	input	input	Valuation method	max	min
Equity	-549	Correlation	0.12 - (0.12)	Option Model	-5	5
Interest rate	1	Correlation	0.12 - (0.12)	Option Model	0	0
FX	-368	Correlation	0.12 - (0.12)	Option Model	-49	49
Other	-113	Correlation	0.12 - (0.12)	Option Model	0	0
Sum derivatives, net	-1,029				-54	54
Equity	-6,901	Correlation	0.12 - (0.12)	Option Model	5	-5
		Credit spreads	10BP - (10BP)	Discounted cash flow	8	-8
Interest rate	-12,243	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	63	-63
FX	-11,293	Correlation	0.12 - (0.12)	Option Model	52	-52
		Credit spreads	10BP - (10BP)	Discounted cash flow	52	-52
Other	-116	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	1	-1
Sum debt securities issued	-30,553				181	-181
Total effect on total comprehensive income					127	-127
Derivatives, net, December 31, 2020	-263				-59	59
Debt securities issued, December 31, 2020	-41,198				196	-196
Total effect on total comprehensive income, December 31, 2020					137	-137

The sensitivity analysis shows the effect that a shift in correlations or SEK’s own credit spread has on Level 3 instruments. The table presents maximum positive and negative change in fair value when correlations or SEK’s own credit spread 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. The resulting effect related to correlation sensitivity is Skr +/- 3 million. The impact from SEK’s own credit spread amounts to Skr 124 million (year-end 2020: Skr 137 million) under a maximum scenario and Skr -124 million (year-end 2020: Skr -137 million) under a minimum scenario.

Fair value related to credit risk

	Fair value originating from credit risk		The period's change in fair value originating
	(- liabilities increase/ + liabilities decrease)		from credit risk (+ income/ - loss)
	June 30,	31 December	Jan-Jun	Jan-Jun
Skr mn	2021	2020	2021	2020
CVA/DVA, net1	-14	-17	3	-12
OCA2	-127	-108	-19	49

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

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

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Derivatives

6 Months Ended

Jun. 30, 2021

Derivatives.

Derivatives

Note 6. Derivatives

Derivatives by category

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

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

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CIRR-system

6 Months Ended

Jun. 30, 2021

CIRR-system

CIRR-system

Note 7. CIRR-system

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

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

In addition to the CIRR-system, SEK administers the Swedish government’s previous concessionary credit program according to the same principles as the CIRR-system. No new lending is being offered under the concessionary credit program. As of June 30, 2021, concessionary loans outstanding amounted to Skr 348 million (year-end 2020: Skr 382 million) and operating profit for the program amounted to Skr -11 million (1H20: Skr -15 million) for the period January-June 2021. SEK’s administrative compensation for administrating the concessionary credit program amounted to Skr 1 million (1H20: Skr 1 million).

Statement of Comprehensive Income for the CIRR-system

	Apr-Jun	Jan–Mar	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Skr mn	2021	2021	2020	2021	2020	2020
Interest income	498	487	582	985	1,121	2,170
Interest expenses	-494	-520	-529	-1,014	-1,041	-2,087
Interest compensation	7	—	11	7	14	14
Exchange-rate differences	0	-1	-1	-1	2	4
Profit before compensation to SEK	11	-34	63	-23	96	101
Administrative remuneration to SEK	-47	-45	-52	-92	-102	-196
Operating profit CIRR-system	-36	-79	11	-115	-6	-95
Reimbursement to (–) / from (+) the State	36	79	-11	115	6	95

Statement of Financial Position for the CIRR-system

	June 30,	December 31,
Skr mn	2021	2020
Cash and cash equivalents	26	2
Loans	73,958	69,163
Other assets	9,277	12,528
Prepaid expenses and accrued revenues	421	407
Total assets	83,682	82,100
Liabilities	74,205	69,289
Derivatives	8,962	12,232
Accrued expenses and prepaid revenues	515	579
Total liabilities	83,682	82,100
Commitments
Committed undisbursed loans	52,974	51,463
Binding offers	1,492	1,322

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Pledged assets and contingent liabilities

6 Months Ended

Jun. 30, 2021

Pledged assets and contingent liabilities

Pledged assets and contingent liabilities

Note 8. Pledged assets and contingent liabilities

	June 30,	December 31,
Skr mn	2021	2020
Collateral provided
Cash collateral under the security agreements for derivative contracts	12,535	21,979
Contingent liabilities1
Guarantee commitments	4,311	3,969
Commitments1
Committed undisbursed loans	59,640	57,213
Binding offers	1,492	1,322
Leases committed but not yet commenced	156	—

1 For expected credit losses in guarantee commitments, committed undisbursed loans and binding offers, see Note 4.

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Capital adequacy

6 Months Ended

Jun. 30, 2021

Capital adequacy

Capital adequacy

Note 9. Capital adequacy

The capital adequacy analysis relates to the parent company AB Svensk Exportkredit. The information is disclosed according to FFFS 2014:12 and FFFS 2008:25. For further information on capital adequacy and risks, see Note 30 to the annual financial statements included in SEK’s 2020 Annual Report on Form 20-F and see SEK’s 2020 Capital Adequacy and Risk Management (Pillar 3) Report.

Capital Adequacy Analysis

	June 30, 2021	December 31, 2020
Capital ratios	percent1	percent1
Common Equity Tier 1 capital ratio	23.3	21.8
Tier 1 capital ratio	23.3	21.8
Total capital ratio	23.3	21.8

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

	June 30, 2021		December 31, 2020
Total risk-based capital requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 8 percent2	6,763	8.0	7,136	8.0
of which Tier 1 requirement of 6 percent	5,072	6.0	5,352	6.0
of which minimum requirement of 4.5 percent	3,804	4.5	4,014	4.5
Pillar 2 capital requirements3	4,038	4.8	3,921	4.4
Common Equity Tier 1 capital available to meet buffer requirements4	8,876	10.5	12,310	13.8
Capital buffer requirements	2,146	2.5	2,259	2.5
of which Capital conservation buffer	2,113	2.5	2,230	2.5
of which Countercyclical buffer	33	0.0	29	0.0
of which Systemic risk buffer	—	—	—	—
Total risk-based capital requirement	12,947	15.3	13,316	14.9

1 Expressed as a percentage of total risk exposure amount.

2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012) have fully come into force in Sweden without regard to the transitional period.

3 Individual Pillar 2 requirement according to decision from latest Swedish FSA SREP.

4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK cover all minimum requirements with CET1 capital - i.e. 4.5 percent, 1.5 percent and 2 percent) and from Q2 2021 pillar 2 requirements (4.8 percent).

	June 30, 2021		December 31, 2020
Leverage ratio	Skr mn		Skr mn
On-balance sheet exposures	207,250		297,605
Off-balance sheet exposures	4,357		37,162
Total exposure measure1	211,607		334,767
Leverage ratio2	9.3	%	5.8	%

1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized.

2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure.

	June 30, 2021		December 31, 2020
Total capital requirement relating to leverage ratio	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 3 percent	6,348	3.0	—	—
Pillar 2 capital requirements	—	—	—	—
Total capital requirement relating to leverage ratio	6,348	3.0	—	—

1 Expressed as a percentage of total exposure amount.

Own funds – Adjusting items

	June 30,	December 31,
Skr mn	2021	2020
Share capital	3,990	3,990
Retained earnings	15,516	14,856
Accumulated other comprehensive income and other reserves1	325	292
Independently reviewed profit net of any foreseeable charge or dividend	272	694
Common Equity Tier 1 (CET1) capital before regulatory adjustments	20,103	19,832
Additional value adjustments due to prudent valuation	-337	-306
Intangible assets1	-106	-98
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing	94	77
Negative amounts resulting from the calculation of expected loss amounts	-44	-55
Total regulatory adjustments to Common Equity Tier 1 capital	-393	-382
Total Common Equity Tier 1 capital	19,710	19,450
Total Own funds	19,710	19,450

1 From December 31, 2020, SEK applies the amendments to Delegated Regulation (EU) No 241/2014 regarding deduction of software assets from Common Equity Tier 1 (CET1). The amendments introduce an exemption from the deduction of intangible assets from CET1 for prudently valued software assets of which the value is not negatively affected by resolution, insolvency or liquidation of the institution.

Minimum capital requirements exclusive of buffer

	June 30, 2021			December 31, 2020
			Minimum			Minimum
		Risk exposure	capital		Risk exposure	capital
Skr mn	EAD1	amount	requirement	EAD1	amount	requirement
Credit risk standardized method
Corporates	2,386	2,386	191	2,238	2,238	179
Exposures in default	85	85	7	7	7	1
Total credit risk standardized method	2,471	2,471	198	2,245	2,245	180
Credit risk IRB method
Central Governments	198,982	9,613	769	192,077	9,684	775
Financial institutions2	35,868	7,601	608	30,661	6,764	541
Corporates3	108,195	57,657	4,613	117,415	63,766	5,101
Assets without counterparty	200	200	16	163	163	13
Total credit risk IRB method	343,245	75,071	6,006	340,316	80,377	6,430
Credit valuation adjustment risk	n.a.	2,681	214	n.a.	2,284	183
Foreign exchange risk	n.a.	663	53	n.a.	664	52
Commodities risk	n.a.	22	2	n.a.	7	1
Operational risk	n.a.	3,625	290	n.a.	3,625	290
Total	345,716	84,533	6,763	342,561	89,202	7,136

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

2 Of which counterparty risk in derivatives: EAD Skr 5,933 million (year-end 2020: Skr 5,535 million), Risk exposure amount of Skr 1,999 million (year-end 2020: Skr 1,908 million) and Capital requirement of Skr 160 million (year-end 2020: Skr 153 million).

3 Of which related to specialized lending: EAD Skr 5,113 million (year-end 2020: 3,847 million), Risk exposure amount of Skr 3,651 million (year -end 2020: Skr 2,739 million) and Capital requirement of Skr 292 million (year-end 2020: Skr 219 million).

Credit risk

For classification and quantification of credit risk, SEK uses the IRB approach. Specifically, SEK applies the Foundation Approach. Under the Foundation Approach, the company determines the probability of default within one year (PD) for each of its counterparties, while the remaining parameters are established in accordance with CRR. Application of the IRB approach requires the Swedish FSA’s permission and is subject to ongoing supervision. Certain exposures are, by permission from the Swedish FSA, exempted from application of the IRB approach, and, instead, the standardized approach is applied. In 2020, SEK reviewed its credit risk processes in order to comply with new regulatory requirements, EBA Guidelines EBA/GL/2016/07 and Commission Delegated Regulation (EU) 2018/171, on the definition of default. As a result, SEK established a new internal definition of default, which was subsequently approved by the Swedish FSA and later, on January 1, 2021, implemented in the IRB approach for own funds requirements calculation. Counterparty risk exposure amounts in derivatives are calculated in accordance with the mark-to-market method.

Credit valuation adjustment risk

Credit valuation adjustment risk is calculated for all over-the-counter derivative contracts, except for credit derivatives used as credit protection and transactions with a qualifying central counterparty. SEK calculates this capital requirement according to the standardized method.

Foreign exchange risk

Foreign exchange risk is calculated according to the standardized approach, whereas the scenario approach is used for calculating the gamma and volatility risks.

Commodities risk

Capital requirements for commodity risk are calculated in ­ accordance with the simplified approach under the standardized approach. The scenario approach is used for calculating the gamma and volatility risks.

Operational risk

Capital requirement for operational risk is calculated according to the standardized approach. The company’s operations are divided into business areas as defined in the CRR. The capital requirement for each area is calculated by multiplying a factor depending on the business area by an income indicator. The factors applicable for SEK are 15 percent and 18 percent. The income indicators consist of the average operating income for the past three financial years for each business area.

Transitional rules

The capital adequacy ratios reflect the full impact of IFRS 9 as no transitional rules for IFRS 9 were utilized.

Capital buffer requirements

SEK expects to meet capital buffer requirements with Common Equity Tier 1 capital. The mandatory capital conservation buffer is 2.5 percent. The countercyclical buffer rate that is applied to exposures located in Sweden was lowered from 2.5 percent to 0 percent as of March 16, 2020. The reduction is made for preventive purposes, in order to counteract credit tightening due to the development and spread of COVID-19 and its effects on the economy. As of June 30, 2021, the capital requirement related to relevant exposures in Sweden was 67 percent (year-end 2020: 70 percent) of the total relevant capital requirement regardless of location; this fraction is also the weight applied on the Swedish buffer rate when calculating SEK’s countercyclical capital buffer. The countercyclical capital buffer as of June 30, 2021 for Sweden has been dissolved due to the reduction of the countercyclical buffer value to 0 percent. Buffer rates applicable in other countries may have effects on SEK, but as most capital requirements for SEK’s relevant credit exposures are related to Sweden, the potential effect is limited. As of June 30, 2021, the contribution to SEK’s countercyclical buffer from buffer rates in other countries was 0.04 percentage points (year-end 2020: 0.03 percentage points). SEK has not been classified as a systemically important institution by any financial regulatory authority. The capital buffer requirements for systemically important institutions that came into force January 1, 2016, therefore do not apply to SEK.

Internally assessed economic capital

	June 30,	December 31,
Skr mn	2021	2020
Credit risk	5,875	6,121
Operational risk	203	203
Market risk	1,233	1,140
Other risks	214	183
Capital planning buffer	1,610	2,831
Total	9,135	10,478

SEK regularly conducts an internal capital adequacy assessment process, during which the company determines how much capital is needed in order to cover its risks. The result of SEK’s assessment of capital adequacy is presented above. For more information regarding the internal capital adequacy assessment process and its methods, please see Note 30 to the annual financial statements included in SEK’s 2020 Annual Report on Form 20-F.

Liquidity coverage

	June 30,		December 31,
Skr bn	2021		2020
Total liquid assets	56.6		49.0
Net liquidity outflows1	11.0		10.1
Liquidity outflows	21.9		22.1
Liquidity inflows	11.4		13.3
Liquidity Coverage Ratio	637	%	604	%

1 Net liquidity outflows is calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows is calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61.

Information on Liquidity Coverage Ratio (LCR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61.

Net stable funding

Skr bn	June 30,  2021		December 31,  2020
Available stable funding	240.6		242.6
Requiring stable funding	166.9		179.7
Net Stable Funding Ratio	144	%	135	%

Information on Net Stable Funding Ratio (NSFR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61.

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Exposures

6 Months Ended

Jun. 30, 2021

Exposures

Exposures

Note 10. Exposures

Net exposures are reported after taking into consideration effects of guarantees and credit default swaps. Amounts are calculated in accordance with capital adequacy calculations, but before the application of credit conversion factors.

Total net exposures by exposure class

	Credits & interest-bearing				Committed undisbursed loans,
	securities				derivatives, etc.				Total
	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
Skr bn	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%
Central -governments	134.5	46.0	131.6	45.0	56.2	79.0	53.9	80.0	190.7	52.5	185.5	51.6
Regional -governments	13.8	4.7	12.3	4.2	—	—	—	—	13.8	3.8	12.3	3.4
Multilateral development banks	3.2	1.1	3.5	1.2	0.1	0.1	0.0	0.0	3.3	0.9	3.5	1.0
Public Sector Entity	5.2	1.8	4.2	1.5	—	—	—	—	5.2	1.4	4.2	1.2
Financial -institutions	29.3	10.0	24.5	8.4	6.8	9.6	6.4	9.5	36.1	10.0	30.9	8.6
Corporates	106.2	36.4	116.0	39.7	8.0	11.3	7.1	10.5	114.2	31.4	123.1	34.2
Total	292.2	100.0	292.1	100.0	71.1	100.0	67.4	100.0	363.3	100.0	359.5	100.0

Net exposure by region and exposure class, as of June 30, 2021

								West
								European	Central-
	Middle							countries	and East
	East/	Asia excl.		North		Latin		excl.	European
Skr bn	Africa	Japan	Japan	America	Oceania	America	Sweden	Sweden	countries	Total
Central governments	—	0.4	1.9	1.6	—	—	167.9	16.2	2.7	190.7
Regional governments	—	—	—	—	—	—	13.8	0.0	—	13.8
Multilateral development banks	—	—	—	—	—	—	—	3.3	—	3.3
Public Sector Entity	—	—	—	—	—	—	—	5.2	—	5.2
Financial institutions	0.0	0.9	0.2	1.9	0.9	—	17.1	14.9	0.2	36.1
Corporates	1.5	1.2	4.0	4.3	—	3.0	76.7	23.0	0.5	114.2
Total	1.5	2.5	6.1	7.8	0.9	3.0	275.5	62.6	3.4	363.3

Net exposure by region and exposure class, as of December 31, 2020

								West
								European	Central-
	Middle							countries	and East
	East/	Asia excl.		North		Latin		excl.	European
Skr bn	Africa	Japan	Japan	America	Oceania	America	Sweden	Sweden	countries	Total
Central governments	0.1	0.4	2.4	1.6	—	—	159.2	19.0	2.8	185.5
Regional governments	—	—	—	—	—	—	12.2	0.1	—	12.3
Multilateral development banks	—	—	—	—	—	—	—	3.5	—	3.5
Public Sector Entity	—	—	—	—	—	—	—	4.2	—	4.2
Financial institutions	0.0	1.2	0.6	1.7	0.8	—	11.4	15.0	0.2	30.9
Corporates	2.6	1.1	3.9	5.7	—	3.3	85.2	20.9	0.4	123.1
Total	2.7	2.7	6.9	9.0	0.8	3.3	268.0	62.7	3.4	359.5

Net exposure to European countries, excluding Sweden

Skr bn	June 30, 2021	December 31, 2020
Germany	10.2	8.6
France	8.2	8.0
Finland	7.1	8.9
United Kingdom	6.1	7.0
Denmark	5.9	5.2
Luxembourg	5.6	4.6
Norway	5.3	4.8
The Netherlands	3.4	3.2
Austria	3.3	5.7
Spain	3.1	1.9
Poland	2.8	2.9
Belgium	2.7	2.5
Portugal	0.6	0.7
Ireland	0.6	0.6
Switzerland	0.4	0.8
Serbia	0.2	0.3
Latvia	0.1	0.2
Iceland	0.1	0.1
Estonia	0.1	0.1
Italy	0.1	0.1
Lithuania	0.1	—
Total	66.0	66.2

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Transactions with related parties

6 Months Ended

Jun. 30, 2021

Transactions with related parties

Transactions with related parties

Note 11. Transactions with related parties

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

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Events after the reporting period

6 Months Ended

Jun. 30, 2021

Events after the reporting period

Events after the reporting period

Note 12. Events after the reporting period

No events with significant impact on the information in this report have occurred after the end of the reporting period.

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Accounting policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting policies

Description of accounting policies and methods of computation followed in interim financial statements

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

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Net interest income (Tables)

6 Months Ended

Jun. 30, 2021

Net interest income

Schedule of net interest income

	Apr-Jun	Jan–Mar	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Skr mn	2021	2021	20201	2021	20201	2020
Interest income
Loans to credit institutions	34	33	51	67	147	236
Loans to the public	919	920	1,124	1,839	2,199	4,210
Loans in the form of interest-bearing securities	189	195	243	384	456	897
Interest-bearing securities excluding loans in the form of interest-bearing securities	12	19	71	31	191	242
Derivatives	-529	-558	-369	-1,087	-634	-1,708
Administrative remuneration CIRR-system	48	45	52	93	102	197
Other assets	5	6	6	11	19	34
Total interest income2	678	660	1,178	1,338	2,480	4,108
Interest expenses
Interest expenses	-191	-150	-692	-341	-1,563	-2,076
Resolution fee	-19	-25	-17	-44	-43	-86
Total interest expenses	-210	-175	-709	-385	-1,606	-2,162
Net interest income	468	485	469	953	874	1,946

1 Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

2 Interest income calculated using the effective interest method amounted to Skr 2,087 million during January-June 2021 (1H20: Skr 2,622 million).

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Net results of financial transactions (Tables)

6 Months Ended

Jun. 30, 2021

Net results of financial transactions

Schedule of net results of financial transactions

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

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Impairments (Tables)

6 Months Ended

Jun. 30, 2021

Impairments

Schedule of impairments

	Apr-Jun	Jan–Mar	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Skr mn	2021	2021	2020	2021	2020	2020
Expected credit losses, stage 1	31	5	-110	36	-127	-98
Expected credit losses, stage 2	8	10	-39	18	-46	-48
Expected credit losses, stage 3	-30	-27	-2	-57	-2	-7
Established losses	-3	—	-20	-3	-20	-20
Reserves applied to cover established credit losses	3	—	20	3	20	20
Recovered credit losses	4	—	—	4	—	—
Net credit losses	13	-12	-151	1	-175	-153

Schedule of balances and reconciliation of changes in loss allowances by stages

	June 30, 2021				December 31, 2020
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Loans, before expected credit losses	184,075	36,057	1,852	221,984	231,927
Off balance sheet exposures, before expected credit losses	34,259	31,184	—	65,443	62,504
Total, before expected credit losses	218,334	67,241	1,852	287,427	294,431
Loss allowance, loans	-107	-38	-97	-242	-240
Loss allowance, off balance sheet exposures1	-5	0	—	-5	-9
Total loss allowance	-112	-38	-97	-247	-249
Provision ratio (in percent)	0.05	0.06	5.24	0.09	0.08

1 Recognized under provision in Consolidated Statement of Financial Position. Off balance sheet exposures consist of guarantee commitments, committed undisbursed loans and binding offers, see Note 8.

Loss Allowance

	June 30, 2021				December 31, 2020
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Opening balance January 1	-147	-56	-46	-249	-128
Increases due to origination and acquisition	-26	-2	-23	-51	-84
Net remeasurement of loss allowance	42	8	0	50	-69
Transfer to stage 1	-2	3	—	1	—
Transfer to stage 2	0	-9	—	-9	—
Transfer to stage 3	0	3	-41	-38	-9
Decreases due to derecognition	21	17	7	45	8
Decrease in allowance account due to write-offs	—	—	7	7	20
Exchange-rate differences1	0	-2	-1	-3	13
Closing balance	-112	-38	-97	-247	-249

1 Recognized under net results of financial transactions in Statement of Comprehensive Income.

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Financial assets and liabilities at fair value (Tables)

6 Months Ended

Jun. 30, 2021

Sub-classifications of financial information

Schedule of financial assets and liabilities at fair value by class

	June 30, 2021
			Surplus value (+)/
Skr mn	Book value	Fair value	Deficit value (–)
Cash and cash equivalents	5,549	5,549	—
Treasuries/governments bonds	13,381	13,381	—
Other interest-bearing securities except loans	47,796	47,796	—
Loans in the form of interest-bearing securities	46,923	48,247	1,324
Loans to credit institutions	23,631	23,825	194
Loans to the public	163,723	171,258	7,535
Derivatives	6,453	6,453	—
Total financial assets	307,456	316,509	9,053
Borrowing from credit institutions	2,862	2,862	—
Borrowing from the public	10,000	10,000	—
Debt securities issued	268,333	268,939	606
Derivatives	16,021	16,021	—
Total financial liabilities	297,216	297,822	606

	December 31, 2020
			Surplus value (+)/
Skr mn	Book value	Fair value	Deficit value (–)
Cash and cash equivalents	3,362	3,362	—
Treasuries/governments bonds	22,266	22,266	—
Other interest-bearing securities except loans	33,551	33,551	—
Loans in the form of interest-bearing securities	50,780	52,091	1,311
Loans to credit institutions	31,315	31,424	109
Loans to the public	171,562	180,453	8,891
Derivatives	7,563	7,563	—
Total financial assets	320,399	330,710	10,311
Borrowing from credit institutions	3,486	3,486	—
Borrowing from the public	10,000	10,000	—
Debt securities issued	273,976	274,552	576
Derivatives	25,395	25,395	—
Total financial liabilities	312,857	313,433	576

Schedule of fair value measurement of assets

	Financial assets at fair value through profit or loss
Skr mn	Level 1	Level 2	Level 3	Total
Treasuries/governments bonds	9,836	3,545	—	13,381
Other interest-bearing securities except loans	23,518	24,278	—	47,796
Derivatives	—	5,827	626	6,453
Total, June 30, 2021	33,354	33,650	626	67,630
Total, December 31, 2020	33,582	28,220	1,578	63,380

Schedule of fair value measurement of liabilities

	Financial liabilities at fair value through profit or loss
Skr mn	Level 1	Level 2	Level 3	Total
Debt securities issued	—	6,812	30,553	37,365
Derivatives	—	14,366	1,655	16,021
Total, June 30, 2021	—	21,178	32,208	53,386
Total, December 31, 2020	—	29,744	43,039	72,783

Schedule of fair value related to credit risk

	Fair value originating from credit risk		The period's change in fair value originating
	(- liabilities increase/ + liabilities decrease)		from credit risk (+ income/ - loss)
	June 30,	31 December	Jan-Jun	Jan-Jun
Skr mn	2021	2020	2021	2020
CVA/DVA, net1	-14	-17	3	-12
OCA2	-127	-108	-19	49

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

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

Level 3

Sub-classifications of financial information

Schedule of financial assets and liabilities at fair value

Financial assets and liabilities at fair value in Level 3, 2021

							Gains (+) and
						Gains (+) and	losses (–) in
					Transfers	losses (–)	Other	Exchange-
	January 1,		Settlements &	Transfers	from	through profit	comprehensive	rate	June 30,
Skr mn	2021	Purchases	sales	to Level 3	Level 3	or loss1	income	differences	2021
Debt securities issued	-41,198	-6,735	17,922	—	—	-505	-33	-4	-30,553
Derivatives, net	-263	9	-561	-1	—	847	—	-1,060	-1,029
Net assets and liabilities	-41,461	-6,726	17,361	-1	—	342	-33	-1,064	-31,582

Financial assets and liabilities at fair value in Level 3, 2020

							Gains (+) and
						Gains (+) and	losses (–) in
					Transfers	losses (–)	Other	Exchange-
	January 1,		Settlements &	Transfers	from	through profit	comprehensive	rate	December 31,
Skr mn	2020	Purchases	sales	to Level 3	Level 3	or loss1	income	differences	2020
Debt securities issued	-43,752	-10,584	16,285	-10,649	6,534	-1,345	44	2,269	-41,198
Derivatives, net	22	7	-400	—	-1,259	-1,597	—	2,964	-263
Net assets and liabilities	-43,730	-10,577	15,885	-10,649	5,275	-2,942	44	5,233	-41,461

1 Gains and losses through profit or loss, including the impact of exchange-rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange-rates, held as of June 30, 2021 amounted to a Skr 328 million gain (year-end 2020: Skr 36 million gain) and are reported as net results of financial transactions.

Schedule of sensitivity analysis - level 3

Assets and liabilities	June 30, 2021
			Range of estimates
		Unobservable	for unobservable		Sensitivity	Sensitivity
Skr mn	Fair Value	input	input	Valuation method	max	min
Equity	-549	Correlation	0.12 - (0.12)	Option Model	-5	5
Interest rate	1	Correlation	0.12 - (0.12)	Option Model	0	0
FX	-368	Correlation	0.12 - (0.12)	Option Model	-49	49
Other	-113	Correlation	0.12 - (0.12)	Option Model	0	0
Sum derivatives, net	-1,029				-54	54
Equity	-6,901	Correlation	0.12 - (0.12)	Option Model	5	-5
		Credit spreads	10BP - (10BP)	Discounted cash flow	8	-8
Interest rate	-12,243	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	63	-63
FX	-11,293	Correlation	0.12 - (0.12)	Option Model	52	-52
		Credit spreads	10BP - (10BP)	Discounted cash flow	52	-52
Other	-116	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	1	-1
Sum debt securities issued	-30,553				181	-181
Total effect on total comprehensive income					127	-127
Derivatives, net, December 31, 2020	-263				-59	59
Debt securities issued, December 31, 2020	-41,198				196	-196
Total effect on total comprehensive income, December 31, 2020					137	-137

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Derivatives (Tables)

6 Months Ended

Jun. 30, 2021

Derivatives.

Schedule of derivatives

Derivatives by category

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

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CIRR-system (Tables)

6 Months Ended

Jun. 30, 2021

CIRR-system

Information about CIRR-system

Statement of Comprehensive Income for the CIRR-system

	Apr-Jun	Jan–Mar	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Skr mn	2021	2021	2020	2021	2020	2020
Interest income	498	487	582	985	1,121	2,170
Interest expenses	-494	-520	-529	-1,014	-1,041	-2,087
Interest compensation	7	—	11	7	14	14
Exchange-rate differences	0	-1	-1	-1	2	4
Profit before compensation to SEK	11	-34	63	-23	96	101
Administrative remuneration to SEK	-47	-45	-52	-92	-102	-196
Operating profit CIRR-system	-36	-79	11	-115	-6	-95
Reimbursement to (–) / from (+) the State	36	79	-11	115	6	95

Statement of Financial Position for the CIRR-system

	June 30,	December 31,
Skr mn	2021	2020
Cash and cash equivalents	26	2
Loans	73,958	69,163
Other assets	9,277	12,528
Prepaid expenses and accrued revenues	421	407
Total assets	83,682	82,100
Liabilities	74,205	69,289
Derivatives	8,962	12,232
Accrued expenses and prepaid revenues	515	579
Total liabilities	83,682	82,100
Commitments
Committed undisbursed loans	52,974	51,463
Binding offers	1,492	1,322

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Pledged assets and contingent liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Pledged assets and contingent liabilities

Schedule of pledged assets and contingent liabilities

	June 30,	December 31,
Skr mn	2021	2020
Collateral provided
Cash collateral under the security agreements for derivative contracts	12,535	21,979
Contingent liabilities1
Guarantee commitments	4,311	3,969
Commitments1
Committed undisbursed loans	59,640	57,213
Binding offers	1,492	1,322
Leases committed but not yet commenced	156	—

1 For expected credit losses in guarantee commitments, committed undisbursed loans and binding offers, see Note 4.

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Capital adequacy (Tables)

6 Months Ended

Jun. 30, 2021

Capital adequacy

Schedule of capital adequacy

	June 30, 2021	December 31, 2020
Capital ratios	percent1	percent1
Common Equity Tier 1 capital ratio	23.3	21.8
Tier 1 capital ratio	23.3	21.8
Total capital ratio	23.3	21.8

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

	June 30, 2021		December 31, 2020
Total risk-based capital requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 8 percent2	6,763	8.0	7,136	8.0
of which Tier 1 requirement of 6 percent	5,072	6.0	5,352	6.0
of which minimum requirement of 4.5 percent	3,804	4.5	4,014	4.5
Pillar 2 capital requirements3	4,038	4.8	3,921	4.4
Common Equity Tier 1 capital available to meet buffer requirements4	8,876	10.5	12,310	13.8
Capital buffer requirements	2,146	2.5	2,259	2.5
of which Capital conservation buffer	2,113	2.5	2,230	2.5
of which Countercyclical buffer	33	0.0	29	0.0
of which Systemic risk buffer	—	—	—	—
Total risk-based capital requirement	12,947	15.3	13,316	14.9

1 Expressed as a percentage of total risk exposure amount.

2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012) have fully come into force in Sweden without regard to the transitional period.

3 Individual Pillar 2 requirement according to decision from latest Swedish FSA SREP.

4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK cover all minimum requirements with CET1 capital - i.e. 4.5 percent, 1.5 percent and 2 percent) and from Q2 2021 pillar 2 requirements (4.8 percent).

Schedule of leverage ratio

	June 30, 2021		December 31, 2020
Leverage ratio	Skr mn		Skr mn
On-balance sheet exposures	207,250		297,605
Off-balance sheet exposures	4,357		37,162
Total exposure measure1	211,607		334,767
Leverage ratio2	9.3	%	5.8	%

1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized.

2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure.

	June 30, 2021		December 31, 2020
Total capital requirement relating to leverage ratio	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 3 percent	6,348	3.0	—	—
Pillar 2 capital requirements	—	—	—	—
Total capital requirement relating to leverage ratio	6,348	3.0	—	—

1 Expressed as a percentage of total exposure amount.

Schedule of own funds

	June 30,	December 31,
Skr mn	2021	2020
Share capital	3,990	3,990
Retained earnings	15,516	14,856
Accumulated other comprehensive income and other reserves1	325	292
Independently reviewed profit net of any foreseeable charge or dividend	272	694
Common Equity Tier 1 (CET1) capital before regulatory adjustments	20,103	19,832
Additional value adjustments due to prudent valuation	-337	-306
Intangible assets1	-106	-98
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing	94	77
Negative amounts resulting from the calculation of expected loss amounts	-44	-55
Total regulatory adjustments to Common Equity Tier 1 capital	-393	-382
Total Common Equity Tier 1 capital	19,710	19,450
Total Own funds	19,710	19,450

1 From December 31, 2020, SEK applies the amendments to Delegated Regulation (EU) No 241/2014 regarding deduction of software assets from Common Equity Tier 1 (CET1). The amendments introduce an exemption from the deduction of intangible assets from CET1 for prudently valued software assets of which the value is not negatively affected by resolution, insolvency or liquidation of the institution.

Schedule of minimum capital requirements exclusive of buffers

	June 30, 2021			December 31, 2020
			Minimum			Minimum
		Risk exposure	capital		Risk exposure	capital
Skr mn	EAD1	amount	requirement	EAD1	amount	requirement
Credit risk standardized method
Corporates	2,386	2,386	191	2,238	2,238	179
Exposures in default	85	85	7	7	7	1
Total credit risk standardized method	2,471	2,471	198	2,245	2,245	180
Credit risk IRB method
Central Governments	198,982	9,613	769	192,077	9,684	775
Financial institutions2	35,868	7,601	608	30,661	6,764	541
Corporates3	108,195	57,657	4,613	117,415	63,766	5,101
Assets without counterparty	200	200	16	163	163	13
Total credit risk IRB method	343,245	75,071	6,006	340,316	80,377	6,430
Credit valuation adjustment risk	n.a.	2,681	214	n.a.	2,284	183
Foreign exchange risk	n.a.	663	53	n.a.	664	52
Commodities risk	n.a.	22	2	n.a.	7	1
Operational risk	n.a.	3,625	290	n.a.	3,625	290
Total	345,716	84,533	6,763	342,561	89,202	7,136

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

2 Of which counterparty risk in derivatives: EAD Skr 5,933 million (year-end 2020: Skr 5,535 million), Risk exposure amount of Skr 1,999 million (year-end 2020: Skr 1,908 million) and Capital requirement of Skr 160 million (year-end 2020: Skr 153 million).

3 Of which related to specialized lending: EAD Skr 5,113 million (year-end 2020: 3,847 million), Risk exposure amount of Skr 3,651 million (year -end 2020: Skr 2,739 million) and Capital requirement of Skr 292 million (year-end 2020: Skr 219 million).

Schedule of internally assessed economic capital excluding buffer

	June 30,	December 31,
Skr mn	2021	2020
Credit risk	5,875	6,121
Operational risk	203	203
Market risk	1,233	1,140
Other risks	214	183
Capital planning buffer	1,610	2,831
Total	9,135	10,478

Schedule of liquidity coverage

	June 30,		December 31,
Skr bn	2021		2020
Total liquid assets	56.6		49.0
Net liquidity outflows1	11.0		10.1
Liquidity outflows	21.9		22.1
Liquidity inflows	11.4		13.3
Liquidity Coverage Ratio	637	%	604	%

1 Net liquidity outflows is calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows is calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61.

Schedule of net stable funding

Skr bn	June 30,  2021		December 31,  2020
Available stable funding	240.6		242.6
Requiring stable funding	166.9		179.7
Net Stable Funding Ratio	144	%	135	%

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Exposures (Tables)

6 Months Ended

Jun. 30, 2021

Exposures

Schedule of exposures

Total net exposures by exposure class

	Credits & interest-bearing				Committed undisbursed loans,
	securities				derivatives, etc.				Total
	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
Skr bn	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%
Central -governments	134.5	46.0	131.6	45.0	56.2	79.0	53.9	80.0	190.7	52.5	185.5	51.6
Regional -governments	13.8	4.7	12.3	4.2	—	—	—	—	13.8	3.8	12.3	3.4
Multilateral development banks	3.2	1.1	3.5	1.2	0.1	0.1	0.0	0.0	3.3	0.9	3.5	1.0
Public Sector Entity	5.2	1.8	4.2	1.5	—	—	—	—	5.2	1.4	4.2	1.2
Financial -institutions	29.3	10.0	24.5	8.4	6.8	9.6	6.4	9.5	36.1	10.0	30.9	8.6
Corporates	106.2	36.4	116.0	39.7	8.0	11.3	7.1	10.5	114.2	31.4	123.1	34.2
Total	292.2	100.0	292.1	100.0	71.1	100.0	67.4	100.0	363.3	100.0	359.5	100.0

Net exposure by region and exposure class, as of June 30, 2021

								West
								European	Central-
	Middle							countries	and East
	East/	Asia excl.		North		Latin		excl.	European
Skr bn	Africa	Japan	Japan	America	Oceania	America	Sweden	Sweden	countries	Total
Central governments	—	0.4	1.9	1.6	—	—	167.9	16.2	2.7	190.7
Regional governments	—	—	—	—	—	—	13.8	0.0	—	13.8
Multilateral development banks	—	—	—	—	—	—	—	3.3	—	3.3
Public Sector Entity	—	—	—	—	—	—	—	5.2	—	5.2
Financial institutions	0.0	0.9	0.2	1.9	0.9	—	17.1	14.9	0.2	36.1
Corporates	1.5	1.2	4.0	4.3	—	3.0	76.7	23.0	0.5	114.2
Total	1.5	2.5	6.1	7.8	0.9	3.0	275.5	62.6	3.4	363.3

Net exposure by region and exposure class, as of December 31, 2020

								West
								European	Central-
	Middle							countries	and East
	East/	Asia excl.		North		Latin		excl.	European
Skr bn	Africa	Japan	Japan	America	Oceania	America	Sweden	Sweden	countries	Total
Central governments	0.1	0.4	2.4	1.6	—	—	159.2	19.0	2.8	185.5
Regional governments	—	—	—	—	—	—	12.2	0.1	—	12.3
Multilateral development banks	—	—	—	—	—	—	—	3.5	—	3.5
Public Sector Entity	—	—	—	—	—	—	—	4.2	—	4.2
Financial institutions	0.0	1.2	0.6	1.7	0.8	—	11.4	15.0	0.2	30.9
Corporates	2.6	1.1	3.9	5.7	—	3.3	85.2	20.9	0.4	123.1
Total	2.7	2.7	6.9	9.0	0.8	3.3	268.0	62.7	3.4	359.5

Net exposure to European countries, excluding Sweden

Skr bn	June 30, 2021	December 31, 2020
Germany	10.2	8.6
France	8.2	8.0
Finland	7.1	8.9
United Kingdom	6.1	7.0
Denmark	5.9	5.2
Luxembourg	5.6	4.6
Norway	5.3	4.8
The Netherlands	3.4	3.2
Austria	3.3	5.7
Spain	3.1	1.9
Poland	2.8	2.9
Belgium	2.7	2.5
Portugal	0.6	0.7
Ireland	0.6	0.6
Switzerland	0.4	0.8
Serbia	0.2	0.3
Latvia	0.1	0.2
Iceland	0.1	0.1
Estonia	0.1	0.1
Italy	0.1	0.1
Lithuania	0.1	—
Total	66.0	66.2

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

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Net interest income (Details) - SEK (kr) kr in Millions	3 Months Ended				6 Months Ended			12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020		Dec. 31, 2020
Interest income was related to:
Interest income	kr 678	kr 660	kr 1,178	[1]	kr 1,338	kr 2,480	[1]	kr 4,108
Interest expenses
Interest expenses	(191)	(150)	(692)		(341)	(1,563)		(2,076)
Resolution fee	(19)	(25)	(17)		(44)	(43)		(86)
Total interest expenses	(210)	(175)	(709)	[1]	(385)	(1,606)	[1]	(2,162)
Net interest income	468	485	469	[1]	953	874	[1]	1,946
Interest income using effective interest method					2,087	2,622
Loans to credit institutions
Interest income was related to:
Interest income	34	33	51		67	147		236
Loans to the public
Interest income was related to:
Interest income	919	920	1,124		1,839	2,199		4,210
Loans in the form of interest-bearing securities
Interest income was related to:
Interest income	189	195	243		384	456		897
Interest-bearing securities excluding loans in the form of interest-bearing securities
Interest income was related to:
Interest income	12	19	71		31	191		242
Derivatives
Interest income was related to:
Interest income	(529)	(558)	(369)		(1,087)	(634)		(1,708)
Administrative remuneration CIRR-system
Interest income was related to:
Interest income	48	45	52		93	102		197
Other assets
Interest income was related to:
Interest income	kr 5	kr 6	kr 6		kr 11	kr 19		kr 34

[1] Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

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Net results of financial transactions (Details) - SEK (kr) kr in Millions	3 Months Ended				6 Months Ended			12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020		Dec. 31, 2020
Net results of financial transactions
Derecognition of financial instruments not measured at fair value through profit or loss	kr 29	kr 1	kr 8		kr 30	kr 10		kr 14
Financial assets or liabilities at fair value through profit or loss	(28)	(11)	1		(39)	(109)		(22)
Financial instruments under fair-value hedge accounting	7	(4)	(37)		3	8		86
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value	1	(3)	4		(2)	0		5
Total net results of financial transactions	kr 9	kr (17)	kr (24)	[1]	kr (8)	kr (91)	[1]	kr 83

[1] Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

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Impairments (Details) - SEK (kr) kr in Millions	3 Months Ended				6 Months Ended			12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020		Dec. 31, 2020	Dec. 31, 2019
Impairment details
Established losses	kr (3)		kr (20)		kr (3)	kr (20)		kr (20)
Reserves applied to cover established credit losses	3		20		3	20		20
Recovered credit losses	4				4
Net credit losses	kr 13	kr (12)	(151)	[1]	kr 1	(175)	[1]	kr (153)
Loans and off balance
Provision ratio	0.09%				0.09%			0.08%
Gross carrying amount
Loans and off balance
Loans and off balance	kr 287,427				kr 287,427			kr 294,431
Gross carrying amount | Loans
Loans and off balance
Loans and off balance	221,984				221,984			231,927
Gross carrying amount | Off balance
Loans and off balance
Loans and off balance	65,443				65,443			62,504
Accumulated impairment
Loans and off balance
Loans and off balance	(247)				(247)			(249)	kr (128)
Accumulated impairment | Loans
Loans and off balance
Loans and off balance	(242)				(242)			(240)
Accumulated impairment | Off balance
Loans and off balance
Loans and off balance	(5)				(5)			(9)
12-month expected credit losses
Impairment details
Net credit losses	kr 31	5	(110)		kr 36	(127)		(98)
Loans and off balance
Provision ratio	0.05%				0.05%
12-month expected credit losses | Gross carrying amount
Loans and off balance
Loans and off balance	kr 218,334				kr 218,334
12-month expected credit losses | Gross carrying amount | Loans
Loans and off balance
Loans and off balance	184,075				184,075
12-month expected credit losses | Gross carrying amount | Off balance
Loans and off balance
Loans and off balance	34,259				34,259
12-month expected credit losses | Accumulated impairment
Loans and off balance
Loans and off balance	(112)				(112)			(147)
12-month expected credit losses | Accumulated impairment | Loans
Loans and off balance
Loans and off balance	(107)				(107)
12-month expected credit losses | Accumulated impairment | Off balance
Loans and off balance
Loans and off balance	(5)				(5)
Lifetime expected credit losses | Financial instruments not credit-impaired
Impairment details
Net credit losses	kr 8	10	(39)		kr 18	(46)		(48)
Loans and off balance
Provision ratio	0.06%				0.06%
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount
Loans and off balance
Loans and off balance	kr 67,241				kr 67,241
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | Loans
Loans and off balance
Loans and off balance	36,057				36,057
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | Off balance
Loans and off balance
Loans and off balance	31,184				31,184
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment
Loans and off balance
Loans and off balance	(38)				(38)			(56)
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | Loans
Loans and off balance
Loans and off balance	(38)				(38)
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | Off balance
Loans and off balance
Loans and off balance	0				0
Lifetime expected credit losses | Financial instruments credit-impaired
Impairment details
Net credit losses	kr (30)	kr (27)	kr (2)		kr (57)	kr (2)		(7)
Loans and off balance
Provision ratio	5.24%				5.24%
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount
Loans and off balance
Loans and off balance	kr 1,852				kr 1,852
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount | Loans
Loans and off balance
Loans and off balance	1,852				1,852
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment
Loans and off balance
Loans and off balance	(97)				(97)			kr (46)
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | Loans
Loans and off balance
Loans and off balance	kr (97)				kr (97)

[1] Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

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Impairments - Loss Allowance (Details) kr in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021 SEK (kr) item	Dec. 31, 2022	Dec. 31, 2021 SEK (kr)	Dec. 31, 2020 SEK (kr)
Increase (decrease) in loss allowance
Number of scenarios prepared for each PD curve | item	3
Expected increase in global economic output		4.30%	5.60%
Minimum
Increase (decrease) in loss allowance
Weight of base scenario for ECL calculation	75.00%
Weight of downturn scenario for ECL calculation	11.00%
Weight of upturn scenario for ECL calculation	11.00%
Maximum
Increase (decrease) in loss allowance
Weight of base scenario for ECL calculation	78.00%
Weight of downturn scenario for ECL calculation	13.00%
Weight of upturn scenario for ECL calculation	13.00%
Accumulated impairment
Increase (decrease) in loss allowance
Loans and off balance at beginning of period	kr (249)		kr (249)	kr (128)
Increases due to origination and acquisition	(51)			(84)
Net remeasurement of loss allowance	50			(69)
Transfer to stage 1	1
Transfer to stage 2	(9)
Transfer to stage 3	(38)			(9)
Decreases due to derecognition	45			8
Decrease in allowance account due to write-offs	7			20
Exchange-rate differences	(3)			13
Loans and off balance at end of period	(247)			(249)
12-month expected credit losses | Accumulated impairment
Increase (decrease) in loss allowance
Loans and off balance at beginning of period	(147)		(147)
Increases due to origination and acquisition	(26)
Net remeasurement of loss allowance	42
Transfer to stage 1	(2)
Transfer to stage 2	0
Transfer to stage 3	0
Decreases due to derecognition	21
Exchange-rate differences	0
Loans and off balance at end of period	(112)			(147)
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment
Increase (decrease) in loss allowance
Loans and off balance at beginning of period	(56)		(56)
Increases due to origination and acquisition	(2)
Net remeasurement of loss allowance	8
Transfer to stage 1	3
Transfer to stage 2	(9)
Transfer to stage 3	3
Decreases due to derecognition	17
Exchange-rate differences	(2)
Loans and off balance at end of period	(38)			(56)
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment
Increase (decrease) in loss allowance
Loans and off balance at beginning of period	(46)		kr (46)
Increases due to origination and acquisition	(23)
Net remeasurement of loss allowance	0
Transfer to stage 3	(41)
Decreases due to derecognition	7
Decrease in allowance account due to write-offs	7
Exchange-rate differences	(1)
Loans and off balance at end of period	kr (97)			kr (46)

XML

Financial assets and liabilities at fair value (Details) - SEK (kr) kr in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments
Book value of financial assets	kr 307,456	kr 320,399
Book value of financial liabilities	297,216	312,857
Fair value of financial assets	316,509	330,710
Fair value of financial liabilities	297,822	313,433
Surplus value (+) /Deficit value (-), financial assets	9,053	10,311
Surplus value (+) /Deficit value (-) financial liabilities	606	576
Borrowing from credit institutions
Disclosure of detailed information about financial instruments
Book value of financial liabilities	2,862	3,486
Fair value of financial liabilities	2,862	3,486
Borrowing from the public
Disclosure of detailed information about financial instruments
Book value of financial liabilities	10,000	10,000
Fair value of financial liabilities	10,000	10,000
Debt securities issued
Disclosure of detailed information about financial instruments
Book value of financial liabilities	268,333	273,976
Fair value of financial liabilities	268,939	274,552
Surplus value (+) /Deficit value (-) financial liabilities	606	576
Derivatives
Disclosure of detailed information about financial instruments
Book value of financial liabilities	16,021	25,395
Fair value of financial liabilities	16,021	25,395
Cash and cash equivalents
Disclosure of detailed information about financial instruments
Book value of financial assets	5,549	3,362
Fair value of financial assets	5,549	3,362
Treasuries/government bonds
Disclosure of detailed information about financial instruments
Book value of financial assets	13,381	22,266
Fair value of financial assets	13,381	22,266
Other interest-bearing securities except loans
Disclosure of detailed information about financial instruments
Book value of financial assets	47,796	33,551
Fair value of financial assets	47,796	33,551
Loans in the form of interest-bearing securities
Disclosure of detailed information about financial instruments
Book value of financial assets	46,923	50,780
Fair value of financial assets	48,247	52,091
Surplus value (+) /Deficit value (-), financial assets	1,324	1,311
Loans to credit institutions
Disclosure of detailed information about financial instruments
Book value of financial assets	23,631	31,315
Fair value of financial assets	23,825	31,424
Surplus value (+) /Deficit value (-), financial assets	194	109
Loans to the public
Disclosure of detailed information about financial instruments
Book value of financial assets	163,723	171,562
Fair value of financial assets	171,258	180,453
Surplus value (+) /Deficit value (-), financial assets	7,535	8,891
Derivatives
Disclosure of detailed information about financial instruments
Book value of financial assets	6,453	7,563
Fair value of financial assets	kr 6,453	kr 7,563

XML

Financial assets and liabilities at fair value - Financial assets & liabilities reported at fair value in fair value hierarchy (Details) - SEK (kr) kr in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments
Fair value of financial assets	kr 316,509	kr 330,710
Fair value of financial liabilities	297,822	313,433
Debt securities issued
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	268,939	274,552
Derivatives
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	16,021	25,395
Financial liabilities at fair value through profit or loss
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	53,386	72,783
Financial liabilities at fair value through profit or loss | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	21,178	29,744
Financial liabilities at fair value through profit or loss | Level 3
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	32,208	43,039
Financial liabilities at fair value through profit or loss | Debt securities issued
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	37,365
Financial liabilities at fair value through profit or loss | Debt securities issued | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	6,812
Financial liabilities at fair value through profit or loss | Debt securities issued | Level 3
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	30,553
Financial liabilities at fair value through profit or loss | Derivatives
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	16,021
Financial liabilities at fair value through profit or loss | Derivatives | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	14,366
Financial liabilities at fair value through profit or loss | Derivatives | Level 3
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	1,655
Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Fair value of financial assets	67,630	63,380
Financial assets at fair value through profit or loss. | Level 1
Disclosure of detailed information about financial instruments
Fair value of financial assets	33,354	33,582
Financial assets at fair value through profit or loss. | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	33,650	28,220
Financial assets at fair value through profit or loss. | Level 3
Disclosure of detailed information about financial instruments
Fair value of financial assets	626	1,578
Treasuries/government bonds
Disclosure of detailed information about financial instruments
Fair value of financial assets	13,381	22,266
Treasuries/government bonds | Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Fair value of financial assets	13,381
Treasuries/government bonds | Financial assets at fair value through profit or loss. | Level 1
Disclosure of detailed information about financial instruments
Fair value of financial assets	9,836
Treasuries/government bonds | Financial assets at fair value through profit or loss. | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	3,545
Other interest-bearing securities except loans
Disclosure of detailed information about financial instruments
Fair value of financial assets	47,796	33,551
Other interest-bearing securities except loans | Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Fair value of financial assets	47,796
Other interest-bearing securities except loans | Financial assets at fair value through profit or loss. | Level 1
Disclosure of detailed information about financial instruments
Fair value of financial assets	23,518
Other interest-bearing securities except loans | Financial assets at fair value through profit or loss. | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	24,278
Derivatives
Disclosure of detailed information about financial instruments
Fair value of financial assets	6,453	kr 7,563
Derivatives | Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Fair value of financial assets	6,453
Derivatives | Financial assets at fair value through profit or loss. | Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	5,827
Derivatives | Financial assets at fair value through profit or loss. | Level 3
Disclosure of detailed information about financial instruments
Fair value of financial assets	kr 626

XML

Financial assets and liabilities at fair value - Transfers made between both assets and liabilities (Details) - Level 3 - SEK (kr) kr in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments
Transfers to level 3	kr (1)	kr (10,649)
Transfers from level 3		5,275
Debt securities issued
Disclosure of detailed information about financial instruments
Transfers to level 3		(10,649)
Transfers from level 3		6,534
Derivatives
Disclosure of detailed information about financial instruments
Transfers to level 3	kr (1)
Transfers from level 3		kr (1,259)

XML

Financial assets and liabilities at fair value - Financial assets and liabilities at fair value in level 3 (Details) - SEK (kr) kr in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period	kr (313,433)
Financial liabilities at end of period	(297,822)	kr (313,433)
Level 3
Financial assets and liabilities at fair value in level 3
Financial assets and liabilities at fair value, at the beginning of period	(41,461)	(43,730)
Purchases	(6,726)	(10,577)
Settlements & sales	17,361	15,885
Transfers to level 3	(1)	(10,649)
Transfers from level 3		5,275
Gains (+) and losses (-) through profit or loss	342	(2,942)
Gains (+) and losses (-) in Other comprehensive income	(33)	44
Exchange-rate differences assets and liabilities	(1,064)	5,233
Financial assets and liabilities at fair value, at the end of period	(31,582)	(41,461)
Unrealized fair value changes	328	36
Debt securities issued | Level 3
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period	(41,198)	(43,752)
Purchases liabilities	(6,735)	(10,584)
Settlements & sales	17,922	16,285
Transfers to level 3		(10,649)
Transfers from level 3		6,534
Gains (+) and losses (-) through profit or loss	(505)	(1,345)
Gains (+) and losses (-) in Other comprehensive income	(33)	44
Exchange-rate differences	(4)	2,269
Financial liabilities at end of period	(30,553)	(41,198)
Derivatives | Level 3
Financial assets and liabilities at fair value in level 3
Financial assets and liabilities at fair value, at the beginning of period	(263)	22
Purchases	9	7
Settlements & sales	(561)	(400)
Transfers to level 3	(1)
Transfers from level 3		(1,259)
Gains (+) and losses (-) through profit or loss	847	(1,597)
Exchange-rate differences assets and liabilities	(1,060)	2,964
Financial assets and liabilities at fair value, at the end of period	kr (1,029)	kr (263)

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Financial assets and liabilities at fair value - Assets and liabilities Sensitivity analysis - level 3 (Details) kr in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021 SEK (kr)	Dec. 31, 2020 SEK (kr)	Dec. 31, 2019 SEK (kr)
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity, correlations maximum positive relationship	1
Sensitivity correlations maximum negative relationship	(1)
Financial liabilities at fair value	kr (297,822)	kr (313,433)
Effect related to correlation sensitivity	kr 3
Correlation input
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity, input appreciation, assets	0.12
Sensitivity, input depreciation, assets	0.12
Sensitivity, input appreciation, liabilities	0.12
Sensitivity, input depreciation, liabilities	0.12
Credit spread input
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity, input appreciation, assets	0.10%
Sensitivity, input depreciation, assets	0.10%
Sensitivity, input appreciation, liabilities	0.10%
Sensitivity, input depreciation, liabilities	0.10%
Level 3
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (31,582)	(41,461)	kr (43,730)
Level 3 | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	127	137
Level 3 | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	(127)	(137)
Level 3 | Own credit spread | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	124	137
Level 3 | Own credit spread | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	(124)	(137)
Level 3 | Derivatives
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	(1,029)	(263)	22
Level 3 | Derivatives | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	(54)	(59)
Level 3 | Derivatives | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	54	59
Level 3 | Derivatives | Equity risk
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (549)
Level 3 | Derivatives | Equity risk | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12
Sensitivity impact on total comprehensive income	kr (5)
Level 3 | Derivatives | Equity risk | Option Model | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	(0.12)
Sensitivity impact on total comprehensive income	kr 5
Level 3 | Derivatives | Interest rate
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr 1
Level 3 | Derivatives | Interest rate | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12
Sensitivity impact on total comprehensive income	kr 0
Level 3 | Derivatives | Interest rate | Option Model | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	(0.12)
Sensitivity impact on total comprehensive income	kr 0
Level 3 | Derivatives | Currency risk
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (368)
Level 3 | Derivatives | Currency risk | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12
Sensitivity impact on total comprehensive income	kr (49)
Level 3 | Derivatives | Currency risk | Option Model | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	(0.12)
Sensitivity impact on total comprehensive income	kr 49
Level 3 | Derivatives | Other
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (113)
Level 3 | Derivatives | Other | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12
Sensitivity impact on total comprehensive income	kr 0
Level 3 | Derivatives | Other | Option Model | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	(0.12)
Sensitivity impact on total comprehensive income	kr 0
Level 3 | Debt securities issued
Disclosure of significant unobservable inputs used in fair value measurement of assets
Financial liabilities at fair value	(30,553)	(41,198)	kr (43,752)
Level 3 | Debt securities issued | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	181	196
Level 3 | Debt securities issued | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	(181)	kr (196)
Level 3 | Debt securities issued | Equity risk
Disclosure of significant unobservable inputs used in fair value measurement of assets
Financial liabilities at fair value	kr (6,901)
Level 3 | Debt securities issued | Equity risk | Discounted cash flow | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Credit spreads (in basis points)	10
Sensitivity impact on total comprehensive income	kr 8
Level 3 | Debt securities issued | Equity risk | Discounted cash flow | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Credit spreads (in basis points)	(10)
Sensitivity impact on total comprehensive income	kr (8)
Level 3 | Debt securities issued | Equity risk | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12
Sensitivity impact on total comprehensive income	kr 5
Level 3 | Debt securities issued | Equity risk | Option Model | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	(0.12)
Sensitivity impact on total comprehensive income	kr (5)
Level 3 | Debt securities issued | Interest rate
Disclosure of significant unobservable inputs used in fair value measurement of assets
Financial liabilities at fair value	kr (12,243)
Level 3 | Debt securities issued | Interest rate | Discounted cash flow | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Credit spreads (in basis points)	10
Sensitivity impact on total comprehensive income	kr 63
Level 3 | Debt securities issued | Interest rate | Discounted cash flow | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Credit spreads (in basis points)	(10)
Sensitivity impact on total comprehensive income	kr (63)
Level 3 | Debt securities issued | Interest rate | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12
Sensitivity impact on total comprehensive income	kr 0
Level 3 | Debt securities issued | Interest rate | Option Model | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	(0.12)
Sensitivity impact on total comprehensive income	kr 0
Level 3 | Debt securities issued | Currency risk
Disclosure of significant unobservable inputs used in fair value measurement of assets
Financial liabilities at fair value	kr (11,293)
Level 3 | Debt securities issued | Currency risk | Discounted cash flow | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Credit spreads (in basis points)	10
Sensitivity impact on total comprehensive income	kr 52
Level 3 | Debt securities issued | Currency risk | Discounted cash flow | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Credit spreads (in basis points)	(10)
Sensitivity impact on total comprehensive income	kr (52)
Level 3 | Debt securities issued | Currency risk | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12
Sensitivity impact on total comprehensive income	kr 52
Level 3 | Debt securities issued | Currency risk | Option Model | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	(0.12)
Sensitivity impact on total comprehensive income	kr (52)
Level 3 | Debt securities issued | Other
Disclosure of significant unobservable inputs used in fair value measurement of assets
Financial liabilities at fair value	kr (116)
Level 3 | Debt securities issued | Other | Discounted cash flow | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Credit spreads (in basis points)	10
Sensitivity impact on total comprehensive income	kr 1
Level 3 | Debt securities issued | Other | Discounted cash flow | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Credit spreads (in basis points)	(10)
Sensitivity impact on total comprehensive income	kr (1)
Level 3 | Debt securities issued | Other | Option Model | Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12
Sensitivity impact on total comprehensive income	kr 0
Level 3 | Debt securities issued | Other | Option Model | Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	(0.12)
Sensitivity impact on total comprehensive income	kr 0

XML

Financial assets and liabilities at fair value - Fair value related to credit risk (Details) - SEK (kr) kr in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
CVA/DVA, net
Fair value related to credit risk
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease)	kr (14)		kr (17)
The period's change in fair value originating from credit risk (+ income/ - loss)	3	kr (12)
OCA
Fair value related to credit risk
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease)	(127)		kr (108)
The period's change in fair value originating from credit risk (+ income/ - loss)	kr (19)	kr 49

XML

Derivatives (Details) - SEK (kr) kr in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments
Assets Fair value	kr 6,453	kr 7,563
Liabilities Fair value	16,021	25,395
Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value	6,453	7,563
Liabilities Fair value	16,021	25,395
Nominal amounts	499,886	500,613
Interest rate-related contracts | Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value	3,305	3,846
Liabilities Fair value	9,563	11,774
Nominal amounts	324,669	323,664
Currency-related contracts | Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value	3,061	3,249
Liabilities Fair value	4,443	11,236
Nominal amounts	159,838	153,838
Equity-related contracts | Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value	10	457
Liabilities Fair value	544	620
Nominal amounts	7,274	15,598
Contracts related to commodities, credit risk, etc. | Derivatives
Disclosure of detailed information about financial instruments
Assets Fair value	77	11
Liabilities Fair value	1,471	1,765
Nominal amounts	kr 8,105	kr 7,513

XML

CIRR-system - Subclassifications of financial information (Details) - SEK (kr) kr in Millions	3 Months Ended					6 Months Ended				12 Months Ended
	Jun. 30, 2021		Mar. 31, 2021	Jun. 30, 2020		Jun. 30, 2021		Jun. 30, 2020		Dec. 31, 2020		Dec. 31, 2019
Sub-classifications of financial information
Concessionary loans outstanding	kr 348					kr 348				kr 382
Operating result of previous concessionary credit program						(11)				(15)
Administrative compensation for concessionary loans						1		kr 1
Comprehensive income
Interest income	678		kr 660	kr 1,178	[1]	1,338		2,480	[1]	4,108
Interest expenses	(210)		(175)	(709)	[1]	(385)		(1,606)	[1]	(2,162)
Exchange-rate differences	1		(3)	4		(2)		0		5
Financial position
Cash and cash equivalents	5,549	[2]		3,911	[2]	5,549	[2]	3,911	[2]	3,362	[2]	kr 1,362
Derivatives	6,453					6,453				7,563
Other assets	10,388					10,388				12,853
Prepaid expenses and accrued revenues	1,821					1,821				1,987
Total assets	319,845					319,845				335,399
Derivatives	16,021					16,021				25,395
Accrued expenses and prepaid revenues	1,761					1,761				1,924
Total liabilities	299,580					299,580				315,335
Committed undisbursed loans	59,640					59,640				57,213
Binding offers	1,492					1,492				1,322
CIRR-System
Comprehensive income
Interest income	498		487	582		985		1,121		2,170
Interest expenses	(494)		(520)	(529)		(1,014)		(1,041)		(2,087)
Interest compensation	7			11		7		14		14
Exchange-rate differences	0		(1)	(1)		(1)		2		4
Profit before compensation to SEK	11		(34)	63		(23)		96		101
Administrative remuneration to SEK	(47)		(45)	(52)		(92)		(102)		(196)
Operating profit CIRR-system	(36)		(79)	11		(115)		(6)		(95)
Reimbursement to (-) / from (+) the State	36		kr 79	kr (11)		115		kr 6		95
Financial position
Cash and cash equivalents	26					26				2
Loans	73,958					73,958				69,163
Other assets	9,277					9,277				12,528
Prepaid expenses and accrued revenues	421					421				407
Total assets	83,682					83,682				82,100
Liabilities	74,205					74,205				69,289
Derivatives	8,962					8,962				12,232
Accrued expenses and prepaid revenues	515					515				579
Total liabilities	83,682					83,682				82,100
Committed undisbursed loans	52,974					52,974				51,463
Binding offers	kr 1,492					kr 1,492				kr 1,322

[1] Since Q4 2020, SEK has changed the accounting principle regarding the CIRR-system, see Note 1 to the consolidated financial statements included in SEK's 2020 Annual Report on Form 20-F. The comparative figures have been adjusted.

[2] Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date.

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Pledged assets and contingent liabilities (Details) - SEK (kr) kr in Millions	Jun. 30, 2021	Dec. 31, 2020
Collateral provided
Cash collateral under the security agreements for derivative contracts	kr 12,535	kr 21,979
Contingent liabilities
Guarantee commitments	4,311	3,969
Commitments
Committed undisbursed loans	59,640	57,213
Binding offers	1,492	kr 1,322
Leases committed but not yet commenced	kr 156

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Capital adequacy - Capital adequacy (Details) - SEK (kr) kr in Millions	Jun. 30, 2021	Dec. 31, 2020
Capital adequacy
Capital base requirement of 8 percent	8.00%
Pillar 2 capital requirements	4.80%
of which Capital conservation buffer	2.50%
Minimum capital requirement one	4.50%
Minimum capital requirement two	1.50%
Minimum capital requirement three	2.00%
Parent Company
Capital adequacy
Common Equity Tier 1 capital ratio	23.30%	21.80%
Tier 1 capital ratio	23.30%	21.80%
Total capital ratio	23.30%	21.80%
Capital base requirement of 8 percent	kr 6,763	kr 7,136
of which Tier 1 requirement of 6 percent	5,072	5,352
of which minimum requirement of 4.5 percent	3,804	4,014
Pillar 2 capital requirements	4,038	3,921
Common Equity Tier 1 capital available to meet buffer requirements	8,876	12,310
Capital buffer requirements	2,146	2,259
of which Capital conservation buffer	2,113	2,230
of which Countercyclical buffer	33	29
Total risk-based capital requirement	kr 12,947	kr 13,316
Capital base requirement of 8 percent	8.00%	8.00%
of which Tier 1 requirement of 6 percent	6.00%	6.00%
of which minimum requirement of 4.5 percent	4.50%	4.50%
Pillar 2 capital requirements	4.80%	4.40%
Common Equity Tier 1 capital available to meet buffer requirements	10.50%	13.80%
Capital buffer requirements	2.50%	2.50%
of which Capital conservation buffer	2.50%	2.50%
of which Countercyclical buffer	0.00%	0.00%
Total risk-based capital requirement	15.30%	14.90%

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Capital adequacy - Leverage ratio (Details) - SEK (kr) kr in Millions	Jun. 30, 2021	Dec. 31, 2020
Total capital requirement relating to leverage ratio
Leverage ratio requirement	3.00%
Parent Company
Disclosure of credit risk exposure
On-balance sheet exposures	kr 207,250	kr 297,605
Off-balance sheet exposures	4,357	37,162
Total exposure measure	kr 211,607	kr 334,767
Leverage ratio	9.30%	5.80%
Total capital requirement relating to leverage ratio
Capital base requirement of 3 percent	kr 6,348
Total capital requirement relating to leverage ratio	kr 6,348
Capital base requirement of 3 percent	3.00%
Total capital requirement relating to leverage ratio	3.00%

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Capital adequacy - Own funds (Details) - Parent Company - SEK (kr) kr in Millions	Jun. 30, 2021	Dec. 31, 2020
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments	kr 20,103	kr 19,832
Regulatory adjustments to Common Equity Tier 1 capital	(393)	(382)
Total Common Equity Tier-1 capital	19,710	19,450
Own funds	19,710	19,450
Share capital
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments	3,990	3,990
Retained earnings
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments	15,516	14,856
Accumulated other comprehensive income and other reserves
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments	325	292
Independently reviewed profit net of any foreseeable charge or dividend
Capital adequacy
Common Equity Tier 1 (CET1) capital before regulatory adjustments	272	694
Additional value adjustments due to prudent valuation
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital	(337)	(306)
Intangible assets
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital	(106)	(98)
Own credit risk
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital	94	77
Negative amounts resulting from the calculation of expected loss amounts
Capital adequacy
Regulatory adjustments to Common Equity Tier 1 capital	kr (44)	kr (55)

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Capital adequacy - Minimum capital requirements exclusive of buffers (Details) - Parent Company - SEK (kr) kr in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of credit risk exposure
EAD	kr 345,716	kr 342,561
Risk exposure amount	84,533	89,202
Minimum capital requirements	6,763	7,136
Credit risk | Standardized approach
Disclosure of credit risk exposure
EAD	2,471	2,245
Risk exposure amount	2,471	2,245
Minimum capital requirements	198	180
Credit risk | Standardized approach | Corporates
Disclosure of credit risk exposure
EAD	2,386	2,238
Risk exposure amount	2,386	2,238
Minimum capital requirements	191	179
Credit risk | Standardized approach | Exposures in default
Disclosure of credit risk exposure
EAD	85	7
Risk exposure amount	85	7
Minimum capital requirements	7	1
Credit risk | IRB approach
Disclosure of credit risk exposure
EAD	343,245	340,316
Risk exposure amount	75,071	80,377
Minimum capital requirements	6,006	6,430
Credit risk | IRB approach | Central governments
Disclosure of credit risk exposure
EAD	198,982	192,077
Risk exposure amount	9,613	9,684
Minimum capital requirements	769	775
Credit risk | IRB approach | Financial institutions
Disclosure of credit risk exposure
EAD	35,868	30,661
Risk exposure amount	7,601	6,764
Minimum capital requirements	608	541
Credit risk | IRB approach | Corporates
Disclosure of credit risk exposure
EAD	108,195	117,415
Risk exposure amount	57,657	63,766
Minimum capital requirements	4,613	5,101
Credit risk | IRB approach | Assets without counterparty
Disclosure of credit risk exposure
EAD	200	163
Risk exposure amount	200	163
Minimum capital requirements	16	13
Counterparty risk in derivatives | IRB approach | Financial institutions
Disclosure of credit risk exposure
EAD	5,933	5,535
Risk exposure amount	1,999	1,908
Minimum capital requirements	160	153
Specialized lending | IRB approach | Corporates
Disclosure of credit risk exposure
EAD	5,113	3,847
Risk exposure amount	3,651	2,739
Minimum capital requirements	292	219
Credit valuation adjustment risk
Disclosure of credit risk exposure
Risk exposure amount	2,681	2,284
Minimum capital requirements	214	183
Currency risk
Disclosure of credit risk exposure
Risk exposure amount	663	664
Minimum capital requirements	53	52
Commodities risk
Disclosure of credit risk exposure
Risk exposure amount	22	7
Minimum capital requirements	2	1
Operational risk
Disclosure of credit risk exposure
Risk exposure amount	3,625	3,625
Minimum capital requirements	kr 290	kr 290

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Capital adequacy - Operational risk and capital buffer requirements (Details)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Mar. 16, 2020	Mar. 15, 2020
Disclosure of credit risk exposure
Mandatory capital conservation buffer	2.50%
Sweden
Disclosure of credit risk exposure
Countercyclical buffer	0.00%		0.00%	2.50%
Parent Company
Disclosure of credit risk exposure
Mandatory capital conservation buffer	2.50%	2.50%
Countercyclical buffer	0.00%	0.00%
Parent Company | Sweden
Disclosure of credit risk exposure
Capital requirement exposure	67.00%	70.00%
Parent Company | Foreign countries
Disclosure of credit risk exposure
Countercyclical buffer	0.04%	0.03%
Parent Company | Standardized approach | Operational risk
Disclosure of credit risk exposure
Fiscal years for each business area to calculate income indicators	3 years
Parent Company | Minimum | Standardized approach | Operational risk
Disclosure of credit risk exposure
Capital requirement multiple factor	15.00%
Parent Company | Maximum | Standardized approach | Operational risk
Disclosure of credit risk exposure
Capital requirement multiple factor	18.00%

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Capital adequacy - Internally assessed economic capital, Liquidity coverage and Net stable funding (Details) - Parent Company - SEK (kr) kr in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of credit risk exposure
Capital requirements	kr 19,710	kr 19,450
Total liquid assets	56,600	49,000
Net liquidity outflows	11,000	10,100
Liquidity outflows	21,900	22,100
Liquidity inflows	kr 11,400	kr 13,300
Liquidity Coverage Ratio	637.00%	604.00%
Available stable funding	kr 240,600	kr 242,600
Requiring stable funding	kr 166,900	kr 179,700
Net Stable Funding Ratio	144.00%	135.00%
Internal credit grades
Disclosure of credit risk exposure
Capital requirements	kr 9,135	kr 10,478
Internal credit grades | Credit risk
Disclosure of credit risk exposure
Capital requirements	5,875	6,121
Internal credit grades | Operational risk
Disclosure of credit risk exposure
Capital requirements	203	203
Internal credit grades | Market risk
Disclosure of credit risk exposure
Capital requirements	1,233	1,140
Internal credit grades | Other
Disclosure of credit risk exposure
Capital requirements	214	183
Internal credit grades | Capital planning buffer
Disclosure of credit risk exposure
Capital requirements	kr 1,610	kr 2,831

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Exposures - Total net exposure (Details) - Credit risk - SEK (kr) kr in Billions	Jun. 30, 2021	Dec. 31, 2020
Sub-classifications of financial information
Net exposure	kr 363.3	kr 359.5
Percentage of net exposures	100.00%	100.00%
Central governments
Sub-classifications of financial information
Net exposure	kr 190.7	kr 185.5
Percentage of net exposures	52.50%	51.60%
Regional governments
Sub-classifications of financial information
Net exposure	kr 13.8	kr 12.3
Percentage of net exposures	3.80%	3.40%
Multilateral development banks
Sub-classifications of financial information
Net exposure	kr 3.3	kr 3.5
Percentage of net exposures	0.90%	1.00%
Public Sector Entity
Sub-classifications of financial information
Net exposure	kr 5.2	kr 4.2
Percentage of net exposures	1.40%	1.20%
Financial institutions
Sub-classifications of financial information
Net exposure	kr 36.1	kr 30.9
Percentage of net exposures	10.00%	8.60%
Corporates
Sub-classifications of financial information
Net exposure	kr 114.2	kr 123.1
Percentage of net exposures	31.40%	34.20%
Credits and interest-bearing securities
Sub-classifications of financial information
Net exposure	kr 292.2	kr 292.1
Percentage of net exposures	100.00%	100.00%
Credits and interest-bearing securities | Central governments
Sub-classifications of financial information
Net exposure	kr 134.5	kr 131.6
Percentage of net exposures	46.00%	45.00%
Credits and interest-bearing securities | Regional governments
Sub-classifications of financial information
Net exposure	kr 13.8	kr 12.3
Percentage of net exposures	4.70%	4.20%
Credits and interest-bearing securities | Multilateral development banks
Sub-classifications of financial information
Net exposure	kr 3.2	kr 3.5
Percentage of net exposures	1.10%	1.20%
Credits and interest-bearing securities | Public Sector Entity
Sub-classifications of financial information
Net exposure	kr 5.2	kr 4.2
Percentage of net exposures	1.80%	1.50%
Credits and interest-bearing securities | Financial institutions
Sub-classifications of financial information
Net exposure	kr 29.3	kr 24.5
Percentage of net exposures	10.00%	8.40%
Credits and interest-bearing securities | Corporates
Sub-classifications of financial information
Net exposure	kr 106.2	kr 116.0
Percentage of net exposures	36.40%	39.70%
Committed undisbursed loans, derivatives, etc.
Sub-classifications of financial information
Net exposure	kr 71.1	kr 67.4
Percentage of net exposures	100.00%	100.00%
Committed undisbursed loans, derivatives, etc. | Central governments
Sub-classifications of financial information
Net exposure	kr 56.2	kr 53.9
Percentage of net exposures	79.00%	80.00%
Committed undisbursed loans, derivatives, etc. | Multilateral development banks
Sub-classifications of financial information
Net exposure	kr 0.1	kr 0.0
Percentage of net exposures	0.10%	0.00%
Committed undisbursed loans, derivatives, etc. | Financial institutions
Sub-classifications of financial information
Net exposure	kr 6.8	kr 6.4
Percentage of net exposures	9.60%	9.50%
Committed undisbursed loans, derivatives, etc. | Corporates
Sub-classifications of financial information
Net exposure	kr 8.0	kr 7.1
Percentage of net exposures	11.30%	10.50%

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Exposures - Net exposure by region and class (Details) - Credit risk - SEK (kr) kr in Billions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of credit risk exposure
Net exposure	kr 363.3	kr 359.5
Central governments
Disclosure of credit risk exposure
Net exposure	190.7	185.5
Regional governments
Disclosure of credit risk exposure
Net exposure	13.8	12.3
Multilateral development banks
Disclosure of credit risk exposure
Net exposure	3.3	3.5
Public Sector Entity
Disclosure of credit risk exposure
Net exposure	5.2	4.2
Financial institutions
Disclosure of credit risk exposure
Net exposure	36.1	30.9
Corporates
Disclosure of credit risk exposure
Net exposure	114.2	123.1
Middle East/Africa
Disclosure of credit risk exposure
Net exposure	1.5	2.7
Middle East/Africa | Central governments
Disclosure of credit risk exposure
Net exposure		0.1
Middle East/Africa | Financial institutions
Disclosure of credit risk exposure
Net exposure	0.0	0.0
Middle East/Africa | Corporates
Disclosure of credit risk exposure
Net exposure	1.5	2.6
Asia excl. Japan
Disclosure of credit risk exposure
Net exposure	2.5	2.7
Asia excl. Japan | Central governments
Disclosure of credit risk exposure
Net exposure	0.4	0.4
Asia excl. Japan | Financial institutions
Disclosure of credit risk exposure
Net exposure	0.9	1.2
Asia excl. Japan | Corporates
Disclosure of credit risk exposure
Net exposure	1.2	1.1
Japan
Disclosure of credit risk exposure
Net exposure	6.1	6.9
Japan | Central governments
Disclosure of credit risk exposure
Net exposure	1.9	2.4
Japan | Financial institutions
Disclosure of credit risk exposure
Net exposure	0.2	0.6
Japan | Corporates
Disclosure of credit risk exposure
Net exposure	4.0	3.9
North America
Disclosure of credit risk exposure
Net exposure	7.8	9.0
North America | Central governments
Disclosure of credit risk exposure
Net exposure	1.6	1.6
North America | Financial institutions
Disclosure of credit risk exposure
Net exposure	1.9	1.7
North America | Corporates
Disclosure of credit risk exposure
Net exposure	4.3	5.7
Oceania
Disclosure of credit risk exposure
Net exposure	0.9	0.8
Oceania | Financial institutions
Disclosure of credit risk exposure
Net exposure	0.9	0.8
Latin America
Disclosure of credit risk exposure
Net exposure	3.0	3.3
Latin America | Corporates
Disclosure of credit risk exposure
Net exposure	3.0	3.3
Sweden
Disclosure of credit risk exposure
Net exposure	275.5	268.0
Sweden | Central governments
Disclosure of credit risk exposure
Net exposure	167.9	159.2
Sweden | Regional governments
Disclosure of credit risk exposure
Net exposure	13.8	12.2
Sweden | Financial institutions
Disclosure of credit risk exposure
Net exposure	17.1	11.4
Sweden | Corporates
Disclosure of credit risk exposure
Net exposure	76.7	85.2
West European countries excl. Sweden
Disclosure of credit risk exposure
Net exposure	62.6	62.7
West European countries excl. Sweden | Central governments
Disclosure of credit risk exposure
Net exposure	16.2	19.0
West European countries excl. Sweden | Regional governments
Disclosure of credit risk exposure
Net exposure	0.0	0.1
West European countries excl. Sweden | Multilateral development banks
Disclosure of credit risk exposure
Net exposure	3.3	3.5
West European countries excl. Sweden | Public Sector Entity
Disclosure of credit risk exposure
Net exposure	5.2	4.2
West European countries excl. Sweden | Financial institutions
Disclosure of credit risk exposure
Net exposure	14.9	15.0
West European countries excl. Sweden | Corporates
Disclosure of credit risk exposure
Net exposure	23.0	20.9
Central and East European countries
Disclosure of credit risk exposure
Net exposure	3.4	3.4
Central and East European countries | Central governments
Disclosure of credit risk exposure
Net exposure	2.7	2.8
Central and East European countries | Financial institutions
Disclosure of credit risk exposure
Net exposure	0.2	0.2
Central and East European countries | Corporates
Disclosure of credit risk exposure
Net exposure	kr 0.5	kr 0.4

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Exposures - Net exposures European countries, excluding Sweden by exposure classes (Details) - Credit risk - SEK (kr) kr in Billions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of credit risk exposure
Net exposure	kr 363.3	kr 359.5
Germany
Disclosure of credit risk exposure
Net exposure	10.2	8.6
France
Disclosure of credit risk exposure
Net exposure	8.2	8.0
Finland
Disclosure of credit risk exposure
Net exposure	7.1	8.9
United Kingdom
Disclosure of credit risk exposure
Net exposure	6.1	7.0
Denmark
Disclosure of credit risk exposure
Net exposure	5.9	5.2
Luxembourg
Disclosure of credit risk exposure
Net exposure	5.6	4.6
Norway
Disclosure of credit risk exposure
Net exposure	5.3	4.8
The Netherlands
Disclosure of credit risk exposure
Net exposure	3.4	3.2
Austria
Disclosure of credit risk exposure
Net exposure	3.3	5.7
Spain
Disclosure of credit risk exposure
Net exposure	3.1	1.9
Poland
Disclosure of credit risk exposure
Net exposure	2.8	2.9
Belgium
Disclosure of credit risk exposure
Net exposure	2.7	2.5
Portugal
Disclosure of credit risk exposure
Net exposure	0.6	0.7
Ireland
Disclosure of credit risk exposure
Net exposure	0.6	0.6
Switzerland
Disclosure of credit risk exposure
Net exposure	0.4	0.8
Serbia
Disclosure of credit risk exposure
Net exposure	0.2	0.3
Latvia
Disclosure of credit risk exposure
Net exposure	0.1	0.2
Iceland
Disclosure of credit risk exposure
Net exposure	0.1	0.1
Estonia
Disclosure of credit risk exposure
Net exposure	0.1	0.1
Italy
Disclosure of credit risk exposure
Net exposure	0.1	0.1
Lithuania
Disclosure of credit risk exposure
Net exposure	0.1
European countries excl. Sweden
Disclosure of credit risk exposure
Net exposure	kr 66.0	kr 66.2