Swedish Export Credit Corp /Swed (GRU) 20-F24 Feb 222021 FY Annual report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2021shares
Statement
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-08382
Entity Registrant Name	SWEDISH EXPORT CREDIT CORP /SWED/
Entity Incorporation, State or Country Code	V7
Entity Address, Address Line One	Fleminggatan 20
Entity Address, City or Town	Stockholm
Entity Address, Country	SE
Entity Address, Postal Zip Code	SE-112 26
Entity Common Stock, Shares Outstanding	3,990,000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0000352960
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Öhrlings PricewaterhouseCoopers AB
Auditor Location	Stockholm, Sweden
Auditor Firm ID	1419
BNP Paribas due August 8, 2022
Statement
Title of 12(b) Security	ELEMENTSSM Linked to the SPECTRUM Large Cap U.S. Sector Momentum Index developed by BNP Paribas due August 8, 2022
Trading Symbol	EEH
Security Exchange Name	NYSE
Agriculture Total ReturnSM due October 24, 2022
Statement
Title of 12(b) Security	ELEMENTSSM Linked to the Rogers International Commodity Index® — Agriculture Total ReturnSM due October 24, 2022
Trading Symbol	RJA
Security Exchange Name	NYSE
Energy Total ReturnSM due October 24, 2022
Statement
Title of 12(b) Security	ELEMENTSSM Linked to the Rogers International Commodity Index® — Energy Total ReturnSM due October 24, 2022
Trading Symbol	RJN
Security Exchange Name	NYSE
Metals Total ReturnSM due October 24, 2022
Statement
Title of 12(b) Security	ELEMENTSSM Linked to the Rogers International Commodity Index® — Metals Total ReturnSM due October 24, 2022
Trading Symbol	RJZ
Security Exchange Name	NYSE
Total ReturnSM due October 24, 2022
Statement
Title of 12(b) Security	ELEMENTSSM Linked to the Rogers International Commodity Index® — Total ReturnSM due October 24, 2022
Trading Symbol	RJI
Security Exchange Name	NYSE
Total Return due February 13, 2023
Statement
Title of 12(b) Security	ELEMENTSSM Linked to the ICE BofAML Commodity index eXtraBiofuels Exchange Series — Total Return due February 13, 2023
Trading Symbol	FUE
Security Exchange Name	NYSE
Total Return due February 14, 2023
Statement
Title of 12(b) Security	ELEMENTSSM Linked to the ICE BofAML Commodity index eXtra (GRains)— Total Return due February 14, 2023
Trading Symbol	GRU
Security Exchange Name	NYSE
Business Contact Member
Statement
Entity Address, Address Line One	P.O.Box 194
Entity Address, City or Town	Stockholm
Entity Address, Country	SE
Contact Personnel Name	Stefan Friberg
Entity Address, Postal Zip Code	SE-101 23
City Area Code	46-8
Contact Personnel Email Address	Stefan.Friberg@sek.se
Local Phone Number	613 88 05

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - SEK (kr) kr in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statement of Comprehensive Income
Interest income calculated using effective interest method		kr 4,264	kr 4,960	kr 5,703
Other interest income		(1,545)	(852)	654
Interest expenses		(812)	(2,162)	(4,640)
Net interest income		1,907	1,946	1,717
Net fee and commission expense		(29)	(42)	(33)
Net results of financial transactions		56	83	226
Other operating income		0
Total operating income		1,934	1,987	1,910
Personnel expenses		(359)	(347)	(333)
Other administrative expenses		(231)	(198)	(206)
Depreciation and impairment of non-financial assets		(80)	(51)	(57)
Total operating expenses		(670)	(596)	(596)
Operating profit before credit losses		1,264	1,391	1,314
Net credit losses		41	(153)	(10)
Operating profit		1,305	1,238	1,304
Tax expenses		(271)	(270)	(277)
Net profit	[1]	1,034	968	1,027
Items to be reclassified to profit or loss
Derivatives in cash-flow hedges				(8)
Tax on items to be reclassified to profit or loss				2
Net items to be reclassified to profit or loss				(6)
Items not to be reclassified to profit or loss
Own credit risk		(24)	18	24
Revaluation of defined benefit plans		24	1	(4)
Tax on items not to be reclassified to profit or loss		0	(5)	(4)
Net items not to be reclassified to profit or loss		0	14	16
Total other comprehensive income		0	14	10
Total comprehensive income	[1]	kr 1,034	kr 982	kr 1,037
Basic earnings per share (in SEK per share)	[2]	kr 259	kr 243	kr 257
Diluted earnings per share (in SEK per share)	[2]	kr 259	kr 243	kr 257

[1]	The entire profit is attributable to the shareholder of the Parent Company.
[2]	The average number of shares in 2021 amounted to 3,990,000 (2020: 3,990,000 ).

Consolidated Statement of Com_2

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

Consolidated Statement of Finan

Consolidated Statement of Financial Position - SEK (kr) kr in Millions		Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	[1]	kr 11,128	kr 3,362
Treasuries/government bonds		10,872	22,266
Other interest-bearing securities except loans		45,881	33,551
Loans in the form of interest-bearing securities		46,578	50,780
Loans to credit institutions		20,775	31,315
Loans to the public		180,288	171,562
Derivatives		8,419	7,563
Tangible and intangible assets		331	145
Deferred tax assets		11	15
Other assets		7,451	12,853
Prepaid expenses and accrued revenues		1,913	1,987
Total assets		333,647	335,399
Liabilities and equity
Borrowing from credit institutions		5,230	3,486
Borrowing from the public		10,000	10,000
Debt securities issued		279,770	273,976
Derivatives		14,729	25,395
Other liabilities		1,167	455
Accrued expenses and prepaid revenues		1,875	1,924
Provisions		68	99
Total liabilities		312,839	315,335
Share capital		3,990	3,990
Reserves		(129)	(129)
Retained earnings		16,947	16,203
Total equity	[2],[3]	20,808	20,064
Total liabilities and equity		kr 333,647	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. See Note 11.
[2]	See Note 22.
[3]	The entire equity is attributable to the shareholder of the Parent Company.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - SEK (kr) kr in Millions		Share capital	Hedge reserve	Own credit risk	Defined benefit plans	Retained earnings	Total
Balance at the beginning of the year at Dec. 31, 2018		kr 3,990	kr 6	kr (117)	kr (42)	kr 14,402	kr 18,239
Net profit for the year						1,027	1,027	[1]
Items to be reclassified to profit or loss
Derivatives in cash-flow hedges			(8)				(8)
Tax on items to be reclassified to profit or loss			2				2
Items not to be reclassified to profit or loss
Own credit risk				24			24
Revaluation of defined benefit plans					(4)		(4)
Tax on items not to be reclassified to profit or loss				(5)	1		(4)
Total other comprehensive income			(6)	19	(3)		10
Total comprehensive income			kr (6)	19	(3)	1,027	1,037	[1]
Dividend						(194)	(194)
Balance at the end of the year at Dec. 31, 2019	[2],[3]	3,990		(98)	(45)	15,235	19,082
Net profit for the year						968	968	[1]
Items not to be reclassified to profit or loss
Own credit risk				18			18
Revaluation of defined benefit plans					1		1
Tax on items not to be reclassified to profit or loss				(4)	(1)		(5)
Total other comprehensive income				14	0		14
Total comprehensive income				14	0	968	982	[1]
Balance at the end of the year at Dec. 31, 2020	[2],[3]	3,990		(84)	(45)	16,203	20,064
Net profit for the year						1,034	1,034	[1]
Items not to be reclassified to profit or loss
Own credit risk				(24)			(24)
Revaluation of defined benefit plans					24		24
Tax on items not to be reclassified to profit or loss				6	(6)		0
Total other comprehensive income				(18)	18		0
Total comprehensive income				(18)	18	1,034	1,034	[1]
Dividend						(290)	(290)
Balance at the end of the year at Dec. 31, 2021	[2],[3]	kr 3,990		kr (102)	kr (27)	kr 16,947	kr 20,808

[1]	The entire profit is attributable to the shareholder of the Parent Company.
[2]	See Note 22.
[3]	The entire equity is attributable to the shareholder of the Parent Company.

Statement of Cash Flows in the

Statement of Cash Flows in the Consolidated Group - SEK (kr) kr in Millions		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Operating activities
Operating profit		kr 1,305		kr 1,238		kr 1,304
Adjustments for non-cash items in operating profit
Provision for credit losses, net		(41)		153		10
Depreciation and impairment of non-financial assets		80		51		57
Exchange-rate differences		(2)		5		7
Unrealized changes in fair value		(21)		(69)		(185)
Other		53		0		(5)
Total adjustments for non-cash items in operating profit		69		140		(116)
Income tax paid		(263)		(311)		(529)
Increase (-)/decrease (+) in lending		16,900		(37,824)		(2,540)
Increase (-)/decrease (+) in bonds and securities held		1,230		4,276		(889)
Other changes in assets and liabilities - net		1,334		14,493		1,996
Cash flow from operating activities		20,575		(17,988)		(774)
Investing activities
Investments		(242)		(35)		(40)
Cash flow from investing activities		(242)		(35)		(40)
Financing activities
Senior debt		88,328		153,518		126,412
Repayments of debt		(97,435)		(119,143)		(112,190)
Repurchase and early redemption of own long-term debt		(1,851)		(4,915)		(18,642)
Derivatives		(1,523)		(8,651)		4,049
Payment of lease liability		(24)		(27)		(39)
Dividend paid		(290)				(194)
Cash flow from financing activities		(12,795)		20,782		(604)
Net cash flow for the period		7,538		2,759		(1,418)
Cash and cash equivalents at beginning of the year		3,362	[1]	1,362	[1]	2,416
Exchange-rate differences on cash and cash equivalents		228		(759)		364
Cash and cash equivalents at end of year	[1]	11,128		3,362		1,362
Cash and cash equivalents of which cash at banks		427		561		651
Cash and cash equivalents of which cash equivalents		10,701		2,801		711
Interest payments received and expenses paid
Interest payments received		2,801		4,329		9,057
Interest expenses paid		kr 862		kr 2,861		kr 4,366

[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. See Note 11.

Significant accounting policies

Significant accounting policies	12 Months Ended
Significant accounting policies	Dec. 31, 2021
Significant accounting policies
Significant accounting policies	Note 1. Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated Financial Statements, unless otherwise stated. Table of contents: (a) Reporting entity (b) Basis of presentation (c) Changes to accounting policies and presentation (d) Basis of consolidation (e) Segment reporting (f) Recognition of operating income (g) Foreign currency transactions (h) Financial instruments (i) Tangible assets (j) Intangible assets (k) Employee benefits (l) Equity (m) Taxes (n) Earnings per share (o) Statement of cash flows (p) Critical accounting policies, assumptions and estimates (q) New standards and amendments to standards and interpretations not yet adopted and considered relevant to SEK (a) Reporting entity AB Svensk Exportkredit (the “Parent Company”, the “Company” or “SEK”) is domiciled in Sweden. The address of the Company’s registered office is Fleminggatan 20, P.O. Box 194, SE-112 26 Stockholm, Sweden. The Consolidated Group as of December 31, 2021 consists of SEK and its wholly owned, inactive subsidiary, SEKETT AB. These are jointly referred to as the “Consolidated Group” or the “Group”. (b) Basis of presentation (i) Statement of compliance The consolidated accounts have been compiled in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The IFRS standards applied by SEK are all endorsed by the European Union (EU). Additional standards, consistent with IFRS, are imposed by the Swedish Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) (ÅRKL), Recommendation RFR 1, Supplementary Accounting Principles for Groups, issued by the Swedish Financial Reporting Board (RFR), and the accounting regulations of the Swedish FSA (FFFS 2008:25), all of which have been complied with in preparing the Consolidated Financial Statements, of which these notes form a part. SEK also follows the Swedish Government’s principles for external reporting in accordance with its State Ownership Policy and principles for state-owned enterprises. The Consolidated Financial Statements and annual report were approved for issuance by SEK’s Board of Directors on February 21, 2022. The Group’s Statements of Comprehensive Income and Financial Position will be subject to approval by SEK’s shareholder at the Annual General Meeting to be held on March 24, 2022. (ii) Basis of measurement The Consolidated Financial Statements have been prepared on an amortized cost basis, subject to the following exceptions: all derivatives are measured at fair value, (iii) Functional and presentation currency SEK has determined that the Swedish krona (Skr) is the Parent Company’s functional and presentation currency under IFRS. Significant factors are that SEK’s equity is denominated in Swedish kronor, its performance is evaluated based on a result expressed in Swedish kronor, and that a large portion of SEK’s expenses, especially personnel expenses, other expenses and taxes, are denominated in Swedish kronor. SEK manages its foreign currency risk by hedging exposures between the Swedish kronor and other currencies. (iv) Going concern SEK’s Board of Directors and management have made an assessment of SEK’s ability to continue as a going concern and are satisfied that SEK has the resources to continue operations for the foreseeable future. The Board of Directors and management are not aware of any material uncertainties that could cast significant doubt upon SEK’s ability to continue as a going concern. Therefore, the Financial Statements continue to be prepared on a going-concern basis. (c) Changes to accounting policies and presentation In all significant respects, the accounting policies, bases of calculation and presentation are unchanged compared with the 2020 annual report, 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. (i) The amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 in “Reform for new reference rates - phase 2” have been applicable since 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. During 2021, SEK has applied the relief under IFRS 9 for changing the hedged risk in existing hedge accounting relationships with GBP LIBOR and JPY LIBOR. The reform of the reference rates further clarifies that modifications required as a direct result of the IBOR reform, when 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 has used the accounting relief rule for modifications for a few transactions. 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. GBP LIBOR, CHF LIBOR and JPY LIBOR ceased on December 31, 2021. Exposures against these variable interest rates have been converted. For USD LIBOR, the most common maturities are expected to expire after June 30, 2023. SEK has lending contracts and derivative contracts maturing after June 30, 2023 in USD LIBOR with a nominal amount of USD 1,870 million and USD 19,284 million, respectively. The amendments 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. (ii) Capital Requirements Regulation 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. On 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 net stable funding ratio (NSFR) are included in Note 25, Capital adequacy. The information is published in accordance with Finansinspektionen’s (the Swedish FSA) Supervisory Regulations FFFS 2014:12 and FFFS 2008:25. (d) Basis of consolidation The Consolidated Financial Statements encompass the Parent Company and subsidiaries, meaning companies over which the Parent Company has control and that are impacted by the Company’s results. The Consolidated Financial Statements have been prepared using the purchase method. The Financial Statements of the subsidiary are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. The accounting policies of the subsidiary are consistent with Group policies. Intra-group transactions and balances, and any unrealized gains and losses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements. Unless otherwise stated or when it is clear from the context, the information in these notes relates to the Consolidated Group and the Parent Company. Consolidation of SEK pursuant to the supervisory regulations does differ from the consolidation made in the Consolidated Financial Statements, as SEKETT AB is not a financial company and no consolidation of SEK pursuant to the supervisory regulation was made. Since SEKETT is not an institute pursuant to the CRR definition, it is not subject to the supervisory regulations on an individual basis. No current or anticipated material restrictions to prompt transfer of own funds or repayment of liabilities among the parent or its subsidiary have been identified. (e) Segment reporting Segments are identified based on internal reporting to the chief executive officer (“CEO”) who serves as the chief operating decision maker. SEK has one segment, lending, based partly on the Company’s assignment from the owner, which is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms, and partly on how governance and earnings monitoring of the business are conducted. Accordingly, no segment reporting has been prepared. Disclosures regarding the geographic breakdown and revenue per product group are presented in Note 2. (f) Recognition of operating income (i) Net interest income Interest income and interest expense related to all financial assets and liabilities, regardless of classification, are recognized in net interest income. Interest income and interest expense are recognized on a gross basis, with the exception of interest income and interest expenses related to derivatives, which are reported on a net basis. Interest for derivatives used to hedge borrowing is recognized as interest expense and interest on all derivatives used to hedge assets is recognized as interest income, regardless of whether the contracts’ net interest is positive or negative. This reflects the real interest expense of borrowing after taking economic hedges into account. Negative interest rates on assets are recognized as interest expense and negative interest rates on liabilities are recognized as interest income. Interest income calculated using the effective interest method presented in SEK’s Financial Statements applies only to those assets that are subsequently measured at amortized cost and the interest for hedging instruments related to those assets as the effective interest method is a measurement technique whose purpose is to calculate amortized cost and allocate interest income over the relevant time period. This interest income and corresponding interest expense are calculated and recognized based on the effective interest rate method. The effective interest rate is regarded as an integral part of the effective interest rate of a financial instrument (usually fees received as compensation for risk). The effective interest rate is equivalent to the rate used to discount contractual future cash flows to the carrying amount of the financial asset or liability. The item Other interest income covers interest income of financial assets at fair value through profit or loss and the remuneration for the CIRR-system. In addition to interest income and interest expense, net interest income, where these are recognized as interest expense, includes the resolution fee. Pursuant to the Company’s assignment as stated in its owner instruction issued by the Swedish government, SEK administers credit granting in the Swedish system for officially supported export credits (the “CIRR-system”). All revenue and expenses from the CIRR-system are recognized in SEK's profit or loss. SEK receives compensation from the Swedish government in the form of an administration fee, which is calculated based on the principal amount outstanding. The administrative compensation received by SEK from the Swedish government is recognized as part of interest income in SEK’s Statement of Comprehensive Income since the commission received in compensation is equivalent to interest. (ii) Net fee and commission expense Commissions earned and commissions incurred are recognized as net fee and commission expense in SEK’s Statement of Comprehensive Income. The gross amounts of commissions earned and commissions incurred are disclosed in the notes to the Financial Statements. The major part of the revenues classified as commission earned constitutes revenue from contracts with customers according to IFRS 15. The recognition of commissions earned depends on the purpose for which the fee is charged. Fees are either recognized as revenue when services are performed or accrued over the period of a specific business transaction. Lending fees that are not part of the effective interest of a financial instrument are recognized at a point of time, such as when the transaction has been performed. Commissions incurred are transaction-based, and are recognized in the period in which the services are received. Guarantee commissions that are comparable to interest and fees that comprise integrated components of financial instruments, and therefore included in the effective interest rate, are not recognized as commissions and are instead included under net interest income. (iii) Net results of financial transactions Net results of financial transactions include realized gains and losses related to all financial instruments and unrealized gains and losses on all financial instruments measured at fair value, except for the types of financial instruments for which the change is to be recognized in other comprehensive income. Gains and losses include gains and losses related to currency exchange effects, interest-rate changes, changes in basis-spreads and changes in the credit rating of the counterparty to the financial contract. The item also includes the hedge ineffectiveness, i.e., market value changes attributable to hedged risks and derivatives in fair-value hedges. Realized gains and losses from financial instruments measured at amortized cost, such as interest rate compensation received and realized gains/losses from the repurchase of issued own debt, are recognized as they arise directly under net results of financial transactions. (g) Foreign currency transactions Monetary assets and liabilities in foreign currencies have been translated into the functional currency (Swedish krona) at the exchange rates applicable on the last day of each reporting period. Revenues and costs in foreign currencies are translated into Swedish kronor at the exchange rate prevailing on the dates that they arise. Any changes in the exchange rates between the relevant currencies and the Swedish krona relating to the period between the dates that they arise and the date of settlement are recognized as currency exchange effects. Currency exchange effects on the nominal amounts of financial assets and liabilities measured at fair value are recognized as currency exchange effects, although the currency exchange effect on the change in fair value that arises due to other components is not separated. Currency exchange effects are included as a component of net results of financial transactions. (h) Financial instruments (i) Recognition and derecognition in the Statement of Financial Position When recognizing financial instruments, trade date accounting is applied for the recognition and derecognition of securities bought, securities issued and derivatives. Other financial instruments are recognized in the Statement of Financial Position and derecognized from this on the relevant settlement date. The difference between the carrying amount of a financial liability or an asset (or part of a financial liability or an asset) that is extinguished or transferred to another party and the consideration paid is recognized in the Statement of Comprehensive Income under net results of financial transactions. A financial asset or liability is recognized in the Statement of Financial Position only when SEK becomes a party to the contractual provisions of the instrument. A financial asset is derecognized from the Statement of Financial Position when the contractual rights to receive the cash flows from the asset cease or when the asset is transferred and the transfer qualifies for derecognition. A financial liability (or part of a financial liability) is derecognized from the Statement of Financial Position only when it is extinguished, such as when the obligation specified in the contract is discharged, canceled or expires. In the case of renegotiated financial assets, such as lending, the asset is derecognized from the Statement of Financial Position when the terms of the loan are deemed to be substantially different. The terms are deemed to be substantially different when the present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, differs by not less than 10 percent from the discounted present value of the remaining cash flows for the original debt instrument. A change of currency or counterparty are deemed substantially different terms. Should the renegotiated loan entail terms that are substantially different, it is recognized as a new loan. (ii) Measurement on initial recognition When financial instruments are initially recognized, they are measured at fair value plus, in the case of financial assets or financial liabilities not carried at fair value through profit or loss, any transaction costs that are directly attributable to the acquisition or issuance of the financial asset or financial liability. (iii) Offsetting Financial assets and liabilities are offset and presented in the Statement of Financial Position when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Derivative assets and derivatives liabilities in relation to central clearing counterparties are offset in the Consolidated Statement of Financial Position, but cash collateral received or paid is accounted for separately as paid or received cash collaterals. Refer to Note 14 for further information about the offsetting of financial assets and financial liabilities. (iv) Classification of financial assets and liabilities Financial assets and liabilities are categorized in two categories for valuation purposes: amortized cost (“AMC”) and fair value through profit or loss (FVTPL). Financial assets at amortized cost (AMC). The financial asset is included in a portfolio where the business model aims to collect contractual cash flows and the terms and conditions for the financial asset entail that the cash flows received comprise solely payments of principal and interest (SPPI) on nominal amounts outstanding. The business model is based on SEK’s overriding portfolio objective, and on how the Company manages, monitors and evaluates the financial assets in the portfolio from both a business and a risk perspective. The business model is established at a level (homogenous portfolio) that reflects how the asset is treated in relation to the objective/business goal. The following parameters have been evaluated in relation to the liquidity portfolio: Internal targets and governance of the liquidity portfolio, and documentation thereof; Administration and commercial follow-up; Risk management, follow-up and reporting; Frequency, objective and volume in terms of noted sales; and Remuneration models, and how these are impacted by valuation methods. IFRS 9 requires that SEK categorize financial assets based on the properties of the contractual cash flows, where the financial asset is held in a business model with the objective of holding assets to collect contractual cash flows (hold to collect). The assessment of the properties of the contractual cash flows aims to identify if the contractual cash flows comprise solely payments of principal and interest, which is an SPPI test. Contractual cash flows that solely payments of principal and interest qualify as a basic lending arrangement, which is a prerequisite for measuring the instrument at amortized cost. SEK has prepared a tool for the implementation and documentation of evaluations and assessments of financial assets in the lending portfolios, whereby relevant factors are taken into consideration, such as the tenor of the interest rate in relation the interest-rate setting period, interest-rate cap/floor, index-linked coupon/interest, payment trigger, currency mismatch, government interest rates and early repayment. Financial assets measured at fair value through profit or loss (FVTPL). Financial liabilities measured at fair value through profit or loss (FVTPL). Financial liabilities at amortized cost (AMC). (v) Presentation of certain financial instruments in the Statement of Financial Position The presentation of financial instruments in the Statement of Financial Position differs in certain respects from the categorization of financial instruments made for valuation purposes. Loans in the form of interest-bearing securities comprise loans granted to customers that are contractually documented in the form of interest-bearing securities, as opposed to bilateral loan agreements, which are classified in the Statement of Financial Position either as loans to credit institutions or loans to the public. All other financial assets that are not classified in the Statement of Financial Position as loans in the form of interest-bearing securities are presented as cash and cash equivalents, treasuries/government bonds, other interest-bearing securities except loans or derivatives. (vi) Presentation of certain financial instruments Derivatives. Guarantees. Embedded derivatives. Leasing assets (SEK as a lessor). Lease liability (SEK as a lessee). Committed undisbursed loans and binding offers. Repurchased debt. Assets and liabilities related to the CIRR system. (vii) Hedge accounting SEK applies hedge accounting in cases where derivatives are used to create economic hedging and the hedge relationship is eligible for hedge accounting, with the exception of lending within the CIRR-system, for which hedge accounting is not applied. The method used for hedge accounting is either fair-value hedge accounting or cash-flow hedge accounting. In order to be able to apply hedge accounting in accordance with IFRS 9, the hedge relationship must meet the hedge effectiveness criteria at the beginning of each hedged period which requires that: there is an economic relationship between the hedged item and the hedging instrument; the effect of credit risk does not dominate the value changes that result from that economic relationship; the hedge ratio of the hedging relationship is the same as that actually used in the economic hedge; and the effects of the forthcoming reforms to reference rates, as this might have a different impact on the hedged item and the hedging instrument, see Note 14 for further information. Fair-value hedge accounting. Both at inception of the hedge and on an ongoing basis, SEK’s hedging relationships are expected to be highly effective in achieving offsetting changes in fair values attributable to the hedged risk. An assessment of effectiveness is performed by comparing critical terms for the hedged item and the hedging transaction. If they are identical, but reversed, the hedge relationship is regarded 100 percent effective. The hedge ratio is 1:1 other than in specific circumstances where SEK may choose a hedge ratio other than 1:1 in order to improve the effectiveness. Potential sources of ineffectiveness in the hedge relationship are: changes in timing of the payment of the hedged item, use of an existing derivative with a non-zero fair value, changes in timing of the trade date of the derivative and the validation of the hedge relationship, the different treatment of currency basis in calculating changes in the fair value of the hedging instrument and hedged item and a significant change in the credit risk of either party to the hedge relationship. The credit risk of the entities is monitored by the Credit Department on an ongoing basis. The risk associated with SEK and the counterparty at the inception of the hedge relationship is considered minimal and does not dominate the value changes that result from the economic relationship. This will be reassessed in cases where there is a significant change in either party’s circumstances, for example if the counterparty is in default. In addition, the hedging instruments used by SEK consist of derivatives subject to margining, clearing and cash collateralization, which significantly reduced the credit risk for both parties involved. Therefore, the credit risk is unlikely to dominate the change in fair value of the hedging instrument. Ineffectiveness is defined as the difference between the fair value change relating to the hedged risk of the hedged item and the fair value change relating to the hedging instrument. Any ineffectiveness is recognized automatically in profit or loss as a result of separately remeasuring the hedged item and the hedging instrument. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the hedge ratio of the hedging relationship must be adjusted (i.e., rebalances the hedge) so that it meets the qualifying criteria again. Hedge accounting is discontinued prospectively only when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after any rebalancing). This includes instances when the hedging instrument expires or is sold, terminated or exercised. If a fair-value hedge relationship no longer fulfills the requirements for hedge accounting, that component of the hedged item ceases to be measured at fair value and is measured at amortized cost, and the previously recognized fair-value changes for the hedged item are amortized over the remaining tenor of the previously hedged item. Cash flow hedges. If a cash flow hedge relationship no longer fulfills the requirements for hedge accounting, and accumulated gains or losses related to the hedge have been recorded in equity, such gains or losses remain in equity and are amortized through other comprehensive income to net interest income over the remaining tenor of the hedged item. (viii) Principles for determination of fair value of financial instruments The best evidence of fair value is prices in an active market. Fair-value measurements are categorized using a fair-value hierarchy. The financial instruments carried at fair value in the Statement of Financial Position have been categorized under the three levels of the fair-value hierarchy according to IFRS that reflect the significance of inputs. The categorization of these instruments is based on the lowest level of input that is significant to the fair value measurement in its entirety. SEK uses the following hierarchy for determining and disclosing the fair value of financial instruments, based on valuation techniques: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: valuation models for which all inputs with a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. SEK recognizes transfers between levels of the fair-value hierarchy in the beginning of the reporting period in which the change has occurred. For all classes of financial instruments (assets and liabilities), fair value is established by using observable market prices or established valuation models. If the market for a financial instrument is not active, fair value is established by using a valuation technique. The objective of using a valuation technique is to establish what the transaction price would have been at the measurement date in an arm’s length exchange based on normal business terms and conditions. Valuation techniques include using recent arm’s length market transactions between knowledgeable, willing parties, if available. Reference to the current fair value of another instrument that is substantially the same can also be used. If the aforementioned are not available, discounted cash flow analysis or option pricing models may be used for assessing the instrument’s value. Periodically, the valuation techniques are calibrated and tested for validity using prices from observable current market transactions in the same instruments, or based on any available observable market data, or compared with the counterparty’s prices. In calculating fair value with valuation models, SEK seeks to use liquid, observable market quotes (market data) as far as possible, to best reflect the market’s view on prices. These market quotes are used, directly or indirectly, for the calculation of fair value. Examples of the indirect use of market data are: the derivation of discount curves from observable market data, which is then interpolated to calculate the non-observable data points; and model parameters in quantitative models, which are used to calculate the fair value of a structured product, where the model is calibrated so that available market data can be used to recreate observable market prices on similar instruments. In some cases, due to low liquidity in the market, there is no access to observable market data. In these cases, SEK follows market practice by basing its valuations on similar observable market data. One example is if there are no observable market prices for a bond it can be valued through a credit curve based on observable prices for instruments with the same credit risk. For observable market data, SEK uses third-party information based on purchased contracts (such as Bloomberg). This type of information can be divided into two groups, with the first group consisting of directly observable prices and the second of market data calculated from the observed prices. SEK continuously assures the high quality of market data, and a thorough validation of market data is exercised quarterly in connection with the financial reporting. For transactions that cannot be valued based on observable market data, the use of non-observable market data is necessary. Examples of non-observable market data are discount curves created using observable market data that are then extrapolated to calculate non-observable interest rates, correlations between different underlying market parameters and volatilities at long maturities. Correlations that are non-observable market data are calculated from time-series of observable market data. The valuation models applied by SEK comply with accepted methods for pricing financial instruments. Fair value adjustments are applied by SEK when there are additional factors that market participants take into account and that are not captured by the valuation model. The independent risk function assesses the level of fair-value adjustments to reflect counterparty risk, SEK’s own credit rating and other non-observable parameters, where relevant. Significant models for the valuation of financial instruments must receive approval from the Board’s Finance and Risk Committee. Other models are approved by the chief financial officer (“CFO”). New models for valuation are reported to the Board’s Finance and Risk Committee annually, together with the applicable validation. The use of a valuation model demands a validation and thereafter an approval. Validation is conducted by the independent risk function. Analysis of significant non-observable market data, fair-value adjustments and significant changes in fair values of level 3-instruments are reviewed on quarterly basis by plausibility checks. (ix) Determination of fair value of certain types of financial instruments Derivatives. Issued debt instruments. When calculating the fair value of issued debt instruments, the effect on the fair value of SEK’s own credit risk is assessed based on internally established models.These are if possible based on observable prices.In cases where observable prices are not available, recent transactions or spread against similar lender are used . Issued debt instruments that are compound financial instruments with embedded derivatives. (x) Impairment of financial assets The impairment of exposures are based on expected credit losses (EC

Net interest income

Net interest income	12 Months Ended
Net interest income	Dec. 31, 2021
Net interest income
Net interest income	Note 2. Net interest income Skr mn 2021 2020 2019 Interest income Loans to credit institutions 131 236 546 Loans to the public 3,782 4,210 4,597 Loans in the form of interest--bearing securities 776 897 829 Interest-bearing securities excluding loans in the form of interest-bearing securities 50 242 686 Derivatives -2,239 -1,708 -538 Administrative remuneration -CIRR-system 1 198 197 194 Other assets 21 34 43 Total interest income 2,719 4,108 6,357 Interest expenses Interest expenses excl. resolution fee -724 -2,076 -4,471 Resolution fee -88 -86 -169 Total interest expenses -812 -2,162 -4,640 Net interest income 1,907 1,946 1,717 Skr mn 2021 2020 2019 Interest income were related to: Financial assets at fair value through profit or loss -1,750 -1,070 452 Derivatives used for hedge accounting -439 -396 -303 Financial assets at amortized cost 4,908 5,574 6,208 Total interest income 2,719 4,108 6,357 Interest expenses were related to: Financial liabilities at fair value through profit or loss 530 725 1,158 Financial assets measured at fair value through profit or loss - negative interest on income -73 -60 -72 Financial assets measured at amortized cost - negative interest income 0 0 -9 Derivatives used for hedge accounting 2,146 1,904 -286 Financial liabilities at amortized cost -3,415 -4,731 -5,431 Total interest expenses -812 -2,162 -4,640 Net interest income 1,907 1,946 1,717 Interest income geographical areas Skr mn 2021 2020 2019 Sweden 863 1,223 1,281 Europe except Sweden -944 -166 1,340 Countries outside of Europe 2,800 3,051 3,736 Total interest income 2,719 4,108 6,357 Interest income per product group Skr mn 2021 2020 2019 Lending to Swedish exporters 1,596 1,921 1,954 Lending to exporters’ customers 2 932 1,229 1,784 Liquidity 191 958 2,619 Total interest income 2,719 4,108 6,357 1 Including administrative remuneration for concessionary loans by Skr 1 million (2020: Skr 1 million). 2 In interest income for Lending to exporters’ customers, Skr 197 million (2020: Skr 196 million) represents remuneration from the CIRR-system, see Note 24.

Net fee and commissions expense

Net fee and commissions expense	12 Months Ended
Net fee and commissions expense	Dec. 31, 2021
Net fee and commissions expense
Net fee and commissions expense	Note 3. Net fee and commissions expense Skr mn 2021 2020 2019 Fee and commissions earned were -related to 1 : Lending 2 1 1 Total 2 1 1 Commissions incurred were -related to 1 : Custodian- and bank fees -9 -10 -8 Brokerage -2 -4 -5 Other commissions incurred -20 -29 -21 Total -31 -43 -34 Net fee and commissions expense -29 -42 -33 1 Skr -27 million (2020: Skr -37 million) includes financial assets and liabilities not measured at fair value through profit or loss.

Net results of financial transa

Net results of financial transactions	12 Months Ended
Net results of financial transactions	Dec. 31, 2021
Net results of financial transactions
Net results of financial transactions	Note 4. Net results of financial transactions Skr mn 2021 2020 2019 Derecognition of financial instruments not measured at fair value through profit or loss: Financial assets at amortized cost 33 14 19 Financial assets or liabilities at fair value through profit or loss: Designated upon initial recognition (FVO) -569 -488 -5,590 Mandatorily 582 466 5,710 Financial instruments under fair-value hedge accounting: Net results of the hedging instrument -3,397 1,277 2,846 Net results of the hedged item 3,409 -1,191 -2,761 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value -2 5 2 Total net results of financial transactions 56 83 226

Personnel expenses

Personnel expenses	12 Months Ended
Personnel expenses	Dec. 31, 2021
Personnel expense
Personnel expenses	Note 5. Personnel expenses Skr mn 2021 2020 2019 Salaries and remuneration to the Board of Directors and the CEO -8 -7 -7 Salaries and remuneration to Senior Executives -25 -25 -23 Salaries and remuneration to other employees -173 -168 -161 Pensions -66 -64 -60 Social insurance -70 -68 -63 Other personnel expenses -17 -15 -19 Total personnel expenses -359 -347 -333 The combined total of the remuneration to senior executives, excluding the CEO of the Parent Company, amounted to Skr 25 million (2020: Skr 25 million). Of the remuneration to senior executives, Skr 25 million (2020: Skr 25 million) is pensionable. Of the remuneration to the CEO of the Parent Company, Skr 5 million (2020: Skr 5 million) is pensionable. For all employees, excluding the CEO, SEK follows collective agreements between the Banking Institution Employers’ Organization (BAO) and trade unions. Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group Fee, includes 2021 committee Fixed Other Skr thousand fee remuneration 1 benefits 2 Pension fee 3 Total Chairman of the Board of Directors: Lars Linder-Aronson -609 — — — -609 Other members of the Board of Directors: Lennart Jacobsen, from March 24, 2021 -238 — — — -238 Anna Brandt 4 — — — — — Reinhold Geijer -318 — — — -318 Eva Nilsagård -334 — — — -334 Hans Larsson -334 — — — -334 Hanna Lagercrantz 4 — — — — — Cecilia Ardström, resigned March 24, 2021 -83 — — — -83 Ulla Nilsson, resigned March 24, 2021 -84 — — — -84 Senior Executives: Catrin Fransson, Chief Executive Officer (CEO) 5 — -3,130 -15 -896 -4,041 Magnus Montan, Chief Executive Officer (CEO) 5 — -2,459 6 -8 -837 -3,304 Per Åkerlind, Deputy Chief Executive Officer — -3,544 -20 -1,266 -4,830 Karl Johan Bernerfalk, General Counsel, Head of Legal and Sustainability Analysis — -1,643 -35 -574 -2,252 Andreas Ericson, Head of International Finance — -2,020 -34 -646 -2,700 Stefan Friberg, Chief Financial Officer (CFO) — -3,007 -16 -532 -3,555 Teresa Hamilton Burman, Chief Credit Officer (CCO) — -2,459 -30 -529 -3,018 Jens Hedar, Head of Client Relationship Management — -2,485 -17 -721 -3,223 Petra Könberg, Head of Marketing and Communications, resigned November 30, 2021 — -1,219 -31 -427 -1,677 Peter Svensén, Chief Risk Officer (CRO) — -2,624 -26 -555 -3,205 Sirpa Rusanen, Chief Human Resources Officer (CHRO) — -1,749 -24 -687 -2,460 Susanna Rystedt, Head of Strategy, Business Development and Communications — -2,552 -16 -804 -3,372 Madeleine Widaeus, Chief Information Officer (CIO) — -1,749 -16 -520 -2,285 Total -2,000 -30,640 -288 -8,994 -41,922 1 Predetermined salary or other compensation such as holiday pay and allowances. 2 Other benefits consist of, for example, subsistence benefits. 3 Includes premiums for insurance covering sickness benefit for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government. 5 The retirement age of the former CEO, Catrin Fransson, and the current CEO, Magnus Montan, is 65 years and the pension fee is 30 percent of their respective fixed salary. 6 Employed since June 1, 2021. Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group Fee, includes 2020 committee Fixed Other Skr thousand fee remuneration 1 benefits 2 Pension fee 3 Total Chairman of the Board of Directors: Lars Linder-Aronson -588 — — — -588 Other members of the Board of Directors: Cecilia Ardström -322 — — — -322 Anna Brandt 4 — — — — — Reinhold Geijer -288 — — — -288 Eva Nilsagård -297 — — — -297 Ulla Nilsson -322 — — — -322 Hans Larsson -302 — — — -302 Hanna Lagercrantz 4 — — — — — Senior Executives: Catrin Fransson, Chief Executive Officer (CEO) 5 — -5,234 -33 -1,536 -6,803 Per Åkerlind, Deputy Chief Executive Officer and Head of Strategic Partnerships and Relations — -3,527 -31 -1,257 -4,815 Karl Johan Bernerfalk, General Counsel, Head of Legal — -1,576 -31 -552 -2,159 Andreas Ericson, Head of Mid Corporates — -2,024 -32 -631 -2,687 Stefan Friberg, Chief Financial Officer (CFO) — -2,964 -18 -515 -3,497 Teresa Hamilton Burman, Chief Credit Officer (CCO) — -2,389 -18 -524 -2,931 Jens Hedar, Head of Large Corporates — -2,316 -18 -635 -2,969 Petra Könberg, Head of Marketing and Communications — -1,286 -34 -428 -1,748 Peter Svensén, Chief Risk Officer (CRO) — -2,597 -26 -569 -3,192 Sirpa Rusanen, Chief Human Resources Officer (CHRO) — -1,719 -22 -675 -2,416 Susanna Rystedt, Head of Business Development, Business Support and Transformation — -2,501 -16 -788 -3,305 Madeleine Widaeus, Chief Information Officer (CIO) — -1,671 -16 -493 -2,180 Total -2,119 -29,804 -295 -8,603 -40,821 1 Predetermined salary or other compensation such as holiday pay and allowances. 2 Other benefits consist of, for example, subsistence benefits. 3 Includes premiums for insurance covering sickness benefit for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government. 5 The retirement age of the former CEO, Catrin Fransson, is 65 years and the pension fee is 30 percent of her fixed salary. Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group Fee, includes 2019 committee Fixed Other Skr thousand fee remuneration 1 benefits 2 Pension fee 3 Total Chairman of the Board of Directors: Lars Linder-Aronson -603 — — — -603 Other members of the Board of Directors: Cecilia Ardström -308 — — — -308 Anna Brandt 4 — — — — — Reinhold Geijer -275 — — — -275 Hans Larsson -249 — — — -249 Eva Nilsagård -277 — — — -277 Ulla Nilsson -298 — — — -298 Hélène Westholm 4 — — — — — Hanna Lagercrantz 4 — — — — — Senior Executives: Catrin Fransson, Chief Executive Officer (CEO) 5 — -5,015 -25 -1,462 -6,502 Per Åkerlind, Head of Treasury and Capital Management and Executive Vice President — -3,509 -30 -1,123 -4,662 Karl Johan Bernerfalk, General Counsel — -1,507 -23 -529 -2,059 Andreas Ericson, Head of Mid Corporates — -1,978 -28 -607 -2,613 Stefan Friberg, Chief Financial Officer (CFO) — -2,922 -27 -500 -3,449 Teresa Hamilton Burman, Chief Credit Officer (CCO) — -2,353 -18 -508 -2,879 Jens Hedar, Head of Large Corporates — -2,224 -15 -649 -2,888 Petra Könberg, Head of Marketing & Business Development — -1,236 -33 -407 -1,676 Irina Slinko, acting Chief Risk Officer (CRO), resigned August 20, 2019 — -1,159 -12 -365 -1,536 Anna-Lena Söderlund, acting Chief Risk Officer (CRO), from August 21, 2019, resigned October 27, 2019 — -278 -6 -115 -399 Peter Svensén, Chief Risk Officer (CRO), from October 28, 2019 — -471 -3 -80 -554 Sirpa Rusanen, Chief Human Resources Officer (CHRO) — -1,644 -42 -623 -2,309 Susanna Rystedt, Chief Administrative Officer (CAO) — -2,484 -40 -759 -3,283 Madeleine Widaeus, Chief Information Officer (CIO) — -1,574 -16 -463 -2,053 Total -2,010 -28,354 -318 -8,190 -38,872 1 Predetermined salary or other compensation such as holiday pay and allowances. 2 Other benefits consist of, for example, car allowances and subsistence benefits. 3 Includes premiums for insurance covering sickness benefit for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government. 5 The retirement age of the former CEO, Catrin Fransson, is 65 years and the pension fee is 30 percent of her fixed salary. Total Expenditure on Remuneration Finansinspektionens (the Swedish FSA’s) regulations (FFFS 2011:1) regarding remuneration structures in credit institutions, investment firms and fund management companies licensed to conduct discretionary portfolio management apply to SEK. Moreover, SEK applies the government’s ownership policy and guidelines on terms of employment for senior executives at state-owned companies 2020. In accordance with these regulations, SEK’s Board has prepared a proposal for a set of guidelines for the remuneration of senior executives at SEK, which was adopted at the 2021 Annual General Meeting. The guidelines stipulate that salary and remuneration to the senior executives of SEK should be fair and reasonable. They should also be competitive, capped and appropriate as well as contribute to good ethical principles and corporate culture. Remuneration should not be higher than at comparable companies, and should be reasonable. Remuneration to senior executives consists of fixed salary, severance pay, pension benefits and other benefits. SEK's remuneration system is designed to promote sound and effective risk management and restrict excessive risk-taking. Remuneration to employees is mainly determined at fixed amounts. SEK’s Board of Directors’ Remuneration Committee (the “Remuneration Committee”) prepares proposals for decision by the Board relating to remuneration policy for the Company, on total remuneration for the CEO, for other members of the executive management, for the Head of Compliance, and for other employees reporting directly to the CEO, as well as on the terms and conditions for and the outcome of the Company’s variable remuneration system. The Remuneration Committee also prepares and handles overall issues relating to remuneration (salaries, pension and other benefits), measures aimed at applying SEK’s remuneration policy, and issues relating to succession planning. Further, the Remuneration Committee prepares overall instructions for remuneration issues that it deems necessary. The Remuneration Committee also ensures that the relevant oversight department, together with the Remuneration Committee, annually reviews and evaluates the Company’s remuneration systems and also reviews whether such systems comply with the Company’s remuneration policy and relevant instructions regarding remuneration. The outcome is presented to the Board in a separate report on the same day as the annual report is submitted. The Remuneration Committee has met five times in 2021. The company has only one variable remuneration system, individual variable compensation ("IRE"). Within this system, permanent staff that have customer or business responsibility, but are not members of senior management, are offered the opportunity to receive individual variable remuneration . IRE has been around since 2017 and should be evaluated on a yearly basis. The result of the evaluations shall be reported to the Remuneration Committee. The IRE system is discretionary in nature, in that all outcomes are subject to deferred payment and the Board takes all decisions regarding results and payments. Before an individual receives any IRE payment, the payment is subject to testing at three different levels: the Company level, the Department level and the Individual level. The test at the Company level is the basis for any IRE outcome. The outcome at the Company level is conditional on the actual return exceeding a predetermined target. If appropriate, actual return is adjusted for the impact of non-operational items and unexpectedly high risk-taking. Of the profit that corresponds to any excess return, a percentage accrues to the IRE at the Company level. The outcome at the Company level is capped at a maximum of two months’ salary, calculated on the basis of all Company employees entitled to IRE. In the case of a positive outcome at the Company level, the next step is to test at the Department level. This test assesses the outcome at the Department level in relation to the department’s quantitative targets. If the targets have not been reached, the outcome at the Company level is reduced for all members of the department. The remainder after this test comprises the outcome at the Department level, which is capped at a maximum of two months’ salary, calculated on the basis of all department’s employees entitled to IRE. The final test is at the Individual level. This test assesses the behavior and performance of individuals. For each individual, the outcome following the test at the Individual level is subject to a floor of zero and a ceiling of the lower amount corresponding to 1.5 times the outcome at the main function level or an amount corresponding to EUR 50,000. Accordingly, the maximum outcome for any individual is three months’ salary or an amount corresponding to EUR 50,000. The total outcome for all employees encompassed by IRE in a department must be within the outcome at the Department level. The Company pays payroll taxes on any IRE paid, which also carries pension entitlements. SEK’s remuneration policy is designed in such a way that the Company may decide that remuneration that is subject to deferred disbursement may be withheld, in part or full, if it subsequently transpires that the performance criteria have not been fulfilled or if the employee has breached certain internal rules. The same applies if disbursement would not be justifiable by the Company’s financial situation. Moreover, the outcome may also be adjusted if credit losses, or recoveries of credit losses, have occurred after the relevant income year, but are deemed to be attributable to that year. For all employees encompassed by IRE, the disbursement plan states that 40 percent of the outcome will be disbursed in the year following the income year to which the remuneration relates, and 20 percent will be disbursed in each of the three subsequent years. As part of its strategic analysis and planning, the Company undertakes an annual process for internal capital and liquidity assessment. As part of this assessment, an analysis is conducted with the aim of identifying employees, whose work duties have a material impact on SEK’s risk profile, including risks related to the Company’s remuneration policy and remuneration system. The outcome of this analysis is taken into account when designing the remuneration systems in order to promote sound and efficient risk management and to restrict excessive risk-taking. No employees receive remuneration of EUR 1 million or more per fiscal year. No new agreements containing variable remunerations have been established during the year. The terms of employment of the former CEO, Catrin Fransson, until and including 15 July, 2021, complied, and the terms of employment of the current CEO, Magnus Montan, from and including 16 July, 2021, comply, with the Guidelines for Terms of Employment for Senior Executives in State-owned Companies 2020. SEK pays an old-age and survivors’ pension amounting to 30 percent of the CEO’s pensionable salary. The retirement age for the CEO is 65. For the CEO, SEK pays premiums for insurance for sickness benefits for prolonged illness, other collective risk insurance corresponding to those applicable under the pension plan between the Swedish Banking Institutions and the Financial Sector Union of Sweden (the BTP plan) as well as private healthcare insurance under Skandia and travel insurance. Other benefits payable to the CEO include per diem allowances. The CEO is entitled to six months’ notice prior to termination initiated by SEK and severance pay corresponding to 12 months’ salary. A deduction is made for any income arising from new employment. The retirement age is 65 for all senior executives. The pension terms, conditions for termination of employment and other terms of employment for the senior executives follow the current Guidelines for Terms of Employment for Senior Executives in State-owned Companies 2020, where the BTP plan is included as an approved, collectively bargained, defined-benefit and defined-contribution pension plan. Since the 2017 Annual General Meeting, the new guidelines apply when appointing new senior executives at SEK. Pension provisions for senior executives in SEK are limited to 30 percent of pensionable income for retirement and survivors’ pension. Due to SEK’s implementation of a defined-benefit pension plan, the BTP plan, resulting from a collective agreement between the BAO and the Financial Sector Union of Sweden, covering employees in the banking and finance industries, the contribution for retirement and survivors’ pension can exceed 30 percent. For the senior executives, SEK pays premiums for insurance for sickness benefits for prolonged illness, other collective risk insurance arising out of applicable collective agreements as well as travel insurance and private health insurance. Other benefits offered by the employer include per diem allowances and household services. Per Åkerlind has a notice period of six months should termination be initiated by SEK and is entitled to severance pay corresponding to 18 months’ salary. A deduction is made for any income arising from new employment. For other senior executives, the notice period upon termination initiated by SEK follows collective agreements. Upon resignation by the employee, the notice period is three Pensions The employees of SEK have a collectively bargained pension plan through the BTP plan, which is the most significant pension plan for salaried bank employees in Sweden. The BTP plan is funded by means of insurance with the insurance companies SPP and SEB. Total pension cost for defined benefit and defined contribution obligations Skr mn 2021 2020 2019 Service cost -7 -5 -6 Regulation of pension obligations 0 0 0 Interest cost, net -1 -1 -2 Pension cost for defined benefit pensions, incl. payroll tax -8 -6 -8 Pension cost for defined contribution pension cost incl. payroll tax -58 -58 -52 Pension cost recognized in personnel costs -66 -64 -60 Actuarial gains (+) and losses (-) on defined benefit obligation during period 23 -2 -16 Return above expected return, gains (+) and losses (-) on plan assets 1 3 12 Change in the effect of the asset ceiling excluding interest — — — Revaluation of defined benefit plans 24 1 -4 Net value of defined benefit pension obligations Skr mn 2021 2020 2019 Defined benefit obligations 258 277 272 Plan assets -201 -195 -189 Provision for pensions, net obligation 1 57 82 83 1 See Note 21. Development of defined benefit obligations Skr mn 2021 2020 2019 Defined benefit obligation, opening balance 277 272 253 Service cost 7 6 6 Interest cost 3 5 5 Pension Payments incl. special payroll tax -7 -9 -8 Actuarial gains (-) and losses (+), effect due to changed demographic assumptions -2 — — Actuarial gains (-) and losses (+), effect due to changed financial assumptions -24 12 25 Actuarial gains (-) and losses (+), effect due to experience based outcome 4 -9 -9 Defined benefit obligation, closing balance 258 277 272 Development of plan assets related to defined benefit obligation Skr mn 2021 2020 2019 Fair value of plan assets, opening balance 195 189 173 Expected return on plan assets 2 3 4 Contributions by the employer 1 9 7 7 Benefits paid 2 -6 -8 -7 Return on plan assets excluding interest income 1 4 12 Fair value of plan assets, closing balance 201 195 189 1 Expected contribution from the employer in the following year is Skr 6 million (2020: Skr 5 million) excluding payroll tax. 2 Expected compensation paid in the following year is Skr 7 million (2020: Skr 7 million). Distribution of plan assets related to defined benefit obligation Skr mn 2021 2020 2019 Domestic equity investments 4 4 4 Foreign equity investments 24 23 17 Domestic government bonds 34 41 49 Domestic corporate bonds 12 18 22 Mortgage bonds 57 53 49 Other Investments 44 33 25 Properties 26 23 23 Total plan assets 201 195 189 Principal actuarial assumptions used end of year Percent 2021 2020 2019 Discount rate 1.8 1.25 1.7 Assumption of early pension withdrawal 20.0 20.0 20.0 Expected salary increase 2.0 2.0 2.0 Expected inflation 2.0 1.8 2.0 Expected lifetime DUS21 DUS14 DUS14 Expected turnover 5.0 5.0 5.0 Sensitivity analysis of essential assumptions Negative-outcome Positive-outcome Skr mn 2021 2020 2019 2021 2020 2019 Discount rate -1 % -1 % -1 % +1 % +1 % +1 % Defined benefit obligation 329 358 351 206 218 215 Service cost 7 9 8 4 5 5 Interest cost 2 1 2 6 5 6 Expected lifetime +1 year +1 year +1 year -1 year -1 year -1 year Defined benefit obligation 270 291 286 245 264 260 Service cost 5 7 6 5 7 6 Interest cost 5 4 5 4 3 4 Net reconciliation of pension liabilities Skr mn 2021 2020 2019 Pension liabilities, opening balance 82 83 80 Net periodic pension cost 8 8 7 Contributions by the employer -8 -7 -7 Net pension payments -1 -1 -1 Revaluations recognized in other comprehensive income -24 -1 4 Pension liabilities, closing balance 57 82 83 Net interest is calculated using the discount rate of pension obligations, based on the net surplus or net deficit in the defined benefit plan. Pension expense in 2021 for defined benefit pensions amounts to Skr 8 million (2020: Skr 7 million). As of December 31, 2021, the expected weighted average remaining service time for active employees was 12.80 years (2020: 13.38 years), the expected weighted average duration for the present value was 19.03 years (2020: 20.19 years) and the average salary for active employees was Skr 0.9 million (2020: Skr 0.9 million). Discount rate The discount rate is based on the estimated interest curve of Swedish mortgage bonds, as this market is regarded as liquid enough to be used for this purpose. The discount rate is based on market expectations at the end of the accounting period, using bonds with the same duration as the pension liability. Expected early retirement According to the transitional rule for § 8 in the BTP-plan, the calculation includes the assumption that 20 percent of the employees use the possibility for early retirement. The earliest retirement age is 61 for employees born 1956 or earlier. Employees born 1967 or later have no right to retire before age 65. Expected return on plan assets Expected return on plan assets is equal to the discount rate as regulated in IAS 19. Expected salary increase The assumption of salary increase is based on SEK’s assessment. Expected inflation The expected inflation is in line with Swedish inflation-linked bonds. Expected employee turnover Expected employee turnover is based on SEK’s assessment of the long-term expected Company staff attrition during one year. Average number of employees 2021 2020 2019 Women 127 123 120 Men 129 125 121 Total average number of employees 256 248 241 Number of employees at year-end 1 2021 2020 2019 Women 132 125 123 Men 132 128 121 Total number of employees 2 264 253 244 of which full-time employees 259 247 236 allocation of women/men 49 / 51 49 / 51 50 / 50 of which part-time employees 5 6 8 allocation of women/men 80 / 20 83 / 17 75 / 25 of which permanent employees 263 253 243 allocation of women/men 50 / 50 49 / 51 51 / 49 of which temporary employees 1 0 1 allocation of women/men 0 / 100 0 / 0 0 / 100 of which managers 33 31 31 of which non-management 231 222 213 1 Information collected from the HR system. 2 In addition to its employees, SEK had 73 consultants (FTEs) (2020: 75 consultants) engaged at year-end 2021. Employees by age distribution 2021 2020 2019 Total number of employees 264 253 244 of which under the age of 30 years 12 13 12 of which between 30 and 50 years 131 122 127 of which over 50 years 121 118 105 Employee turnover 2021 2020 2019 Number of employees who left employment 20 16 30 of which women 7 8 16 of which men 13 8 14 of which under the age of 30 years 1 0 2 of which between 30 and 50 years 9 12 22 of which over 50 years 10 4 6 Health Percent 2021 2020 2019 Absence due to sickness 1 3.5 2.1 2.5 1 Number of hours of absence due to sickness in relation to scheduled working hours. Equality and diversity 2021 2020 2019 Allocation of women/men on the Board of Directors 43/57 62/38 62/38 Allocation of women/men in SEK’s executive management 36/64 50/50 50/50 Allocation of women/men in -management positions 45/55 48/52 42/58 Allocation of women/men at SEK in total 50/50 49/51 50/50

Other administrative expenses

Other administrative expenses	12 Months Ended
Other administrative expenses	Dec. 31, 2021
Other administrative expenses
Other administrative expenses	Note 6. Other administrative expenses Skr mn 2021 2020 2019 Travel expenses and marketing -3 -3 -7 IT and information system (fees incl.) -167 -140 -156 Other fees -44 -38 -34 Premises -11 -10 -3 Other -6 -7 -6 Total other administrative expenses -231 -198 -206 Remuneration to auditors Skr mn 2021 2020 2019 Öhrlings PricewaterhouseCoopers AB: Audit fees 1 -8 -9 -10 Audit related fees 2 — — 0 Tax related fees 3 — — 0 Other fees 4 -3 -3 -2 Total -11 -12 -12 1 Fees related to audit of annual financial statements and reviews of interim financial statements. 2 Fees charged for assurance and related services that are related to the performance of audit or review of the financial statements and are not reported under Audit fees. 3 Fees for professional services rendered by the principal independent auditors for tax compliance and tax advice. 4 Fees for products and services rendered by the principal independent auditors, other than the services reported in Audit fees through Tax related fees above. In the financial statements, remuneration to auditors is mainly included in other administrative expenses.

Tangible and intangible assets

Tangible and intangible assets	12 Months Ended
Tangible and intangible assets	Dec. 31, 2021
Tangible and intangible assets
Tangible and intangible assets	Note 7. Tangible and intangible assets Skr mn Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Net book value Tangible assets 40 22 28 Right-of-use assets 152 25 50 Intangible assets 1 139 98 56 Total net book value 331 145 134 Depreciation and impairment during the year according to the Consolidated Statement of Comprehensive Income -80 -51 -57 1 Intangible assets consist of the capitalized portion of investments in IT systems. The average useful life for intangible assets is 5 years . For disclosures on right-of-use assets see Note 8 Leasing.

Leasing

Leasing	12 Months Ended
Leasing	Dec. 31, 2021
Leasing
Leasing	Note 8. Leasing SEK as lessee All leases with the exception of short-term and low-value leases, are recognized as a right-of-use asset with a corresponding lease liability. The right-of-use assets are accounted for under Tangible and intangible assets and the lease liability is accounted for under Other liabilities, see Note 7 and Note 19. The right-of-use assets and the lease liability relate to rental premises. For further information see Note 1 Significant accounting policies. The lease term is determined as the non-callable period of a lease, together with any extension or termination option that SEK is reasonably certain to exercise. SEK has extension options which it is not reasonably certain to exercise. The potential future cash flows related to the extension options amount to Skr 80 million (2020: Skr 77 million) for a period of 3 years . Right-of-use assets Skr mn 2021 2020 Opening balance 25 50 Depreciation -30 -27 Addition 1 157 2 Closing balance 152 25 1 There have been canceled and new leases. During 2021 SEK moved to new premises. Accounted for in profit or loss Skr mn 2021 2020 Depreciation charge on right-of-use assets -30 -27 Interest expenses on lease liability -1 0 Expenses relating to short-term leases 1 0 0 Expenses relating to low-value leases 1 -1 -1 Variable lease fees 1 -6 -6 Total amount accounted for in profit or loss -38 -34 1 Accounted for under Other administrative expenses. Lease liability Skr mn 2021 2020 Opening balance 19 44 Interest expenses accrued 1 0 Payments of lease liability -24 -27 Addition 1 157 2 Closing balance 153 19 1 There have been canceled and new leases. During 2021 SEK moved to new premises. Contractual flows of lease liability Skr mn 2021 2020 Within 1 year 21 18 Between 1 and 5 years 122 1 More than 5 years 13 — Discounting effect -3 0 Closing balance 153 19 The total cash outflow for leases in 2021 was Skr 31 million (2020: Skr 34 million). SEK as lessor All SEK’s leasing transactions, where SEK is the lessor, are classified as financial leases. When making such classification, all aspects regarding the leasing contract, including third party guarantees, are taken into account. A reconciliation between the gross investment in the leases and the present value of minimum lease payments receivable at the end of the reporting period can be found below. Future lease payments receivable will mature in the following periods. The leases are included in the line item "Loans to the public" in the Statement of Financial Position. December 31, 2021 December 31, 2020 Present value of Present value of minimum lease minimum lease Skr mn Gross investment payments Gross investment payments Within 1 year 111 108 102 99 Between 1 and 5 years 83 74 91 81 More than 5 years 44 34 19 14 Total 238 216 212 194 Unearned finance income — 21 — 17 Unguaranteed residual value — — — —

Impairments

Impairments	12 Months Ended
Impairments	Dec. 31, 2021
Impairments
Impairments	Note 9. Impairments Skr mn 2021 2020 2019 Expected credit losses, stage 1 60 -98 -19 Expected credit losses, stage 2 29 -48 11 Expected credit losses, stage 3 -46 -7 -17 Established credit losses -52 -20 -25 Reserves applied to cover established credit losses 49 20 40 Recovered credit losses 1 — — Net credit losses 1 41 -153 -10 1 Of which Skr 22 million (2020: Skr -125 million) relates to loans to the public. The table below shows the book value of loans and nominal amounts for off-balance sheet exposures before expected credit losses for each stage as well as related loss allowance amounts, in order to place expected credit losses in relation to credit exposures. Overall, the credit portfolio has an extremely high credit quality and SEK often uses risk mitigation measures, primarily through guarantees from the Swedish Export Credit Agency (EKN) and other government export credit agencies in the Organisation for Economic Co-operation and Development (OECD), which explains the low provision ratio. December 31, 2021 December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans, before expected credit losses Loans in the form of interest-bearing securities 42,827 3,772 — 46,599 47,095 3,719 — 50,814 Loans to credit institutions 6,948 3,414 — 10,362 8,834 509 — 9,343 Loans to the public 147,137 30,999 2,284 180,420 142,171 28,109 1,482 171,762 Total, loans, before expected credit losses 196,912 38,185 2,284 237,381 198,100 32,337 1,482 231,919 Off balance, before expected credit losses Guarantees 4,767 — — 4,767 2,463 1,506 — 3,969 Committed undisbursed loans 26,810 28,466 105 55,381 25,893 32,642 — 58,535 Total, off balance, before expected credit losses 31,577 28,466 105 60,148 28,356 34,148 — 62,504 Total, before expected credit losses 228,489 66,651 2,389 297,529 226,456 66,485 1,482 294,423 of which guaranteed 63.7 % 93.2 % 95.7 % 70.3 % 59.5 % 84.6 % 97.6 % 63.2 % Loss allowance, loans Loans in the form of interest-bearing securities -14 -7 — -21 -20 -13 — -33 Loans to credit institutions -4 0 — -4 -6 0 — -6 Loans to the public -64 -20 -48 -132 -113 -42 -46 -201 Total, loss allowance, loans -82 -27 -48 -157 -139 -55 -46 -240 Loss allowance, off balance 1 Guarantees 0 — — 0 0 0 — 0 Committed undisbursed loans -6 -1 0 -7 -8 -1 — -9 Total, loss allowance, off balance -6 -1 0 -7 -8 -1 — -9 Total, loss allowance -88 -28 -48 -164 -147 -56 -46 -249 Provision ratio 0.04 % 0.04 % 2.01 % 0.06 % 0.06 % 0.08 % 3.10 % 0.08 % 1 Recognized under provision in Consolidated Statement of Financial Position. Loans and off balance, before loss allowance December 31, 2021 December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Opening balance 226,456 66,485 1,482 294,423 214,115 61,619 1,327 277,061 Increase due to origination and acquisition 79,856 7,380 234 87,470 129,830 26,030 815 156,675 Transfer to stage 1 1,240 -1,302 — -62 683 -872 — -189 Transfer to stage 2 -4,676 4,223 — -453 -8,391 7,422 -159 -1,128 Transfer to stage -105 -948 945 -108 — -42 34 -8 Decrease due to derecognition -74,282 -9,187 -272 -83,741 -109,781 -27,672 -535 -137,988 Closing balance 228,489 66,651 2,389 297,529 226,456 66,485 1,482 294,423 Loss allowance December 31, 2021 December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Opening balance -147 -56 -46 -249 -54 -10 -64 -128 Increases due to origination and acquisition -40 0 -25 -65 -84 0 — -84 Net remeasurement of loss allowance 51 13 -43 21 -23 -48 2 -69 Transfer to stage 1 0 0 — 0 0 0 — — Transfer to stage 2 2 -6 — -4 1 -1 0 0 Transfer to stage 3 0 2 -21 -19 — 1 -10 -9 Decreases due to derecognition 47 20 43 110 8 0 0 8 Decrease in allowance account due to write-offs — — 49 49 — — 20 20 Exchange-rate differences 1 -1 -1 -5 -7 5 2 6 13 Closing balance -88 -28 -48 -164 -147 -56 -46 -249 1 Recognized under Net results of financial transactions in the 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 December 31, 2021 the latest available forecast was the World Bank's forecast from June 2021. The base scenario has been weighted at between 73 and 80 percent, and the downturn and upturn weighted SEK's IFRS 9 model is based on historical links between GDP growth projections and probability of default (PD). GDP growth forecasts for 2022, expressed as a percentage of the previous year's GDP, are still unusually high, characterized by a recovery from the sharp fall in GDP that occurred in the second quarter of 2020 and therefore may understate the probability of default of the asset portfolio. SEK has made an overall adjustment according to management's overall assessment. This resulted in an increase of expected credit losses, which was calculated pursuant to SEK's IFRS 9 model as of December 31, 2021. Loan credit quality, before expected credit losses, allocated by stage December 31, 2021 December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total AAA — — — — 37 — — 37 AA+ to A- 25,815 — — 25,815 29,261 — — 29,261 BBB+ to BBB- 131,514 2,258 — 133,772 130,068 1,166 — 131,234 BB+ to BB- 32,247 25,043 — 57,290 32,275 23,201 — 55,476 B+ to B- 6,697 5,461 — 12,158 5,997 7,053 — 13,050 CCC to D 639 5,423 2,284 8,346 462 917 1,482 2,861 Total, before expected credit losses 196,912 38,185 2,284 237,381 198,100 32,337 1,482 231,919 More information regarding SEK’s Credit Policy is found in Note 26 and Note 29.

Taxes

Taxes	12 Months Ended
Taxes	Dec. 31, 2021
Taxes
Taxes	Note 10. Taxes Skr mn 2021 2020 2019 Income tax Adjustment previous year 0 -4 2 Current tax -272 -266 -570 Deferred tax 1 0 291 Total income tax -271 -270 -277 Income tax related to other comprehensive income Tax on items to be reclassified to profit or loss Current tax — — 2 Tax on items not to be reclassified to profit or loss Current tax 5 -4 -5 Deferred tax -5 -1 1 Income tax related to other comprehensive income 0 -5 -2 Reconciliation of effective tax rate The Swedish corporate tax rate (percent) 20.6 21.4 21.4 Profit before taxes 1,305 1,238 1,304 National tax based on profit before taxes -269 -265 -279 Tax effects of: Non-taxable income 0 0 9 Non-deductible expenses -3 -1 -16 Imputed interest on tax allocation reserve — — -1 Tax effect of dissolution of untaxed reserves due to changed tax rate — — 8 Tax effect of the tax credit for investments in equipment 1 — — Other — -4 2 Total tax -271 -270 -277 Effective tax expense (percent) 20.8 21.8 21.2 Deferred taxes Skr mn 2021 2020 Deferred tax assets concerning: Temporary differences, related to pensions 10 15 Tax effect of the tax credit for investments in equipment 1 — Total deferred tax assets 11 15 No deductible loss carry forwards existed as of December 31, 2021, or December 31, 2020. Change in deferred taxes Skr mn 2021 2020 Opening balance 15 16 Change through profit or loss 1 0 Change in other comprehensive income -5 -1 Closing balance 11 15

Loans and liquidity investments

Loans and liquidity investments	12 Months Ended
Loans and liquidity investments	Dec. 31, 2021
Loans and liquidity investments.
Loans and liquidity investments	Note 11. Loans and liquidity investments Dec 31, Dec 31, Skr mn 2021 2020 Loans: Loans in the form of interest--bearing securities 46,578 50,780 Loans to credit institutions 20,775 31,315 Loans to the public 180,288 171,562 Less: Cash collateral under the security agreements for derivative contracts 1 -10,417 -21,979 Total loans 237,224 231,678 Liquidity investments: Cash and cash equivalents 11,128 3,362 Cash collateral under the security agreements for derivative contracts — — Treasuries/government bonds 10,872 22,266 Other interest-bearing securities except loans 45,881 33,551 Total liquidity investments 67,881 59,179 of which issued by public authorities 16,584 25,262 Difference between book value amount and amount contractually required to be paid at maturity for interest-bearing securities not carried at fair value Skr mn 2021 2020 Sum of amounts exceeding nominal 243 148 Sum of amounts falling below nominal -9 -10 Volume Development, Lending of which the CIRR-system Skr mn 2021 2020 2021 2020 Offers of long-term loans accepted 76,988 125,470 11,797 18,350 Undisbursed loans at year-end 53,871 57,213 39,084 51,463 Loans outstanding at year-end 1 237,224 231,678 87,872 69,163 1 Including concessionary loans in the amount of Skr 315 million (year-end 2020: Skr 382 million). Outstanding loans as per business area of which the CIRR-system Dec 31, Dec 31, Dec 31, Dec 31, Skr mn 2021 2020 2021 2020 Lending to Swedish exporters 109,281 120,050 — — Lending to exporters’ customers 127,943 111,628 87,872 69,163 Total lending 1 237,224 231,678 87,872 69,163 1 Includ ing concessionary loans in the amount of Skr 315 million (year-end 2020: Skr 382 million).

Classification of financial ass

Classification of financial assets and liabilities	12 Months Ended
Classification of financial assets and liabilities	Dec. 31, 2021
Classification of financial assets and liabilities
Classification of financial assets and liabilities	Note 12. Classification of financial assets and liabilities Financial assets by accounting category December 31, 2021 Financial assets at fair value through profit or loss Derivatives used for hedge Skr mn Mandatorily accounting Amortized cost Total Cash and cash equivalents — — 11,128 11,128 Treasuries/government bonds 10,872 — — 10,872 Other interest-bearing securities except loans 45,881 — — 45,881 Loans in the form of interest-bearing securities — — 46,578 46,578 Loans to credit institutions — — 20,775 20,775 Loans to the public — — 180,288 180,288 Derivatives 5,764 2,655 — 8,419 Total financial assets 62,517 2,655 258,769 323,941 December 31, 2020 Financial assets at fair value through profit or loss Derivatives used for hedge Skr mn Mandatorily accounting Amortized cost Total Cash and cash equivalents — — 3,362 3,362 Treasuries/government 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 50,780 Loans to credit institutions — — 31,315 31,315 Loans to the public — — 171,562 171,562 Derivatives 4,248 3,315 — 7,563 Total financial assets 60,065 3,315 257,019 320,399 Financial liabilities by accounting category December 31,2021 Financial liabilities at fair value through profit or loss Designated upon initial recognition Derivatives used for Skr mn Mandatorily (FVO) hedge accounting Amortized cost Total Borrowing from credit institutions — — — 5,230 5,230 Borrowing from the public — — — 10,000 10,000 Debt securities issued — 39,316 — 240,454 279,770 Derivatives 11,185 — 3,544 — 14,729 Total financial liabilities 11,185 39,316 3,544 255,684 309,729 December 31,2020 Financial liabilities at fair value through profit or loss Designated upon initial recognition Derivatives used for Skr mn Mandatorily (FVO) hedge accounting Amortized cost Total Borrowing from credit institutions — — — 3,486 3,486 Borrowing from the public — — — 10,000 10,000 Debt securities issued — 47,388 — 226,588 273,976 Derivatives 24,921 — 474 — 25,395 Total financial liabilities 24,921 47,388 474 240,074 312,857

Financial assets and liabilitie

Financial assets and liabilities at fair value	12 Months Ended
Financial assets and liabilities at fair value	Dec. 31, 2021
Financial assets and liabilities at fair value
Financial assets and liabilities at fair value	Note 13. Financial assets and liabilities at fair value December 31, 2021 Surplus value (+) Skr mn Book value Fair value /Deficit value (-) Cash and cash equivalents 11,128 11,128 — Treasuries/governments bonds 10,872 10,872 — Other interest-bearing securities except loans 45,881 45,881 — Loans in the form of interest-bearing securities 46,578 47,991 1,413 Loans to credit institutions 20,775 20,993 218 Loans to the public 180,288 186,436 6,148 Derivatives 8,419 8,419 — Total financial assets 323,941 331,720 7,779 Borrowing from credit institutions 5,230 5,230 — Borrowing from the public 10,000 10,000 — Debt securities issued 279,770 280,294 524 Derivatives 14,729 14,729 — Total financial liabilities 309,729 310,253 524 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 The majority of financial liabilities and some of the financial assets in the Statement of Financial Position are accounted for at full fair value or at a value that represents fair value for the components hedged in a hedging relationship. Lending and borrowing not classified as hedge accounting or FVO are accounted for at amortized cost. Determining fair value of financial instruments The best evidence of fair value is quoted prices in an active market. The majority of SEK’s financial instruments are not publicly traded, and quoted market values are not readily available. Fair value measurements are categorized using a fair value hierarchy. The financial instruments have been categorized under the three levels of the IFRS fair value hierarchy that reflects the significance of inputs. The categorization of these instruments is based on the lowest level of input that is significant to the fair value measurement in its entirety. SEK uses the following hierarchy for determining and disclosing the fair value of financial instruments based on valuation techniques: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. For more information on determining the fair value of financial transactions, see Note 1. In the process of estimating or deriving fair values for items accounted for at amortized cost, certain assumptions have been made. In those cases where quoted market values for the relevant items are available, such market values have been used. The tables below show the fair values of the items carried at amortized cost or fair value. They are distributed according to the fair value hierarchy. Financial assets reported at amortized cost in fair value hierarchy December 31, 2021 Loans and accounts receivable Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Cash and cash equivalents 11,128 — — 11,128 11,128 Loans in the form of interest-bearing securities 1,970 46,021 — 47,991 46,578 Loans to credit institutions — 20,993 — 20,993 20,775 Loans to the public — 186,436 — 186,436 180,288 Total financial assets in fair value hierarchy 13,098 253,450 — 266,548 258,769 December 31, 2020 Loans and accounts receivable Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Cash and cash equivalents 3,362 — — 3,362 3,362 Loans in the form of interest-bearing securities 306 51,785 — 52,091 50,780 Loans to credit institutions — 31,424 — 31,424 31,315 Loans to the public — 180,453 — 180,453 171,562 Total financial assets in fair value hierarchy 3,668 263,662 — 267,330 257,019 Financial liabilities reported at amortized cost in fair value hierarchy December 31, 2021 Other financial liabilities Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Borrowing from credit institutions — 5,230 — 5,230 5,230 Borrowing from the public — 10,000 — 10,000 10,000 Debt securities issued — 240,979 — 240,979 240,454 Total financial liabilities in fair value hierarchy — 256,209 — 256,209 255,684 December 31, 2020 Other financial liabilities Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Borrowing from credit institutions — 3,486 — 3,486 3,486 Borrowing from the public — 10,000 — 10,000 10,000 Debt securities issued — 227,164 — 227,164 226,588 Total financial liabilities in fair value hierarchy — 240,650 — 240,650 240,074 Financial assets reported at fair value in fair value hierarchy December 31, 2021 Financial assets at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 5,638 5,234 — 10,872 Other interest-bearing securities except loans 26,549 19,332 — 45,881 Derivatives — 7,933 486 8,419 Total financial assets in fair value hierarchy 32,187 32,499 486 65,172 December 31, 2020 Financial assets at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 14,169 8,097 — 22,266 Other interest-bearing securities except loans 19,413 14,138 — 33,551 Derivatives — 5,985 1,578 7,563 Total financial assets in fair value hierarchy 33,582 28,220 1,578 63,380 Financial liabilities reported at fair value in fair value hierarchy December 31, 2021 Financial liabilities at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 6,761 32,555 39,316 Derivatives — 12,206 2,523 14,729 Total financial liabilities in fair value hierarchy — 18,967 35,078 54,045 December 31, 2020 Financial liabilities at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 6,190 41,198 47,388 Derivatives — 23,554 1,841 25,395 Total financial liabilities in fair value hierarchy — 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 December 31, 2021 Gains (+) and Gains (+) and losses (-) losses (-) Cur. Jan 1, Settlements Transfers to Transfers through profit or through other exchange-rate Dec 31, Skr mn 2020 Purchases & sales Level 3 from Level 3 loss 1 comprehensive income effects 2020 Debt securities issued -41,198 -10,372 19,337 — — 196 -36 -482 -32,555 Derivatives, net -263 5 -599 -1 — 411 — -1,590 -2,037 Net assets and liabilities -41,461 -10,367 18,738 -1 — 607 -36 -2,072 -34,592 December 31, 2020 Gains (+) and Gains (+) and losses (-) losses (-) Cur. Jan 1, Settlements Transfers to Transfers through profit or through other exchange-rate Dec 31, Skr mn 2020 Purchases & sales Level 3 from Level 3 loss 1 comprehensive income effects 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, are reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2021, amounted to a Skr 594 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 which spreads by basis Sensitivity analysis - level 3 Assets and liabilities December 31, 2021 Unobservable Range of estimates for Skr mn Fair Value input unobservable input Valuation method Sensitivity Max Sensitivity Min Equity -892 Correlation 0.12 - (0.12) Option Model -3 3 Interest rate -1 Correlation 0.12 - (0.12) Option Model 0 0 FX -1,038 Correlation 0.12 - (0.12) Option Model -56 56 Other -106 Correlation 0.12 - (0.12) Option Model 0 0 Sum derivatives, net -2,037 -59 59 Equity -9,283 Correlation 0.12 - (0.12) Option Model 3 -3 Credit spreads 10BP 10BP Discounted cash flow 10 -10 Interest rate -11,900 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP 10BP Discounted cash flow 58 -58 FX -11,235 Correlation 0.12 - (0.12) Option Model 59 -59 Credit spreads 10BP 10BP Discounted cash flow 50 -50 Other -137 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP 10BP Discounted cash flow 1 -1 Sum debt securities issued -32,555 181 -181 Total effect on total comprehensive income 122 -122 December 31, 2020 Assets and liabilities Unobservable Range of estimates for Skr mn Fair Value input unobservable input Valuation method Sensitivity Max Sensitivity Min Equity -144 Correlation 0.12 - (0.12) Option Model -6 6 Interest rate 4 Correlation 0.12 - (0.12) Option Model 0 0 FX 9 Correlation 0.12 - (0.12) Option Model -53 53 Other -132 Correlation 0.12 - (0.12) Option Model 0 0 Sum derivatives, net -263 -59 59 Equity -14,836 Correlation 0.12 - (0.12) Option Model 6 -6 Credit spreads 10BP 10BP Discounted cash flow 8 -8 Interest rate -13,181 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP 10BP Discounted cash flow 65 -65 FX -13,070 Correlation 0.12 - (0.12) Option Model 53 -53 Credit spreads 10BP 10BP Discounted cash flow 63 -63 Other -111 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP 10BP Discounted cash flow 1 -1 Sum debt securities issued -41,198 196 -196 Total effect on total comprehensive income 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 (year-end 2020: +/- 0). The impact from SEK’s own credit spread amounts to Skr 119 million (year-end 2020: Skr 137 million) under a maximum scenario and Skr -119 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 origination (- liabilities increase/ + liabilities decrease) from credit risk (+ income/ - loss) Skr mn December 31, 2021 December 31, 2020 2021 2020 CVA/DVA, net 1 -14 -17 3 -5 OCA 2 -132 -108 -24 18 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflect how the counterparties’ credit risk as well as SEK’s own credit rating affect the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affect the fair value of financial liabilities measured at fair value through profit and loss.

Derivatives and hedge accountin

Derivatives and hedge accounting	12 Months Ended
Derivatives and hedge accounting	Dec. 31, 2021
Derivatives and hedge accounting
Derivatives and hedge accounting	Note 14. Derivatives and hedge accounting Derivatives by categories December 31, 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 3,192 9,464 361,160 3,846 11,774 323,664 Currency-related contracts 5,218 3,518 157,362 3,249 11,236 153,838 Equity-related contracts 2 895 9,801 457 620 15,598 Contracts related to commodities, credit risk, etc. 7 852 3,521 11 1,765 7,513 Total derivatives 8,419 14,729 531,844 7,563 25,395 500,613 of which derivatives used for economic hedges, December 31, 2021 December 31, 2020 accounted for as held-for-trading under IFRS 9 Assets Liabilities Nominal Assets Liabilities Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 1,936 7,361 149,875 2,357 12,226 132,228 Currency-related contracts 3,819 2,077 126,460 1,423 10,310 132,029 Equity-related contracts 2 895 9,801 457 620 15,598 Contracts related to commodities, credit risk, etc. 7 852 3,521 11 1,765 7,513 Total derivatives 5,764 11,185 289,657 4,248 24,921 287,368 December 31, 2021 December 31, 2020 of which derivatives in fair-value hedges Assets Liabilities Nominal Assets Liabilities Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 1,256 2,104 211,285 1,489 -453 191,435 Currency-related contracts 1,399 1,440 30,902 1,826 927 21,810 Total derivatives 2,655 3,544 242,187 3,315 474 213,245 1 The nominal amount of the instruments directly affected by the IBOR reform amounts to Skr 105,440 million (year-end 2020: Skr 55,094 million). Maturity analysis of the nominal amounts 1 of hedging instruments December 31, 2021 1 month 3 months 1 year Skr mn < 1 month < 3 months < 1 year < 5 years > 5 years Interest rate-related contracts Hedge of fixed rate assets 57 229 942 12,070 7,340 Hedge of fixed rate liabilities 12,650 12,650 29,739 131,655 5,306 Currency-related contracts Hedge of fixed rate assets 97 205 1,577 2,976 233 Hedge of fixed rate liabilities 16 1,010 5,917 15,669 2,590 December 31, 2020 1 month 3 months 1 year Skr mn < 1 month < 3 months < 1 year < 5 years > 5 years Interest rate-related contracts Hedge of fixed rate assets 4 17 146 7,042 11,089 Hedge of fixed rate liabilities — 9,809 34,739 126,023 2,607 Currency-related contracts Hedge of fixed rate assets 41 61 427 3,240 633 Hedge of fixed rate liabilities — 425 1,920 11,066 4,491 1 Nominal amounts before set-off. The carrying amount of hedged items in fair value hedge relationships, and the accumulated amount of fair value hedge adjustments included in these carrying amounts December 31, 2021 December 31, 2020 Assets Fair -value hedge Fair -value hedge Skr mn Book value adjustments Book value adjustments Loans in the form of interest-bearing securities 11,035 278 9,778 598 Loans to credit institutions 1,019 -23 969 4 Loans to the public 14,869 527 13,032 1,044 Total 26,923 782 23,779 1,646 December 31, 2021 December 31, 2020 Liabilities Fair -value hedge Fair -value hedge Skr mn Book value adjustments Book value adjustments Debt securities issued 216,242 1,183 195,460 5,454 Total 216,242 1,183 195,460 5,454 For disclosure on hedge ineffectiveness see Note 4 Net results of financial transactions. It is SEK’s risk management strategy and objective to identify its material foreign currency and interest rate exposures and to manage those exposures with appropriate derivative instruments or non-derivative alternatives. SEK has the intention to, as much as possible, achieve fair value hedge accounting for transactions entered into for economic hedging purposes. SEK primarily sets interest rate terms based on the various needs and preferences of customers and counterparties. Consequently, assets and liabilities can to some extent have different fixed interest periods, which leads to interest rate risk. Using different derivatives, the original interest rate risk in assets and liabilities are normally transformed from fixed to floating interest terms in currencies with well-functioning markets. EUR, USD and Skr are preferably used. It is SEK’s objective to mitigate the risk of changes in fair value of the underlying hedged item due to changes in benchmark interest rates, i.e., to convert a fixed interest rate in a financial asset or liability into a floating rate. For that SEK uses interest rate swaps, or a proportion of interest rate swaps, swapping fixed to floating interest rates. SEK’s granting of credits and a large portion of its borrowing can take place in the currency of the borrower’s and investor’s choice. It is therefore seldom that borrowing and lending are made in the same currency and therefore directly balance each other. Differences in exposures to individual currencies that exist between different transactions are fully matched with the aid of various derivatives, primarily currency swaps. It is SEK’s objective to mitigate the risk of changes in fair value due to changes in FX- and interest rates. For example, converting a fixed interest rate in a financial asset or liability into a variable rate financial asset or liability denominated in SEK’s functional currency Skr. For that, SEK uses cross currency interest rate swap or a proportion of these swaps, swapping fixed to floating interest rates in Skr. Since the 2010s, there is an ongoing reform to replace or amend benchmark interest rates such as LIBOR and other interbank offered rates (“IBOR”). SEK's exposure that is directly affected by the reference interest rate reform is primarily its lending contracts with floating interest rates, its lending and borrowing contracts at fixed interest rates that are hedged to floating interest rates as well as currency swaps to floating interest rates. The main floating interest rate exposures relate to USD LIBOR, STIBOR and EURIBOR.GBP LIBOR , CHF LIBOR and JPY LIBOR are not expected to be offered after December 31, 2021. For USD LIBOR, the most common maturities are expected to no longer be offered after June 30, 2023. However, agencies encourage banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as possible and in any event by December 31, 2021. For EURIBOR and STIBOR, no such end date has been communicated,but the general opinion is that these will continue to exist in the next few years. SEK currently has financial contracts referencing USD LIBOR, EURIBOR and STIBOR which extend beyond June 2023. SEK has been working since 2018 to prepare the company for the reference interest rate reform.The work is conducted in project form and includes changes in systems, processes, agreements, pricing and risk models. SEK continues to monitor the development of new market standards and relevant interest groups to ensure an orderly transition to the new reference rates. In applying the amendments to IFRS 9, SEK has made the assumption in assessing the financial relationship between hedged items and hedging instruments that no fallback clauses will be triggered by the reference interest rate reform. For more disclosures regarding SEK’s hedge accounting, see Note 29 Risk and Capital Management, Consolidated Statement of Changes in Equity, Note 1 Significant accounting policies, and Note 4 Net results of financial transactions. In accordance with SEK’s policies with regard to counterparty, interest rate, currency exchange-rate, and other exposures, SEK uses, and is a party to, different kinds of derivative instruments, mostly various interest rate-related and currency exchange-rate-related contracts. These contracts are carried at fair value in the statements of financial position on a contract-by-contract basis. SEK uses derivatives to hedge risk exposure inherent in financial assets and liabilities. Derivatives are measured at fair value by using market quoted rates where available. If market quotes are not available, valuation models are used. SEK uses models to adjust the net exposure fair value for changes in counter-parties’ credit quality. The models used include both directly observable and non-observable market parameters. The majority of SEK’s derivative contracts are what are known as OTC (over the counter) derivatives, i.e., derivative contracts that are not transacted on an exchange. SEK’s derivative transactions that are not transacted on an exchange are entered into under ISDA Master Netting Agreements. In general, under such agreements the amounts owed by each counterparty in respect of all transactions outstanding in the same currency under the agreement are aggregated into a single net amount payable by one party to the other. In certain circumstances, for example when a credit event such as a default occurs and all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of all transactions. SEK endeavors to only enter into derivatives transactions with counterparties in jurisdictions where such netting is enforceable when such events occur. The above ISDA arrangements do not meet the criteria for offsetting in the Statement of Financial Position. This is because such agreements create a right of set-off of recognized amounts that is enforceable only following an event of default, insolvency or bankruptcy of SEK or the counterparties. In addition, SEK and its counterparties do not intend to settle on a net basis or to realize the assets and settle the liabilities simultaneously. The ISDA Master Netting Agreements are complemented by supplementary agreements providing for the collateralization of counterparty exposure. SEK receives and accepts collateral in the form of cash. Such collateral is subject to the standard industry terms of an ISDA Credit Support Annex (CSA). The disclosures set out in the tables below include financial assets and financial liabilities that are subject to an enforceable master netting arrangement or similar agreement that cover similar financial instruments. SEK only enters into derivative transactions that are subject to enforceable master netting agreements or similar agreements. Derivative assets and derivative liabilities in relation to central clearing counterparties are offset in the Statement of Financial Position. Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements Dec 31, 2021 Dec 31, 2020 Skr mn Derivatives Derivatives Gross amounts of recognized financial assets 10,059 9,912 Amounts offset in the Statement of Financial Position -1,640 -2,349 Net amounts of financial assets-presented in the Statement of -Financial Position 8,419 7,563 Amounts subject to an enforceable master netting arrangement or -similar agreement not offset in the Statement of Financial Position related to: Financial instruments -3,262 -2,354 Cash collateral received -3,500 -2,502 Net amount 1,657 2,707 Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements Dec 31, 2021 Dec 31, 2020 Skr mn Derivatives Derivatives Gross amounts of recognized financial liabilities 16,369 27,744 Amounts offset in the Statement of Financial Position -1,640 -2,349 Net amounts of financial liabilities presented in the Statement of Financial Position 14,729 25,395 Amounts subject to an enforceable master netting arrangement or -similar agreement not offset in the Statement of Financial Position related to: Financial instruments -3,262 -2,354 Cash collateral paid -9,528 -20,172 Net amount 1,939 2,869

Shares	12 Months Ended
Shares	Dec. 31, 2021
Shares
Shares	Note 15. Shares Since March 2018 SEKETT AB is a wholly owned, non-active, subsidiary to AB Svensk Exportkredit with a share capital of Skr 50 thousand. Shares in subsidiaries December 31, 2021 December 31, 2020 Skr mn Book value Number of shares Book value Number of shares SEKETT AB (reg. no 559132-9668) 0 50 0 50

Other assets

Other assets	12 Months Ended
Other assets	Dec. 31, 2021
Other assets.
Other assets	Note 16. Other assets Skr mn Dec 31, 2021 Dec 31, 2020 Claim against the State for CIRR loans and concessionary loans 7,208 12,359 Cash receivables, funding operations 191 465 Other 52 29 Total 7,451 12,853

Prepaid expenses and accrued re

Prepaid expenses and accrued revenues	12 Months Ended
Prepaid expenses and accrued revenues	Dec. 31, 2021
Prepaid expenses and accrued revenues
Prepaid expenses and accrued revenues	Note 17. Prepaid expenses and accrued revenues Skr mn Dec 31, 2021 Dec 31, 2020 Interest income accrued 1,876 1,958 Prepaid expenses and other accrued revenues 37 29 Total 1,913 1,987

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2021
Debt
Debt	Note 18. Debt December 31,2021 Total debt excluding debt Total debt -- Skr mn securities issued securities issued Total Exchange-rate related contracts — 25,112 25,112 Interest rate related contracts 15,230 254,298 269,528 Equity related contracts — 223 223 Contracts related to raw materials, credit risk etc — 137 137 Total debt outstanding 15,230 279,770 295,000 Other of which denominated in: Skr USD JPY EUR currencies Total 24,672 202,158 20,852 19,841 27,477 295,000 December 31, 2020 Total debt excluding debt Total debt -- Skr mn securities issued securities issued Total Exchange-rate related contracts — 19,207 19,207 Interest rate related contracts 13,486 254,377 267,863 Equity related contracts — 281 281 Contracts related to raw materials, credit risk etc — 111 111 Total debt outstanding 13,486 273,976 287,462 Other of which denominated in: Skr USD JPY EUR currencies Total 16,547 202,787 27,812 19,994 20,322 287,462 SEK’s Borrowing programs Value outstanding 1 Skr mn December 31, 2021 December 31, 2020 Medium-term note program: Unlimited Euro Medium-Term Note Programme 107,597 96,724 Unlimited SEC-registered U.S. Medium-Term Note Programme 159,393 160,945 Unlimited Swedish Medium-Term Note Programme 429 438 Unlimited MTN/STN AUD Debt Issuance Programme 4,417 4,544 Commercial paper program: USD 3,000,000,000 U.S. Commercial Paper Programme 1,806 10,006 USD 4,000,000,000 Euro-Commercial Paper Programme 1,355 — 1 Amortized cost excluding fair value adjustments. Liabilities in financing activities Non-cash items Skr mn January 1, 2021 Cash Flow Exchange rate difference Unrealized changes in fair value Accrued interest December 31, 2021 Senior debt 287,462 -10,958 22,588 -4,092 — 295,000 Lease liability 19 -24 — 157 1 1 153 Derivatives - net 17,832 -1,523 -7,589 -2,410 — 6,310 Total liabilities in financing activities 305,313 -12,505 14,999 -6,345 1 301,463 1 Refers to increase in leasing debts due to new leasing agreements. Non-cash items Skr mn January 1, 2020 Cash Flow Exchange -rate difference Unrealized changes in fair value Accrued interest December 31, 2020 Senior debt 273,017 29,460 -17,004 1,989 — 287,462 Lease liability 44 -27 — 2 — 19 Derivatives - net 13,088 -8,651 11,819 1,576 — 17,832 Total liabilities in financing activities 286,149 20,782 -5,185 3,567 — 305,313

Other liabilities

Other liabilities	12 Months Ended
Other liabilities	Dec. 31, 2021
Other liabilities
Other liabilities	Note 19. Other liabilities Skr mn Dec 31, 2021 Dec 31, 2020 Cash payables, debt -purchases 725 194 Other 442 261 Total 1,167 455

Accrued expenses and prepaid re

Accrued expenses and prepaid revenues	12 Months Ended
Accrued expenses and prepaid revenues	Dec. 31, 2021
Accrued expenses and prepaid revenues
Accrued expenses and prepaid revenues	Note 20. Accrued expenses and prepaid revenues Skr mn Dec 31, 2021 Dec 31, 2020 Interest expenses accrued 1,793 1,843 Other accrued expenses and prepaid revenues 82 81 Total 1,875 1,924

Provisions

Provisions	12 Months Ended
Provisions	Dec. 31, 2021
Provisions
Provisions	Note 21. Provisions Skr mn December 31, 2021 December 31, 2020 Pension liabilities 1 57 82 Long term employee benefit 4 8 Off balance, expected credit losses 2 7 9 Total 68 99 1 See note 5. 2 Provisions for expected credit losses for off-balance-sheet exposures, in accordance with IFRS 9. See note 9.

Equity

Equity	12 Months Ended
Equity	Dec. 31, 2021
Equity
Equity	Note 22. Equity December 31, December 31, Skr mn 2021 2020 Share capital 3,990 3,990 Legal reserve — — Fund for internally developed software — — Reserves/Fair value reserve Own credit risk -102 -84 Defined benefit plans -27 -45 Retained earnings 16,947 16,203 Total equity 20,808 20,064 Consolidated Group December 31, December 31, Skr mn 2021 2020 Restricted equity 4,314 4,282 Unrestricted equity 16,494 15,782 Total equity 20,808 20,064 The total number of shares is 3,990,000 with a quota value of Skr 1,000. Own credit risk consists of gains and losses that arise from changes in SEK´s own credit risk on liabilities designated at fair value. These are recognized in Other comprehensive income under the reserve for own credit risk and are not reclassified to profit or loss in the financial statements of the Group. Defined benefit plans consists of gains and losses that arises from changes in the value of defined benefit plans. These are presented in other comprehensive income in the reserve for defined benefit plans in accordance with IAS 19. Fund for internally developed software represents expenses that are directly attributable to large investments in the development of IT systems. The entire equity is attributable to the shareholder of the Parent Company. The Legal reserve reported in the Parent Company represents previous demands for statutory provision to non-distributable capital. The requirement was abolished January 1, 2006, and prior provisions remain. For information on the objectives, policies and processes for managing capital, see the Report of the directors and Note 29. Risk and Capital Management. Proposal for the distribution of profits The results of the Consolidated Group’s and the Parent Company’s operations during the year and its financial position at December 31, 2021, can be seen in the Statement of Comprehensive Income, Statement of Financial Position and Statement of Cash Flows for the Consolidated Group and related notes. The Board has decided to propose to the Annual General Meeting the payment of a dividend of Skr 414 million (year-end 2020: Skr 290 million), in accordance with the company’s dividend policy. The following proposal regarding distribution of profits relates to the Parent Company. At the disposal of the Annual General Meeting 16,532 The Board of Directors proposes that the Annual General Meeting dispose of these funds as follows: - dividend to the shareholder of Skr 103.70 per share, amounting to 414 - remaining disposable funds to be carried forward 16,118

Pledged assets and contingent l

Pledged assets and contingent liabilities	12 Months Ended
Pledged assets and contingent liabilities	Dec. 31, 2021
Pledged assets and contingent liabilities
Pledged assets and contingent liabilities	Note 23. Pledged assets and contingent liabilities Skr mn Dec 31, 2021 Dec 31, 2020 Collateral provided Cash collateral under the security agreements for derivative contracts 10,417 21,979 Contingent liabilities Guarantee commitments 4,767 3,969 Commitments Committed undisbursed loans 53,871 57,213 Binding offers 1,510 1,322

CIRR-system

CIRR-system	12 Months Ended
CIRR-system	Dec. 31, 2021
CIRR-system
CIRR-system	Note 24. CIRR-system Pursuant to the Company’s assignment as stated in its owner instruction issued by the Swedish government, SEK administers credit granting in the Swedish system for officially supported export credits (CIRR-system). SEK receives compensation from the Swedish government in the form of an administrative compensation, which is calculated based on the principal amount outstanding. The administrative compensation paid by the state to SEK is recognized in the CIRR-system as administrative remuneration to SEK. Refer to the following tables of the statement of comprehensive income and statement of financial positions for the CIRR-system, presented as reported to the owner. Interest expenses includes interest expenses for loans between SEK and the CIRR-system which reflects the borrowing cost for the CIRR-system. Interest expenses for derivatives hedging CIRR-loans are also recognized as interest expenses, which differs from SEK’s accounting principles. Arrangement fees to SEK are recognized together with other arrangement fees as interest expenses. In addition to the CIRR-system, SEK administers the Swedish government’s previous concessionary credit program according to the same principles as the CIRR-system. No new lending is being offered under the concessionary credit program. As of December 31, 2021, concessionary loans outstanding amounted to Skr 315 million (year-end 2020: Skr 382 million) and operating profit for the program amounted to Skr -21 million for the period January-December 2021 (2020: Skr -28 million). SEK´s administrative compensation for administrating the concessionary credit program amounted to Skr 1 million (2020: Skr 1 million). Statement of comprehensive income for the CIRR-system Skr mn 2021 2020 Interest income 2,105 2,170 Interest expenses -2,061 -2,087 Interest compensation 7 14 Foreign exchange effects -1 4 Profit before compensation to SEK 50 101 Administrative remuneration to SEK -197 -196 Operating profit CIRR-system -147 -95 Reimbursement to (-) / from (+) the State 147 95 Statement of financial position for the CIRR-system Skr mn Dec 31, 2021 Dec 31, 2020 Cash and cash equivalents 8 2 Loans 87,872 69,163 Derivatives 36 — Other assets 7,359 12,528 Prepaid expenses and accrued revenues 470 407 Total assets 95,745 82,100 Liabilities 88,092 69,289 Derivatives 7,060 12,232 Accrued expenses and prepaid revenues 593 579 Total liabilities and equity 95,745 82,100 Commitments Committed undisbursed loans 39,084 51,463 Binding offers 1,510 1,322

Capital adequacy

Capital adequacy	12 Months Ended
Capital adequacy	Dec. 31, 2021
Capital adequacy
Capital adequacy	Note 25. Capital adequacy Capital Adequacy Analysis December 31,2021 December 31,2020 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 21.6 21.8 Tier 1 capital ratio 21.6 21.8 Total capital ratio 21.6 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. December 31, 2021 December 31, 2020 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 7,371 8.0 7,136 8.0 of which Tier 1 requirement of 6 percent 5,528 6.0 5,352 6.0 of which minimum requirement of 4.5 percent 4,146 4.5 4,014 4.5 Pillar 2 capital requirements 3 3,382 3.7 3,921 4.4 Common Equity Tier 1 capital available to meet buffer requirements 4 9,149 9.9 12,310 13.8 Capital buffer requirements 2,333 2.5 2,259 2.5 of which Capital conservation buffer 2,303 2.5 2,230 2.5 of which Countercyclical buffer 30 0.0 29 0.0 Pillar 2 guidance 5 1,382 1.5 — — Total risk-based capital requirement 14,468 15.7 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 of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA SREP. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital - i.e., 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.67 percent). The Pillar 2 requirement was not deducted in the previous year’s figure. 5 The Swedish FSA has on September 29, 2021 notified SEK, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement. December 31, 2021 December 31, 2020 Leverage ratio 1 Skr mn Skr mn On-balance sheet exposures 209,889 297,605 Off-balance sheet exposures 5,309 37,162 Total exposure measure 2 215,198 334,767 Leverage ratio 3 9.3 % 5.8 % 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. 2 In the second quarter of 2021, SEK changed its methodology for calculating the exposure measure in leverage ratio to comply with new regulatory requirements (CRRII), in which certain exposures are no longer included. Comparative figures have not been recalculated. 3 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure. December 31, 2021 December 31, 2020 Total Leverage ratio requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent 6,456 3.00 — — Pillar 2 guidance 2 323 0.2 — — Total capital requirement relating to leverage ratio 6,779 3.2 — — 1 Expressed as a percentage of total exposure amount. 2 The Swedish FSA has on September 29, 2021 notified SEK, within the latest SREP, that SEK should hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement. Own funds — adjusting items Parent Company Dec 31, Dec 31, Skr mn 2021 2020 Share capital 1 3,990 3,990 Retained earnings 15,518 14,856 Accumulated other comprehensive income and other reserves 323 292 Independently reviewed profit net of any foreseeable charge or dividend 601 694 Common Equity Tier 1 (CET1) capital before regulatory adjustments 20,432 19,832 Additional value adjustments due to prudent valuation -395 -306 Intangible assets -99 -98 Gains or losses on liabilities valued at fair value resulting from changes in own credit -standing 98 77 Negative amounts resulting from the calculation of expected loss amounts -111 -55 Total regulatory adjustments to Common Equity Tier 1 capital -507 -382 Total Common Equity Tier 1 capital 19,925 19,450 Additional Tier 1 capital — — Total Tier 1 capital 19,925 19,450 Tier 2-eligible subordinated debt — — Credit risk adjustments 2 — — Total Tier 2 capital — — Total Own funds 19,925 19,450 1 For a detailed description of the instruments constituting share capital, see Note 22. 2 The expected loss amount calculated under the IRB approach is a gross deduction from own funds. The gross deduction is decreased by impairment related to exposures for which expected loss is calculated. Excess amounts of such impairment will increase own funds. This increase is limited to 0.6 percent of SEK’s risk exposure amount under the IRB approach related to exposures to central governments, corporates and financial institutions. As of December 31, 2021, the limitation rule had no effect (year end 2020: no effect). Minimum capital requirements exclusive of buffers Parent Company December 31, 2021 December 31, 2020 Risk Min. Risk Min. exposure capital exposure capital Skr mn EAD 1 amount requirement EAD 1 amount requirement Credit risk, standardized approach Corporates 2,990 2,990 239 2,238 2,238 179 Default exposures 74 74 6 7 7 1 Total credit risk, standardized approach 3,064 3,064 245 2,245 2,245 180 Credit risk, IRB approach Central governments 196,606 9,673 774 192,077 9,684 775 Financial institutions 2 41,082 8,843 707 30,661 6,764 541 Corporates 3 115,412 62,988 5,039 117,415 63,766 5,101 Non-credit-obligation assets 372 372 30 163 163 13 Total credit risk IRB approach 353,472 81,876 6,550 340,316 80,377 6,430 Credit valuation adjustment risk n.a. 2,922 233 n.a. 2,284 183 Foreign exchange risk n.a. 645 52 n.a. 664 52 Commodity risk n.a. 11 1 n.a. 7 1 Operational risk n.a. 3,622 290 n.a. 3,625 290 Total 356,536 92,140 7,371 342,561 89,202 7,136 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivative contracts: EAD Skr 5,975 million (year-end 2020: Skr 5,535 million), Risk exposure amount of Skr 2,000 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 5,224 million (year-end 2020 Skr 3,847 million), Risk exposure amount of Skr 3,589 million (year-end 2020: Skr 2,739 million) and Capital requirement of Skr 287 million (year-end 2020: Skr 219 million). Credit risk by PD grade The tables illustrate the exposure at default (EAD), the portion of the exposure that will be lost in the event of a default (LGD) and the probability of default or cancellation of payments by a counterparty (PD) for the exposure classes where PD is estimated internally. Average PD is calculated without consideration of PD floors. Average PD and LGD are weighted by EAD,the average risk weight is the quotient of risk exposure amount and EAD. December 31,2021 December 31,2020 AAA A+ A+ BBB+ to AA- to A– BBB+ BB+ to B– CCC to D AAA to AA- to A– to BBB– BB+ to B– CCC to D 0.003% – 0.02 – to BBB– 0.54 – 44.36 – 0.003% – 0.02 – 0.12 – 0.54 – 27.27 – Skr mn 0.01% 0.07% 0.12 – 0.32% 6.80% 100% 0.01% 0.07% 0.32% 6.80% 100% Central governments EAD 191,669 4,587 — — — 186,722 5,287 — 68 — Average PD in % 0.004 0.05 — — — 0.004 0.05 — 4.14 — Average LGD in % 45.0 45.0 — — — 45.0 45.0 — 45.0 — Average risk weight in % 4.6 20.3 — — — 4.6 20.0 — 149.5 — December 31,2021 December 31,2020 A+ A+ AAA to A– BBB+ BB+ to B– CCC to D AAA to A– BBB+ BB+ to B– CCC to D to AA- 0.01% - 0.06 – to BBB– 0.50 – 28.91 – to AA- 0.06 – to BBB– 0.50 – 28.91 – Skr mn 0.04% 0.11% 0.16 – 0.32% 8.27% 100% 0.01% – 0.04% 0.11% 0.16 – 0.32% 8.27% 100% Financial institutions EAD 18,176 21,637 1,225 43 — 12,742 15,896 1,984 39 — Average PD in % 0.04 0.07 0.25 1.16 — 0.04 0.07 0.18 0.76 — Average LGD in % 35.7 32.8 45.0 45.0 — 36.7 35.7 45.0 45.0 — Average risk weight in % 17.6 22.0 67.9 129.3 — 17.3 22.1 50.3 131.5 — Corporates EAD 2,562 16,286 67,509 23,810 22 2,302 17,929 69,263 24,063 12 Average PD in % 0.04 0.09 0.24 0.74 89.43 0.03 0.09 0.23 1.02 28.9 Average LGD in % 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 Average risk weight in % 19.2 30.0 49.9 85.4 39.2 19.4 30.6 49.4 86.6 263.7 Credit risks For risk classification and quantification of credit risk, SEK uses an internal ratings-based (IRB) approach. Specifically, SEK applies the foundation IRB approach. Under the foundation IRB approach, the company determines the probability of default within one year (PD) for each of its counterparties, while the remaining parameters are established in accordance with the CRR. Application of the IRB approach requires the Swedish FSA’s permission and is subject to ongoing supervision. Certain exposures are, by permission from the Swedish FSA, exempted from application of the IRB approach and, instead, the standardized approach is applied for calculating the capital requirement. For further information regarding these exposures see the Risk measurement section in note 26. 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 derivative contracts are calculated in accordance with the standardized approach for counterparty credit risk. SEK has been applying a new standardized approach for counterparty credit risk since June 30, 2021. Credit valuation adjustment risk A capital requirement for credit valuation adjustment risk is calculated for all OTC derivatives, except for credit derivatives used as credit-risk hedges and transactions with a qualifying central counterparty. SEK calculates this capital requirement using the standardized approach. Foreign exchange risk Foreign exchange risk is calculated with the standardized approach, whereas the scenario approach is used for calculating the gamma and volatility risks. Commodity risk Own funds requirements for commodity risk are calculated using the simplified approach under the standardized approach, and where the scenario approach is used for calculating the gamma and volatility risks. Operational risk The capital requirement for operational risk is calculated with the standardized approach, whereby the company’s operations are divided into business areas as defined in the CRR. The capital requirement for each area is calculated by multiplying a factor, depending on the business area, by an income indicator. The factors applicable for SEK are 15 percent and 18 percent. The income indicators consist of the average operating income for the past three Transitional rules SEK does not apply IFRS9 transitional rules for expected losses. The capital adequacy ratios already reflect the full impact of IFRS 9 with regard to expected loss. Capital buffer requirements SEK has met capital buffer requirements with Common Equity Tier 1 capital as of December 31, 2021. The Swedish FSA has not classified SEK as a systemically important institution. Accordingly, the capital buffer requirements for systemically important institutions that entered into force on January 1, 2016 do not apply to SEK. The mandatory capital conservation buffer is 2.5 percent. The countercyclical buffer rate that is applied to exposures located in Sweden was lowered from 2.5 percent to 0 percent as of March 16, 2020. The reduction was made for preventive purposes, in order to counteract credit tightening due to the development and spread of COVID-19 and its effects on the economy. The Swedish FSA decided on September 29, 2021 to increase the countercyclical buffer rate to 1 percent. The new countercyclical buffer rate applies from September 29, 2022. At December 31, 2021, the capital requirement related to credit-risk exposures in Sweden was 68 percent (year-end 2020: 70 percent) of the total capital requirement regardless of location, this fraction is also the weight applied to the Swedish buffer rate when calculating SEK’s countercyclical capital buffer. The countercyclical capital buffer as of December 31, 2021 for Sweden has been dissolved due to the reduction of the countercyclical buffer value to 0 percent. Buffer rates activated in other countries may impact SEK, but as most capital requirements from relevant credit exposures are related to Sweden, the potential effect is limited. At December 31, 2021, the contribution to SEK’s countercyclical capital buffer from buffer rates in other countries was 0.03 percentage points (year-end 2020: 0.03 percentage points). Leverage ratio The leverage ratio is a metric introduced in 2015. A capital base requirement of 3 percent, calculated on the total leverage ratio exposure measure, was introduced in June, 2021. The leverage ratio is defined in the CRR as the quotient of the Tier 1 capital and an exposure measure. The exposure measure consists of assets, with special treatment of derivatives among other items, and off-balance-sheet credit-risk exposures that have been weighted with a factor depending on the type of exposure. SEK does not apply IFRS9 transitional rules for expected losses. The leverage ratio already reflects the full impact of IFRS 9 with regard to expected loss. SEK has a leverage ratio of 9.3 percent as of December 31, 2021, that well exceeds the requirements. Pillar 2 guidance The Pillar 2 guidance refers to what the Swedish FSA believes to be an appropriate level of the institution’s own funds. The difference between the believed appropriate level of own funds and the minimum capital requirement, the Pillar 2 capital requirement and the combined capital buffer requirement will be calculated, decided and established by the Swedish FSA in the form of a non-binding recommendation (so-called pillar 2 guidance). The Pillar 2 guidance covers both the risk-based capital requirement and the leverage ratio requirement, and replaces the previous capital planning buffer. Internally assessed capital adequacy Dec 31, Dec 31, Skr mn 2021 2020 Credit risk 6,038 6,121 Operational risk 225 203 Market risk 1,247 1,140 Other risks 234 183 Capital planning buffer 1,610 2,831 Total 9,354 10,478 SEK regularly conducts an internal capital adequacy assessment process (ICAAP), during which the company determines how much capital is needed to cover its risks. The result of SEK’s capital adequacy assessment is presented above. For more information regarding the ICAAP and its methods, please see note 29. Liquidity coverage Skr bn, 12 month average Dec 31, 2021 Dec 31, 2020 Total liquid assets 56.1 49.0 Net liquidity outflows 1 10.1 10.1 Liquidity outflows 21.2 22.1 Liquidity inflows 12.2 13.3 Liquidity Coverage Ratio 695 % 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 Dec 31, 2021 Dec 31, 2020 Available stable funding 245.9 242.6 Requiring stable funding 176.4 179.7 Net Stable Funding Ratio 139 % 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.

Risk information

Risk information	12 Months Ended
Risk information	Dec. 31, 2021
Risk information
Risk information	Note 26. Risk information For further information on SEK’s risk management, see Note 29. Consolidation of SEK pursuant to the supervisory regulations differs from in the consolidated financial statements, where no consolidation pursuant to the supervisory regulation was conducted, since the wholly owned subsidiary, SEKETT AB, which is the only company in the Group aside from the Parent Company, is not a financial company. Since no subsidiary is an institute pursuant to the CRR definition, subsidiaries are not subject to the supervisory regulations on an individual basis. The table of credit quality as per category in the Statement of Financial Position and the table illustrating the link between the Statement of Financial Position categories and exposures under the CRR contain carrying amounts. Other tables show amounts in accordance with the capital requirements calculations, however before application of conversion factors. Credit risk Credit risk is the risk of default on a debt that may arise from a borrower failing to make required payments. A credit risk can be divided into credit default risk, concentration risk, and country risk (see Note 29). SEK’s credit risks are limited using a risk-based selection of counterparties and are further mitigated by the use of guarantees, netting agreements and collateral. SEK’s appetite for credit risk is significantly greater than its appetite for other risks. Risk management The Risk policy and the Credit Policy The Risk Policy and the Credit Policy issued by the Board, and the Credit Instruction issued by the Board’s Credit Committee are the foundations upon which SEK’s credit risk management is based. These policy documents constitute the framework for the level of credit risk that SEK can accept and describe the decision-making structure and credit-decision mandate as well as the credit norm. The underlying methodological working papers clarify the credit process, fundamental principles for credit limits and the management of problem loans. The credit norm is a core concept for SEK’s credit granting and clarifies expectations in terms of credit quality. For a business transaction to be considered to fall within the credit norm, it is necessary for the proposition to satisfy the requirements for the following areas: norm for the risk level and norm for the lending terms. The Company’s Board establishes an overall framework for SEK’s risk management in the form of policies, risk appetite, capital targets (decided at the annual general meeting) and limits. For credit risk, a number of measures are defined for risk appetite. The Board also decides on the Company’s policy for sustainable business. All credit decisions are to be made in line with the decision-making mandate structure established by the Board for delegated decision-making. SEK’s credit-decision structure and established mandates is built on a decision-making structure based on the duality principle, thus ensuring thorough analysis and assessment of all credit propositions. Risk reduction Credit risk is reduced through the use of various credit-risk hedges, in the form of guarantees, netting agreements and other forms of collateral. The guarantors, particularly with regard to end-customer financing, are predominantly government export credit agencies in the OECD, of which the Swedish Export Credits Guarantee Board (EKN) is the largest. Since the credit risk is allocated to a guarantor, SEK’s guaranteed credit-risk exposure in reports of its net credit risk exposure largely consists of exposure to government counterparties. Guarantees are also received from financial institutions and, to a lesser extent, non--financial corporations and insurance companies. The counterparty risk associated with derivative contracts is always documented using ISDA Master Agreements, which also entail a netting agreement, with the support of collateral agreements in the form of a CSA. Approved collateral under the CSAs signed by SEK always takes the form of liquid assets. SEK also uses various types of collateral to reduce credit risks pertaining to certain types of credit granting. While collateral is significant for individual transactions, it has limited impact on the total lending portfolio. Limit setting SEK utilizes limits to restrict credit risks to a specified level. Limits express the highest permissible exposure to a counterparty for specific tenors and for various types of exposures, such as corporate lending, guarantees, counterparty risk in derivative contracts or liquidity investments. Exposures must be encompassed within the limits that have been decided for the particular counterparties. The overall limits are set by the Board. All limits are reviewed at least once annually. Testing provisions SEK applies IFRS 9 for the impairment of financial instruments. Impairment is based on the model for expected credit losses (ECL). The assets being impairment tested are divided into three stages: Stage 1, Stage 2 and Stage 3. Initially, all exposures are in Stage 1. Exposures where there is a significant increase in credit risk are placed in Stage 2 and Stage 3 encompasses exposures in default. Stage 3 impairments are calculated through individual testing based on an expert assessment. Individual testing provisions are made when objective conditions exist that indicate a possible need for the financial asset to be impaired according to Stage 3. The Credit Committee prepares provision proposals from the account managers and credit analysts, which are thereafter determined by the Board’s Credit Committee. The Board adopts the accounts and thereby the provisions. Refer to note 1(h) for more information on the calculation of expected credit losses under IFRS 9. Risk measurement With the exception of a few counterparties, SEK uses, and has permission to use, the Foundation IRB approach for measuring the credit risk inherent in exposures to a majority of SEK’s counterparties. This means that for these exposures SEK uses its own estimates of the probability of default (PD) risk parameter which, per counterparty, reflects the assigned internal rating. Other risk parameters, including loss given default (LGD) and credit conversion factors (CCF), are determined by the Capital Requirements Regulation (CRR). All of SEK’s counterparties are assigned internal ratings. SEK’s permission from the Swedish FSA to use the Foundation IRB approach encompasses exposures to central governments, regional governments, county councils, multilateral development banks, and companies, including insurance companies and financial institutions. The Swedish FSA has granted SEK permission to apply exceptions from the IRB approach for certain exposures. For these exposures, SEK uses the Standardized approach and external ratings when calculating risk exposure amounts (when no external rating is available, the exposure is assigned a risk weight of 100 percent). The exempted exposures, for which the Standardized approach are used , are as follows (the permissions are valid as long as these exposures are of minor importance in terms of scope and risk profile): Exposures to small and medium-sized companies (with an annual turnover not exceeding EUR 50 million) Exposures in the Customer Finance business area Guarantees for the benefit of small and medium-sized enterprises In the assessment of capital adequacy, those counterparties using external ratings are assigned an internal rating under IFRS 9. Counterparty risk in derivative contracts Counterparty risk in derivative contracts — which is a type of credit risk — arises when derivatives are used to manage risks. To limit this risk, SEK enters into such transactions solely with counterparties with strong credit ratings. Risk is further reduced by SEK’s entering into ISDA Master Agreements (ISDAs), together with associated CSAs, with its counterparties before entering into derivative contracts. These bilateral CSAs define the maximum permissible risk levels in form of threshold amounts. ISDA and CSA agreements are reviewed continuously to be able to renegotiate the terms as necessary. For counterparty exposures that exceed the threshold amounts under the relevant CSAs due to market value changes, settlement is demanded so that the counterparty exposure is reduced to the pre-agreed level. All interest derivative contracts are subject to central clearing according to the EU’s regulation on OTC derivatives, central clearing counterparties and trade repositories (EMIR) since the end of 2016.SEK measures the exposures from counterparty risk by using the standardized approach (“SA-CCR”) described in the CRR II. Risk monitoring SEK’s exposures are analyzed, reported and followed up regularly in respect of credit portfolio risk concentration and the credit quality of individual debtors. The analysis encompasses, among other things, (i) the size of individual commitments, (ii) domicile and (iii) sector. The analysis refers to both direct exposure and indirect exposure. The concentration risks mentioned above are reflected in SEK’s calculation of economic capital for credit risks, which leads to a higher capital requirement compared with the minimum capital requirement. When calculating capital requirements, the minimum capital requirement does not take concentration risks into account. For the purpose of monitoring and checking large exposures, SEK has defined internal limits, which impose further limitations on the size of such exposures in addition to those stated in the CRR. Exposures assessed as problem loans, meaning those for which SEK assesses that there is a high probability that the undertaking according to the original agreement will not be fulfilled, are analyzed in greater detail and more frequently. The term “problem loans” encompasses forborne exposures, non-performing receivables, non-performing exposures and defaulted exposures. The intention is to identify, at an early stage, credits with an elevated risk. This is to adapt the exposure, reduce credit losses and ensure that the risk rating reflects the actual risk associated with the particular counterparty. The credit portfolio is subject to regular stress tests. The results of the scenario analyses and stress tests are reported to the Board and the Finance and Risk Committee on a regular basis. The Company’s risk and product rating, and risk estimates, comprise a central feature of the reporting of credit risk to the Board, the Board’s Finance and Risk Committee, the Management and the Credit Committee. The CEO and the Chief Risk Officer inform the Board and the Board’s Finance and Risk Committee of all significant changes concerning SEK’s IRB system. SEK’s IRB system is validated by the independent risk function at least once annually. Risk information For a supplementary and expanded account of the credit risk-related information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2021”. Risk information, credit risk The table below shows the maximum credit exposure. Nominal amounts are shown, apart from cash and cash equivalents and derivatives, which are recognized at the carrying amount. Maximum credit-risk exposure for loans to credit institutions and loans to the public includes committed but undisbursed loans at year end, which are recognized in nominal amounts. December 31,2021 Maximum credit-risk exposure Assets at fair value through Amortized Skr mn profit or loss costs Cash and cash equivalents — 11,128 Treasuries/government bonds 10,884 — Other interest-bearing securities except loans 45,959 — Loans in the form of interest-bearing securities — 46,736 Loans to credit institutions — 12,891 Loans to the public — 238,599 Derivatives 8,419 — Total financial assets 65,262 309,354 December 31,2020 Maximum credit-risk exposure Assets at fair value through Amortized Skr mn profit or loss costs Cash and cash equivalents — 3,362 Treasuries/government bonds 22,275 — Other interest-bearing securities except loans 33,663 — Loans in the form of interest-bearing securities — 50,947 Loans to credit institutions — 16,326 Loans to the public — 227,075 Derivatives 7,563 — Total financial assets 63,501 297,710 The table below shows the credit quality following risk mitigation (net) per row in the Statement of Financial Position. The figures pertain to carrying amounts. SEK uses guarantees and insurance policies as credit risk hedges; see also Note 29. The credit quality of financial assets is assessed using internal and external ratings. December 31, 2021 Skr mn AAA AA+ till A- BBB+ till BBB- BB+ till B- CCC till D Carrying amount Cash and cash equivalents 11,128 — — — — 11,128 Treasuries/government bonds 2,493 8,379 — — — 10,872 Other interest-bearing securities except loans 23,669 21,412 — 800 — 45,881 Loans in the form of interest-bearing securities 2,982 10,783 3,365 29,448 — 46,578 Loans to credit institutions 4,122 14,573 115 1,965 — 20,775 Loans to the public 101,245 20,206 20,983 37,758 96 180,288 Derivatives — 7,427 — 992 — 8,419 Total financial assets 145,639 82,780 24,463 70,963 96 323,941 Committed undisbursed loans 48,633 852 1,423 2,963 — 53,871 December 31, 2020 Skr mn AAA AA+ till A- BBB+ till BBB- BB+ till B- CCC till D Carrying amount Cash and cash equivalents 3,362 — — — — 3,362 Treasuries/government bonds 11,380 10,886 — — — 22,266 Other interest-bearing securities except loans 16,919 16,632 — — — 33,551 Loans in the form of interest-bearing securities 2,937 11,938 6,305 29,600 — 50,780 Loans to credit institutions 1,886 27,245 78 2,106 — 31,315 Loans to the public 90,244 21,682 18,062 41,549 25 171,562 Derivatives — 5,846 — 1,717 — 7,563 Total financial assets 126,728 94,229 24,445 74,972 25 320,399 Committed undisbursed loans 52,669 1,374 1,145 2,025 — 57,213 The table below illustrates the link between the Statement of Financial Position categories and net exposures according to CRR. December 31, 2021 Adjustment to carrying Multilateral Carrying amount from Central Regional development Public -sector Financial Skr bn amount exposure governments governments banks entity institutions Corporates Cash and cash equivalents 11.1 0.1 2.0 0.0 0.0 0.0 9.0 0.0 Treasuries/government bonds 10.9 0.0 10.9 0.0 0.0 0.0 0.0 0.0 Other interest-bearing -securities except loans 45.9 4.6 6.7 11.6 2.6 5.4 11.9 3.1 Loans in the form of interest-bearing securities 46.6 -0.1 3.0 0.0 0.0 0.0 0.0 43.7 Loans to credit institutions including cash and cash -equivalents 1 20.8 11.6 3.6 2.4 0.0 0.0 2.5 0.7 Loans to the public 180.3 -1.0 109.9 0.3 0.4 0.0 5.5 65.2 Derivatives 8.4 2.4 0.0 0.0 0.0 0.0 6.0 0.0 Other assets 7.5 7.5 0.0 0.0 0.0 0.0 0.0 0.0 Total financial assets 331.5 25.1 136.1 14.3 3.0 5.4 34.9 112.7 Contingent liabilities and -commitments 2 60.1 -6.0 49.4 1.0 0.0 0.0 6.3 9.4 Total 391.6 19.1 185.5 15.3 3.0 5.4 41.2 122.1 December 31, 2020 Adjustment to carrying Multilateral Carrying amount from Central Regional development Public -sector Financial Skr bn amount exposure governments governments banks entity institutions Corporates Cash and cash equivalents 3.4 0.1 2.5 — — — 0.8 — Treasuries/government bonds 22.3 0.0 22.3 — — — — — Other interest-bearing -securities except loans 33.6 -0.2 3.2 7.9 3.2 4.2 13.2 2.1 Loans in the form of interest-bearing securities 50.8 0.0 2.9 — — — 0.5 47.4 Loans to credit institutions including cash and cash -equivalents 1 31.3 21.9 1.1 4.1 — — 3.4 0.8 Loans to the public 171.6 -1.6 99.7 0.3 0.3 6.6 66.3 Derivatives 7.6 2.1 — — — — 5.5 — Other assets 12.9 12.9 — — — — — — Total financial assets 333.5 35.2 131.7 12.3 3.5 4.2 30.0 116.6 Contingent liabilities and -commitments 2 62.5 1.3 53.8 — — — 0.9 6.5 Total 396.0 36.5 185.5 12.3 3.5 4.2 30.9 123.1 1 Skr 10.4 billion (2020: Skr 22.0 billion) of the book value for Loans to credit institutions is cash collateral under the CSAs for derivative contracts. 2 Contingent liabilities and commitments, except cash collateral. Derivative exposure after netting under current ISDA Master Agreements in accordance with the CRR’s management of the counterparty risk in derivative contracts amounts to Skr 6.0 billion (2020: Skr 5.5 billion). For more information on the counterparty risk in derivative contracts under the CRR, refer to Note 29. Total credit exposures in the Group Net exposures are recognized after taking the impact of guarantees and credit derivatives into account. Gross exposures are recognized without taking the impact of guarantees and credit derivatives into account. According to the internal risk follow-up, the amounts agree with the capital requirements calculations, although without the application of conversion factors. In tables showing the geographical breakdown of exposures, North America is shown excluding Central America. Total net exposures Interest-bearing securities Committed undisbursed loans, and lending derivatives, etc. Total Skr bn Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 Exposure class Amount % Amount % Amount % Amount % Amount % Amount % Central governments 136.1 44.4 131.6 45.0 49.4 74.8 53.9 80.0 185.5 49.8 185.5 51.6 Regional governments 14.3 4.7 12.3 4.2 1.0 1.5 — — 15.3 4.1 12.3 3.4 Multilateral development banks 3.0 1.0 3.5 1.2 — — 0.0 0.0 3.0 0.8 3.5 1.0 Public sector entity 5.4 1.7 4.2 1.5 — — — — 5.4 1.4 4.2 1.2 Financial institutions 34.9 11.4 24.5 8.4 6.3 9.5 6.4 9.5 41.2 11.1 30.9 8.6 Corporates 112.7 36.8 116.0 39.7 9.4 14.2 7.1 10.5 122.1 32.8 123.1 34.2 Total 306.4 100.0 292.1 100.0 66.1 100.0 67.4 100.0 372.5 100.0 359.5 100.0 Geographical breakdown of credit exposures by exposure class Geographical breakdown of gross exposures by exposure class December 31, 2021 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America Oceania America Sweden Sweden Europe Total Central governments 25.9 3.3 1.9 1.3 — 42.2 6.6 10.1 — 91.3 Regional governments 1.6 — — — — — 10.4 0.0 — 12.0 Multilateral development banks — — — — — — — 2.6 — 2.6 Public sector entity — — — — — — — 5.4 — 5.4 Financial institutions — — 2.3 3.9 — — 17.5 15.3 0.1 39.1 Corporates 13.2 4.4 1.2 56.5 — 8.8 99.8 34.0 4.2 222.1 Total 40.7 7.7 5.4 61.7 — 51.0 134.3 67.4 4.3 372.5 December 31, 2020 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America Oceania America Sweden Sweden Europe Total Central governments 11.3 3.6 2.4 0.8 — 42.0 12.1 12.7 — 84.9 Regional governments 1.4 — — — — — 7.9 0.0 — 9.3 Multilateral development banks — — — — — — — 3.1 — 3.1 Public sector entity — — — — — — — 4.3 — 4.3 Financial institutions — 1.2 0.1 1.0 0.8 — 13.3 10.4 0.2 27.0 Corporates 14.1 5.0 1.7 64.0 — 8.0 105.1 28.3 4.7 230.9 Total 26.8 9.8 4.2 65.8 0.8 50.0 138.4 58.8 4.9 359.5 Geographical breakdown of net exposures by exposure class December 31, 2021 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America Oceania America Sweden Sweden Europe Total Central governments — 0.4 2.0 2.0 — — 161.5 17.0 2.6 185.5 Regional governments — — — — — — 15.3 0.0 — 15.3 Multilateral development banks — — — — — — — 3.0 — 3.0 Public sector entity — — — — — — — 5.4 — 5.4 Financial institutions 0.0 — 2.4 4.9 — — 15.1 18.6 0.2 41.2 Corporates 1.4 1.2 3.3 5.7 — 3.3 82.7 23.1 1.4 122.1 Total 1.4 1.6 7.7 12.6 — 3.3 274.6 67.1 4.2 372.5 December 31, 2020 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America Oceania America Sweden Sweden Europe 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 Impact of credit-risk hedges by exposure class and hedge type The table below shows, on the basis of gross exposure class, a breakdown based on whether or not the amounts are covered by credit-risk hedges in the form of guarantees or credit derivatives that are included in the capital adequacy calculations. Credit insurance issued by insurance companies is thus counted as guarantees. Hedged amounts have been divided in accordance with the hedge issuer’s exposure class and type of hedge. Accordingly, the tables show the hedge types that convert gross exposures to net exposures. Impact of credit-risk hedges Gross exposures by exposure class December 31, 2021 whereof subject Multilateral to the write-down Central Regional development Public Financial requirement in Skr bn government governments banks Sector Entity institutions Corporates Total IFRS9 1 Amounts related to hedges issued by: Central governments 70.9 1.6 — — — 93.1 165.6 165.6 of which, guarantees issued by the EKN 70.4 1.6 — — — 82.6 154.6 154.6 of which, guarantees issued by other export credit agencies — — — — — 7.5 7.5 7.5 of which, other guarantees 0.5 — — — — 3.0 3.5 3.5 Regional governments — — — — 2.4 1.2 3.6 3.6 Multilateral development banks — — — — — 0.4 0.4 0.4 Financial institutions 0.1 — — — 0.1 5.6 5.8 5.8 of which, credit default swaps — — — — — — — — of which, guarantees 0.1 — — — 0.1 5.6 5.8 5.8 Corporates 0.3 — — — — 4.9 5.2 5.2 of which, credit insurance from -insurance companies — — — — — 0.7 0.7 0.7 of which, other guarantees 0.3 — — — — 4.2 4.5 4.5 Total hedged exposures 71.3 1.6 — — 2.5 105.2 180.6 180.6 Unhedged exposures 2 20.0 10.4 2.6 5.4 36.6 116.9 191.9 124.3 Total 91.3 12.0 2.6 5.4 39.1 222.1 372.5 304.9 December 31, 2020 whereof subject Multilateral to the write-down Central Regional development Public Financial requirement in Skr bn government governments banks Sector Entity institutions Corporates Total IFRS9 1 Amounts related to hedges issued by: Central governments 56.8 1.4 — — — 98.9 157.1 157.1 of which, guarantees issued by the EKN 56.1 1.4 — — — 89.1 146.6 146.6 of which, guarantees issued by other export credit agencies 0.7 — — — — 6.8 7.5 7.5 of which, other guarantees — — — — — 3.0 3.0 3.0 Regional governments — — — — 4.0 0.3 4.3 4.3 Multilateral development banks — — — — — 0.4 0.4 0.4 Financial institutions 0.0 — — — — 7.9 7.9 7.9 of which, credit default swaps — — — — — — — — of which, guarantees 0.0 — — — — 7.9 7.9 7.9 Corporates — — — — — 3.5 3.5 3.5 of which, credit insurance from -insurance companies — — — — — 0.6 0.6 0.6 of which, other guarantees — — — — — 2.9 2.9 2.9 Total hedged exposures 56.8 1.4 — — 4.0 111.0 173.2 173.2 Unhedged exposures 2 28.1 7.9 3.1 4.3 23.0 119.9 186.3 130.5 Total 84.9 9.3 3.1 4.3 27.0 230.9 359.5 303.7 1 Assets valued at accrued acquisition value, which are subject to the write-down requirements in IFRS 9. 2 Exposures whereby the hedge issuer belongs to the same group as the counterparty in the unhedged exposure have been reported as “Unhedged exposures.” The amounts for these were Skr 22.8 billion (2020: Skr 26.1 billion) for corporates, Skr 0.0 billion (2020: Skr 0.6 billion) for financial institutions and Skr 0.0 billion (2020: Skr 0.1 billion) for central governments. Gross exposures Europe, excluding Sweden, breakdown by exposure class December 31, 2021 Central Regional Multilateral Public sector Financial Skr bn governments governments development banks entity institutions Corporates Total Finland 1.0 0.0 — — 0.3 9.0 10.3 United Kingdom — — — — 2.0 7.4 9.4 Germany 3.1 — — 5.2 0.3 0.2 8.8 Norway — — — — 1.9 4.7 6.6 Austria 4.3 — — — 1.8 — 6.1 Denmark — — — 0.2 3.1 1.8 5.1 Spain — — — — 0.5 4.5 5.0 Netherlands — — — — 3.3 0.6 3.9 France — — — — 2.0 1.8 3.8 Luxembourg 0.6 — 2.6 — — — 3.2 Poland — — — — — 2.8 2.8 Italy — — — — 0.0 2.4 2.4 Belgium 1.2 — — — — 0.3 1.5 Portugal — — — — — 0.9 0.9 Ireland — — — — 0.1 0.3 0.4 Serbia — — — — — 0.4 0.4 Lithuania — — — — — 0.3 0.3 Russian Federation — — — — — 0.2 0.2 Czech Republic — — — — — 0.2 0.2 Estonia — — — — — 0.1 0.1 Iceland — — — — — 0.1 0.1 Latvia — — — — 0.1 — 0.1 Slovakia — — — — — 0.1 0.1 Total 10.2 0.0 2.6 5.4 15.4 38.1 71.7 December 31, 2020 Central Regional Multilateral Public sector Financial Skr bn governments governments development banks entity institutions Corporates Total Finland 2.4 0.0 0.3 — 0.1 6.2 9.0 Germany 2.2 — — 4.3 0.3 — 6.8 Spain — — — — 0.4 5.7 6.1 Austria 4.1 — — — 1.6 — 5.7 United Kingdom — — — — 2.2 2.7 4.9 Norway — — — — 0.1 4.6 4.7 Denmark 0.8 — — — 2.0 1.7 4.5 Luxembourg 1.0 — 2.8 — — — 3.8 France — — — — 2.1 1.4 3.5 Netherlands 1.0 — — — 1.5 0.5 3.0 Italy — — — — — 2.9 2.9 Poland — — — — — 2.9 2.9 Belgium 1.2 — — — 0.0 0.2 1.4 Belarus — — — — — 1.3 1.3 Switzerland — — — — — 1.2 1.2 Portugal — — — — — 0.7 0.7 Ireland — — — — 0.1 0.3 0.4 Serbia — — — — — 0.3 0.3 Russian Federation — — — — — 0.2 0.2 Latvia — — — — 0.2 — 0.2 Iceland — — — — — 0.1 0.1 Estonia — — — — 0.0 0.1 0.1 Ukraine — — — — — 0.0 0.0 Total 12.7 0.0 3.1 4.3 10.6 33.0 63.7 Net exposures Europe, excluding Sweden, breakdown by exposure class December 31, 2021 Multilateral Central Regional development Public sector Financial Skr bn governments governments banks entity institution Corporates Total Germany 3.7 — — 5.2 1.1 0.3 10.3 Finland 1.5 0.0 — — 0.4 6.3 8.2 France 4.5 — — — 1.9 1.4 7.8 United Kingdom 0.0 — — — 3.0 4.0 7.0 Norway 0.6 — — — 1.9 4.3 6.8 Austria 4.3 — — — 1.7 — 6.0 Denmark 0.2 — — 0.2 3.2 1.8 5.4 Luxembourg 0.7 — 3.0 — — 0.6 4.3 Netherlands 0.3 — — — 3.4 0.3 4.0 Belgium 1.2 — — — 0.8 0.9 2.9 Poland 2.6 — — — — 0.2 2.8 Spain — — — — 1.3 1.0 2.3 Portugal — — — — — 1.0 1.0 Ireland — — — — — 0.6 0.6 Serbia — — — — — 0.4 0.4 Switzerland — — — — 0.0 0.4 0.4 Lithuania — — — — — 0.3 0.3 Czech Republic — — — — — 0.2 0.2 Estonia — — — — — 0.1 0.1 Iceland — — — — — 0.1 0.1 Italy — — — — 0.0 0.1 0.1 Latvia — — — — 0.1 — 0.1 Slovakia — — — — — 0.1 0.1 Total 19.6 0.0 3.0 5.4 18.8 24.4 71.2 December 31, 2020 Multilateral Central Regional development Public sector Financial Skr bn governments governments banks entity institution Corporates Total Finland 2.5 0.1 0.3 — 0.2 5.8 8.9 Germany 3.0 — — 4.2 1.0 0.4 8.6 France 4.8 — — — 2.6 0.6 8.0 United Kingdom 0.0 — — — 3.2 3.8 7.0 Austria 4.1 — — — 1.6 — 5.7 Denmark 1.0 — — — 2.5 1.7 5.2 Norway 0.2 — — — 0.2 4.4 4.8 Luxembourg 1.0 — 3.2 — — 0.4 4.6 Netherlands 1.3 — — — 1.6 0.3 3.2 Poland 2.9 — — — — 0.0 2.9 Belgium 1.1 — — — 0.7 0.7 2.5 Spain — — — — 1.3 0.6 1.9 Switzerland — — — — 0.1 0.7 0.8 Portugal — — — — — 0.7 0.7 Ireland — — — — — 0.6 0.6 Serbia — — — — — 0.3 0.3 Latvia — — — — 0.2 — 0.2 Iceland — — — — — 0.1 0.1 Italy — — — — — 0.1 0.1 Estonia — — — — 0.0 0.1 0.1 Total 21.9 0.1 3.5 4.2 15.2 21.3 66.2 Corporate exposures, broken down by industry 1 December 31,2021 December 31,2020 Skr bn Gross exposure Net exposure Gross exposure Net exposure IT and telecom 76.2 14.8 81.4 15.1 Industrials 44.7 41.6 43.2 42.1 Consumer goods 32.3 27.5 37.9 27.3 Materials 23.4 16.1 25.6 10.7 Finance 21.8 10.1 24.3 19.0 Utilities 19.5 9.2 12.0 4.8 Healthcare 2.8 2.5 4.8 3.8 Energy 1.2 0.1 1.2 0.1 Other 0.2 0.2 0.5 0.2 Total 222.1 122.1 230.9 123.1 1 In accordance with the reporting standard (GICS). Market risk Market risk is the risk of loss or changes in future earnings due to changes in, for example, interest rates, exchange rates, commodity prices or share prices. A distinction is made between market risk of non-market valued assets and liabilities and fair valued assets and liabilities. Market risk includes price risk in connection with sales of assets or the closing of exposures. Risk management SEK’s Board establishes SEK’s appetite and strategy for market risk, which clearly define and limit the permissible exposure to market risk. In addition, instructions established by the CEO regulate SEK’s management of market risks. The Chief Risk Officer decides on the method for measuring market risks and proposes changes in limit structures in connection with reviews of risk appetite and limits. SEK’s risk appetite for market risk is low, and the strategy for managing market risk aims to ensure a stable net interest income. SEK conducts no active trading, and the intention is to hold all assets and liabilities to maturity. The Company borrows funds by issuing bonds or other debt instruments which, regardless of the market risk exposures in the bonds, are hedged by being swapped via derivatives to a floating interest rate. Borrowed funds are used either immediately for lending, mainly at floating interest rates, or alternatively through derivatives at a floating rate, or to ensure that SEK has adequate liquidity in the form of liquidity investments and liquidity reserves. The duration of available funding matches the duration of lending and the maturity profile of liquidity investments is adapted to ensure that funds are available for committed undisbursed loans. Unrealized changes in fair value affect the value of SEK’s assets and liabilities and impact both earnings and SEK’s own funds. SEK’s largest net exposures are towards changes in interest rates, basis spreads and credit spreads. Those risks are managed by having established limits and daily limit monitoring. Interest rate- and currency risk excluding unrealized changes in fair value are kept low by matching assets and liabilities or through the use of derivatives. In addition, accrued gains and losses in foreign currency are regularly converted to Swedish kronor. Market risk exposures are measured and reported on a daily basis to the CEO, and the Board’s Finance and Risk Committee at scheduled meetings. Cases where limits are exceeded are escalated without delay to the CEO, and the Board’s Finance and Risk Committee. Risk measurement The following describes how SEK measures market risk internally. The government compensates SEK for all interest-rate differentials, borrowing costs and net foreign-exchange losses within the CIRR-system (see note 1). The CIRR-system is therefore reported separately. Risk to net interest income The risk to net interest income (NII) pertains to SEK’s overall business profile, particularly the balance between interest-bearing assets and liabilities in terms of volume and repricing periods, as well as cases where funding and lending are not matched in terms of currency and where those imbalances are managed by t

Transactions with related parti

Transactions with related parties	12 Months Ended
Transactions with related parties	Dec. 31, 2021
Transactions with related parties
Transactions with related parties	Note 27. Transactions with related parties SEK defines related parties to the Parent Company and the Group as: the shareholder, i.e., the Swedish government The Swedish government owns 100 percent of the Company’s share capital. By means of direct guarantees extended by the Swedish Export Credits Guarantee Board, EKN, 44 percent (year-end 2020: 39 percent) of the Company’s loans outstanding on December 31, 2021, were guaranteed by the Swedish government. The remuneration to EKN for the guarantees paid by SEK during 2021 amounted to Skr 45 million (2020: Skr 26 million). SEK administers, in return for compensation, the Swedish system for officially supported export credits (CIRR system), and the government’s previous concessionary credits system, refer to Note 1 (f) and Note 24. SEK has a Skr 200 billion (2020: Skr 200 billion) credit facility with the Swedish National Debt Office, which can be used for State´s export credit support (CIRR) or commercial export financing up to Skr 15 billion (2020: Skr 15 billion). SEK has utilized Skr 10 billion (2020: Skr 10 billion) of the credit facility by December, 2021. In December, 2021, the credit facility was renewed through the end of 2022 but decreased to Skr 175 billion, of which up to Skr 13 billion can be used for commercial export financing. SEK enters into transactions in the ordinary course of business with entities that are partially or wholly owned or controlled by the State. SEK also extends export credits, in the form of direct or pass-through loans, to entities related to the State. Transactions with such counterparties are conducted on the same terms, including interest rates and repayment schedules, as transactions with unrelated parties. The Group’s and the Parent Company’s transactions do not differ significantly. There are no internal transactions between the Parent Company and the subsidiary. For further information see Note 1 (d), Basis of consolidation and Note 15. Key management personnel include the following positions: The Board of Directors The Chief Executive Officer Other executive directors For information about remuneration and other benefits to key management personnel see note 5, Personnel expenses. Other related parties include close family members of key management personnel as well as companies which are controlled by key management personnel of SEK or controlled by close family members to key management personnel. The following tables further summarize the Group’s transactions with its related parties: 2021 Companies and organizations -controlled The shareholder, through a common owner, the Swedish government the Swedish government Total Interest Interest Interest income/ income/ income/ Assets/ interest Assets/ interest Assets/ interest Skr mn liabilities expense liabilities expense liabilities expense Cash 2,000 — — — 2,000 — Treasuries/government bonds 1,250 -7 — — 1,250 -7 Other interest-bearing securities except loans — — 5,175 0 5,175 0 Loans in the form of interestbearing securities — — 2,600 33 2,600 33 Loans to credit institutions — — 1,719 23 1,719 23 Loans to the public — — 1,419 9 1,419 9 Settlement claim against the State 1 7,209 — — — 7,209 — Total 10,459 -7 10,913 65 21,372 58 Borrowing from the public 10,000 — — 4 10,000 4 Other liabilities 147 — — — 147 — Total 10,147 — — 4 10,147 4 2020 Companies and organizations controlled The shareholder, through a common owner, the Swedish government the Swedish government Total Interest Interest Interest income/ income/ income/ Assets/ interest Assets/ interest Assets/ interest Skr mn liabilities expense liabilities expense liabilities expense Cash 2,500 — — — 2,500 — Treasuries/government bonds 9,573 -21 — 0 9,573 -21 Other interest-bearing securities except loans — — 1,000 2 1,000 2 Loans in the form of interestbearing securities — — 2,600 31 2,600 31 Loans to credit institutions — — 2,108 45 2,108 45 Loans to the public — — 1,565 27 1,565 27 Settlement claim against the State 1 12,359 — — — 12,359 — Total 24,432 -21 7,273 105 31,705 84 Borrowing from the public 10,000 — — — 10,000 — Other liabilities 95 — — 10 95 10 Total 10,095 — — 10 10,095 10 1 For information about “Settlement claim against State” see Note 16 and Note 24 .

Events after the reporting peri

Events after the reporting period	12 Months Ended
Events after the reporting period	Dec. 31, 2021
Events after the reporting period
Events after the reporting period	Note 28. Events after the reporting period On January 1, 2022, the Law on risk tax for credit institutions was introduced. SEK's cost is estimated to Skr 109 million for 2022 and Skr 133 million for 2023. On January 14, 2022, Maria Simonson was recruited as Head of Sustainability at SEK. Maria Simonson will take up her position on April 1, 2022. On February 2, 2022, it was announced that Lars Linder-Aronson, SEK's current Chairman of the Board, will resign at the Annual General Meeting on March 24, 2022, after eleven years of service. The Government Offices proposes that Lennart Jacobsen be elected new Chairman of the Board.

Risk and capital management

Risk and capital management	12 Months Ended
Risk and capital management	Dec. 31, 2021
Risk and capital management
Risk and capital management	Note 29. Risk and capital management The Risk and capital management section addresses significant aspects of SEK’s risk and capital management. For detailed descriptions, including quantitative information on SEK’s capital adequacy and its risk and capital management, refer to Note 25 and Note 26, respectively. For supplementary and expanded information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2021”, available at www.sek.se. Events in 2021 2021 continued to be dominated by the COVID-19 pandemic but a relatively strong economic recovery was also noted. Economic indicators were at historic highs and in many stock markets indices climbed more than 20 percent. The rapid recovery created capacity constraints and disruptions in company supply chains, and inflation started to rise in the second quarter of 2021. In January 2022, the World Bank lowered its growth forecast for the world economy from the 4.3 percent predicted in the summer to 4.1 percent. Sweden's economy and exporters have posted a strong recovery. In 2021, SEK had confirmed losses of Skr 52 million on exposures that were already largely included in provisions. In 2021, provisions for expected credit losses were down compared to the preceding year. SEK’s capital adequacy remains strong. At the end of the year, the total capital ratio was 21.6 percent (2020: 21.8 percent), of which the Tier 1 capital ratio and the Common Tier SEK’s total exposures have increased since the end of 2020 due to increased lending volumes, with the main increase being net exposures to institutions. The leverage ratio amounted to 9.3 percent (2020: 5.8 percent) at year end. The year-on-year increase in the leverage ratio was attributable to relief provided in the CRR II pertaining to export credits. SEK’s largest financial risks are credit risk in the amount of Skr 6.0 -billion (2020: Skr 6.1 billion), market risk in the amount of Skr 1.2 billion (2020: Skr 1.1 billion) and operational risk in the amount of Skr 0.2 billion (2020: Skr 0.2 billion) in line with internally assessed capital adequacy. The Swedish National Debt Office has updated the minimum requirement for own funds and eligible liabilities (MREL) according to the new MREL regulation. SEK is deemed systemically important to the Swedish financial system and shall also meet part of the requirement using own funds and subordinated eligible instruments. SEK is in compliance with minimum levels as well as target levels set out for 2022. In order to comply with the requirement after the transitional period ending 1 January 2024, SEK needs to issue at least Skr 9 billion in subordinated eligible debt (senior non-preferred) during 2022 and 2023. The market functioned well in 2021 with good access to liquidity in the system. SEK had good liquidity during the year and the capacity for managing operational and structural liquidity risk has been favorable. This was confirmed, inter alia, by new lending capacity, which amounted to 4 months (2020: 3 months), and by the liquidity coverage ratio (LCR), which was 463 percent (2020: 447 percent) at year end. The net stable funding ratio (NSFR) amounted to 139 percent (2020: 135 percent) at year end. Capital target The Company’s capital target, which is one of the principal control instruments, is established by the owner at a general meeting of shareholders. The capital target is designed to ensure that SEK has sufficient capital to support its strategy and that regulatory requirements are met, even in the event of deep economic declines. In addition, SEK’s own funds must also cover the volatility that may be expected under normal conditions. The capital target for SEK's total capital ratio shall amount to between two (2) and four (4) percentage points over the requirement communicated by Finansinspektionen (the Swedish FSA). Moreover, SEK's Common Equity Tier 1 ratio shall be in total at least four (4) percentage points above the requirement communicated by the Swedish FSA. As part of the most recent review and evaluation process, as of September 29, 2021, the Swedish FSA informed SEK that in addition to the capital requirement pursuant to Regulation (EU) No. 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk exposure amount and 0.15 percent of the total exposure measure for the leverage ratio. The risk-based Pillar 2 guidance and the leverage ratio guidance can both only be met with Common Equity Tier 1 capital. Pillar 2 guidance does not comprise a binding requirement. On December 31, 2021, SEK’s total capital ratio requirements including Pillar 2 guidance, and CET1 ratio requirements including Pillar 2 guidance, amounted to 15.7 percent and 10.6 percent respectively (year-end 2020: 14.9 percent and 9.5 percent respectively). The requirements, including Pillar 2 guidance, should be compared to a total capital ratio and CET1 ratio that amounted to 21.6 percent on December 31, 2021 (year-end 2020: 21.8 percent). Core risk management principles SEK must be selective in its choice of counterparties and clients in order to ensure a strong credit rating. SEK only lends funds to clients who have successfully undergone SEK’s procedure for gaining understanding of the customer and its business relations (know your customer), and have a business structure that complies with SEK’s mission of promoting the Swedish export industry. The business operations are limited to financial solutions and positions that the Company has approved and has procedures for, whose risks can be measured and evaluated and where the Company complies with international sustainability risk guidelines. SEK’s liquidity strategy entails that the Company secures financ-ing that, at the very least, has the same maturities as the funds that it lends. SEK uses derivatives to maintain market risk at a low level and with the aim of ensuring stable net interest income. SEK’s risk framework Effective risk management and control in SEK are based on a sound risk culture, a shared approach and a well-functioning control environment. SEK emphasizes the importance of high risk awareness among personnel and an understanding of the importance of preventive risk management to, thereby, keep risk exposure within the determined level. SEK also has a risk framework, see the Risk Framework illustration. The structure of the risk framework is ultimately governed by SEK’s mission from its owner, the Swedish government, and SEK’s business model. The capital target constitutes the outer boundary for SEK’s strategy. Within the restrictions of the capital target, risk appetite is stated, which is expressed by risk class and comprises the risk to which the Board is prepared to expose SEK in order to achieve its strategic objectives. Risk governance is specified in the form of a risk strategy, a risk policy, in SEK’s risk culture, and in instructions, processes and limits. These policy documents describe the risk management process and define what activities and operations are included in the process, and how they should be performed. The policy documents also indicate how responsibility is structured in terms of the execution, monitoring of and compliance with risk management. Risk appetite The Board decides on the Company’s risk appetite, which is to encompass all of the Company’s significant risk classes and to express the outer limits for the business operations. The risk appetite must specify the risk measurements that, in the opinion of the Board, provide information that is sufficient for the members of the Board to be well informed about the type and scope of the Company’s risks. The risk appetite is strongly connected to the Company’s loss capacity and thus to its equity. At least on a quarterly basis, the Board is provided with a comprehensive update of the risk exposures’ relationship to the risk appetite. Refer also to the table Detailed risk statement, where the risk appetite by risk class is described in detail. Risk governance The Board of Directors has ultimate responsibility for governing and monitoring risk exposure and risk management, and for ensuring satisfactory internal control. The Board determines the overall risk governance by taking decisions on such matters as risk appetite and risk strategy. The Board also decides on risk policy and on matters of considerable importance to credit granting. For a detailed description of the Board of Directors’ rules of procedure, refer to the Corporate Governance Report. SEK has organized risk management and risk control in accordance with the principle of three lines of defense Risk management process The Company’s risk management process encompasses: identification, measurement, management, reporting, control and monitoring of those risks with which the business is associated and for which SEK has formulated internal controls with this purpose in mind. SEK’s risk management process consists of the following key elements: Risk identification Measurement Governance Control and monitoring Reporting Internal capital and liquidity assessment processes The internal capital adequacy assessment process is an integral part of SEK’s strategic planning. The purposes of the internal capital adequacy assessment process are to ensure that SEK has sufficient capital to meet the regulatory requirements under both normal and stressed financial conditions and to support SEK’s credit rating. The capital kept by SEK must be sufficient in relation to the risks that SEK has, or can be exposed to. The capital adequacy assessment is based on SEK’s internal assessments of the risks and their development, as well as assessments of risk measurement models, risk governance and risk management. It is integrated into business planning and forms the foundation for SEK’s strategy for maintaining an adequate level of capital. Capital adequacy assessments are conducted for the forthcoming three-year period at a minimum. To arrive at an adequate capitalization level that also applies under stressed financial conditions, an analysis is conducted into how the capitalization is affected by stress in global financial markets, as well as of other factors that impact SEK’s business model and net risk exposure. When SEK performs internal capital adequacy assessments, it applies methods other than those used for the Swedish FSA’s capital requirement. The assessments are based on SEK’s internal calculation of economic capital, which captures all of the specific risks to which SEK’s operations are exposed, including risks over and above those included in the Swedish FSA’s capital requirement. In addition to the internal capital adequacy assessment, SEK also estimates the total capital requirement as determined for SEK by the Swedish FSA in its annual review and evaluation process. The capital adequacy assessment estimated by the Swedish FSA is a minimum requirement for SEK’s own funds. Refer also to the information about Pillar 2-guidance in the Capital target section on page 34. In SEK’s assessment, SEK has own funds that comfortably exceed both the internally estimated need of own funds and the total capital requirement calculated by the Swedish FSA. In addition to the internal capital adequacy assessment process, SEK performs in-depth liquidity analysis. During the planning period, the liquidity requirement and its composition in terms of liquidity requirements for different currencies, among other items, are evaluated to ensure the Company has adequate liquidity to implement the business plan and meet regulatory requirements. In SEK’s assessment, the Company has liquidity that well exceeds liquidity needs during the planning period. For supplementary and expanded information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2021”, available at www.sek.se. For supplementary and expanded information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2021”, available at www.sek.se. Detailed risk statement Risk class Risk management Risk profile Risk appetite Proportion of Economic capital Credit risk Credit risk is the risk of default on debt that may arise from a borrower failing to make required payments. A credit risk can be of the following types: Credit default risk Concentration risk Country risk Lending must be based on in-depth knowledge of SEK’s counterparties as well as counterparties’ repayment capacity. Lending must also be aligned with SEK’s mission based on its owner instruction. SEK’s credit risks are mitigated through a risk-based selection of counterparties and managed through the use of guarantees and other types of collateral. Furthermore, SEK’s lending is guided by the use of a normative credit policy, specifying principles for risk levels and lending terms. Concentrations that occur naturally as a result of the Company’s mission are accepted, but the Company continuously works towards reducing the risk of concentration where this is possible. SEK’s lending portfolio is of a high credit quality. The Company’s mission naturally entails certain concentration risks, such as geographical concentration risk in Sweden. The net risk is principally limited to counterparties with high creditworthiness, such as export credit agencies (ECAs), major Swedish exporters, banks and insurers. SEK invests its liquidity in high credit quality securities, primarily with short maturities. Moderate (SEK’s risk appetite for credit risk is higher than other risks.) 64.5% Liquidity risk Liquidity and refinancing risk is the risk, within a defined period of time, of the company not being able to refinance its existing assets or being unable to meet the need for increased liquidity. Liquidity risk also includes the risk of having to borrow funds at unfavorable interest rates or needing to sell assets at unfavorable prices in order to meet payment commitments. Liquidity risk encompasses refinancing risk and market liquidity risk. SEK must have diversified funding to ensure that funding is available through maturity for all credit commitments — credits outstanding as well as agreed but undisbursed credits. The size of SEK’s liquidity investments must ensure that new lending can take place even during times of financial stress. SEK has secured funding for all its credit commitments, including those agreed but not yet disbursed. In addition, the size of SEK’s liquidity investments allow new lending to continue at a normal pace, even during times of stress. As a consequence of SEK having secured funding for all its credit commitments, the remaining term to maturity for available funding is longer than the remaining term to maturity for lending. Low — Market risk Market risk is the risk of loss or change in future net income resulting from, for example, changes in interest rates, exchange rates, commodity prices or share prices. Market risk includes price risk in connection with sales of assets or the closing of exposures. SEK conducts no active trading. The core of SEK’s market risk strategy is to borrow funds in the form of bonds which, regardless of the market risk exposures in the bonds, are hedged by being swapped to a floating interest rate. Borrowed funds are used either immediately for lending, mainly at a floating rate of interest, or swapped to a floating rate, or to ensure that SEK has sufficient liquidity. The aim is to hold assets and liabilities to maturity. SEK’s business model leads to exposures towards market movements, mainly to credit spreads, cross-currency basis spreads, interest rates and foreign exchange rates. Low 13.3% Risk class Risk management Risk profile Risk appetite Proportion of Economic capital Operational risk Operational risk is the risk of losses resulting from inappropriate, inadequate or faulty internal processes or procedures, systems, human error, or from external events. Operational risk includes legal, IT and information security risk. SEK manages the operational risk on an ongoing basis through mainly efficient internal control procedures, performing risk analysis before changes, focus on continuous improvements and business continuity management. Costs to reduce risk exposures must be in proportion to the effect that such measures have. Operational risks arise in all parts of the business. The vast majority of incidents that have occurred are minor events that are rectified promptly within each function. Overall operational risk is low as a result of effective internal control measures and a focus on continuous improvement. Low 2.4% Compliance risk Compliance risk is the risk of failure to meet obligations pursuant on the one hand to legislation, ordinances and other regulations, and on the other hand to internal rules. SEK works continuously to develop tools and knowledge to help identify the company’s compliance risks. The company analyses and monitors compliance risks with the intention of continuously reducing the risk of non-compliance with regulations pertaining to operations requiring permits. SEK’s operations lead to exposure to the risk of failing to comply with current regulatory requirements and ordinances in markets in which the company operates. Low - Business and strategic risk Strategic risk is the risk of lower revenue because strategic initiatives fail to achieve the pursued results, inefficient organizational changes, improper implementation of decisions, unwanted effects from outsourcing, or the lack of adequate response to changes in the regulatory and business environment. Strategic risk focuses on large-scale and structural risk factors. Business risk is the risk of an unexpected decline in revenue resulting from, for example, changes to competitive conditions with a decrease in volumes and/or falling margins. SEK’s executive management is responsible for identifying and managing the strategic risks and monitoring the external business environment and developments in the markets in which SEK conducts operations and for proposing the strategic direction to the Board. A risk analysis in the form of a self-assessment concerning strategic risk is to be conducted each year. SEK’s strategic risks mainly arise through changes in the external operating environment, such as market conditions, which could result in limited lending opportunities for SEK, and regulatory reforms from two perspectives: (1) the impact of these reforms on SEK’s business model; and (2) the requirements on the organization resulting from increased regulatory complexity. Low to moderate - Sustainability risk Sustainability risk is the risk that SEK’s operations directly or indirectly impact their surroundings negatively with respect to business ethics, corruption, climate and the environment, human rights and labor conditions. Human rights includes the child rights perspective; labor conditions encompasses gender equality and diversity; and ethics includes tax transparency. Sustainability risks are managed according to a risk-based approach. In cases of heightened sustainability risk, a detailed sustainability review is performed and measures could be required in order to mitigate environmental and social risks. Requirements are based on national and international regulations and guidelines within the areas of environment and climate, anti-corruption, human rights including labor conditions and business ethics including tax. SEK is indirectly exposed to sustainability risks in connection to its lending activities. High sustainability risks could occur in financing of large projects or businesses in countries with high risk of corruption or human rights violations. Low to moderate -

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
Significant accounting policies (Policies)	Dec. 31, 2021
Significant accounting policies
Basis of presentation	(b) Basis of presentation (i) Statement of compliance The consolidated accounts have been compiled in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The IFRS standards applied by SEK are all endorsed by the European Union (EU). Additional standards, consistent with IFRS, are imposed by the Swedish Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) (ÅRKL), Recommendation RFR 1, Supplementary Accounting Principles for Groups, issued by the Swedish Financial Reporting Board (RFR), and the accounting regulations of the Swedish FSA (FFFS 2008:25), all of which have been complied with in preparing the Consolidated Financial Statements, of which these notes form a part. SEK also follows the Swedish Government’s principles for external reporting in accordance with its State Ownership Policy and principles for state-owned enterprises. The Consolidated Financial Statements and annual report were approved for issuance by SEK’s Board of Directors on February 21, 2022. The Group’s Statements of Comprehensive Income and Financial Position will be subject to approval by SEK’s shareholder at the Annual General Meeting to be held on March 24, 2022. (ii) Basis of measurement The Consolidated Financial Statements have been prepared on an amortized cost basis, subject to the following exceptions: all derivatives are measured at fair value, (iii) Functional and presentation currency SEK has determined that the Swedish krona (Skr) is the Parent Company’s functional and presentation currency under IFRS. Significant factors are that SEK’s equity is denominated in Swedish kronor, its performance is evaluated based on a result expressed in Swedish kronor, and that a large portion of SEK’s expenses, especially personnel expenses, other expenses and taxes, are denominated in Swedish kronor. SEK manages its foreign currency risk by hedging exposures between the Swedish kronor and other currencies. (iv) Going concern SEK’s Board of Directors and management have made an assessment of SEK’s ability to continue as a going concern and are satisfied that SEK has the resources to continue operations for the foreseeable future. The Board of Directors and management are not aware of any material uncertainties that could cast significant doubt upon SEK’s ability to continue as a going concern. Therefore, the Financial Statements continue to be prepared on a going-concern basis.
Changes to accounting policies and presentation	(c) Changes to accounting policies and presentation In all significant respects, the accounting policies, bases of calculation and presentation are unchanged compared with the 2020 annual report, 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. (i) The amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 in “Reform for new reference rates - phase 2” have been applicable since 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. During 2021, SEK has applied the relief under IFRS 9 for changing the hedged risk in existing hedge accounting relationships with GBP LIBOR and JPY LIBOR. The reform of the reference rates further clarifies that modifications required as a direct result of the IBOR reform, when 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 has used the accounting relief rule for modifications for a few transactions. 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. GBP LIBOR, CHF LIBOR and JPY LIBOR ceased on December 31, 2021. Exposures against these variable interest rates have been converted. For USD LIBOR, the most common maturities are expected to expire after June 30, 2023. SEK has lending contracts and derivative contracts maturing after June 30, 2023 in USD LIBOR with a nominal amount of USD 1,870 million and USD 19,284 million, respectively. The amendments 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. (ii) Capital Requirements Regulation 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. On 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 net stable funding ratio (NSFR) are included in Note 25, Capital adequacy. The information is published in accordance with Finansinspektionen’s (the Swedish FSA) Supervisory Regulations FFFS 2014:12 and FFFS 2008:25.
Basis of consolidation	(d) Basis of consolidation The Consolidated Financial Statements encompass the Parent Company and subsidiaries, meaning companies over which the Parent Company has control and that are impacted by the Company’s results. The Consolidated Financial Statements have been prepared using the purchase method. The Financial Statements of the subsidiary are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. The accounting policies of the subsidiary are consistent with Group policies. Intra-group transactions and balances, and any unrealized gains and losses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements. Unless otherwise stated or when it is clear from the context, the information in these notes relates to the Consolidated Group and the Parent Company. Consolidation of SEK pursuant to the supervisory regulations does differ from the consolidation made in the Consolidated Financial Statements, as SEKETT AB is not a financial company and no consolidation of SEK pursuant to the supervisory regulation was made. Since SEKETT is not an institute pursuant to the CRR definition, it is not subject to the supervisory regulations on an individual basis. No current or anticipated material restrictions to prompt transfer of own funds or repayment of liabilities among the parent or its subsidiary have been identified.
Segment reporting	(e) Segment reporting Segments are identified based on internal reporting to the chief executive officer (“CEO”) who serves as the chief operating decision maker. SEK has one segment, lending, based partly on the Company’s assignment from the owner, which is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms, and partly on how governance and earnings monitoring of the business are conducted. Accordingly, no segment reporting has been prepared. Disclosures regarding the geographic breakdown and revenue per product group are presented in Note 2.
Recognition of operating income	(f) Recognition of operating income (i) Net interest income Interest income and interest expense related to all financial assets and liabilities, regardless of classification, are recognized in net interest income. Interest income and interest expense are recognized on a gross basis, with the exception of interest income and interest expenses related to derivatives, which are reported on a net basis. Interest for derivatives used to hedge borrowing is recognized as interest expense and interest on all derivatives used to hedge assets is recognized as interest income, regardless of whether the contracts’ net interest is positive or negative. This reflects the real interest expense of borrowing after taking economic hedges into account. Negative interest rates on assets are recognized as interest expense and negative interest rates on liabilities are recognized as interest income. Interest income calculated using the effective interest method presented in SEK’s Financial Statements applies only to those assets that are subsequently measured at amortized cost and the interest for hedging instruments related to those assets as the effective interest method is a measurement technique whose purpose is to calculate amortized cost and allocate interest income over the relevant time period. This interest income and corresponding interest expense are calculated and recognized based on the effective interest rate method. The effective interest rate is regarded as an integral part of the effective interest rate of a financial instrument (usually fees received as compensation for risk). The effective interest rate is equivalent to the rate used to discount contractual future cash flows to the carrying amount of the financial asset or liability. The item Other interest income covers interest income of financial assets at fair value through profit or loss and the remuneration for the CIRR-system. In addition to interest income and interest expense, net interest income, where these are recognized as interest expense, includes the resolution fee. Pursuant to the Company’s assignment as stated in its owner instruction issued by the Swedish government, SEK administers credit granting in the Swedish system for officially supported export credits (the “CIRR-system”). All revenue and expenses from the CIRR-system are recognized in SEK's profit or loss. SEK receives compensation from the Swedish government in the form of an administration fee, which is calculated based on the principal amount outstanding. The administrative compensation received by SEK from the Swedish government is recognized as part of interest income in SEK’s Statement of Comprehensive Income since the commission received in compensation is equivalent to interest. (ii) Net fee and commission expense Commissions earned and commissions incurred are recognized as net fee and commission expense in SEK’s Statement of Comprehensive Income. The gross amounts of commissions earned and commissions incurred are disclosed in the notes to the Financial Statements. The major part of the revenues classified as commission earned constitutes revenue from contracts with customers according to IFRS 15. The recognition of commissions earned depends on the purpose for which the fee is charged. Fees are either recognized as revenue when services are performed or accrued over the period of a specific business transaction. Lending fees that are not part of the effective interest of a financial instrument are recognized at a point of time, such as when the transaction has been performed. Commissions incurred are transaction-based, and are recognized in the period in which the services are received. Guarantee commissions that are comparable to interest and fees that comprise integrated components of financial instruments, and therefore included in the effective interest rate, are not recognized as commissions and are instead included under net interest income. (iii) Net results of financial transactions Net results of financial transactions include realized gains and losses related to all financial instruments and unrealized gains and losses on all financial instruments measured at fair value, except for the types of financial instruments for which the change is to be recognized in other comprehensive income. Gains and losses include gains and losses related to currency exchange effects, interest-rate changes, changes in basis-spreads and changes in the credit rating of the counterparty to the financial contract. The item also includes the hedge ineffectiveness, i.e., market value changes attributable to hedged risks and derivatives in fair-value hedges. Realized gains and losses from financial instruments measured at amortized cost, such as interest rate compensation received and realized gains/losses from the repurchase of issued own debt, are recognized as they arise directly under net results of financial transactions.
Foreign currency transactions	(g) Foreign currency transactions Monetary assets and liabilities in foreign currencies have been translated into the functional currency (Swedish krona) at the exchange rates applicable on the last day of each reporting period. Revenues and costs in foreign currencies are translated into Swedish kronor at the exchange rate prevailing on the dates that they arise. Any changes in the exchange rates between the relevant currencies and the Swedish krona relating to the period between the dates that they arise and the date of settlement are recognized as currency exchange effects. Currency exchange effects on the nominal amounts of financial assets and liabilities measured at fair value are recognized as currency exchange effects, although the currency exchange effect on the change in fair value that arises due to other components is not separated. Currency exchange effects are included as a component of net results of financial transactions.
Financial instruments	(h) Financial instruments (i) Recognition and derecognition in the Statement of Financial Position When recognizing financial instruments, trade date accounting is applied for the recognition and derecognition of securities bought, securities issued and derivatives. Other financial instruments are recognized in the Statement of Financial Position and derecognized from this on the relevant settlement date. The difference between the carrying amount of a financial liability or an asset (or part of a financial liability or an asset) that is extinguished or transferred to another party and the consideration paid is recognized in the Statement of Comprehensive Income under net results of financial transactions. A financial asset or liability is recognized in the Statement of Financial Position only when SEK becomes a party to the contractual provisions of the instrument. A financial asset is derecognized from the Statement of Financial Position when the contractual rights to receive the cash flows from the asset cease or when the asset is transferred and the transfer qualifies for derecognition. A financial liability (or part of a financial liability) is derecognized from the Statement of Financial Position only when it is extinguished, such as when the obligation specified in the contract is discharged, canceled or expires. In the case of renegotiated financial assets, such as lending, the asset is derecognized from the Statement of Financial Position when the terms of the loan are deemed to be substantially different. The terms are deemed to be substantially different when the present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, differs by not less than 10 percent from the discounted present value of the remaining cash flows for the original debt instrument. A change of currency or counterparty are deemed substantially different terms. Should the renegotiated loan entail terms that are substantially different, it is recognized as a new loan. (ii) Measurement on initial recognition When financial instruments are initially recognized, they are measured at fair value plus, in the case of financial assets or financial liabilities not carried at fair value through profit or loss, any transaction costs that are directly attributable to the acquisition or issuance of the financial asset or financial liability. (iii) Offsetting Financial assets and liabilities are offset and presented in the Statement of Financial Position when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Derivative assets and derivatives liabilities in relation to central clearing counterparties are offset in the Consolidated Statement of Financial Position, but cash collateral received or paid is accounted for separately as paid or received cash collaterals. Refer to Note 14 for further information about the offsetting of financial assets and financial liabilities. (iv) Classification of financial assets and liabilities Financial assets and liabilities are categorized in two categories for valuation purposes: amortized cost (“AMC”) and fair value through profit or loss (FVTPL). Financial assets at amortized cost (AMC). The financial asset is included in a portfolio where the business model aims to collect contractual cash flows and the terms and conditions for the financial asset entail that the cash flows received comprise solely payments of principal and interest (SPPI) on nominal amounts outstanding. The business model is based on SEK’s overriding portfolio objective, and on how the Company manages, monitors and evaluates the financial assets in the portfolio from both a business and a risk perspective. The business model is established at a level (homogenous portfolio) that reflects how the asset is treated in relation to the objective/business goal. The following parameters have been evaluated in relation to the liquidity portfolio: Internal targets and governance of the liquidity portfolio, and documentation thereof; Administration and commercial follow-up; Risk management, follow-up and reporting; Frequency, objective and volume in terms of noted sales; and Remuneration models, and how these are impacted by valuation methods. IFRS 9 requires that SEK categorize financial assets based on the properties of the contractual cash flows, where the financial asset is held in a business model with the objective of holding assets to collect contractual cash flows (hold to collect). The assessment of the properties of the contractual cash flows aims to identify if the contractual cash flows comprise solely payments of principal and interest, which is an SPPI test. Contractual cash flows that solely payments of principal and interest qualify as a basic lending arrangement, which is a prerequisite for measuring the instrument at amortized cost. SEK has prepared a tool for the implementation and documentation of evaluations and assessments of financial assets in the lending portfolios, whereby relevant factors are taken into consideration, such as the tenor of the interest rate in relation the interest-rate setting period, interest-rate cap/floor, index-linked coupon/interest, payment trigger, currency mismatch, government interest rates and early repayment. Financial assets measured at fair value through profit or loss (FVTPL). Financial liabilities measured at fair value through profit or loss (FVTPL). Financial liabilities at amortized cost (AMC). (v) Presentation of certain financial instruments in the Statement of Financial Position The presentation of financial instruments in the Statement of Financial Position differs in certain respects from the categorization of financial instruments made for valuation purposes. Loans in the form of interest-bearing securities comprise loans granted to customers that are contractually documented in the form of interest-bearing securities, as opposed to bilateral loan agreements, which are classified in the Statement of Financial Position either as loans to credit institutions or loans to the public. All other financial assets that are not classified in the Statement of Financial Position as loans in the form of interest-bearing securities are presented as cash and cash equivalents, treasuries/government bonds, other interest-bearing securities except loans or derivatives. (vi) Presentation of certain financial instruments Derivatives. Guarantees. Embedded derivatives. Leasing assets (SEK as a lessor). Lease liability (SEK as a lessee). Committed undisbursed loans and binding offers. Repurchased debt. Assets and liabilities related to the CIRR system. (vii) Hedge accounting SEK applies hedge accounting in cases where derivatives are used to create economic hedging and the hedge relationship is eligible for hedge accounting, with the exception of lending within the CIRR-system, for which hedge accounting is not applied. The method used for hedge accounting is either fair-value hedge accounting or cash-flow hedge accounting. In order to be able to apply hedge accounting in accordance with IFRS 9, the hedge relationship must meet the hedge effectiveness criteria at the beginning of each hedged period which requires that: there is an economic relationship between the hedged item and the hedging instrument; the effect of credit risk does not dominate the value changes that result from that economic relationship; the hedge ratio of the hedging relationship is the same as that actually used in the economic hedge; and the effects of the forthcoming reforms to reference rates, as this might have a different impact on the hedged item and the hedging instrument, see Note 14 for further information. Fair-value hedge accounting. Both at inception of the hedge and on an ongoing basis, SEK’s hedging relationships are expected to be highly effective in achieving offsetting changes in fair values attributable to the hedged risk. An assessment of effectiveness is performed by comparing critical terms for the hedged item and the hedging transaction. If they are identical, but reversed, the hedge relationship is regarded 100 percent effective. The hedge ratio is 1:1 other than in specific circumstances where SEK may choose a hedge ratio other than 1:1 in order to improve the effectiveness. Potential sources of ineffectiveness in the hedge relationship are: changes in timing of the payment of the hedged item, use of an existing derivative with a non-zero fair value, changes in timing of the trade date of the derivative and the validation of the hedge relationship, the different treatment of currency basis in calculating changes in the fair value of the hedging instrument and hedged item and a significant change in the credit risk of either party to the hedge relationship. The credit risk of the entities is monitored by the Credit Department on an ongoing basis. The risk associated with SEK and the counterparty at the inception of the hedge relationship is considered minimal and does not dominate the value changes that result from the economic relationship. This will be reassessed in cases where there is a significant change in either party’s circumstances, for example if the counterparty is in default. In addition, the hedging instruments used by SEK consist of derivatives subject to margining, clearing and cash collateralization, which significantly reduced the credit risk for both parties involved. Therefore, the credit risk is unlikely to dominate the change in fair value of the hedging instrument. Ineffectiveness is defined as the difference between the fair value change relating to the hedged risk of the hedged item and the fair value change relating to the hedging instrument. Any ineffectiveness is recognized automatically in profit or loss as a result of separately remeasuring the hedged item and the hedging instrument. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the hedge ratio of the hedging relationship must be adjusted (i.e., rebalances the hedge) so that it meets the qualifying criteria again. Hedge accounting is discontinued prospectively only when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after any rebalancing). This includes instances when the hedging instrument expires or is sold, terminated or exercised. If a fair-value hedge relationship no longer fulfills the requirements for hedge accounting, that component of the hedged item ceases to be measured at fair value and is measured at amortized cost, and the previously recognized fair-value changes for the hedged item are amortized over the remaining tenor of the previously hedged item. Cash flow hedges. If a cash flow hedge relationship no longer fulfills the requirements for hedge accounting, and accumulated gains or losses related to the hedge have been recorded in equity, such gains or losses remain in equity and are amortized through other comprehensive income to net interest income over the remaining tenor of the hedged item. (viii) Principles for determination of fair value of financial instruments The best evidence of fair value is prices in an active market. Fair-value measurements are categorized using a fair-value hierarchy. The financial instruments carried at fair value in the Statement of Financial Position have been categorized under the three levels of the fair-value hierarchy according to IFRS that reflect the significance of inputs. The categorization of these instruments is based on the lowest level of input that is significant to the fair value measurement in its entirety. SEK uses the following hierarchy for determining and disclosing the fair value of financial instruments, based on valuation techniques: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: valuation models for which all inputs with a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. SEK recognizes transfers between levels of the fair-value hierarchy in the beginning of the reporting period in which the change has occurred. For all classes of financial instruments (assets and liabilities), fair value is established by using observable market prices or established valuation models. If the market for a financial instrument is not active, fair value is established by using a valuation technique. The objective of using a valuation technique is to establish what the transaction price would have been at the measurement date in an arm’s length exchange based on normal business terms and conditions. Valuation techniques include using recent arm’s length market transactions between knowledgeable, willing parties, if available. Reference to the current fair value of another instrument that is substantially the same can also be used. If the aforementioned are not available, discounted cash flow analysis or option pricing models may be used for assessing the instrument’s value. Periodically, the valuation techniques are calibrated and tested for validity using prices from observable current market transactions in the same instruments, or based on any available observable market data, or compared with the counterparty’s prices. In calculating fair value with valuation models, SEK seeks to use liquid, observable market quotes (market data) as far as possible, to best reflect the market’s view on prices. These market quotes are used, directly or indirectly, for the calculation of fair value. Examples of the indirect use of market data are: the derivation of discount curves from observable market data, which is then interpolated to calculate the non-observable data points; and model parameters in quantitative models, which are used to calculate the fair value of a structured product, where the model is calibrated so that available market data can be used to recreate observable market prices on similar instruments. In some cases, due to low liquidity in the market, there is no access to observable market data. In these cases, SEK follows market practice by basing its valuations on similar observable market data. One example is if there are no observable market prices for a bond it can be valued through a credit curve based on observable prices for instruments with the same credit risk. For observable market data, SEK uses third-party information based on purchased contracts (such as Bloomberg). This type of information can be divided into two groups, with the first group consisting of directly observable prices and the second of market data calculated from the observed prices. SEK continuously assures the high quality of market data, and a thorough validation of market data is exercised quarterly in connection with the financial reporting. For transactions that cannot be valued based on observable market data, the use of non-observable market data is necessary. Examples of non-observable market data are discount curves created using observable market data that are then extrapolated to calculate non-observable interest rates, correlations between different underlying market parameters and volatilities at long maturities. Correlations that are non-observable market data are calculated from time-series of observable market data. The valuation models applied by SEK comply with accepted methods for pricing financial instruments. Fair value adjustments are applied by SEK when there are additional factors that market participants take into account and that are not captured by the valuation model. The independent risk function assesses the level of fair-value adjustments to reflect counterparty risk, SEK’s own credit rating and other non-observable parameters, where relevant. Significant models for the valuation of financial instruments must receive approval from the Board’s Finance and Risk Committee. Other models are approved by the chief financial officer (“CFO”). New models for valuation are reported to the Board’s Finance and Risk Committee annually, together with the applicable validation. The use of a valuation model demands a validation and thereafter an approval. Validation is conducted by the independent risk function. Analysis of significant non-observable market data, fair-value adjustments and significant changes in fair values of level 3-instruments are reviewed on quarterly basis by plausibility checks. (ix) Determination of fair value of certain types of financial instruments Derivatives. Issued debt instruments. When calculating the fair value of issued debt instruments, the effect on the fair value of SEK’s own credit risk is assessed based on internally established models.These are if possible based on observable prices.In cases where observable prices are not available, recent transactions or spread against similar lender are used . Issued debt instruments that are compound financial instruments with embedded derivatives. (x) Impairment of financial assets The impairment of exposures are based on expected credit losses (ECL). All assets measured at amortized cost, including credit commitments and financial guarantees, are to be tested for any impairment. SEK uses both models and expert assessment to calculate reserves for expected credit losses. The degree of expert assessment depends on the models’ results, materiality and available information and can be used to take into account factors that are not captured by the models. The model for calculating ECL is based on an exposure being at one of three different stages. Initially, all exposures were at stage 1. Stage 1 also includes exposures where the credit risk is no longer significantly higher and which have therefore been reclassified from stage 2. In stage 1, the ECL calculation should correspond to provisions based on expected credit losses for the forthcoming 12-month period (12mECL). Where the credit risk has increased significantly since initial recognition, the exposure is moved to stage 2. Stage 2 also includes exposures where the counterparty/exposure is no longer in default and which have therefore been reclassified from stage 3, as well as a smaller portion of exposures that lack an initial rating and where the rating is below BBB. In stage 2, the provision is based on expected credit losses over the remaining lending period of the asset (LTECL). If the exposure moves into default, it is moved to stage 3, where the ECL calculation continues to be based on LTECL. 12mECL comprises the part of LTECL that arises from expected credit losses based on the probability of default (PD) within 12 months of the reporting date. Both LTECL and 12mECL are calculated on an individual basis. SEK has chosen to use credit rating models for all exposures, in other words, to calculate expected credit losses (ECL) by using the probability of default (PD), loss given default (LGD) and exposure at default (EAD). Significant increase in credit risk. Risk classification. Number of days past due Forbearance measures Other risk raising factors Default. In the financial reporting when applying IFRS 9, default is defined as: SEK assesses that it is unlikely that the counterparty will meet its loan commitments in full, irrespective of whether collateral or guarantees are used, and independent of any overdue amount or the number of calendar days since they fell due for payment. This also includes special reasons, such as the risk counterparty’s financial position or equivalent is such that it finds itself in a position which — from a creditor’s perspective — does not correspond to any form of composition or insolvency procedure. This is termed “unlikely to pay.” The risk counterparty is more than 90 calendar days past due with the payment of a receivable. If any exposure to a counterparty is deemed in default, all exposures to that counterparty are deemed in default. When an exposure or a counterparty that was previously classified as being in default no longer meets this definition, the exposure or counterparty should no longer be deemed in default. To ensure that default status no longer applies, a waiting period is applied after the moment the exposure or counterparty is no longer deemed to be in default and can accordingly return to stage 2. Calculation of expected credit losses (ECL). Moreover, the LGD should incorporate actual future expectations, in other words, all cash flows including guarantees. The calculation of ECL is point-in-time and the included parameters PD, LGD and EAD are all point-in-time and should not be confused with the corresponding parameters for capital adequacy. Probability of default (PD). SEK’s method entails three scenarios being prepared for each PD curve: a base scenario, a downturn scenario, and an upturn scenario. The three scenarios are defined by a weight allocated to each scenario; the weights should add up to 1, in other words 100 percent. The World Bank’s forecast forms the base scenario. The weights are prepared quarterly by a cross-functional group at SEK, and are then adopted by the CEO and reported to the Board’s Credit Committee. By allocating a weight to each PD curve, SEK defines its expectations of future macroeconomic trends. Loss Given Default (LGD). default in SEK’s lending, the LGD is modeled by using default data from Global Credit Data (GCD), with the exception of the Sovereign segment, where LGD is prepared based on a qualitative assessment. When estimating expected losses in cash flows, collateral and other credit enhancements included in the terms and conditions are taken into consideration, subject to the prerequisite that they are not reported separately by the Company. The LGD used for estimating ECL should take into consideration all cash flows that could be collected in the case of a default. These also include the cash flows that SEK can expect from collateral and guarantees included in the terms and conditions. Accordingly, the LGD takes into consideration guarantees where the exposure guaranteed with a guarantee included in the terms and conditions unless an increased correlation between the borrower and the guarantee counterparty is deemed to exist. Exposure at default (EAD). The ECL estimate is performed based on the appearance of the exposure at default, which means that the repayment structure and any expectations in terms of early repayment or extension clauses in the agreement need to be considered when assessing the EAD. Based on the completed analyses, contractual maturities are assessed given the repayment structures as being a good approximation of the expected maturities on which the ECL is to be estimated. No specific pattern exists regarding early repayment, which could possibly comprise the basis for another approach. For existing facilities (accepted, undisbursed), two different credit conversion factors (CCFs) exist depending on when default occurs: (1) for default within one year, calculated using default data from GCD; and (2) for default after one year, calculated using internal default data. For binding offers regarding existing facilities, CCFs are based on historic internal data regarding the proportion of binding offers that are used. CCFs are used together with the preliminary repayment plan for both the utilized and unutilized portions of existing facilities to model the future exposure on default. For exposures in stage 3 where SEK has net risk, the impairment is not calculated in the ECL model, but the account manager calculates and proposes impairment based on established guidelines and methods. The Board’s Credit Committee determines the impairment requirements for stage 3. Impairment of an asset’s carrying amount is made to a reserve account which, in the Consolidated Statement of Financial Position, reduces the line item to which it relates. Charge-offs are recorded when a loss has been confirmed, that is that it is evident that it is highly unlikely that any remaining part of SEK’s claim on a counterparty will be reimbursed within the foreseeable future and when there exists no guarantee or collateral covering the claim. Charge-offs may also be made once bankruptcy proceedings have been concluded and a final loss can be established, taking into account the value of any assets held by the bankruptcy estate and SEK’s share of these assets. Recoveries are recorded only if there is virtual certainty of collection, such as in the aftermath of a bankruptcy proceeding when the payment due to SEK has been finally determined. Restructured loan receivables pertain to loan receivables where SEK has granted concessions to the borrower as a result of the borrower’s deteriorated financial position. Following a restructure, normally, the loan receivable is no longer considered doubtful if the obligation is being met in compliance with the new terms and conditions. Concessions granted in connection with loan restructuring are regarded as credit losses.
Tangible assets	(i) Tangible assets Items of tangible assets are measured at cost, less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Tangible assets are depreciated using the straight-line method over their estimated useful lives. Average useful lives, depreciation methods and residual values are evaluated and tested annually. No depreciation is carried out from the time that an asset is classified as an asset held-for- sale. The right-of-use assets according to IFRS 16 Leases are accounted for as tangible assets when the underlying assets are tangible assets. SEK account or right-of-use assets for rental premises as tangible assets.
Intangible assets	(j) Intangible assets Intangible assets comprise mainly the capitalized portion of investments in IT systems. Expenses that are directly attributable to large investments in the development of IT systems are recognized as intangible assets if they are expected to generate future economic benefits. The capitalized portion of investments in IT systems includes expenses related to the intangible asset, such as consulting fees and expenses for Group personnel who have contributed to producing the intangible asset. Each intangible asset is amortized using the straight-line method over an estimated useful life from the date the asset is available for use. Average useful lives are evaluated and reconsidered on a yearly basis. An annual impairment test is performed on intangible assets not yet used.
Employee benefits	(k) Employee benefits SEK sponsors both defined-benefit and defined-contribution pension plans. (i) Defined-contribution plans A defined-contribution pension means that the size of the premium is predetermined, such as is the case with the BTP1 and BTPK plans. A defined-contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate legal entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined-contribution pension plans are recognized as an employee benefit expense in profit or loss at the rate at which they are accrued by employees providing services to the entity during a period. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. (ii) Defined-benefit plans Defined-benefit pension plans means that the pension benefit is predetermined, such as is the case with the BTP2 plan. Defined-benefit plans are post-employment benefit plans other than defined-contribution plans. The present value of the net obligation for defined-benefit plans is calculated separately for each plan by estimating the amount of future benefits that employees have earned in return for their service in the current and prior periods. The net obligation is recognized in the balance sheet at its present value less the fair value of any plan assets. The cost for defined-benefit plans is allocated over the employee’s service period. The calculation is performed annually by independent actuaries. The obligations are valued at the present value of the expected future disbursements, taking into consideration assumptions such as expected future pay increases, rate of inflation and mortality rates. The discount rate used is the equivalent of the interest rate on the reporting date for Swedish mortgage bonds, with a remaining term approximating that of the actual commitments. Changes in actuarial assumptions and experience-based adjustments to obligations may result in actuarial gains or losses. These actuarial gains and losses are reported together with the difference between the actual and expected return on pension assets in other comprehensive income as incurred. Service cost, gains/losses from changes in plans, and the interest net of pension assets and liabilities are recognized in profit or loss.SEK participate in various collective pension plans covering all employees. Sufficient information is available to allow the calculation of SEK’s proportionate share in the defined-benefit liabilities, assets and the costs for these plans. The future costs of the plans may change accordingly if the underlying assumptions of the plans change.
Equity	(l) Equity Equity in the Consolidated Group consists of the following items: share capital; reserves; retained earnings; and net profit for the year. Reserves consist of the following items: the reserve for fair-value changes in respect of derivatives in cash-flow hedges (hedge reserve); the reserve for fair-value changes with respect to changes in SEK’s credit risk (own credit risk reserve) and the reserve for remeasurement in respect of defined-benefit pension plans (reserve for defined-benefit pension plans).
Taxes	(m) Taxes Income tax on the profit or loss for the year comprises current and deferred taxes. Current tax is tax expected to be payable on taxable income for the fiscal year. Deferred tax is deferred taxes on temporary fiscal differences. Deferred tax is calculated with an expected tax rate of 20.6 percent (2020: 21.4 percent). Deferred tax is calculated on all taxable temporary differences, regardless of whether a given temporary difference is recognized in profit or loss, or through other comprehensive income. A temporary difference is the difference between the recognized and fiscal values of an asset or a liability.
Earnings per share	(n) Earnings per share Earnings per share are calculated as net profit divided by the average number of shares. There is no dilution of shares.
Statement of cash flows	(o) Statement of Cash Flows The Statement of Cash Flows shows inflows and outflows of cash and cash equivalents during the year. SEK’s Statement of Cash Flows has been prepared in accordance with the indirect method, whereby operating profit is adjusted for effects of non-cash transactions such as depreciation and credit losses. The cash flows are classified under operating, investing and financing activities. Cash and cash equivalents include cash at banks where amounts can be immediately converted into cash and short-term deposits where the time to maturity does not exceed three months from the acquisition date.
Critical accounting policies, assumptions and estimates	(p) Critical accounting policies, assumptions and estimates When adopting and applying the Group’s accounting policies, in certain cases, the management makes judgments and estimates that have a significant effect on the amounts recognized in the Financial Statements. These estimates are based on past experience and assumptions that the Company believes are fair and reasonable. These estimates and the judgments behind them affect the reported amounts of assets, liabilities, income and expenses as well as disclosures. Actual outcomes can later differ from the estimates and the assumptions made. SEK considers the judgments made related to the following critical accounting policy to be the most significant: Functional currency of the Parent Company Furthermore, SEK has identified the following key sources of estimation uncertainty when applying IFRS: Fair value assessments of certain financial instruments; and Provisions for expected credit losses. (i) Functional currency of the Parent Company SEK has established that the Swedish krona (Skr) is its functional currency under IFRS. Large portions of its assets, liabilities and related derivatives are denominated in foreign currencies. Significant factors for the judgement are that SEK’s equity is denominated in Swedish kronor, its performance is evaluated based on a result expressed in Swedish kronor, and that a large portion of SEK’s expenses, especially personnel expenses, other expenses and taxes, are denominated in Swedish kronor. SEK manages its foreign currency risk by hedging exposures between the Swedish krona and other currencies. See Note 26 for information on SEK’s positions in foreign currency. (ii) Fair value assessments of certain financial instruments SEK recognizes a large part of the balance sheet at fair value, primarily interest-bearing securities recognized on the lines Treasuries/Government bonds and Other interest-bearing securities except loans, derivatives and issued debt. When financial instruments are recognized at fair value, these amounts are calculated on the basis of market prices, valuation models, valuations conducted by external parties and discounted cash flows. SEK’s financial instruments are predominantly not subject to public trading and quoted market prices are not available. When recognizing the amounts for assets, liabilities and derivatives, as well as income and expenses, it is necessary to make assumptions and assessments regarding the fair value of financial instruments and derivatives, particularly if they comprise unquoted or illiquid securities or other instruments of debt. Should the conditions underlying these assumptions and assessments change, the recognized amounts would also change. Refer to Note 26 for further information about the impact on the value of financial assets and liabilities of a one percentage point movement in the market interest rate. Other valuation models or assumptions could produce different valuation results. SEK makes judgments regarding what the most appropriate valuation techniques are for the different financial instruments based on their categories. In all cases, the decision is based on a professional assessment pursuant to SEK’s accounting and valuation policies. The use of a valuation model demands a validation and thereafter an approval, in addition to approval of all models at least annually. The valuation models applied by SEK comply with accepted methods for pricing financial instruments. Fair- value adjustments are applied when there are additional factors that market participants take into account and that are not captured by the valuation model. A CVA (Credit Value Adjustment) and DVA (Debt Value Adjustment) are made to reflect the counterparty’s credit risk and SEK’s own credit rating, which affects the fair value of the derivatives (see Note 13, for fair value changes related to credit risk). When financial assets or liabilities are recognized at fair value, the instruments are recognized at their full fair value, including any credit spreads. When quoted market prices are not available for such instruments, certain assumptions must be made about the credit spread of either the counterparty or one’s own credit spread, depending on whether the instrument is an asset or a liability. Developments in the financial markets have to some extent affected the prices at which SEK’s debt is issued. These changes, which are different in different markets, have been included in the calculation of fair value for these liabilities. SEK issues debt instruments in many financial markets. A large portion of these are compound financial instruments with embedded derivatives. SEK’s policy is to hedge the risks in these instruments using derivatives with corresponding structures in order to obtain effective economic hedges. Such compound financial instruments are classified as financial liabilities measured at fair value. As there mostly are no market quotes for this group of transactions, valuation models are used to calculate fair value. The gross value of these instruments and derivatives, which effectively hedge each other, requires complex judgments regarding the most appropriate valuation technique, assumptions and estimates. If other valuation models or assumptions are used, or if assumptions are changed, this could produce other valuation results. Excluding the impact on the valuation of credit spreads on SEK’s own debt and basis spreads, such changes in fair value would generally offset each other. SEK uses derivative instruments to mitigate and reduce risks attributable to financial assets and liabilities. In order to mitigate counterparty risk, i.e., the form of credit risk generated from derivative transactions, SEK enters into such transactions only with counterparties with good credit ratings. Moreover, SEK endeavors to enter into ISDA Master Agreements with Credit Support Annexes (CSAs) with its counterparties. This means that the highest allowed risk level is established in advance, regardless of what changes in market value may occur. Derivatives are measured at fair value with reference to listed market prices where available. If market prices are not available, valuation models are used instead. SEK uses a model to adjust the fair value of the net exposure for changes in SEK’s or the counterparty’s credit quality. The models use directly observable market parameters if such are available. As of December 31, 2021, financial assets and liabilities for which valuation models were used, and where market inputs with a significant effect on the recoded fair value are observable (level 2) amounted to Skr 32 billion (2020: Skr 28 billion) and Skr 19 billion (2020: Skr 30 billion), 10 percent (2020: 9 percent) and 6 percent (2020: 10 percent) of total financial assets and total financial liabilities respectively. Financial assets and liabilities for which valuation included significant non-observable parameters (level 3) amounted to Skr 0 billion (2020: Skr 2 billion) and Skr 35 billion (2020: Skr 43 billion), 0 percent (2020: 0 percent) and 11 percent (2020: 14 percent) of total financial assets and total financial liabilities respectively. The assessment of non-observable parameters included in models for assessing market value are associated with subjectivity and uncertainty, which can impact the results recognized for specific positions. Despite SEK using appropriate valuation models which are consistent with those used in the market, other models and assumptions for determining the fair value of financial instruments could result in other fair value estimates on the reporting date. At December 31, 2021, the total minimum and maximum effects of changing one or more non-observable parameters to reflect the assumptions under other reasonable circumstances for level 3-instruments amounted to Skr -122 million (2020: Skr -137 million) and Skr 122 million (2020: Skr 137 million) respectively. Refer to Note 13 for information regarding value changes for assets and liabilities if non-observable market parameters are changed and section (h) (viii) above for the Principles for determination of fair value of financial instruments. (iii) Provisions for expected credit losses Provisions are estimated using quantitative models, which incorporate inputs, assumptions and methodologies that involve a high degree of management judgment. In particular, the following can have a significant impact on the level of impairment provisions: determination of a significant increase in credit risk, incorporation of forward-looking macroeconomic scenarios and measurement of both 12-month and lifetime expected credit losses. A significant increase in credit risk is defined by SEK based on a deterioration by a number of steps from the initial rating. On December 31, 2021 if the definition of significant increase in credit risk had been one less step of deterioration the impairments would have been Skr 1 million higher (2020: Skr 4 million), and if the definition had been one more step of deterioration the impairments would have been Skr 0 million lower (2020: Skr 0 million). SEK’s method of calculating probability of default entails three scenarios being prepared for each PD curve. The three scenarios are defined by a weight allocated to each scenario. On December 31, 2021 if the probability of a downturn scenario, or an upturn scenario, would have been weighted with 100 percent probability the impairments would have been Skr 5 million higher (2020: Skr 12 million) or Skr 5 million lower (2020: Skr 11 million), respectively. On December 31, 2021, SEK’s total lending including off-balance sheet exposures amounted to Skr 298 billion (2020: Skr 294 billion) and the related impairment reserve amounted to Skr 164 million (2020: Skr 249 million). If, for example, the actual amount of total future cash flow were to have been 10 percent higher or lower than the estimate, this would have affected operating profit for the fiscal year ended December 31, 2021 by an additional approximately Skr 16 million (2020: Skr 25 million) and equity at the same date by approximately Skr 13 million (2020: Skr 20 million). A higher total future cash flow would affect operating profit and equity positively, while a lower total future cash flow would affect operating profit and equity negatively.
New standards and amendments to standards and interpretations not yet adopted	(q) New standards and amendments to standards and interpretations not yet adopted and considered relevant to SEK No IFRS or IFRS IC interpretations that are not yet applicable are expected to have a material impact on SEK’s Financial Statements, capital adequacy or large exposure ratios.

Net interest income (Tables)

Net interest income (Tables)	12 Months Ended
Net interest income (Tables)	Dec. 31, 2021
Net interest income
Schedule of net interest income	Skr mn 2021 2020 2019 Interest income Loans to credit institutions 131 236 546 Loans to the public 3,782 4,210 4,597 Loans in the form of interest--bearing securities 776 897 829 Interest-bearing securities excluding loans in the form of interest-bearing securities 50 242 686 Derivatives -2,239 -1,708 -538 Administrative remuneration -CIRR-system 1 198 197 194 Other assets 21 34 43 Total interest income 2,719 4,108 6,357 Interest expenses Interest expenses excl. resolution fee -724 -2,076 -4,471 Resolution fee -88 -86 -169 Total interest expenses -812 -2,162 -4,640 Net interest income 1,907 1,946 1,717 Skr mn 2021 2020 2019 Interest income were related to: Financial assets at fair value through profit or loss -1,750 -1,070 452 Derivatives used for hedge accounting -439 -396 -303 Financial assets at amortized cost 4,908 5,574 6,208 Total interest income 2,719 4,108 6,357 Interest expenses were related to: Financial liabilities at fair value through profit or loss 530 725 1,158 Financial assets measured at fair value through profit or loss - negative interest on income -73 -60 -72 Financial assets measured at amortized cost - negative interest income 0 0 -9 Derivatives used for hedge accounting 2,146 1,904 -286 Financial liabilities at amortized cost -3,415 -4,731 -5,431 Total interest expenses -812 -2,162 -4,640 Net interest income 1,907 1,946 1,717
Schedule of interest income by geographical areas	Skr mn 2021 2020 2019 Sweden 863 1,223 1,281 Europe except Sweden -944 -166 1,340 Countries outside of Europe 2,800 3,051 3,736 Total interest income 2,719 4,108 6,357
Schedule of interest income by product group	Skr mn 2021 2020 2019 Lending to Swedish exporters 1,596 1,921 1,954 Lending to exporters’ customers 2 932 1,229 1,784 Liquidity 191 958 2,619 Total interest income 2,719 4,108 6,357 1 Including administrative remuneration for concessionary loans by Skr 1 million (2020: Skr 1 million). 2 In interest income for Lending to exporters’ customers, Skr 197 million (2020: Skr 196 million) represents remuneration from the CIRR-system, see Note 24.

Net fee and commissions expen_2

Net fee and commissions expense (Tables)	12 Months Ended
Net fee and commissions expense (Tables)	Dec. 31, 2021
Net fee and commissions expense
Schedule of fees and commissions expenses	Skr mn 2021 2020 2019 Fee and commissions earned were -related to 1 : Lending 2 1 1 Total 2 1 1 Commissions incurred were -related to 1 : Custodian- and bank fees -9 -10 -8 Brokerage -2 -4 -5 Other commissions incurred -20 -29 -21 Total -31 -43 -34 Net fee and commissions expense -29 -42 -33 1 Skr -27 million (2020: Skr -37 million) includes financial assets and liabilities not measured at fair value through profit or loss.

Net results of financial tran_2

Net results of financial transactions (Tables)	12 Months Ended
Net results of financial transactions (Tables)	Dec. 31, 2021
Net results of financial transactions
Schedule of net results of financial transactions	Skr mn 2021 2020 2019 Derecognition of financial instruments not measured at fair value through profit or loss: Financial assets at amortized cost 33 14 19 Financial assets or liabilities at fair value through profit or loss: Designated upon initial recognition (FVO) -569 -488 -5,590 Mandatorily 582 466 5,710 Financial instruments under fair-value hedge accounting: Net results of the hedging instrument -3,397 1,277 2,846 Net results of the hedged item 3,409 -1,191 -2,761 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value -2 5 2 Total net results of financial transactions 56 83 226

Personnel expenses (Tables)

Personnel expenses (Tables)	12 Months Ended
Personnel expenses (Tables)	Dec. 31, 2021
Personnel expense
Summary of total personnel expenses	Skr mn 2021 2020 2019 Salaries and remuneration to the Board of Directors and the CEO -8 -7 -7 Salaries and remuneration to Senior Executives -25 -25 -23 Salaries and remuneration to other employees -173 -168 -161 Pensions -66 -64 -60 Social insurance -70 -68 -63 Other personnel expenses -17 -15 -19 Total personnel expenses -359 -347 -333
Summary of remuneration and other benefits to Board of Directors and Senior Executives	Fee, includes 2021 committee Fixed Other Skr thousand fee remuneration 1 benefits 2 Pension fee 3 Total Chairman of the Board of Directors: Lars Linder-Aronson -609 — — — -609 Other members of the Board of Directors: Lennart Jacobsen, from March 24, 2021 -238 — — — -238 Anna Brandt 4 — — — — — Reinhold Geijer -318 — — — -318 Eva Nilsagård -334 — — — -334 Hans Larsson -334 — — — -334 Hanna Lagercrantz 4 — — — — — Cecilia Ardström, resigned March 24, 2021 -83 — — — -83 Ulla Nilsson, resigned March 24, 2021 -84 — — — -84 Senior Executives: Catrin Fransson, Chief Executive Officer (CEO) 5 — -3,130 -15 -896 -4,041 Magnus Montan, Chief Executive Officer (CEO) 5 — -2,459 6 -8 -837 -3,304 Per Åkerlind, Deputy Chief Executive Officer — -3,544 -20 -1,266 -4,830 Karl Johan Bernerfalk, General Counsel, Head of Legal and Sustainability Analysis — -1,643 -35 -574 -2,252 Andreas Ericson, Head of International Finance — -2,020 -34 -646 -2,700 Stefan Friberg, Chief Financial Officer (CFO) — -3,007 -16 -532 -3,555 Teresa Hamilton Burman, Chief Credit Officer (CCO) — -2,459 -30 -529 -3,018 Jens Hedar, Head of Client Relationship Management — -2,485 -17 -721 -3,223 Petra Könberg, Head of Marketing and Communications, resigned November 30, 2021 — -1,219 -31 -427 -1,677 Peter Svensén, Chief Risk Officer (CRO) — -2,624 -26 -555 -3,205 Sirpa Rusanen, Chief Human Resources Officer (CHRO) — -1,749 -24 -687 -2,460 Susanna Rystedt, Head of Strategy, Business Development and Communications — -2,552 -16 -804 -3,372 Madeleine Widaeus, Chief Information Officer (CIO) — -1,749 -16 -520 -2,285 Total -2,000 -30,640 -288 -8,994 -41,922 1 Predetermined salary or other compensation such as holiday pay and allowances. 2 Other benefits consist of, for example, subsistence benefits. 3 Includes premiums for insurance covering sickness benefit for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government. 5 The retirement age of the former CEO, Catrin Fransson, and the current CEO, Magnus Montan, is 65 years and the pension fee is 30 percent of their respective fixed salary. 6 Employed since June 1, 2021. Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group Fee, includes 2020 committee Fixed Other Skr thousand fee remuneration 1 benefits 2 Pension fee 3 Total Chairman of the Board of Directors: Lars Linder-Aronson -588 — — — -588 Other members of the Board of Directors: Cecilia Ardström -322 — — — -322 Anna Brandt 4 — — — — — Reinhold Geijer -288 — — — -288 Eva Nilsagård -297 — — — -297 Ulla Nilsson -322 — — — -322 Hans Larsson -302 — — — -302 Hanna Lagercrantz 4 — — — — — Senior Executives: Catrin Fransson, Chief Executive Officer (CEO) 5 — -5,234 -33 -1,536 -6,803 Per Åkerlind, Deputy Chief Executive Officer and Head of Strategic Partnerships and Relations — -3,527 -31 -1,257 -4,815 Karl Johan Bernerfalk, General Counsel, Head of Legal — -1,576 -31 -552 -2,159 Andreas Ericson, Head of Mid Corporates — -2,024 -32 -631 -2,687 Stefan Friberg, Chief Financial Officer (CFO) — -2,964 -18 -515 -3,497 Teresa Hamilton Burman, Chief Credit Officer (CCO) — -2,389 -18 -524 -2,931 Jens Hedar, Head of Large Corporates — -2,316 -18 -635 -2,969 Petra Könberg, Head of Marketing and Communications — -1,286 -34 -428 -1,748 Peter Svensén, Chief Risk Officer (CRO) — -2,597 -26 -569 -3,192 Sirpa Rusanen, Chief Human Resources Officer (CHRO) — -1,719 -22 -675 -2,416 Susanna Rystedt, Head of Business Development, Business Support and Transformation — -2,501 -16 -788 -3,305 Madeleine Widaeus, Chief Information Officer (CIO) — -1,671 -16 -493 -2,180 Total -2,119 -29,804 -295 -8,603 -40,821 1 Predetermined salary or other compensation such as holiday pay and allowances. 2 Other benefits consist of, for example, subsistence benefits. 3 Includes premiums for insurance covering sickness benefit for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government. 5 The retirement age of the former CEO, Catrin Fransson, is 65 years and the pension fee is 30 percent of her fixed salary. Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group Fee, includes 2019 committee Fixed Other Skr thousand fee remuneration 1 benefits 2 Pension fee 3 Total Chairman of the Board of Directors: Lars Linder-Aronson -603 — — — -603 Other members of the Board of Directors: Cecilia Ardström -308 — — — -308 Anna Brandt 4 — — — — — Reinhold Geijer -275 — — — -275 Hans Larsson -249 — — — -249 Eva Nilsagård -277 — — — -277 Ulla Nilsson -298 — — — -298 Hélène Westholm 4 — — — — — Hanna Lagercrantz 4 — — — — — Senior Executives: Catrin Fransson, Chief Executive Officer (CEO) 5 — -5,015 -25 -1,462 -6,502 Per Åkerlind, Head of Treasury and Capital Management and Executive Vice President — -3,509 -30 -1,123 -4,662 Karl Johan Bernerfalk, General Counsel — -1,507 -23 -529 -2,059 Andreas Ericson, Head of Mid Corporates — -1,978 -28 -607 -2,613 Stefan Friberg, Chief Financial Officer (CFO) — -2,922 -27 -500 -3,449 Teresa Hamilton Burman, Chief Credit Officer (CCO) — -2,353 -18 -508 -2,879 Jens Hedar, Head of Large Corporates — -2,224 -15 -649 -2,888 Petra Könberg, Head of Marketing & Business Development — -1,236 -33 -407 -1,676 Irina Slinko, acting Chief Risk Officer (CRO), resigned August 20, 2019 — -1,159 -12 -365 -1,536 Anna-Lena Söderlund, acting Chief Risk Officer (CRO), from August 21, 2019, resigned October 27, 2019 — -278 -6 -115 -399 Peter Svensén, Chief Risk Officer (CRO), from October 28, 2019 — -471 -3 -80 -554 Sirpa Rusanen, Chief Human Resources Officer (CHRO) — -1,644 -42 -623 -2,309 Susanna Rystedt, Chief Administrative Officer (CAO) — -2,484 -40 -759 -3,283 Madeleine Widaeus, Chief Information Officer (CIO) — -1,574 -16 -463 -2,053 Total -2,010 -28,354 -318 -8,190 -38,872 1 Predetermined salary or other compensation such as holiday pay and allowances. 2 Other benefits consist of, for example, car allowances and subsistence benefits. 3 Includes premiums for insurance covering sickness benefit for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government. 5 The retirement age of the former CEO, Catrin Fransson, is 65 years and the pension fee is 30 percent of her fixed salary.
Summary of information about pension plans	Total pension cost for defined benefit and defined contribution obligations Skr mn 2021 2020 2019 Service cost -7 -5 -6 Regulation of pension obligations 0 0 0 Interest cost, net -1 -1 -2 Pension cost for defined benefit pensions, incl. payroll tax -8 -6 -8 Pension cost for defined contribution pension cost incl. payroll tax -58 -58 -52 Pension cost recognized in personnel costs -66 -64 -60 Actuarial gains (+) and losses (-) on defined benefit obligation during period 23 -2 -16 Return above expected return, gains (+) and losses (-) on plan assets 1 3 12 Change in the effect of the asset ceiling excluding interest — — — Revaluation of defined benefit plans 24 1 -4 Net value of defined benefit pension obligations Skr mn 2021 2020 2019 Defined benefit obligations 258 277 272 Plan assets -201 -195 -189 Provision for pensions, net obligation 1 57 82 83
Summary of development of defined benefit obligations and assets	Development of defined benefit obligations Skr mn 2021 2020 2019 Defined benefit obligation, opening balance 277 272 253 Service cost 7 6 6 Interest cost 3 5 5 Pension Payments incl. special payroll tax -7 -9 -8 Actuarial gains (-) and losses (+), effect due to changed demographic assumptions -2 — — Actuarial gains (-) and losses (+), effect due to changed financial assumptions -24 12 25 Actuarial gains (-) and losses (+), effect due to experience based outcome 4 -9 -9 Defined benefit obligation, closing balance 258 277 272 Development of plan assets related to defined benefit obligation Skr mn 2021 2020 2019 Fair value of plan assets, opening balance 195 189 173 Expected return on plan assets 2 3 4 Contributions by the employer 1 9 7 7 Benefits paid 2 -6 -8 -7 Return on plan assets excluding interest income 1 4 12 Fair value of plan assets, closing balance 201 195 189 1 Expected contribution from the employer in the following year is Skr 6 million (2020: Skr 5 million) excluding payroll tax. 2 Expected compensation paid in the following year is Skr 7 million (2020: Skr 7 million).
Summary of plan assets	Distribution of plan assets related to defined benefit obligation Skr mn 2021 2020 2019 Domestic equity investments 4 4 4 Foreign equity investments 24 23 17 Domestic government bonds 34 41 49 Domestic corporate bonds 12 18 22 Mortgage bonds 57 53 49 Other Investments 44 33 25 Properties 26 23 23 Total plan assets 201 195 189
Summary of principal actuarial assumptions used end of year	Percent 2021 2020 2019 Discount rate 1.8 1.25 1.7 Assumption of early pension withdrawal 20.0 20.0 20.0 Expected salary increase 2.0 2.0 2.0 Expected inflation 2.0 1.8 2.0 Expected lifetime DUS21 DUS14 DUS14 Expected turnover 5.0 5.0 5.0
Summary of sensitivity analysis of essential assumptions	Negative-outcome Positive-outcome Skr mn 2021 2020 2019 2021 2020 2019 Discount rate -1 % -1 % -1 % +1 % +1 % +1 % Defined benefit obligation 329 358 351 206 218 215 Service cost 7 9 8 4 5 5 Interest cost 2 1 2 6 5 6 Expected lifetime +1 year +1 year +1 year -1 year -1 year -1 year Defined benefit obligation 270 291 286 245 264 260 Service cost 5 7 6 5 7 6 Interest cost 5 4 5 4 3 4
Summary of net reconciliation of pension liabilities	Skr mn 2021 2020 2019 Pension liabilities, opening balance 82 83 80 Net periodic pension cost 8 8 7 Contributions by the employer -8 -7 -7 Net pension payments -1 -1 -1 Revaluations recognized in other comprehensive income -24 -1 4 Pension liabilities, closing balance 57 82 83
Summary of information about employees	Average number of employees 2021 2020 2019 Women 127 123 120 Men 129 125 121 Total average number of employees 256 248 241 Number of employees at year-end 1 2021 2020 2019 Women 132 125 123 Men 132 128 121 Total number of employees 2 264 253 244 of which full-time employees 259 247 236 allocation of women/men 49 / 51 49 / 51 50 / 50 of which part-time employees 5 6 8 allocation of women/men 80 / 20 83 / 17 75 / 25 of which permanent employees 263 253 243 allocation of women/men 50 / 50 49 / 51 51 / 49 of which temporary employees 1 0 1 allocation of women/men 0 / 100 0 / 0 0 / 100 of which managers 33 31 31 of which non-management 231 222 213 1 Information collected from the HR system. 2 In addition to its employees, SEK had 73 consultants (FTEs) (2020: 75 consultants) engaged at year-end 2021. Employees by age distribution 2021 2020 2019 Total number of employees 264 253 244 of which under the age of 30 years 12 13 12 of which between 30 and 50 years 131 122 127 of which over 50 years 121 118 105 Employee turnover 2021 2020 2019 Number of employees who left employment 20 16 30 of which women 7 8 16 of which men 13 8 14 of which under the age of 30 years 1 0 2 of which between 30 and 50 years 9 12 22 of which over 50 years 10 4 6 Health Percent 2021 2020 2019 Absence due to sickness 1 3.5 2.1 2.5 1 Number of hours of absence due to sickness in relation to scheduled working hours. Equality and diversity 2021 2020 2019 Allocation of women/men on the Board of Directors 43/57 62/38 62/38 Allocation of women/men in SEK’s executive management 36/64 50/50 50/50 Allocation of women/men in -management positions 45/55 48/52 42/58 Allocation of women/men at SEK in total 50/50 49/51 50/50

Other administrative expenses (

Other administrative expenses (Tables)	12 Months Ended
Other administrative expenses (Tables)	Dec. 31, 2021
Other administrative expenses
Schedule of other administrative expenses	Skr mn 2021 2020 2019 Travel expenses and marketing -3 -3 -7 IT and information system (fees incl.) -167 -140 -156 Other fees -44 -38 -34 Premises -11 -10 -3 Other -6 -7 -6 Total other administrative expenses -231 -198 -206
Schedule of remuneration to auditors	Skr mn 2021 2020 2019 Öhrlings PricewaterhouseCoopers AB: Audit fees 1 -8 -9 -10 Audit related fees 2 — — 0 Tax related fees 3 — — 0 Other fees 4 -3 -3 -2 Total -11 -12 -12 1 Fees related to audit of annual financial statements and reviews of interim financial statements. 2 Fees charged for assurance and related services that are related to the performance of audit or review of the financial statements and are not reported under Audit fees. 3 Fees for professional services rendered by the principal independent auditors for tax compliance and tax advice. 4 Fees for products and services rendered by the principal independent auditors, other than the services reported in Audit fees through Tax related fees above.

Tangible and intangible assets

Tangible and intangible assets (Tables)	12 Months Ended
Tangible and intangible assets (Tables)	Dec. 31, 2021
Tangible and intangible assets
Schedule of reconciliation of changes in tangible and intangible assets.	Skr mn Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Net book value Tangible assets 40 22 28 Right-of-use assets 152 25 50 Intangible assets 1 139 98 56 Total net book value 331 145 134 Depreciation and impairment during the year according to the Consolidated Statement of Comprehensive Income -80 -51 -57

Leasing (Tables)

Leasing (Tables)	12 Months Ended
Leasing (Tables)	Dec. 31, 2021
Leasing
Schedule of right of use asset	Skr mn 2021 2020 Opening balance 25 50 Depreciation -30 -27 Addition 1 157 2 Closing balance 152 25 1 There have been canceled and new leases. During 2021 SEK moved to new premises.
Schedule of leasing amounts accounted for in profit or loss	Skr mn 2021 2020 Depreciation charge on right-of-use assets -30 -27 Interest expenses on lease liability -1 0 Expenses relating to short-term leases 1 0 0 Expenses relating to low-value leases 1 -1 -1 Variable lease fees 1 -6 -6 Total amount accounted for in profit or loss -38 -34 1 Accounted for under Other administrative expenses.
Schedule of lease liability	Skr mn 2021 2020 Opening balance 19 44 Interest expenses accrued 1 0 Payments of lease liability -24 -27 Addition 1 157 2 Closing balance 153 19 1 There have been canceled and new leases. During 2021 SEK moved to new premises.
Schedule of contractual flows of lease liability	Skr mn 2021 2020 Within 1 year 21 18 Between 1 and 5 years 122 1 More than 5 years 13 — Discounting effect -3 0 Closing balance 153 19
Schedule of reconciliation between gross investment and present value of minimum lease payments	December 31, 2021 December 31, 2020 Present value of Present value of minimum lease minimum lease Skr mn Gross investment payments Gross investment payments Within 1 year 111 108 102 99 Between 1 and 5 years 83 74 91 81 More than 5 years 44 34 19 14 Total 238 216 212 194 Unearned finance income — 21 — 17 Unguaranteed residual value — — — —

Impairments (Tables)

Impairments (Tables)	12 Months Ended
Impairments (Tables)	Dec. 31, 2021
Impairments
Schedule of impairment	Skr mn 2021 2020 2019 Expected credit losses, stage 1 60 -98 -19 Expected credit losses, stage 2 29 -48 11 Expected credit losses, stage 3 -46 -7 -17 Established credit losses -52 -20 -25 Reserves applied to cover established credit losses 49 20 40 Recovered credit losses 1 — — Net credit losses 1 41 -153 -10 1 Of which Skr 22 million (2020: Skr -125 million) relates to loans to the public.
Schedule of balances and reconciliation of changes in balances and loss allowances by stages	December 31, 2021 December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans, before expected credit losses Loans in the form of interest-bearing securities 42,827 3,772 — 46,599 47,095 3,719 — 50,814 Loans to credit institutions 6,948 3,414 — 10,362 8,834 509 — 9,343 Loans to the public 147,137 30,999 2,284 180,420 142,171 28,109 1,482 171,762 Total, loans, before expected credit losses 196,912 38,185 2,284 237,381 198,100 32,337 1,482 231,919 Off balance, before expected credit losses Guarantees 4,767 — — 4,767 2,463 1,506 — 3,969 Committed undisbursed loans 26,810 28,466 105 55,381 25,893 32,642 — 58,535 Total, off balance, before expected credit losses 31,577 28,466 105 60,148 28,356 34,148 — 62,504 Total, before expected credit losses 228,489 66,651 2,389 297,529 226,456 66,485 1,482 294,423 of which guaranteed 63.7 % 93.2 % 95.7 % 70.3 % 59.5 % 84.6 % 97.6 % 63.2 % Loss allowance, loans Loans in the form of interest-bearing securities -14 -7 — -21 -20 -13 — -33 Loans to credit institutions -4 0 — -4 -6 0 — -6 Loans to the public -64 -20 -48 -132 -113 -42 -46 -201 Total, loss allowance, loans -82 -27 -48 -157 -139 -55 -46 -240 Loss allowance, off balance 1 Guarantees 0 — — 0 0 0 — 0 Committed undisbursed loans -6 -1 0 -7 -8 -1 — -9 Total, loss allowance, off balance -6 -1 0 -7 -8 -1 — -9 Total, loss allowance -88 -28 -48 -164 -147 -56 -46 -249 Provision ratio 0.04 % 0.04 % 2.01 % 0.06 % 0.06 % 0.08 % 3.10 % 0.08 % 1 Recognized under provision in Consolidated Statement of Financial Position. Loans and off balance, before loss allowance December 31, 2021 December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Opening balance 226,456 66,485 1,482 294,423 214,115 61,619 1,327 277,061 Increase due to origination and acquisition 79,856 7,380 234 87,470 129,830 26,030 815 156,675 Transfer to stage 1 1,240 -1,302 — -62 683 -872 — -189 Transfer to stage 2 -4,676 4,223 — -453 -8,391 7,422 -159 -1,128 Transfer to stage -105 -948 945 -108 — -42 34 -8 Decrease due to derecognition -74,282 -9,187 -272 -83,741 -109,781 -27,672 -535 -137,988 Closing balance 228,489 66,651 2,389 297,529 226,456 66,485 1,482 294,423 Loss allowance December 31, 2021 December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Opening balance -147 -56 -46 -249 -54 -10 -64 -128 Increases due to origination and acquisition -40 0 -25 -65 -84 0 — -84 Net remeasurement of loss allowance 51 13 -43 21 -23 -48 2 -69 Transfer to stage 1 0 0 — 0 0 0 — — Transfer to stage 2 2 -6 — -4 1 -1 0 0 Transfer to stage 3 0 2 -21 -19 — 1 -10 -9 Decreases due to derecognition 47 20 43 110 8 0 0 8 Decrease in allowance account due to write-offs — — 49 49 — — 20 20 Exchange-rate differences 1 -1 -1 -5 -7 5 2 6 13 Closing balance -88 -28 -48 -164 -147 -56 -46 -249 1 Recognized under Net results of financial transactions in the Statement of Comprehensive Income.
Summary of loan credit quality, before expected credit losses, allocated by stage	December 31, 2021 December 31, 2020 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total AAA — — — — 37 — — 37 AA+ to A- 25,815 — — 25,815 29,261 — — 29,261 BBB+ to BBB- 131,514 2,258 — 133,772 130,068 1,166 — 131,234 BB+ to BB- 32,247 25,043 — 57,290 32,275 23,201 — 55,476 B+ to B- 6,697 5,461 — 12,158 5,997 7,053 — 13,050 CCC to D 639 5,423 2,284 8,346 462 917 1,482 2,861 Total, before expected credit losses 196,912 38,185 2,284 237,381 198,100 32,337 1,482 231,919

Taxes (Tables)

Taxes (Tables)	12 Months Ended
Taxes (Tables)	Dec. 31, 2021
Taxes
Schedule of components of income taxes	Skr mn 2021 2020 2019 Income tax Adjustment previous year 0 -4 2 Current tax -272 -266 -570 Deferred tax 1 0 291 Total income tax -271 -270 -277
Schedule of income tax related to other comprehensive income	Income tax related to other comprehensive income Tax on items to be reclassified to profit or loss Current tax — — 2 Tax on items not to be reclassified to profit or loss Current tax 5 -4 -5 Deferred tax -5 -1 1 Income tax related to other comprehensive income 0 -5 -2
Schedule of reconciliation of effective tax rate	Reconciliation of effective tax rate The Swedish corporate tax rate (percent) 20.6 21.4 21.4 Profit before taxes 1,305 1,238 1,304 National tax based on profit before taxes -269 -265 -279 Tax effects of: Non-taxable income 0 0 9 Non-deductible expenses -3 -1 -16 Imputed interest on tax allocation reserve — — -1 Tax effect of dissolution of untaxed reserves due to changed tax rate — — 8 Tax effect of the tax credit for investments in equipment 1 — — Other — -4 2 Total tax -271 -270 -277 Effective tax expense (percent) 20.8 21.8 21.2
Schedule of deferred taxes	Skr mn 2021 2020 Deferred tax assets concerning: Temporary differences, related to pensions 10 15 Tax effect of the tax credit for investments in equipment 1 — Total deferred tax assets 11 15
Schedule of changes in deferred taxes	Skr mn 2021 2020 Opening balance 15 16 Change through profit or loss 1 0 Change in other comprehensive income -5 -1 Closing balance 11 15

Loans and liquidity investmen_2

Loans and liquidity investments (Tables)	12 Months Ended
Loans and liquidity investments (Tables)	Dec. 31, 2021
Loans and liquidity investments.
Schedule of loans and liquidity investments	Dec 31, Dec 31, Skr mn 2021 2020 Loans: Loans in the form of interest--bearing securities 46,578 50,780 Loans to credit institutions 20,775 31,315 Loans to the public 180,288 171,562 Less: Cash collateral under the security agreements for derivative contracts 1 -10,417 -21,979 Total loans 237,224 231,678 Liquidity investments: Cash and cash equivalents 11,128 3,362 Cash collateral under the security agreements for derivative contracts — — Treasuries/government bonds 10,872 22,266 Other interest-bearing securities except loans 45,881 33,551 Total liquidity investments 67,881 59,179 of which issued by public authorities 16,584 25,262
Schedule of difference between book value amount and amount contractually required to be paid at maturity for interest-bearing securities not carried at fair value	Skr mn 2021 2020 Sum of amounts exceeding nominal 243 148 Sum of amounts falling below nominal -9 -10
Schedule of volume development, lending	of which the CIRR-system Skr mn 2021 2020 2021 2020 Offers of long-term loans accepted 76,988 125,470 11,797 18,350 Undisbursed loans at year-end 53,871 57,213 39,084 51,463 Loans outstanding at year-end 1 237,224 231,678 87,872 69,163 1 Including concessionary loans in the amount of Skr 315 million (year-end 2020: Skr 382 million).
Schedule of outstanding loans as per business area	Outstanding loans as per business area of which the CIRR-system Dec 31, Dec 31, Dec 31, Dec 31, Skr mn 2021 2020 2021 2020 Lending to Swedish exporters 109,281 120,050 — — Lending to exporters’ customers 127,943 111,628 87,872 69,163 Total lending 1 237,224 231,678 87,872 69,163 1 Includ ing concessionary loans in the amount of Skr 315 million (year-end 2020: Skr 382 million).

Classification of financial a_2

Classification of financial assets and liabilities (Tables)	12 Months Ended
Classification of financial assets and liabilities (Tables)	Dec. 31, 2021
Classification of financial assets and liabilities
Schedule of financial assets by accounting category	December 31, 2021 Financial assets at fair value through profit or loss Derivatives used for hedge Skr mn Mandatorily accounting Amortized cost Total Cash and cash equivalents — — 11,128 11,128 Treasuries/government bonds 10,872 — — 10,872 Other interest-bearing securities except loans 45,881 — — 45,881 Loans in the form of interest-bearing securities — — 46,578 46,578 Loans to credit institutions — — 20,775 20,775 Loans to the public — — 180,288 180,288 Derivatives 5,764 2,655 — 8,419 Total financial assets 62,517 2,655 258,769 323,941 December 31, 2020 Financial assets at fair value through profit or loss Derivatives used for hedge Skr mn Mandatorily accounting Amortized cost Total Cash and cash equivalents — — 3,362 3,362 Treasuries/government 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 50,780 Loans to credit institutions — — 31,315 31,315 Loans to the public — — 171,562 171,562 Derivatives 4,248 3,315 — 7,563 Total financial assets 60,065 3,315 257,019 320,399
Schedule of financial liabilities by accounting category	December 31,2021 Financial liabilities at fair value through profit or loss Designated upon initial recognition Derivatives used for Skr mn Mandatorily (FVO) hedge accounting Amortized cost Total Borrowing from credit institutions — — — 5,230 5,230 Borrowing from the public — — — 10,000 10,000 Debt securities issued — 39,316 — 240,454 279,770 Derivatives 11,185 — 3,544 — 14,729 Total financial liabilities 11,185 39,316 3,544 255,684 309,729 December 31,2020 Financial liabilities at fair value through profit or loss Designated upon initial recognition Derivatives used for Skr mn Mandatorily (FVO) hedge accounting Amortized cost Total Borrowing from credit institutions — — — 3,486 3,486 Borrowing from the public — — — 10,000 10,000 Debt securities issued — 47,388 — 226,588 273,976 Derivatives 24,921 — 474 — 25,395 Total financial liabilities 24,921 47,388 474 240,074 312,857

Financial assets and liabilit_2

Financial assets and liabilities at fair value (Tables)	12 Months Ended
Financial assets and liabilities at fair value (Tables)	Dec. 31, 2021
Sub-classifications of financial information
Financial assets and liabilities at fair value	December 31, 2021 Surplus value (+) Skr mn Book value Fair value /Deficit value (-) Cash and cash equivalents 11,128 11,128 — Treasuries/governments bonds 10,872 10,872 — Other interest-bearing securities except loans 45,881 45,881 — Loans in the form of interest-bearing securities 46,578 47,991 1,413 Loans to credit institutions 20,775 20,993 218 Loans to the public 180,288 186,436 6,148 Derivatives 8,419 8,419 — Total financial assets 323,941 331,720 7,779 Borrowing from credit institutions 5,230 5,230 — Borrowing from the public 10,000 10,000 — Debt securities issued 279,770 280,294 524 Derivatives 14,729 14,729 — Total financial liabilities 309,729 310,253 524 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	December 31, 2021 Loans and accounts receivable Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Cash and cash equivalents 11,128 — — 11,128 11,128 Loans in the form of interest-bearing securities 1,970 46,021 — 47,991 46,578 Loans to credit institutions — 20,993 — 20,993 20,775 Loans to the public — 186,436 — 186,436 180,288 Total financial assets in fair value hierarchy 13,098 253,450 — 266,548 258,769 December 31, 2020 Loans and accounts receivable Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Cash and cash equivalents 3,362 — — 3,362 3,362 Loans in the form of interest-bearing securities 306 51,785 — 52,091 50,780 Loans to credit institutions — 31,424 — 31,424 31,315 Loans to the public — 180,453 — 180,453 171,562 Total financial assets in fair value hierarchy 3,668 263,662 — 267,330 257,019 December 31, 2021 Financial assets at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 5,638 5,234 — 10,872 Other interest-bearing securities except loans 26,549 19,332 — 45,881 Derivatives — 7,933 486 8,419 Total financial assets in fair value hierarchy 32,187 32,499 486 65,172 December 31, 2020 Financial assets at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 14,169 8,097 — 22,266 Other interest-bearing securities except loans 19,413 14,138 — 33,551 Derivatives — 5,985 1,578 7,563 Total financial assets in fair value hierarchy 33,582 28,220 1,578 63,380
Schedule of fair value measurement of liabilities	December 31, 2021 Other financial liabilities Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Borrowing from credit institutions — 5,230 — 5,230 5,230 Borrowing from the public — 10,000 — 10,000 10,000 Debt securities issued — 240,979 — 240,979 240,454 Total financial liabilities in fair value hierarchy — 256,209 — 256,209 255,684 December 31, 2020 Other financial liabilities Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Borrowing from credit institutions — 3,486 — 3,486 3,486 Borrowing from the public — 10,000 — 10,000 10,000 Debt securities issued — 227,164 — 227,164 226,588 Total financial liabilities in fair value hierarchy — 240,650 — 240,650 240,074 December 31, 2021 Financial liabilities at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 6,761 32,555 39,316 Derivatives — 12,206 2,523 14,729 Total financial liabilities in fair value hierarchy — 18,967 35,078 54,045 December 31, 2020 Financial liabilities at fair value through profit or loss Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 6,190 41,198 47,388 Derivatives — 23,554 1,841 25,395 Total financial liabilities in fair value hierarchy — 29,744 43,039 72,783
Schedule of financial assets and liabilities at fair value	Financial assets and liabilities at fair value in Level 3 December 31, 2021 Gains (+) and Gains (+) and losses (-) losses (-) Cur. Jan 1, Settlements Transfers to Transfers through profit or through other exchange-rate Dec 31, Skr mn 2020 Purchases & sales Level 3 from Level 3 loss 1 comprehensive income effects 2020 Debt securities issued -41,198 -10,372 19,337 — — 196 -36 -482 -32,555 Derivatives, net -263 5 -599 -1 — 411 — -1,590 -2,037 Net assets and liabilities -41,461 -10,367 18,738 -1 — 607 -36 -2,072 -34,592 December 31, 2020 Gains (+) and Gains (+) and losses (-) losses (-) Cur. Jan 1, Settlements Transfers to Transfers through profit or through other exchange-rate Dec 31, Skr mn 2020 Purchases & sales Level 3 from Level 3 loss 1 comprehensive income effects 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, are reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2021, amounted to a Skr 594 million gain (year-end 2020: Skr 36 million gain) and are reported as net results of financial transactions.
Schedule of fair value related to credit risk	Fair value originating from credit risk The period's change in fair value origination (- liabilities increase/ + liabilities decrease) from credit risk (+ income/ - loss) Skr mn December 31, 2021 December 31, 2020 2021 2020 CVA/DVA, net 1 -14 -17 3 -5 OCA 2 -132 -108 -24 18 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflect how the counterparties’ credit risk as well as SEK’s own credit rating affect the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affect the fair value of financial liabilities measured at fair value through profit and loss.
Level 3
Sub-classifications of financial information
Schedule of sensitivity analysis - level 3	Assets and liabilities December 31, 2021 Unobservable Range of estimates for Skr mn Fair Value input unobservable input Valuation method Sensitivity Max Sensitivity Min Equity -892 Correlation 0.12 - (0.12) Option Model -3 3 Interest rate -1 Correlation 0.12 - (0.12) Option Model 0 0 FX -1,038 Correlation 0.12 - (0.12) Option Model -56 56 Other -106 Correlation 0.12 - (0.12) Option Model 0 0 Sum derivatives, net -2,037 -59 59 Equity -9,283 Correlation 0.12 - (0.12) Option Model 3 -3 Credit spreads 10BP 10BP Discounted cash flow 10 -10 Interest rate -11,900 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP 10BP Discounted cash flow 58 -58 FX -11,235 Correlation 0.12 - (0.12) Option Model 59 -59 Credit spreads 10BP 10BP Discounted cash flow 50 -50 Other -137 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP 10BP Discounted cash flow 1 -1 Sum debt securities issued -32,555 181 -181 Total effect on total comprehensive income 122 -122 December 31, 2020 Assets and liabilities Unobservable Range of estimates for Skr mn Fair Value input unobservable input Valuation method Sensitivity Max Sensitivity Min Equity -144 Correlation 0.12 - (0.12) Option Model -6 6 Interest rate 4 Correlation 0.12 - (0.12) Option Model 0 0 FX 9 Correlation 0.12 - (0.12) Option Model -53 53 Other -132 Correlation 0.12 - (0.12) Option Model 0 0 Sum derivatives, net -263 -59 59 Equity -14,836 Correlation 0.12 - (0.12) Option Model 6 -6 Credit spreads 10BP 10BP Discounted cash flow 8 -8 Interest rate -13,181 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP 10BP Discounted cash flow 65 -65 FX -13,070 Correlation 0.12 - (0.12) Option Model 53 -53 Credit spreads 10BP 10BP Discounted cash flow 63 -63 Other -111 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP 10BP Discounted cash flow 1 -1 Sum debt securities issued -41,198 196 -196 Total effect on total comprehensive income 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 (year-end 2020: +/- 0). The impact from SEK’s own credit spread amounts to Skr 119 million (year-end 2020: Skr 137 million) under a maximum scenario and Skr -119 million (year-end 2020: Skr -137 million) under a minimum scenario.

Derivatives and hedge account_2

Derivatives and hedge accounting (Tables)	12 Months Ended
Derivatives and hedge accounting (Tables)	Dec. 31, 2021
Derivatives and hedge accounting
Schedule of derivatives	Derivatives by categories December 31, 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 3,192 9,464 361,160 3,846 11,774 323,664 Currency-related contracts 5,218 3,518 157,362 3,249 11,236 153,838 Equity-related contracts 2 895 9,801 457 620 15,598 Contracts related to commodities, credit risk, etc. 7 852 3,521 11 1,765 7,513 Total derivatives 8,419 14,729 531,844 7,563 25,395 500,613 of which derivatives used for economic hedges, December 31, 2021 December 31, 2020 accounted for as held-for-trading under IFRS 9 Assets Liabilities Nominal Assets Liabilities Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 1,936 7,361 149,875 2,357 12,226 132,228 Currency-related contracts 3,819 2,077 126,460 1,423 10,310 132,029 Equity-related contracts 2 895 9,801 457 620 15,598 Contracts related to commodities, credit risk, etc. 7 852 3,521 11 1,765 7,513 Total derivatives 5,764 11,185 289,657 4,248 24,921 287,368 December 31, 2021 December 31, 2020 of which derivatives in fair-value hedges Assets Liabilities Nominal Assets Liabilities Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 1,256 2,104 211,285 1,489 -453 191,435 Currency-related contracts 1,399 1,440 30,902 1,826 927 21,810 Total derivatives 2,655 3,544 242,187 3,315 474 213,245 1 The nominal amount of the instruments directly affected by the IBOR reform amounts to Skr 105,440 million (year-end 2020: Skr 55,094 million). Maturity analysis of the nominal amounts 1 of hedging instruments December 31, 2021 1 month 3 months 1 year Skr mn < 1 month < 3 months < 1 year < 5 years > 5 years Interest rate-related contracts Hedge of fixed rate assets 57 229 942 12,070 7,340 Hedge of fixed rate liabilities 12,650 12,650 29,739 131,655 5,306 Currency-related contracts Hedge of fixed rate assets 97 205 1,577 2,976 233 Hedge of fixed rate liabilities 16 1,010 5,917 15,669 2,590 December 31, 2020 1 month 3 months 1 year Skr mn < 1 month < 3 months < 1 year < 5 years > 5 years Interest rate-related contracts Hedge of fixed rate assets 4 17 146 7,042 11,089 Hedge of fixed rate liabilities — 9,809 34,739 126,023 2,607 Currency-related contracts Hedge of fixed rate assets 41 61 427 3,240 633 Hedge of fixed rate liabilities — 425 1,920 11,066 4,491 1 Nominal amounts before set-off.
Schedule of carrying amount of hedge items in fair value hedge and its adjustments	December 31, 2021 December 31, 2020 Assets Fair -value hedge Fair -value hedge Skr mn Book value adjustments Book value adjustments Loans in the form of interest-bearing securities 11,035 278 9,778 598 Loans to credit institutions 1,019 -23 969 4 Loans to the public 14,869 527 13,032 1,044 Total 26,923 782 23,779 1,646 December 31, 2021 December 31, 2020 Liabilities Fair -value hedge Fair -value hedge Skr mn Book value adjustments Book value adjustments Debt securities issued 216,242 1,183 195,460 5,454 Total 216,242 1,183 195,460 5,454
Schedule of financial assets subject to offsetting, enforceable master netting arrangements and similar agreements	Dec 31, 2021 Dec 31, 2020 Skr mn Derivatives Derivatives Gross amounts of recognized financial assets 10,059 9,912 Amounts offset in the Statement of Financial Position -1,640 -2,349 Net amounts of financial assets-presented in the Statement of -Financial Position 8,419 7,563 Amounts subject to an enforceable master netting arrangement or -similar agreement not offset in the Statement of Financial Position related to: Financial instruments -3,262 -2,354 Cash collateral received -3,500 -2,502 Net amount 1,657 2,707
Schedule of financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements	Dec 31, 2021 Dec 31, 2020 Skr mn Derivatives Derivatives Gross amounts of recognized financial liabilities 16,369 27,744 Amounts offset in the Statement of Financial Position -1,640 -2,349 Net amounts of financial liabilities presented in the Statement of Financial Position 14,729 25,395 Amounts subject to an enforceable master netting arrangement or -similar agreement not offset in the Statement of Financial Position related to: Financial instruments -3,262 -2,354 Cash collateral paid -9,528 -20,172 Net amount 1,939 2,869

Shares (Tables)

Shares (Tables)	12 Months Ended
Shares (Tables)	Dec. 31, 2021
Shares
Schedule of shares in subsidiaries	Shares in subsidiaries December 31, 2021 December 31, 2020 Skr mn Book value Number of shares Book value Number of shares SEKETT AB (reg. no 559132-9668) 0 50 0 50

Other assets (Tables)

Other assets (Tables)	12 Months Ended
Other assets (Tables)	Dec. 31, 2021
Other assets.
Schedule of other assets	Skr mn Dec 31, 2021 Dec 31, 2020 Claim against the State for CIRR loans and concessionary loans 7,208 12,359 Cash receivables, funding operations 191 465 Other 52 29 Total 7,451 12,853

Prepaid expenses and accrued _2

Prepaid expenses and accrued revenues (Tables)	12 Months Ended
Prepaid expenses and accrued revenues (Tables)	Dec. 31, 2021
Prepaid expenses and accrued revenues
Schedule of prepaid expenses and accrued revenues	Skr mn Dec 31, 2021 Dec 31, 2020 Interest income accrued 1,876 1,958 Prepaid expenses and other accrued revenues 37 29 Total 1,913 1,987

Debt (Tables)

Debt (Tables)	12 Months Ended
Debt (Tables)	Dec. 31, 2021
Debt
Schedule of debt as per categories	December 31,2021 Total debt excluding debt Total debt -- Skr mn securities issued securities issued Total Exchange-rate related contracts — 25,112 25,112 Interest rate related contracts 15,230 254,298 269,528 Equity related contracts — 223 223 Contracts related to raw materials, credit risk etc — 137 137 Total debt outstanding 15,230 279,770 295,000 Other of which denominated in: Skr USD JPY EUR currencies Total 24,672 202,158 20,852 19,841 27,477 295,000 December 31, 2020 Total debt excluding debt Total debt -- Skr mn securities issued securities issued Total Exchange-rate related contracts — 19,207 19,207 Interest rate related contracts 13,486 254,377 267,863 Equity related contracts — 281 281 Contracts related to raw materials, credit risk etc — 111 111 Total debt outstanding 13,486 273,976 287,462 Other of which denominated in: Skr USD JPY EUR currencies Total 16,547 202,787 27,812 19,994 20,322 287,462
Schedule of major borrowing programs	Value outstanding 1 Skr mn December 31, 2021 December 31, 2020 Medium-term note program: Unlimited Euro Medium-Term Note Programme 107,597 96,724 Unlimited SEC-registered U.S. Medium-Term Note Programme 159,393 160,945 Unlimited Swedish Medium-Term Note Programme 429 438 Unlimited MTN/STN AUD Debt Issuance Programme 4,417 4,544 Commercial paper program: USD 3,000,000,000 U.S. Commercial Paper Programme 1,806 10,006 USD 4,000,000,000 Euro-Commercial Paper Programme 1,355 — 1 Amortized cost excluding fair value adjustments.
Schedule of liabilities in financing activities	Liabilities in financing activities Non-cash items Skr mn January 1, 2021 Cash Flow Exchange rate difference Unrealized changes in fair value Accrued interest December 31, 2021 Senior debt 287,462 -10,958 22,588 -4,092 — 295,000 Lease liability 19 -24 — 157 1 1 153 Derivatives - net 17,832 -1,523 -7,589 -2,410 — 6,310 Total liabilities in financing activities 305,313 -12,505 14,999 -6,345 1 301,463 1 Refers to increase in leasing debts due to new leasing agreements. Non-cash items Skr mn January 1, 2020 Cash Flow Exchange -rate difference Unrealized changes in fair value Accrued interest December 31, 2020 Senior debt 273,017 29,460 -17,004 1,989 — 287,462 Lease liability 44 -27 — 2 — 19 Derivatives - net 13,088 -8,651 11,819 1,576 — 17,832 Total liabilities in financing activities 286,149 20,782 -5,185 3,567 — 305,313

Other liabilities (Tables)

Other liabilities (Tables)	12 Months Ended
Other liabilities (Tables)	Dec. 31, 2021
Other liabilities
Schedule of other liabilities	Skr mn Dec 31, 2021 Dec 31, 2020 Cash payables, debt -purchases 725 194 Other 442 261 Total 1,167 455

Accrued expenses and prepaid _2

Accrued expenses and prepaid revenues (Tables)	12 Months Ended
Accrued expenses and prepaid revenues (Tables)	Dec. 31, 2021
Accrued expenses and prepaid revenues
Schedule of accrued expenses and prepaid revenues	Skr mn Dec 31, 2021 Dec 31, 2020 Interest expenses accrued 1,793 1,843 Other accrued expenses and prepaid revenues 82 81 Total 1,875 1,924

Provisions (Tables)

Provisions (Tables)	12 Months Ended
Provisions (Tables)	Dec. 31, 2021
Provisions
Schedule of provisions	Note 21. Provisions Skr mn December 31, 2021 December 31, 2020 Pension liabilities 1 57 82 Long term employee benefit 4 8 Off balance, expected credit losses 2 7 9 Total 68 99 1 See note 5. 2 Provisions for expected credit losses for off-balance-sheet exposures, in accordance with IFRS 9. See note 9.

Equity (Tables)

Equity (Tables)	12 Months Ended
Equity (Tables)	Dec. 31, 2021
Equity
Schedule of components of equity	December 31, December 31, Skr mn 2021 2020 Share capital 3,990 3,990 Legal reserve — — Fund for internally developed software — — Reserves/Fair value reserve Own credit risk -102 -84 Defined benefit plans -27 -45 Retained earnings 16,947 16,203 Total equity 20,808 20,064
Restricted and unrestricted equity	Consolidated Group December 31, December 31, Skr mn 2021 2020 Restricted equity 4,314 4,282 Unrestricted equity 16,494 15,782 Total equity 20,808 20,064
Proposal for the distribution of profits	At the disposal of the Annual General Meeting 16,532 The Board of Directors proposes that the Annual General Meeting dispose of these funds as follows: - dividend to the shareholder of Skr 103.70 per share, amounting to 414 - remaining disposable funds to be carried forward 16,118

Pledged assets and contingent_2

Pledged assets and contingent liabilities (Tables)	12 Months Ended
Pledged assets and contingent liabilities (Tables)	Dec. 31, 2021
Pledged assets and contingent liabilities
Schedule of pledged assets and contingent liabilities	Skr mn Dec 31, 2021 Dec 31, 2020 Collateral provided Cash collateral under the security agreements for derivative contracts 10,417 21,979 Contingent liabilities Guarantee commitments 4,767 3,969 Commitments Committed undisbursed loans 53,871 57,213 Binding offers 1,510 1,322

CIRR-system (Tables)

CIRR-system (Tables)	12 Months Ended
CIRR-system (Tables)	Dec. 31, 2021
CIRR-system
The disclosure of information about CIRR-systems.	Statement of comprehensive income for the CIRR-system Skr mn 2021 2020 Interest income 2,105 2,170 Interest expenses -2,061 -2,087 Interest compensation 7 14 Foreign exchange effects -1 4 Profit before compensation to SEK 50 101 Administrative remuneration to SEK -197 -196 Operating profit CIRR-system -147 -95 Reimbursement to (-) / from (+) the State 147 95 Statement of financial position for the CIRR-system Skr mn Dec 31, 2021 Dec 31, 2020 Cash and cash equivalents 8 2 Loans 87,872 69,163 Derivatives 36 — Other assets 7,359 12,528 Prepaid expenses and accrued revenues 470 407 Total assets 95,745 82,100 Liabilities 88,092 69,289 Derivatives 7,060 12,232 Accrued expenses and prepaid revenues 593 579 Total liabilities and equity 95,745 82,100 Commitments Committed undisbursed loans 39,084 51,463 Binding offers 1,510 1,322

Capital adequacy (Tables)

Capital adequacy (Tables)	12 Months Ended
Capital adequacy (Tables)	Dec. 31, 2021
Capital adequacy
Schedule of capital adequacy	Capital Adequacy Analysis December 31,2021 December 31,2020 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 21.6 21.8 Tier 1 capital ratio 21.6 21.8 Total capital ratio 21.6 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. December 31, 2021 December 31, 2020 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 7,371 8.0 7,136 8.0 of which Tier 1 requirement of 6 percent 5,528 6.0 5,352 6.0 of which minimum requirement of 4.5 percent 4,146 4.5 4,014 4.5 Pillar 2 capital requirements 3 3,382 3.7 3,921 4.4 Common Equity Tier 1 capital available to meet buffer requirements 4 9,149 9.9 12,310 13.8 Capital buffer requirements 2,333 2.5 2,259 2.5 of which Capital conservation buffer 2,303 2.5 2,230 2.5 of which Countercyclical buffer 30 0.0 29 0.0 Pillar 2 guidance 5 1,382 1.5 — — Total risk-based capital requirement 14,468 15.7 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 of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA SREP. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital - i.e., 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.67 percent). The Pillar 2 requirement was not deducted in the previous year’s figure. 5 The Swedish FSA has on September 29, 2021 notified SEK, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement.
Schedule of leverage ratio	December 31, 2021 December 31, 2020 Leverage ratio 1 Skr mn Skr mn On-balance sheet exposures 209,889 297,605 Off-balance sheet exposures 5,309 37,162 Total exposure measure 2 215,198 334,767 Leverage ratio 3 9.3 % 5.8 % 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. 2 In the second quarter of 2021, SEK changed its methodology for calculating the exposure measure in leverage ratio to comply with new regulatory requirements (CRRII), in which certain exposures are no longer included. Comparative figures have not been recalculated. 3 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure. December 31, 2021 December 31, 2020 Total Leverage ratio requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent 6,456 3.00 — — Pillar 2 guidance 2 323 0.2 — — Total capital requirement relating to leverage ratio 6,779 3.2 — — 1 Expressed as a percentage of total exposure amount. 2 The Swedish FSA has on September 29, 2021 notified SEK, within the latest SREP, that SEK should hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement.
Schedule of own funds	Parent Company Dec 31, Dec 31, Skr mn 2021 2020 Share capital 1 3,990 3,990 Retained earnings 15,518 14,856 Accumulated other comprehensive income and other reserves 323 292 Independently reviewed profit net of any foreseeable charge or dividend 601 694 Common Equity Tier 1 (CET1) capital before regulatory adjustments 20,432 19,832 Additional value adjustments due to prudent valuation -395 -306 Intangible assets -99 -98 Gains or losses on liabilities valued at fair value resulting from changes in own credit -standing 98 77 Negative amounts resulting from the calculation of expected loss amounts -111 -55 Total regulatory adjustments to Common Equity Tier 1 capital -507 -382 Total Common Equity Tier 1 capital 19,925 19,450 Additional Tier 1 capital — — Total Tier 1 capital 19,925 19,450 Tier 2-eligible subordinated debt — — Credit risk adjustments 2 — — Total Tier 2 capital — — Total Own funds 19,925 19,450 1 For a detailed description of the instruments constituting share capital, see Note 22. 2 The expected loss amount calculated under the IRB approach is a gross deduction from own funds. The gross deduction is decreased by impairment related to exposures for which expected loss is calculated. Excess amounts of such impairment will increase own funds. This increase is limited to 0.6 percent of SEK’s risk exposure amount under the IRB approach related to exposures to central governments, corporates and financial institutions. As of December 31, 2021, the limitation rule had no effect (year end 2020: no effect).
Schedule of minimum capital requirements exclusive of buffers	Parent Company December 31, 2021 December 31, 2020 Risk Min. Risk Min. exposure capital exposure capital Skr mn EAD 1 amount requirement EAD 1 amount requirement Credit risk, standardized approach Corporates 2,990 2,990 239 2,238 2,238 179 Default exposures 74 74 6 7 7 1 Total credit risk, standardized approach 3,064 3,064 245 2,245 2,245 180 Credit risk, IRB approach Central governments 196,606 9,673 774 192,077 9,684 775 Financial institutions 2 41,082 8,843 707 30,661 6,764 541 Corporates 3 115,412 62,988 5,039 117,415 63,766 5,101 Non-credit-obligation assets 372 372 30 163 163 13 Total credit risk IRB approach 353,472 81,876 6,550 340,316 80,377 6,430 Credit valuation adjustment risk n.a. 2,922 233 n.a. 2,284 183 Foreign exchange risk n.a. 645 52 n.a. 664 52 Commodity risk n.a. 11 1 n.a. 7 1 Operational risk n.a. 3,622 290 n.a. 3,625 290 Total 356,536 92,140 7,371 342,561 89,202 7,136 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivative contracts: EAD Skr 5,975 million (year-end 2020: Skr 5,535 million), Risk exposure amount of Skr 2,000 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 5,224 million (year-end 2020 Skr 3,847 million), Risk exposure amount of Skr 3,589 million (year-end 2020: Skr 2,739 million) and Capital requirement of Skr 287 million (year-end 2020: Skr 219 million).
Schedule of credit risk by PD grade	December 31,2021 December 31,2020 AAA A+ A+ BBB+ to AA- to A– BBB+ BB+ to B– CCC to D AAA to AA- to A– to BBB– BB+ to B– CCC to D 0.003% – 0.02 – to BBB– 0.54 – 44.36 – 0.003% – 0.02 – 0.12 – 0.54 – 27.27 – Skr mn 0.01% 0.07% 0.12 – 0.32% 6.80% 100% 0.01% 0.07% 0.32% 6.80% 100% Central governments EAD 191,669 4,587 — — — 186,722 5,287 — 68 — Average PD in % 0.004 0.05 — — — 0.004 0.05 — 4.14 — Average LGD in % 45.0 45.0 — — — 45.0 45.0 — 45.0 — Average risk weight in % 4.6 20.3 — — — 4.6 20.0 — 149.5 — December 31,2021 December 31,2020 A+ A+ AAA to A– BBB+ BB+ to B– CCC to D AAA to A– BBB+ BB+ to B– CCC to D to AA- 0.01% - 0.06 – to BBB– 0.50 – 28.91 – to AA- 0.06 – to BBB– 0.50 – 28.91 – Skr mn 0.04% 0.11% 0.16 – 0.32% 8.27% 100% 0.01% – 0.04% 0.11% 0.16 – 0.32% 8.27% 100% Financial institutions EAD 18,176 21,637 1,225 43 — 12,742 15,896 1,984 39 — Average PD in % 0.04 0.07 0.25 1.16 — 0.04 0.07 0.18 0.76 — Average LGD in % 35.7 32.8 45.0 45.0 — 36.7 35.7 45.0 45.0 — Average risk weight in % 17.6 22.0 67.9 129.3 — 17.3 22.1 50.3 131.5 — Corporates EAD 2,562 16,286 67,509 23,810 22 2,302 17,929 69,263 24,063 12 Average PD in % 0.04 0.09 0.24 0.74 89.43 0.03 0.09 0.23 1.02 28.9 Average LGD in % 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 Average risk weight in % 19.2 30.0 49.9 85.4 39.2 19.4 30.6 49.4 86.6 263.7
Schedule of internally assessed capital adequacy	Dec 31, Dec 31, Skr mn 2021 2020 Credit risk 6,038 6,121 Operational risk 225 203 Market risk 1,247 1,140 Other risks 234 183 Capital planning buffer 1,610 2,831 Total 9,354 10,478
Schedule of liquidity coverage	Skr bn, 12 month average Dec 31, 2021 Dec 31, 2020 Total liquid assets 56.1 49.0 Net liquidity outflows 1 10.1 10.1 Liquidity outflows 21.2 22.1 Liquidity inflows 12.2 13.3 Liquidity Coverage Ratio 695 % 604 %
Schedule of net stable funding	Skr bn Dec 31, 2021 Dec 31, 2020 Available stable funding 245.9 242.6 Requiring stable funding 176.4 179.7 Net Stable Funding Ratio 139 % 135 %

Risk information (Tables)

Risk information (Tables)	12 Months Ended
Risk information (Tables)	Dec. 31, 2021
Risk information
Schedule of credit risk exposure	December 31,2021 Maximum credit-risk exposure Assets at fair value through Amortized Skr mn profit or loss costs Cash and cash equivalents — 11,128 Treasuries/government bonds 10,884 — Other interest-bearing securities except loans 45,959 — Loans in the form of interest-bearing securities — 46,736 Loans to credit institutions — 12,891 Loans to the public — 238,599 Derivatives 8,419 — Total financial assets 65,262 309,354 December 31,2020 Maximum credit-risk exposure Assets at fair value through Amortized Skr mn profit or loss costs Cash and cash equivalents — 3,362 Treasuries/government bonds 22,275 — Other interest-bearing securities except loans 33,663 — Loans in the form of interest-bearing securities — 50,947 Loans to credit institutions — 16,326 Loans to the public — 227,075 Derivatives 7,563 — Total financial assets 63,501 297,710 December 31, 2021 Adjustment to carrying Multilateral Carrying amount from Central Regional development Public -sector Financial Skr bn amount exposure governments governments banks entity institutions Corporates Cash and cash equivalents 11.1 0.1 2.0 0.0 0.0 0.0 9.0 0.0 Treasuries/government bonds 10.9 0.0 10.9 0.0 0.0 0.0 0.0 0.0 Other interest-bearing -securities except loans 45.9 4.6 6.7 11.6 2.6 5.4 11.9 3.1 Loans in the form of interest-bearing securities 46.6 -0.1 3.0 0.0 0.0 0.0 0.0 43.7 Loans to credit institutions including cash and cash -equivalents 1 20.8 11.6 3.6 2.4 0.0 0.0 2.5 0.7 Loans to the public 180.3 -1.0 109.9 0.3 0.4 0.0 5.5 65.2 Derivatives 8.4 2.4 0.0 0.0 0.0 0.0 6.0 0.0 Other assets 7.5 7.5 0.0 0.0 0.0 0.0 0.0 0.0 Total financial assets 331.5 25.1 136.1 14.3 3.0 5.4 34.9 112.7 Contingent liabilities and -commitments 2 60.1 -6.0 49.4 1.0 0.0 0.0 6.3 9.4 Total 391.6 19.1 185.5 15.3 3.0 5.4 41.2 122.1 December 31, 2020 Adjustment to carrying Multilateral Carrying amount from Central Regional development Public -sector Financial Skr bn amount exposure governments governments banks entity institutions Corporates Cash and cash equivalents 3.4 0.1 2.5 — — — 0.8 — Treasuries/government bonds 22.3 0.0 22.3 — — — — — Other interest-bearing -securities except loans 33.6 -0.2 3.2 7.9 3.2 4.2 13.2 2.1 Loans in the form of interest-bearing securities 50.8 0.0 2.9 — — — 0.5 47.4 Loans to credit institutions including cash and cash -equivalents 1 31.3 21.9 1.1 4.1 — — 3.4 0.8 Loans to the public 171.6 -1.6 99.7 0.3 0.3 6.6 66.3 Derivatives 7.6 2.1 — — — — 5.5 — Other assets 12.9 12.9 — — — — — — Total financial assets 333.5 35.2 131.7 12.3 3.5 4.2 30.0 116.6 Contingent liabilities and -commitments 2 62.5 1.3 53.8 — — — 0.9 6.5 Total 396.0 36.5 185.5 12.3 3.5 4.2 30.9 123.1 1 Skr 10.4 billion (2020: Skr 22.0 billion) of the book value for Loans to credit institutions is cash collateral under the CSAs for derivative contracts. 2 Contingent liabilities and commitments, except cash collateral. Interest-bearing securities Committed undisbursed loans, and lending derivatives, etc. Total Skr bn Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 Exposure class Amount % Amount % Amount % Amount % Amount % Amount % Central governments 136.1 44.4 131.6 45.0 49.4 74.8 53.9 80.0 185.5 49.8 185.5 51.6 Regional governments 14.3 4.7 12.3 4.2 1.0 1.5 — — 15.3 4.1 12.3 3.4 Multilateral development banks 3.0 1.0 3.5 1.2 — — 0.0 0.0 3.0 0.8 3.5 1.0 Public sector entity 5.4 1.7 4.2 1.5 — — — — 5.4 1.4 4.2 1.2 Financial institutions 34.9 11.4 24.5 8.4 6.3 9.5 6.4 9.5 41.2 11.1 30.9 8.6 Corporates 112.7 36.8 116.0 39.7 9.4 14.2 7.1 10.5 122.1 32.8 123.1 34.2 Total 306.4 100.0 292.1 100.0 66.1 100.0 67.4 100.0 372.5 100.0 359.5 100.0 December 31, 2021 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America Oceania America Sweden Sweden Europe Total Central governments 25.9 3.3 1.9 1.3 — 42.2 6.6 10.1 — 91.3 Regional governments 1.6 — — — — — 10.4 0.0 — 12.0 Multilateral development banks — — — — — — — 2.6 — 2.6 Public sector entity — — — — — — — 5.4 — 5.4 Financial institutions — — 2.3 3.9 — — 17.5 15.3 0.1 39.1 Corporates 13.2 4.4 1.2 56.5 — 8.8 99.8 34.0 4.2 222.1 Total 40.7 7.7 5.4 61.7 — 51.0 134.3 67.4 4.3 372.5 December 31, 2020 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America Oceania America Sweden Sweden Europe Total Central governments 11.3 3.6 2.4 0.8 — 42.0 12.1 12.7 — 84.9 Regional governments 1.4 — — — — — 7.9 0.0 — 9.3 Multilateral development banks — — — — — — — 3.1 — 3.1 Public sector entity — — — — — — — 4.3 — 4.3 Financial institutions — 1.2 0.1 1.0 0.8 — 13.3 10.4 0.2 27.0 Corporates 14.1 5.0 1.7 64.0 — 8.0 105.1 28.3 4.7 230.9 Total 26.8 9.8 4.2 65.8 0.8 50.0 138.4 58.8 4.9 359.5 Geographical breakdown of net exposures by exposure class December 31, 2021 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America Oceania America Sweden Sweden Europe Total Central governments — 0.4 2.0 2.0 — — 161.5 17.0 2.6 185.5 Regional governments — — — — — — 15.3 0.0 — 15.3 Multilateral development banks — — — — — — — 3.0 — 3.0 Public sector entity — — — — — — — 5.4 — 5.4 Financial institutions 0.0 — 2.4 4.9 — — 15.1 18.6 0.2 41.2 Corporates 1.4 1.2 3.3 5.7 — 3.3 82.7 23.1 1.4 122.1 Total 1.4 1.6 7.7 12.6 — 3.3 274.6 67.1 4.2 372.5 December 31, 2020 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America Oceania America Sweden Sweden Europe 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 Gross exposures Europe, excluding Sweden, breakdown by exposure class December 31, 2021 Central Regional Multilateral Public sector Financial Skr bn governments governments development banks entity institutions Corporates Total Finland 1.0 0.0 — — 0.3 9.0 10.3 United Kingdom — — — — 2.0 7.4 9.4 Germany 3.1 — — 5.2 0.3 0.2 8.8 Norway — — — — 1.9 4.7 6.6 Austria 4.3 — — — 1.8 — 6.1 Denmark — — — 0.2 3.1 1.8 5.1 Spain — — — — 0.5 4.5 5.0 Netherlands — — — — 3.3 0.6 3.9 France — — — — 2.0 1.8 3.8 Luxembourg 0.6 — 2.6 — — — 3.2 Poland — — — — — 2.8 2.8 Italy — — — — 0.0 2.4 2.4 Belgium 1.2 — — — — 0.3 1.5 Portugal — — — — — 0.9 0.9 Ireland — — — — 0.1 0.3 0.4 Serbia — — — — — 0.4 0.4 Lithuania — — — — — 0.3 0.3 Russian Federation — — — — — 0.2 0.2 Czech Republic — — — — — 0.2 0.2 Estonia — — — — — 0.1 0.1 Iceland — — — — — 0.1 0.1 Latvia — — — — 0.1 — 0.1 Slovakia — — — — — 0.1 0.1 Total 10.2 0.0 2.6 5.4 15.4 38.1 71.7 December 31, 2020 Central Regional Multilateral Public sector Financial Skr bn governments governments development banks entity institutions Corporates Total Finland 2.4 0.0 0.3 — 0.1 6.2 9.0 Germany 2.2 — — 4.3 0.3 — 6.8 Spain — — — — 0.4 5.7 6.1 Austria 4.1 — — — 1.6 — 5.7 United Kingdom — — — — 2.2 2.7 4.9 Norway — — — — 0.1 4.6 4.7 Denmark 0.8 — — — 2.0 1.7 4.5 Luxembourg 1.0 — 2.8 — — — 3.8 France — — — — 2.1 1.4 3.5 Netherlands 1.0 — — — 1.5 0.5 3.0 Italy — — — — — 2.9 2.9 Poland — — — — — 2.9 2.9 Belgium 1.2 — — — 0.0 0.2 1.4 Belarus — — — — — 1.3 1.3 Switzerland — — — — — 1.2 1.2 Portugal — — — — — 0.7 0.7 Ireland — — — — 0.1 0.3 0.4 Serbia — — — — — 0.3 0.3 Russian Federation — — — — — 0.2 0.2 Latvia — — — — 0.2 — 0.2 Iceland — — — — — 0.1 0.1 Estonia — — — — 0.0 0.1 0.1 Ukraine — — — — — 0.0 0.0 Total 12.7 0.0 3.1 4.3 10.6 33.0 63.7 Net exposures Europe, excluding Sweden, breakdown by exposure class December 31, 2021 Multilateral Central Regional development Public sector Financial Skr bn governments governments banks entity institution Corporates Total Germany 3.7 — — 5.2 1.1 0.3 10.3 Finland 1.5 0.0 — — 0.4 6.3 8.2 France 4.5 — — — 1.9 1.4 7.8 United Kingdom 0.0 — — — 3.0 4.0 7.0 Norway 0.6 — — — 1.9 4.3 6.8 Austria 4.3 — — — 1.7 — 6.0 Denmark 0.2 — — 0.2 3.2 1.8 5.4 Luxembourg 0.7 — 3.0 — — 0.6 4.3 Netherlands 0.3 — — — 3.4 0.3 4.0 Belgium 1.2 — — — 0.8 0.9 2.9 Poland 2.6 — — — — 0.2 2.8 Spain — — — — 1.3 1.0 2.3 Portugal — — — — — 1.0 1.0 Ireland — — — — — 0.6 0.6 Serbia — — — — — 0.4 0.4 Switzerland — — — — 0.0 0.4 0.4 Lithuania — — — — — 0.3 0.3 Czech Republic — — — — — 0.2 0.2 Estonia — — — — — 0.1 0.1 Iceland — — — — — 0.1 0.1 Italy — — — — 0.0 0.1 0.1 Latvia — — — — 0.1 — 0.1 Slovakia — — — — — 0.1 0.1 Total 19.6 0.0 3.0 5.4 18.8 24.4 71.2 December 31, 2020 Multilateral Central Regional development Public sector Financial Skr bn governments governments banks entity institution Corporates Total Finland 2.5 0.1 0.3 — 0.2 5.8 8.9 Germany 3.0 — — 4.2 1.0 0.4 8.6 France 4.8 — — — 2.6 0.6 8.0 United Kingdom 0.0 — — — 3.2 3.8 7.0 Austria 4.1 — — — 1.6 — 5.7 Denmark 1.0 — — — 2.5 1.7 5.2 Norway 0.2 — — — 0.2 4.4 4.8 Luxembourg 1.0 — 3.2 — — 0.4 4.6 Netherlands 1.3 — — — 1.6 0.3 3.2 Poland 2.9 — — — — 0.0 2.9 Belgium 1.1 — — — 0.7 0.7 2.5 Spain — — — — 1.3 0.6 1.9 Switzerland — — — — 0.1 0.7 0.8 Portugal — — — — — 0.7 0.7 Ireland — — — — — 0.6 0.6 Serbia — — — — — 0.3 0.3 Latvia — — — — 0.2 — 0.2 Iceland — — — — — 0.1 0.1 Italy — — — — — 0.1 0.1 Estonia — — — — 0.0 0.1 0.1 Total 21.9 0.1 3.5 4.2 15.2 21.3 66.2 Corporate exposures, broken down by industry 1 December 31,2021 December 31,2020 Skr bn Gross exposure Net exposure Gross exposure Net exposure IT and telecom 76.2 14.8 81.4 15.1 Industrials 44.7 41.6 43.2 42.1 Consumer goods 32.3 27.5 37.9 27.3 Materials 23.4 16.1 25.6 10.7 Finance 21.8 10.1 24.3 19.0 Utilities 19.5 9.2 12.0 4.8 Healthcare 2.8 2.5 4.8 3.8 Energy 1.2 0.1 1.2 0.1 Other 0.2 0.2 0.5 0.2 Total 222.1 122.1 230.9 123.1 1 In accordance with the reporting standard (GICS).
Schedule of credit quality	December 31, 2021 Skr mn AAA AA+ till A- BBB+ till BBB- BB+ till B- CCC till D Carrying amount Cash and cash equivalents 11,128 — — — — 11,128 Treasuries/government bonds 2,493 8,379 — — — 10,872 Other interest-bearing securities except loans 23,669 21,412 — 800 — 45,881 Loans in the form of interest-bearing securities 2,982 10,783 3,365 29,448 — 46,578 Loans to credit institutions 4,122 14,573 115 1,965 — 20,775 Loans to the public 101,245 20,206 20,983 37,758 96 180,288 Derivatives — 7,427 — 992 — 8,419 Total financial assets 145,639 82,780 24,463 70,963 96 323,941 Committed undisbursed loans 48,633 852 1,423 2,963 — 53,871 December 31, 2020 Skr mn AAA AA+ till A- BBB+ till BBB- BB+ till B- CCC till D Carrying amount Cash and cash equivalents 3,362 — — — — 3,362 Treasuries/government bonds 11,380 10,886 — — — 22,266 Other interest-bearing securities except loans 16,919 16,632 — — — 33,551 Loans in the form of interest-bearing securities 2,937 11,938 6,305 29,600 — 50,780 Loans to credit institutions 1,886 27,245 78 2,106 — 31,315 Loans to the public 90,244 21,682 18,062 41,549 25 171,562 Derivatives — 5,846 — 1,717 — 7,563 Total financial assets 126,728 94,229 24,445 74,972 25 320,399 Committed undisbursed loans 52,669 1,374 1,145 2,025 — 57,213
Schedule of impact of credit risk hedges	Impact of credit-risk hedges Gross exposures by exposure class December 31, 2021 whereof subject Multilateral to the write-down Central Regional development Public Financial requirement in Skr bn government governments banks Sector Entity institutions Corporates Total IFRS9 1 Amounts related to hedges issued by: Central governments 70.9 1.6 — — — 93.1 165.6 165.6 of which, guarantees issued by the EKN 70.4 1.6 — — — 82.6 154.6 154.6 of which, guarantees issued by other export credit agencies — — — — — 7.5 7.5 7.5 of which, other guarantees 0.5 — — — — 3.0 3.5 3.5 Regional governments — — — — 2.4 1.2 3.6 3.6 Multilateral development banks — — — — — 0.4 0.4 0.4 Financial institutions 0.1 — — — 0.1 5.6 5.8 5.8 of which, credit default swaps — — — — — — — — of which, guarantees 0.1 — — — 0.1 5.6 5.8 5.8 Corporates 0.3 — — — — 4.9 5.2 5.2 of which, credit insurance from -insurance companies — — — — — 0.7 0.7 0.7 of which, other guarantees 0.3 — — — — 4.2 4.5 4.5 Total hedged exposures 71.3 1.6 — — 2.5 105.2 180.6 180.6 Unhedged exposures 2 20.0 10.4 2.6 5.4 36.6 116.9 191.9 124.3 Total 91.3 12.0 2.6 5.4 39.1 222.1 372.5 304.9 December 31, 2020 whereof subject Multilateral to the write-down Central Regional development Public Financial requirement in Skr bn government governments banks Sector Entity institutions Corporates Total IFRS9 1 Amounts related to hedges issued by: Central governments 56.8 1.4 — — — 98.9 157.1 157.1 of which, guarantees issued by the EKN 56.1 1.4 — — — 89.1 146.6 146.6 of which, guarantees issued by other export credit agencies 0.7 — — — — 6.8 7.5 7.5 of which, other guarantees — — — — — 3.0 3.0 3.0 Regional governments — — — — 4.0 0.3 4.3 4.3 Multilateral development banks — — — — — 0.4 0.4 0.4 Financial institutions 0.0 — — — — 7.9 7.9 7.9 of which, credit default swaps — — — — — — — — of which, guarantees 0.0 — — — — 7.9 7.9 7.9 Corporates — — — — — 3.5 3.5 3.5 of which, credit insurance from -insurance companies — — — — — 0.6 0.6 0.6 of which, other guarantees — — — — — 2.9 2.9 2.9 Total hedged exposures 56.8 1.4 — — 4.0 111.0 173.2 173.2 Unhedged exposures 2 28.1 7.9 3.1 4.3 23.0 119.9 186.3 130.5 Total 84.9 9.3 3.1 4.3 27.0 230.9 359.5 303.7 1 Assets valued at accrued acquisition value, which are subject to the write-down requirements in IFRS 9. 2 Exposures whereby the hedge issuer belongs to the same group as the counterparty in the unhedged exposure have been reported as “Unhedged exposures.” The amounts for these were Skr 22.8 billion (2020: Skr 26.1 billion) for corporates, Skr 0.0 billion (2020: Skr 0.6 billion) for financial institutions and Skr 0.0 billion (2020: Skr 0.1 billion) for central governments.
Schedule of risk specific measures	Market risk, type Definition Risk profile Interest-rate risk regarding changes in the economic value of SEK’s portfolio (EVE) The interest-rate risk regarding changes in economic value is calculated by means of a 100 basis-point parallel shift in all yield curves, as well as rotations of all yield curves. The risk pertains to SEK’s overall business profile, particularly the balance between interest-bearing assets and liabilities in terms of volume and fixed interest terms. The risk measurement captures the long-term impact of changes in interest rates. Credit spread risk in assets Credit spread risk in assets is calculated as the potential impact on SEK’s own funds, in the form of unrealized gains or losses, as a result of a 100 basis-point shift in the credit spreads for assets measured at fair value. The risk is attributable to SEK’s liquidity portfolio. Credit spread risk in own debt Credit spread risk in own debt is calculated as the potential impact on SEK’s equity, in the form of unrealized gains or losses, resulting from a 20 basis points change in SEK’s own credit spreads. The risk is attributable to SEK’s structured debt measured at fair value. Cross-currency basis spread risk The cross-currency basis spread risk measures the potential impact on SEK’s own funds, in the form of unrealized gains or losses, as a result of changes in cross-currency basis spreads by 20 basis points. The risk is attributable to cross-currency basis swaps used by SEK to hedge the currency risk in the portfolio. Currency risk The risk is calculated as the change in value of all foreign currency positions excluding unrealized changes in fair value at an assumed ten percentage-point change in the exchange rate between the respective currency and the Swedish krona. The foreign exchange position mainly arises on an ongoing basis due to differences between revenues and costs in foreign currency. Tenor basis spread risk Tenor basis spread risk measures the potential impact on SEK’s economic value, in the form of unrealized gains or losses, as a result of ten basis point shifts of interest rate curves of different tenors. The risk is attributable to lending and borrowing with one and six month tenor which is not swapped to three month tenor. Other risks (equity, commodity and volatility risks) Equity risk, equity volatility risk, commodity risk, commodity volatility risk, FX volatility risk and interest-rate volatility risk all measures unrealized gains or losses and are calculated by stress tests of underlying indices or volatilities. SEK’s interest-rate volatility risk is mainly attributable to interest rate floors in lending transactions, while equity and commodity risks, as well as FX volatility risks, only arise from structured borrowing. Although all structured cash flows are matched through a hedging swap, there could be an impact on SEK’s result. These risks are low, and arise because valuation of the bond, but not the swap, takes SEK’s own credit spread into account.
Schedule of change in the market interest rate	Change in value should the market interest rate rise by one percentage point Impact on the value of assets and liabilities, including derivatives, should the market interest rate rise by one percentage point (+1)%. 2021 2020 of which, financial instruments of which, financial instruments measured at fair measured at fair value through profit or value Skr mn Total loss Total through profit or loss Foreign currency -268 162 -200 146 Swedish kronor -109 121 -116 156 Total -377 283 -316 302 Change in value should the market interest rate decline by one percentage point Impact on the value of assets and liabilities, including derivatives, should the market interest rate decline by one percentage point (-1)%. 2021 2020 of which, financial instruments of which, financial instruments measured at fair measured at fair value through profit or value Skr mn Total loss Total through profit or loss Foreign currency 579 -165 592 -128 Swedish kronor 256 -115 306 -150 Total 835 -280 898 -278
Schedule of assets and liabilities denominated in foreign currency	December 31, 2021 December 31, 2020 Share at Share at Exchange year end, Currency positions Exchange year end, Currency positions Currency rate % at year end (Skr mn) rate % at year end (Skr mn) EUR 10.2431 1 -242 10.0181 1 -189 USD 9.0356 0 -50 8.1739 1 -148 JPY 0.0785 0 9 0.0793 0 -89 GBP 12.2119 0 -51 11.1683 0 -68 MXN 0.4408 1 -105 0.4117 1 -123 THB 0.2709 0 -4 0.2727 0 60 Other — 0 -19 — 0 -12 Total foreign currency position 2 -462 3 -569 In accordance with SEK’s strategy for risk management, currency positions attributable to unrealized changes in fair value are not hedged. Currency positions excluding unrealized changes in fair value amounted to Skr 5 million (year-end 2020: Skr -48 million) at year end. Assets and liabilities denominated in foreign currency are included in the total volumes of assets and liabilities in the following amounts (in millions of Swedish kronor). Skr mn December 31, 2021 December 31, 2020 Total assets 333,647 335,399 of which, denominated in foreign currencies 262,056 194,607 Total liabilities 312,839 315,335 of which, denominated in foreign currencies 262,518 195,176
Summary of liquidity reserve	December 31, 2021 Skr bn Total SKR EUR USD Other Securities issued or guaranteed by sovereigns, central banks or multilateral development banks 23.0 4.4 4.8 13.7 0.1 Securities issued or guaranteed by municipalities or other public entities 15.8 8.0 1.6 6.2 — Covered bonds issued by other institutions 12.9 12.9 — — — Balances with National Debt Office 2.0 2.0 — — — Total Liquidity Reserve 53.7 27.3 6.4 19.9 0.1 December 31, 2020 Skr bn Total SKR EUR USD Other Securities issued or guaranteed by sovereigns, central banks or multilateral development banks 29.9 12.1 6.1 11.1 0.6 Securities issued or guaranteed by municipalities or other public entities 12.1 7.9 0.3 3.9 — Covered bonds issued by other institutions 7.5 7.5 — — — Balances with National Debt Office 2.5 2.5 — — — Total Liquidity Reserve 52.0 30.0 6.4 15.0 0.6 1 The liquidity reserve is a part of SEK’s liquidity investments.
Schedule of liquidity investments by remaining maturity	Dec 31, 2021 Dec 31, 2020 M ≤ 1 year 84 % 86 % 1 year < M ≤ 3 years 16 % 14 % M > 3 years — —
Schedule of key figures for liquidity risk	Key figures for liquidity risk Dec 31, 2021 Dec 31, 2020 LCR under EU Commission’s delegated act 463 % 447 % NFSR 139 % 135 %
Summary of liquidity investments by exposure type and region	Liquidity investments by exposure type Percent Dec 31, 2021 Dec 31, 2020 States and multilateral development banks 40 59 Local governments 23 20 Covered bonds 19 13 Financial institutions 15 8 Corporates 3 —
Schedule of contractual flows	December 31, 2021 Due Due Due Due Due 1 month < 3 3 months < 1 1 year < 3 3 years < 5 Due > 5 Discounting Carrying Skr mn < 1 month months year years years years Total cash flow effect amount Financial assets Cash and cash equivalents 11,129 — — — — — 11,129 -1 11,128 Treasuries/government bonds 1,822 4,131 4,144 785 — — 10,882 -10 10,872 Other interest-bearing securities except loans 7,647 10,909 17,511 9,913 — — 45,980 -99 45,881 Loans in the form of interestbearing securities 77 1,532 7,529 14,427 15,220 11,329 50,114 -3,536 46,578 Loans to credit institutions 11,673 110 2,417 2,581 1,218 3,581 21,580 -805 20,775 Loans to the public 5,182 7,229 37,218 62,116 43,375 50,887 206,007 -25,719 180,288 Derivatives 497 1,336 2,154 2,470 691 2,486 9,634 -1,215 8,419 of which cash inflow in currency derivatives 912 13,274 21,973 41,766 5,075 4,071 87,071 of which cash outflow in -currency derivatives -896 -12,596 -20,645 -39,925 -4,786 -3,373 -82,221 Total 38,027 25,247 70,973 92,292 60,504 68,283 355,326 -31,385 323,941 of which derivatives in hedge relationship -7 205 374 688 222 1,597 3,079 -418 2,661 December 31, 2021 Due Due Due Due Due 1 month < 3 months 1 year < 3 3 years < 5 Due > 5 Discounting Carrying Skr mn < 1 month 3 months < 1 year years years years Total cash flow effect amount Financial liabilities Borrowings from credit institutions -5,230 — — — — — — -5,230 Borrowings from the public — -9,998 — — — — -9,998 -2 -10,000 Debt securities issued -13,587 -26,300 -52,343 -128,316 -42,130 -41,864 -304,540 24,770 -279,770 Derivatives -358 101 -206 -4,139 -1,637 -4,210 -10,449 -4,280 -14,729 of which cash inflow in currency derivatives 888 16,122 10,459 8,188 8,942 5,107 49,706 of which cash outflow in -currency derivatives -952 -17,618 -10,981 -8,886 -8,964 -5,454 -52,855 Total -19,175 -36,197 -52,549 -132,455 -43,767 -46,074 -330,217 20,488 -309,729 of which derivatives in hedge relationship 41 201 -61 -1,864 -345 -830 -2,858 -688 -3,546 Commitments Committed undisbursed loans -238 -1,938 -14,890 -22,498 970 38,594 Liquidity surplus (+)/ deficit (-) 18,614 -12,888 3,534 -62,661 17,707 60,803 25,109 Accumulated liquidity surplus (+)/deficit (-) 18,614 5,726 9,260 -53,401 -35,694 25,109 25,109 December 31, 2020 Due Due Due Due Due 1 month < 3 months 1 year < 3 3 years < 5 Due Discounting Carrying Skr mn < 1 month 3 months < 1 year years years > 5 years Total cash flow effect amount Financial assets Cash and cash equivalents 2,801 — — — — — 2,801 561 3,362 Treasuries/government bonds — 10,204 10,857 1,190 — — 22,251 15 22,266 Other interest-bearing securities except loans 1,639 6,932 17,975 6,585 500 — 33,631 -80 33,551 Loans in the form of interest-bearing securities 68 6,053 3,928 17,211 14,307 12,116 53,683 -2,903 50,780 Loans to credit institutions 66 219 3,437 3,556 1,129 1,166 9,573 21,742 31,315 Loans to the public 3,798 8,998 29,475 57,960 44,105 41,094 185,430 -13,868 171,562 Derivatives 84 534 1,276 1,887 1,289 1,919 6,989 574 7,563 of which cash inflow in currency derivatives 2,635 8,812 4,987 11,682 3,799 7,478 39,393 of which cash outflow in-currency derivatives -2,470 -8,192 -4,377 -10,376 -3,087 -6,582 -35,084 Total 8,456 32,940 66,948 88,389 61,330 56,295 314,358 6,041 320,399 of which derivatives in hedge relationship -6 49 353 813 261 632 2,102 1,213 3,315 December 31, 2020 Due Due Due Due Due 1 month < 3 months 1 year < 3 3 years < 5 Due > 5 Discounting Carrying Skr mn < 1 month 3 months < 1 year years years years Total cash flow effect amount Financial liabilities Borrowings from credit -institutions -58 -147 -518 -851 -300 -68 -1,942 -1,544 -3,486 Borrowings from the public — -2 -4 -9,999 — — -10,005 5 -10,000 Debt securities issued -4,486 -31,436 -64,938 -125,810 -36,557 -17,447 -280,674 6,698 -273,976 Derivatives -1,206 -3,333 -4,288 -2,192 -440 -39 -11,498 -13,897 -25,395 of which cash inflow in currency derivatives 1,105 20,400 49,648 8,472 2,802 1,842 84,269 of which cash outflow in -currency derivatives -1,201 -23,333 -53,894 -9,215 -3,302 -1,828 -92,773 Total -5,750 -34,918 -69,748 -138,852 -37,297 -17,554 -304,119 -8,738 -312,857 of which derivatives in hedge relationship -8 -26 -143 -371 -196 22 -722 248 -474 Commitments Committed undisbursed loans -4 -2,001 -4,633 -9,897 -13,936 76,724 Liquidity surplus (+)/ deficit (-) 2,702 -3,979 -7,433 -60,360 10,097 115,465 56,492 Accumulated liquidity surplus (+)/deficit (-) 2,702 -1,277 -8,710 -69,070 -58,973 56,492 56,492

Transactions with related par_2

Transactions with related parties (Tables)	12 Months Ended
Transactions with related parties (Tables)	Dec. 31, 2021
Transactions with related parties
Schedule of consolidated Group's transactions with its related parties	2021 Companies and organizations -controlled The shareholder, through a common owner, the Swedish government the Swedish government Total Interest Interest Interest income/ income/ income/ Assets/ interest Assets/ interest Assets/ interest Skr mn liabilities expense liabilities expense liabilities expense Cash 2,000 — — — 2,000 — Treasuries/government bonds 1,250 -7 — — 1,250 -7 Other interest-bearing securities except loans — — 5,175 0 5,175 0 Loans in the form of interestbearing securities — — 2,600 33 2,600 33 Loans to credit institutions — — 1,719 23 1,719 23 Loans to the public — — 1,419 9 1,419 9 Settlement claim against the State 1 7,209 — — — 7,209 — Total 10,459 -7 10,913 65 21,372 58 Borrowing from the public 10,000 — — 4 10,000 4 Other liabilities 147 — — — 147 — Total 10,147 — — 4 10,147 4 2020 Companies and organizations controlled The shareholder, through a common owner, the Swedish government the Swedish government Total Interest Interest Interest income/ income/ income/ Assets/ interest Assets/ interest Assets/ interest Skr mn liabilities expense liabilities expense liabilities expense Cash 2,500 — — — 2,500 — Treasuries/government bonds 9,573 -21 — 0 9,573 -21 Other interest-bearing securities except loans — — 1,000 2 1,000 2 Loans in the form of interestbearing securities — — 2,600 31 2,600 31 Loans to credit institutions — — 2,108 45 2,108 45 Loans to the public — — 1,565 27 1,565 27 Settlement claim against the State 1 12,359 — — — 12,359 — Total 24,432 -21 7,273 105 31,705 84 Borrowing from the public 10,000 — — — 10,000 — Other liabilities 95 — — 10 95 10 Total 10,095 — — 10 10,095 10 1 For information about “Settlement claim against State” see Note 16 and Note 24 .

Risk and capital management (Ta

Risk and capital management (Tables)	12 Months Ended
Risk and capital management (Tables)	Dec. 31, 2021
Risk and capital management
Schedule of division of responsibility for risk, liquidity and capital management
Schedule of detailed risk statement	Risk class Risk management Risk profile Risk appetite Proportion of Economic capital Credit risk Credit risk is the risk of default on debt that may arise from a borrower failing to make required payments. A credit risk can be of the following types: Credit default risk Concentration risk Country risk Lending must be based on in-depth knowledge of SEK’s counterparties as well as counterparties’ repayment capacity. Lending must also be aligned with SEK’s mission based on its owner instruction. SEK’s credit risks are mitigated through a risk-based selection of counterparties and managed through the use of guarantees and other types of collateral. Furthermore, SEK’s lending is guided by the use of a normative credit policy, specifying principles for risk levels and lending terms. Concentrations that occur naturally as a result of the Company’s mission are accepted, but the Company continuously works towards reducing the risk of concentration where this is possible. SEK’s lending portfolio is of a high credit quality. The Company’s mission naturally entails certain concentration risks, such as geographical concentration risk in Sweden. The net risk is principally limited to counterparties with high creditworthiness, such as export credit agencies (ECAs), major Swedish exporters, banks and insurers. SEK invests its liquidity in high credit quality securities, primarily with short maturities. Moderate (SEK’s risk appetite for credit risk is higher than other risks.) 64.5% Liquidity risk Liquidity and refinancing risk is the risk, within a defined period of time, of the company not being able to refinance its existing assets or being unable to meet the need for increased liquidity. Liquidity risk also includes the risk of having to borrow funds at unfavorable interest rates or needing to sell assets at unfavorable prices in order to meet payment commitments. Liquidity risk encompasses refinancing risk and market liquidity risk. SEK must have diversified funding to ensure that funding is available through maturity for all credit commitments — credits outstanding as well as agreed but undisbursed credits. The size of SEK’s liquidity investments must ensure that new lending can take place even during times of financial stress. SEK has secured funding for all its credit commitments, including those agreed but not yet disbursed. In addition, the size of SEK’s liquidity investments allow new lending to continue at a normal pace, even during times of stress. As a consequence of SEK having secured funding for all its credit commitments, the remaining term to maturity for available funding is longer than the remaining term to maturity for lending. Low — Market risk Market risk is the risk of loss or change in future net income resulting from, for example, changes in interest rates, exchange rates, commodity prices or share prices. Market risk includes price risk in connection with sales of assets or the closing of exposures. SEK conducts no active trading. The core of SEK’s market risk strategy is to borrow funds in the form of bonds which, regardless of the market risk exposures in the bonds, are hedged by being swapped to a floating interest rate. Borrowed funds are used either immediately for lending, mainly at a floating rate of interest, or swapped to a floating rate, or to ensure that SEK has sufficient liquidity. The aim is to hold assets and liabilities to maturity. SEK’s business model leads to exposures towards market movements, mainly to credit spreads, cross-currency basis spreads, interest rates and foreign exchange rates. Low 13.3% Risk class Risk management Risk profile Risk appetite Proportion of Economic capital Operational risk Operational risk is the risk of losses resulting from inappropriate, inadequate or faulty internal processes or procedures, systems, human error, or from external events. Operational risk includes legal, IT and information security risk. SEK manages the operational risk on an ongoing basis through mainly efficient internal control procedures, performing risk analysis before changes, focus on continuous improvements and business continuity management. Costs to reduce risk exposures must be in proportion to the effect that such measures have. Operational risks arise in all parts of the business. The vast majority of incidents that have occurred are minor events that are rectified promptly within each function. Overall operational risk is low as a result of effective internal control measures and a focus on continuous improvement. Low 2.4% Compliance risk Compliance risk is the risk of failure to meet obligations pursuant on the one hand to legislation, ordinances and other regulations, and on the other hand to internal rules. SEK works continuously to develop tools and knowledge to help identify the company’s compliance risks. The company analyses and monitors compliance risks with the intention of continuously reducing the risk of non-compliance with regulations pertaining to operations requiring permits. SEK’s operations lead to exposure to the risk of failing to comply with current regulatory requirements and ordinances in markets in which the company operates. Low - Business and strategic risk Strategic risk is the risk of lower revenue because strategic initiatives fail to achieve the pursued results, inefficient organizational changes, improper implementation of decisions, unwanted effects from outsourcing, or the lack of adequate response to changes in the regulatory and business environment. Strategic risk focuses on large-scale and structural risk factors. Business risk is the risk of an unexpected decline in revenue resulting from, for example, changes to competitive conditions with a decrease in volumes and/or falling margins. SEK’s executive management is responsible for identifying and managing the strategic risks and monitoring the external business environment and developments in the markets in which SEK conducts operations and for proposing the strategic direction to the Board. A risk analysis in the form of a self-assessment concerning strategic risk is to be conducted each year. SEK’s strategic risks mainly arise through changes in the external operating environment, such as market conditions, which could result in limited lending opportunities for SEK, and regulatory reforms from two perspectives: (1) the impact of these reforms on SEK’s business model; and (2) the requirements on the organization resulting from increased regulatory complexity. Low to moderate - Sustainability risk Sustainability risk is the risk that SEK’s operations directly or indirectly impact their surroundings negatively with respect to business ethics, corruption, climate and the environment, human rights and labor conditions. Human rights includes the child rights perspective; labor conditions encompasses gender equality and diversity; and ethics includes tax transparency. Sustainability risks are managed according to a risk-based approach. In cases of heightened sustainability risk, a detailed sustainability review is performed and measures could be required in order to mitigate environmental and social risks. Requirements are based on national and international regulations and guidelines within the areas of environment and climate, anti-corruption, human rights including labor conditions and business ethics including tax. SEK is indirectly exposed to sustainability risks in connection to its lending activities. High sustainability risks could occur in financing of large projects or businesses in countries with high risk of corruption or human rights violations. Low to moderate -

Significant accounting polici_3

Significant accounting policies - Reference rates (Details) - USD LIBOR - Later than 2023-06-30 $ in Millions	Dec. 31, 2021USD ($)
Lending contracts
Reform for new reference rates
Nominal amounts	$ 1,870
Derivatives
Reform for new reference rates
Nominal amounts	$ 19,284

Significant accounting polici_4

Significant accounting policies - Segment reporting (Details)	12 Months Ended
	Dec. 31, 2021segment
Significant accounting policies
Number of reportable segments	1

Significant accounting polici_5

Significant accounting policies - Financial instruments (Details)	12 Months Ended
	Dec. 31, 2021item
Significant accounting policies
Minimum difference between original and new remaining cash flows for terms to be deemed substantially different	10.00%
Number of scenarios prepared for each PD curve	3
Number of credit conversion factors	2

Significant accounting polici_6

Significant accounting policies - Taxes (Details)	12 Months Ended
Significant accounting policies - Taxes (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant accounting policies
Expected tax rate for calculation of deferred tax	20.60%	21.40%	21.40%

Significant accounting polici_7

Significant accounting policies - Fair value measurement (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value measurement of assets
Financial assets at fair value	kr 331,720	kr 330,710
Financial liabilities at fair value	310,253	313,433
Level 3 \| Maximum
Disclosure of fair value measurement of assets
Effect of changing the non-observable parameters	122	137
Level 3 \| Minimum
Disclosure of fair value measurement of assets
Effect of changing the non-observable parameters	(122)	(137)
Fair value \| Level 2
Disclosure of fair value measurement of assets
Financial assets at fair value	32,000	28,000
Financial liabilities at fair value	kr 19,000	kr 30,000
Percentage of total financial assets	10.00%	9.00%
Percentage of total financial liabilities	6.00%	10.00%
Fair value \| Level 3
Disclosure of fair value measurement of assets
Financial assets at fair value	kr 0	kr 2,000
Financial liabilities at fair value	kr 35,000	kr 43,000
Percentage of total financial assets	0.00%	0.00%
Percentage of total financial liabilities	11.00%	14.00%

Significant accounting polici_8

Significant accounting policies - Provisions for expected credit losses (Details) kr in Millions	12 Months Ended
	Dec. 31, 2021SEK (kr)item	Dec. 31, 2020SEK (kr)	Dec. 31, 2019SEK (kr)
Sensitivity analysis
Decrease in number of steps of deterioration for sensitivity analysis \| item	1
Increase (decrease) in impairment of financial instruments if significant increase in credit risk had been one step of deterioration less	kr 1	kr 4
Increase in number of steps of deterioration for sensitivity analysis \| item	1
Increase (decrease) in impairment of financial instruments if significant increase in credit risk had been one step of deterioration more	kr 0	0
Number of scenarios prepared for each PD curve \| item	3
Weight of downturn scenario for sensitivity analysis	100.00%
Increase (decrease) in impairment of financial instruments if downturn scenario weighted 100 percent	kr 5	12
Weight of upturn scenario for sensitivity analysis	100.00%
Increase (decrease) in impairment of financial instruments if upturn scenario weighted 100 percent	kr (5)	(11)
Increase in future cash flows for sensitivity analysis	10.00%
Increase (decrease) in operating profit due to increase in future cash flows	kr 16	25
Increase (decrease) in equity due to increase in future cash flows	kr 13	20
Decrease in future cash flows for sensitivity analysis	10.00%
Increase (decrease) in operating profit due to decrease in future cash flows	kr (16)	(25)
Increase (decrease) in equity due to decrease in future cash flows	(13)	(20)
Gross carrying amount
Sensitivity analysis
Lending including off-balance	297,529	294,423	kr 277,061
Accumulated impairment
Sensitivity analysis
Lending including off-balance	kr (164)	kr (249)	kr (128)

Net interest income (Details)

Net interest income (Details) - SEK (kr) kr in Millions	12 Months Ended
Net interest income (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest income were related to:
Interest income	kr 2,719	kr 4,108	kr 6,357
Interest expenses
Interest expenses excl. resolution fee	(724)	(2,076)	(4,471)
Resolution fee	(88)	(86)	(169)
Total interest expenses	(812)	(2,162)	(4,640)
Net interest income	1,907	1,946	1,717
Financial liabilities at fair value through profit or loss
Interest expenses
Total interest expenses	530	725	1,158
Derivative used for hedge accounting, liabilities
Interest expenses
Total interest expenses	2,146	1,904	(286)
Financial liabilities at amortized cost
Interest expenses
Total interest expenses	(3,415)	(4,731)	(5,431)
Financial assets at fair value through profit or loss.
Interest income were related to:
Interest income	(1,750)	(1,070)	452
Interest expenses
Total interest expenses	(73)	(60)	(72)
Derivatives used for hedge accounting, assets
Interest income were related to:
Interest income	(439)	(396)	(303)
Financial assets at amortized cost
Interest income were related to:
Interest income	4,908	5,574	6,208
Interest expenses
Total interest expenses	0	0	(9)
Loans to credit institutions
Interest income were related to:
Interest income	131	236	546
Loans to the public
Interest income were related to:
Interest income	3,782	4,210	4,597
Loans in the form of interest-bearing securities
Interest income were related to:
Interest income	776	897	829
Interest-bearing securities excluding loans in the form of interest-bearing securities
Interest income were related to:
Interest income	50	242	686
Derivatives
Interest income were related to:
Interest income	(2,239)	(1,708)	(538)
Administrative remuneration -CIRR-system
Interest income were related to:
Interest income	198	197	194
Administrative remuneration for concessionary loans	1	1
Other assets
Interest income were related to:
Interest income	kr 21	kr 34	kr 43

Net interest income - Geographi

Net interest income - Geographical areas and product group (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net interest income
Interest income	kr 2,719	kr 4,108	kr 6,357
Lending to Swedish exporters
Net interest income
Interest income	1,596	1,921	1,954
Lending to exporters' customers
Net interest income
Interest income	932	1,229	1,784
Remuneration from the CIRR-system	197	196
Liquidity
Net interest income
Interest income	191	958	2,619
Sweden
Net interest income
Interest income	863	1,223	1,281
Europe except Sweden
Net interest income
Interest income	(944)	(166)	1,340
Countries outside of Europe
Net interest income
Interest income	kr 2,800	kr 3,051	kr 3,736

Net fee and commissions expen_3

Net fee and commissions expense (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fee and commissions earned were related to:
Lending	kr 2	kr 1	kr 1
Total fee and commissions earned	2	1	1
Commissions incurred were related to:
Custodian- and bank fees	(9)	(10)	(8)
Brokerage	(2)	(4)	(5)
Other commissions incurred	(20)	(29)	(21)
Total fee and commission expenses	(31)	(43)	(34)
Net fee and commissions expense	(29)	(42)	kr (33)
Commissions income (expense) on financial assets and liabilities not measured at fair value through profit or loss	kr (27)	kr (37)

Net results of financial tran_3

Net results of financial transactions (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net results of financial transactions
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value	kr (2)	kr 5	kr 2
Total net results of financial -transactions	56	83	226
Hedging instrument
Net results of financial transactions
Financial instruments under fair-value hedge accounting	(3,397)	1,277	2,846
Hedged item
Net results of financial transactions
Financial instruments under fair-value hedge accounting	3,409	(1,191)	(2,761)
Designated upon initial recognition (FVO)
Net results of financial transactions
Financial assets or liabilities at fair value through profit or loss	(569)	(488)	(5,590)
Mandatorily measured at fair value
Net results of financial transactions
Financial assets or liabilities at fair value through profit or loss	582	466	5,710
Financial assets at amortized cost
Net results of financial transactions
Derecognition of financial instruments not measured at fair value through profit or loss	kr 33	kr 14	kr 19

Personnel expenses (Details)

Personnel expenses (Details) - SEK (kr) kr in Millions	12 Months Ended
Personnel expenses (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Personnel expenses
Pensions	kr (66)	kr (64)	kr (60)
Social insurance	(70)	(68)	(63)
Other personnel expenses	(17)	(15)	(19)
Total personnel expenses	(359)	(347)	(333)
Board of Directors and the Chief Executive Officer
Personnel expenses
Salaries and remuneration	(8)	(7)	(7)
Senior Executives
Personnel expenses
Salaries and remuneration	(25)	(25)	(23)
Pensionable remuneration	25	25
Other employees
Personnel expenses
Salaries and remuneration	(173)	(168)	kr (161)
Chief Executive Officer (CEO)
Personnel expenses
Pensionable remuneration	kr 5	kr 5

Personnel expenses - Remunerati

Personnel expenses - Remuneration and other benefits (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lars Linder Aronson
Personnel expenses
Fee, includes committee fee	kr (609)	kr (588)	kr (603)
Total	(609)	(588)	(603)
Lennart Jacobsen, from March 24, 2021
Personnel expenses
Fee, includes committee fee	(238)
Total	(238)
Reinhold Geijer
Personnel expenses
Fee, includes committee fee	(318)	(288)	(275)
Total	(318)	(288)	(275)
Eva Nilsagard
Personnel expenses
Fee, includes committee fee	(334)	(297)	(277)
Total	(334)	(297)	(277)
Hans Larsson
Personnel expenses
Fee, includes committee fee	(334)	(302)	(249)
Total	(334)	(302)	(249)
Cecilia Ardstrm, resigned March 24, 2021
Personnel expenses
Fee, includes committee fee	(83)	(322)	(308)
Total	(83)	(322)	(308)
Ulla Nilsson, resigned March 24, 2021
Personnel expenses
Fee, includes committee fee	(84)	(322)	(298)
Total	(84)	(322)	(298)
Catrin Fransson, Chief Executive Officer (CEO), resigned July 15, 2021
Personnel expenses
Fixed remuneration	(3,130)	(5,234)	(5,015)
Other benefits	(15)	(33)	(25)
Pension fee	(896)	(1,536)	(1,462)
Total	kr (4,041)	kr (6,803)	kr (6,502)
Retirement age	65 years	65 years	65 years
Pension fee on fixed salary (in percent)	30.00%	30.00%	30.00%
Magnus Montan, Chief Executive Officer (CEO), from July 16, 2021
Personnel expenses
Fixed remuneration	kr (2,459)
Other benefits	(8)
Pension fee	(837)
Total	kr (3,304)
Retirement age	65 years
Pension fee on fixed salary (in percent)	30.00%
Per Akerlind, Deputy Chief Executive Officer
Personnel expenses
Fixed remuneration	kr (3,544)	kr (3,527)	kr (3,509)
Other benefits	(20)	(31)	(30)
Pension fee	(1,266)	(1,257)	(1,123)
Total	(4,830)	(4,815)	(4,662)
Karl Johan Bernerfalk, General Counsel, Head of Legal and Sustainability Analysis
Personnel expenses
Fixed remuneration	(1,643)	(1,576)	(1,507)
Other benefits	(35)	(31)	(23)
Pension fee	(574)	(552)	(529)
Total	(2,252)	(2,159)	(2,059)
Andreas Ericson, Head of International Finance
Personnel expenses
Fixed remuneration	(2,020)	(2,024)	(1,978)
Other benefits	(34)	(32)	(28)
Pension fee	(646)	(631)	(607)
Total	(2,700)	(2,687)	(2,613)
Stefan Friberg, Chief Financial Officer (CFO)
Personnel expenses
Fixed remuneration	(3,007)	(2,964)	(2,922)
Other benefits	(16)	(18)	(27)
Pension fee	(532)	(515)	(500)
Total	(3,555)	(3,497)	(3,449)
Teresa Hamilton Burman, Chief Credit Officer (CCO)
Personnel expenses
Fixed remuneration	(2,459)	(2,389)	(2,353)
Other benefits	(30)	(18)	(18)
Pension fee	(529)	(524)	(508)
Total	(3,018)	(2,931)	(2,879)
Jens Hedar, Head of Client Relationship Management
Personnel expenses
Fixed remuneration	(2,485)	(2,316)	(2,224)
Other benefits	(17)	(18)	(15)
Pension fee	(721)	(635)	(649)
Total	(3,223)	(2,969)	(2,888)
Petra Knberg, Head of Marketing and Communications, resigned November 30, 2021
Personnel expenses
Fixed remuneration	(1,219)	(1,286)	(1,236)
Other benefits	(31)	(34)	(33)
Pension fee	(427)	(428)	(407)
Total	(1,677)	(1,748)	(1,676)
Irina Slinko, acting Chief Risk Officer (CRO), resigned August 20, 2019
Personnel expenses
Fixed remuneration			(1,159)
Other benefits			(12)
Pension fee			(365)
Total			(1,536)
Anna-Lena Soderlund, acting Chief Risk Officer (CRO), from August 21, 2019, resigned October 27, 2019
Personnel expenses
Fixed remuneration			(278)
Other benefits			(6)
Pension fee			(115)
Total			(399)
Peter Svensen, Chief Risk Officer (CRO), from October 28, 2019
Personnel expenses
Fixed remuneration	(2,624)	(2,597)	(471)
Other benefits	(26)	(26)	(3)
Pension fee	(555)	(569)	(80)
Total	(3,205)	(3,192)	(554)
Sirpa Rusanen, Chief Human Resources (CHRO)
Personnel expenses
Fixed remuneration	(1,749)	(1,719)	(1,644)
Other benefits	(24)	(22)	(42)
Pension fee	(687)	(675)	(623)
Total	(2,460)	(2,416)	(2,309)
Susanna Rystedt, Head of Strategy, Business Development and Communications
Personnel expenses
Fixed remuneration	(2,552)	(2,501)	(2,484)
Other benefits	(16)	(16)	(40)
Pension fee	(804)	(788)	(759)
Total	(3,372)	(3,305)	(3,283)
Madeleine Widaeus, Chief Information Officer (CIO)
Personnel expenses
Fixed remuneration	(1,749)	(1,671)	(1,574)
Other benefits	(16)	(16)	(16)
Pension fee	(520)	(493)	(463)
Total	(2,285)	(2,180)	(2,053)
Board of Directors and Senior Executives
Personnel expenses
Fee, includes committee fee	(2,000)	(2,119)	(2,010)
Fixed remuneration	(30,640)	(29,804)	(28,354)
Other benefits	(288)	(295)	(318)
Pension fee	(8,994)	(8,603)	(8,190)
Total	kr (41,922)	kr (40,821)	kr (38,872)

Personnel expenses - Total expe

Personnel expenses - Total expenditure on remuneration (Details)	12 Months Ended
	Dec. 31, 2021EUR (€)employeeYitem
Personnel Expenses
Number of systems for variable remuneration	1
Number of levels of testing individual variable remuneration	3
Number of months salary maximum at Company level	2
Number of months salary maximum outcome for individual variable remuneration based on department's quantitative targets	2
Individual variable remuneration test outcome lower limit	0
Individual variable remuneration test outcome main function level upper limit	1.5
Amount of individual variable remuneration test outcome, upper limit \| €	€ 50,000
Number of months salary maximum outcome for individual variable remuneration	3
Disbursement percentage under employee incentive scheme year one	40.00%
Disbursement percentage under employee incentive scheme subsequent years	20.00%
Disbursement under employee incentive scheme number of subsequent years \| Y	3
Number of employees that receive remuneration greater than one million Euro per fiscal year \| employee	0
Chief Executive Officer (CEO)
Personnel Expenses
Notice period	6 months
Severance pay period limit	12 months
Retirement age	65 years
Pension fee percentage on fixed salary	30.00%
Per Akerlind, Deputy Chief Executive Officer
Personnel Expenses
Notice period	6 months
Severance pay period limit	18 months
Senior Executives
Personnel Expenses
Retirement age	65 years
Pension fee percentage on fixed salary	30.00%
Senior Executives \| Minimum
Personnel Expenses
Notice period	3 months
Senior Executives \| Maximum
Personnel Expenses
Notice period	6 months

Personnel expenses - Pension (D

Personnel expenses - Pension (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of net defined benefit liability (asset)
Service cost	kr (7)	kr (5)	kr (6)
Regulation of pension obligations	0	0	0
Interest cost, net	(1)	(1)	(2)
Pension cost for defined benefit pensions, incl. payroll tax	(8)	(6)	(8)
Pension cost for defined contribution pension cost incl. payroll tax	(58)	(58)	(52)
Pension cost recognized in personnel costs	(66)	(64)	(60)
Revaluation of defined benefit plans	24	1	(4)
Provision for pensions	57	82	83	kr 80
Present value of defined benefit obligation
Disclosure of net defined benefit liability (asset)
Revaluation of defined benefit plans	23	(2)	(16)
Provision for pensions	258	277	272	253
Plan assets
Disclosure of net defined benefit liability (asset)
Revaluation of defined benefit plans	1	3	12
Provision for pensions	kr (201)	kr (195)	kr (189)	kr (173)

Personnel expenses - Defined be

Personnel expenses - Defined benefit pension (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of net defined benefit liability (asset)
Balance at beginning of the period	kr 82	kr 83	kr 80
Contributions by the employer	(8)	(7)	(7)
Pension Payments incl. special payroll tax / Benefits paid	(1)	(1)	(1)
Balance at end of the period	57	82	83
Present value of defined benefit obligation
Disclosure of net defined benefit liability (asset)
Balance at beginning of the period	277	272	253
Service cost	7	6	6
Interest cost / Expected return on plan assets	3	5	5
Pension Payments incl. special payroll tax / Benefits paid	(7)	(9)	(8)
Actuarial (gains) and losses, effect due to changed demographic assumptions	(2)
Actuarial (gains) and losses, effect due to changed financial assumptions	(24)	12	25
Actuarial (gains) and losses, effect due to experience based outcome	4	(9)	(9)
Balance at end of the period	258	277	272
Plan assets
Disclosure of net defined benefit liability (asset)
Balance at beginning of the period	(195)	(189)	(173)
Interest cost / Expected return on plan assets	(2)	(3)	(4)
Contributions by the employer	(9)	(7)	(7)
Pension Payments incl. special payroll tax / Benefits paid	6	8	7
Return on plan assets excluding interest income	(1)	(4)	(12)
Balance at end of the period	(201)	(195)	kr (189)
Expected contribution from the employer	6	5
Expected compensation paid	kr 7	kr 7

Personnel expenses - Plan asset

Personnel expenses - Plan assets (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of net defined benefit liability (asset)
Other Investments	kr 44	kr 33	kr 25
Properties	26	23	23
Plan assets	201	195	189
Mortgage bonds
Disclosure of net defined benefit liability (asset)
Debt instruments	57	53	49
Sweden
Disclosure of net defined benefit liability (asset)
Equity investments	4	4	4
Sweden \| Government bonds
Disclosure of net defined benefit liability (asset)
Debt instruments	34	41	49
Sweden \| Loans to the public
Disclosure of net defined benefit liability (asset)
Debt instruments	12	18	22
Foreign countries
Disclosure of net defined benefit liability (asset)
Equity investments	kr 24	kr 23	kr 17

Personnel expenses - Actuarial

Personnel expenses - Actuarial assumptions (Details)	12 Months Ended
Personnel expenses - Actuarial assumptions (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Personnel expense
Discount rate	1.80%	1.25%	1.70%
Assumption of early pension withdrawal	20.00%	20.00%	20.00%
Expected salary increase	2.00%	2.00%	2.00%
Expected inflation	2.00%	1.80%	2.00%
Expected lifetime	DUS21	DUS14	DUS14
Expected turnover	5.00%	5.00%	5.00%

Personnel expenses - Sensitivit

Personnel expenses - Sensitivity analysis of essential assumptions (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Discount rate
Disclosure of sensitivity analysis for actuarial assumptions
Increase in actuarial assumption (as a percent)	1.00%	1.00%	1.00%
Decrease in actuarial assumption (as a percent)	1.00%	1.00%	1.00%
Defined benefit obligation after reasonable increase in actuarial assumption	kr 206	kr 218	kr 215
Defined benefit obligation after reasonable decrease in actuarial assumption	329	358	351
Service cost after reasonable increase in actuarial assumption	4	5	5
Service cost after reasonable decrease in actuarial assumption	7	9	8
Interest cost on defined benefit obligation after reasonable increase in actuarial assumption	6	5	6
Interest cost on defined benefit obligation after reasonable decrease in actuarial assumption	kr 2	kr 1	kr 2
Expected lifetime
Disclosure of sensitivity analysis for actuarial assumptions
Increase in actuarial assumption (in years)	1 year	1 year	1 year
Decrease in actuarial assumption (in years)	1 year	1 year	1 year
Defined benefit obligation after reasonable increase in actuarial assumption	kr 270	kr 291	kr 286
Defined benefit obligation after reasonable decrease in actuarial assumption	245	264	260
Service cost after reasonable increase in actuarial assumption	5	7	6
Service cost after reasonable decrease in actuarial assumption	5	7	6
Interest cost on defined benefit obligation after reasonable increase in actuarial assumption	5	4	5
Interest cost on defined benefit obligation after reasonable decrease in actuarial assumption	kr 4	kr 3	kr 4

Personnel expenses - Reconcilia

Personnel expenses - Reconciliation of pension liabilities (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Personnel expense
Balance at beginning of the period	kr 82	kr 83	kr 80
Net periodic pension cost	8	8	7
Contributions by the employer	(8)	(7)	(7)
Net pension payments	(1)	(1)	(1)
Revaluations recognized in other comprehensive income	(24)	(1)	4
Balance at end of the period	kr 57	kr 82	kr 83

Personnel expenses - Pensions (

Personnel expenses - Pensions (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Personnel expense
Pension expense	kr 8	kr 6	kr 8
Expected weighted average remaining service time for active employees	12 years 9 months 18 days	13 years 4 months 17 days
Expected weighted average duration for the present value	19 years 10 days	20 years 2 months 8 days
Average salary for active employees	kr 0.9	kr 0.9
Percentage of employees early retirement	20.00%
Retirement age for employees born on or before 1956	61 years
Retirement age for employees born on or after 1967	65 years

Personnel expenses - Average nu

Personnel expenses - Average number of employees (Details) - employee	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Personnel expense
Average number employees, women	127	123	120
Average number employees, men	129	125	121
Total average number of employees	256	248	241

Personnel expenses - Number of

Personnel expenses - Number of employees at year-end (Details)	12 Months Ended
	Dec. 31, 2021employeeitem	Dec. 31, 2020employeeitem	Dec. 31, 2019employee
Personnel expense
Number of women employees	132	125	123
Number of men employees	132	128	121
Number of employees	264	253	244
Number of full time employees	259	247	236
Percentage of allocation of women in full-time employees	49.00%	49.00%	50.00%
Percentage of allocation of men in full-time employees	51.00%	51.00%	50.00%
Number of part time employees	5	6	8
Percentage of allocation of women in part-time employees	80.00%	83.00%	75.00%
Percentage of allocation of men in part-time employees	20.00%	17.00%	25.00%
Number of permanent employees	263	253	243
Percentage of allocation of women in permanent employees	50.00%	49.00%	51.00%
Percentage of allocation of men in permanent employees	50.00%	51.00%	49.00%
Number of temporary employees	1	0	1
Percentage of allocation of women in temporary employees	0.00%	0.00%	0.00%
Percentage of allocation of men in temporary employees	100.00%	0.00%	100.00%
Number of managers	33	31	31
Number of non-management employees	231	222	213
Number of consultants \| item	73	75

Personnel expenses - Employees

Personnel expenses - Employees by age distribution (Details) - employee	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Personnel expense
Number of employees	264	253	244
Number of employees under the age of 30 years	12	13	12
Number of employees between 30 and 50 years	131	122	127
Number of employees over 50 years	121	118	105

Personnel expenses - Employee t

Personnel expenses - Employee turnover (Details) - employee	12 Months Ended
Personnel expenses - Employee turnover (Details) - employee	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Personnel expense
Number of employees who left employment	20	16	30
Number of women employees who left employment	7	8	16
Number of men employees who left employment	13	8	14
Number of employees who left employment under the age of 30 years	1	0	2
Number of employees who left employment between 30 and 50 years	9	12	22
Number of employees who left employment over 50 years	10	4	6

Personnel expenses - Employee_2

Personnel expenses - Employees by health percentage (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Personnel expense
Percentage of employees absence due to sickness	3.50%	2.10%	2.50%

Personnel expenses - Employee e

Personnel expenses - Employee equality and diversity (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Personnel expense
Percentage of allocation of women on the Board of Directors	43.00%	62.00%	62.00%
Percentage of allocation of men on the Board of Directors	57.00%	38.00%	38.00%
Percentage of allocation of women in executive management	36.00%	50.00%	50.00%
Percentage of allocation of men in executive management	64.00%	50.00%	50.00%
Percentage of allocation of women in management positions	45.00%	48.00%	42.00%
Percentage of allocation of men in management positions	55.00%	52.00%	58.00%
Percentage of allocation of women employees in total	50.00%	49.00%	50.00%
Percentage of allocation of men employees in total	50.00%	51.00%	50.00%

Other administrative expenses_2

Other administrative expenses (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other administrative expenses
Travel expenses and marketing	kr (3)	kr (3)	kr (7)
IT and information system (fees incl.)	(167)	(140)	(156)
Other fees	(44)	(38)	(34)
Premises	(11)	(10)	(3)
Other	(6)	(7)	(6)
Total other administrative expenses	kr (231)	kr (198)	kr (206)

Other administrative expenses -

Other administrative expenses - Remuneration to auditors (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Auditor's remuneration details
Audit fees	kr (8)	kr (9)	kr (10)
Audit related fees			0
Tax related fees			0
Other fees	(3)	(3)	(2)
Total	kr (11)	kr (12)	kr (12)

Tangible and intangible asset_2

Tangible and intangible assets (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Tangible and intangible assets
Tangible assets	kr 40	kr 22	kr 28
Right-of-use assets	152	25	50
Intangible assets	139	98	56
Total net book value	331	145	134
Depreciation and impairment during the year according to the Consolidated Statement of Comprehensive Income	kr (80)	kr (51)	kr (57)
Average useful life for intangible assets	5 years

Leasing - Right of use asset (D

Leasing - Right of use asset (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leasing
Potential future cash flows related to lease extension options	kr 80	kr 77
Period of lease extension options	3 years
Right-of-use asset, opening balance	kr 25	50
Depreciation	(30)	(27)
Addition	157	2
Right-of-use asset, closing balance	kr 152	kr 25

Leasing - Accounted for in prof

Leasing - Accounted for in profit or loss (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leasing
Depreciation charge on right-of-use assets	kr (30)	kr (27)
Interest expenses on lease liability	(1)	0
Expenses relating to short-term leases	0	0
Expenses relating to low-value leases	(1)	(1)
Variable lease fees	(6)	(6)
Total amount accounted for in profit or loss	kr (38)	kr (34)

Leasing - Lease liability (Deta

Leasing - Lease liability (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease liabilities
Lease liabilities, opening balance	kr 19	kr 44
Interest expense accrued	1	0
Payments of lease liability	(24)	(27)	kr (39)
Additions	157	2
Lease liabilities, closing balance	kr 153	kr 19	kr 44

Leasing - Contractual flows of

Leasing - Contractual flows of lease liability and costs (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases
Discounting effect	kr (3)	kr 0
Lease liabilities	153	19	kr 44
Cash outflow	31	34
Within 1 year
Leases
Undiscounted lease payments	21	18
Between 1 and 5 years
Leases
Undiscounted lease payments	122	kr 1
More than 5 years
Leases
Undiscounted lease payments	kr 13

Leasing - Future lease payments

Leasing - Future lease payments receivable (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Leasing
Gross investment	kr 238	kr 212
Present value of minimum lease payments	216	194
Unearned finance income	21	17
Within 1 year
Leasing
Gross investment	111	102
Present value of minimum lease payments	108	99
Between 1 and 5 years
Leasing
Gross investment	83	91
Present value of minimum lease payments	74	81
More than 5 years
Leasing
Gross investment	44	19
Present value of minimum lease payments	kr 34	kr 14

Impairments (Details)

Impairments (Details) - SEK (kr) kr in Millions	12 Months Ended
Impairments (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in allowance account for credit losses of financial assets
Established credit losses	kr (52)	kr (20)	kr (25)
Reserves applied to cover established credit losses	49	20	40
Recovered credit losses	1
Net credit losses	41	(153)	(10)
Loans to the public
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	22	(125)
12-month expected credit losses
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	60	(98)	(19)
Lifetime expected credit losses \| Financial instruments not credit-impaired
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	29	(48)	11
Lifetime expected credit losses \| Financial instruments credit-impaired
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	kr (46)	kr (7)	kr (17)

Impairments - Loss Allowance (D

Impairments - Loss Allowance (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loans and off balance
Provision ratio	0.06%	0.08%
12-month expected credit losses
Loans and off balance
Provision ratio	0.04%	0.06%
Lifetime expected credit losses \| Financial instruments not credit-impaired
Loans and off balance
Provision ratio	0.04%	0.08%
Lifetime expected credit losses \| Financial instruments credit-impaired
Loans and off balance
Provision ratio	2.01%	3.10%
Gross carrying amount
Loans and off balance
Loans and off balance	kr 297,529	kr 294,423	kr 277,061
Of which guaranteed	70.30%	63.20%
Gross carrying amount \| Loans
Loans and off balance
Loans and off balance	kr 237,381	kr 231,919
Gross carrying amount \| Loans in the form of interest-bearing securities
Loans and off balance
Loans and off balance	46,599	50,814
Gross carrying amount \| Loans to credit institutions
Loans and off balance
Loans and off balance	10,362	9,343
Gross carrying amount \| Loans to the public
Loans and off balance
Loans and off balance	180,420	171,762
Gross carrying amount \| Off balance
Loans and off balance
Loans and off balance	60,148	62,504
Gross carrying amount \| Guarantees
Loans and off balance
Loans and off balance	4,767	3,969
Gross carrying amount \| Committed undisbursed loans
Loans and off balance
Loans and off balance	55,381	58,535
Gross carrying amount \| 12-month expected credit losses
Loans and off balance
Loans and off balance	kr 228,489	kr 226,456	214,115
Of which guaranteed	63.70%	59.50%
Gross carrying amount \| 12-month expected credit losses \| Loans
Loans and off balance
Loans and off balance	kr 196,912	kr 198,100
Gross carrying amount \| 12-month expected credit losses \| Loans in the form of interest-bearing securities
Loans and off balance
Loans and off balance	42,827	47,095
Gross carrying amount \| 12-month expected credit losses \| Loans to credit institutions
Loans and off balance
Loans and off balance	6,948	8,834
Gross carrying amount \| 12-month expected credit losses \| Loans to the public
Loans and off balance
Loans and off balance	147,137	142,171
Gross carrying amount \| 12-month expected credit losses \| Off balance
Loans and off balance
Loans and off balance	31,577	28,356
Gross carrying amount \| 12-month expected credit losses \| Guarantees
Loans and off balance
Loans and off balance	4,767	2,463
Gross carrying amount \| 12-month expected credit losses \| Committed undisbursed loans
Loans and off balance
Loans and off balance	26,810	25,893
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired
Loans and off balance
Loans and off balance	kr 66,651	kr 66,485	61,619
Of which guaranteed	93.20%	84.60%
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans
Loans and off balance
Loans and off balance	kr 38,185	kr 32,337
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans in the form of interest-bearing securities
Loans and off balance
Loans and off balance	3,772	3,719
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans to credit institutions
Loans and off balance
Loans and off balance	3,414	509
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans to the public
Loans and off balance
Loans and off balance	30,999	28,109
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Off balance
Loans and off balance
Loans and off balance	28,466	34,148
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Guarantees
Loans and off balance
Loans and off balance		1,506
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Committed undisbursed loans
Loans and off balance
Loans and off balance	28,466	32,642
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired
Loans and off balance
Loans and off balance	kr 2,389	kr 1,482	1,327
Of which guaranteed	95.70%	97.60%
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans
Loans and off balance
Loans and off balance	kr 2,284	kr 1,482
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans to the public
Loans and off balance
Loans and off balance	2,284	1,482
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Off balance
Loans and off balance
Loans and off balance	105
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Committed undisbursed loans
Loans and off balance
Loans and off balance	105
Accumulated impairment
Loans and off balance
Loans and off balance	(164)	(249)	(128)
Accumulated impairment \| Loans
Loans and off balance
Loans and off balance	(157)	(240)
Accumulated impairment \| Loans in the form of interest-bearing securities
Loans and off balance
Loans and off balance	(21)	(33)
Accumulated impairment \| Loans to credit institutions
Loans and off balance
Loans and off balance	(4)	(6)
Accumulated impairment \| Loans to the public
Loans and off balance
Loans and off balance	(132)	(201)
Accumulated impairment \| Off balance
Loans and off balance
Loans and off balance	(7)	(9)
Accumulated impairment \| Guarantees
Loans and off balance
Loans and off balance	0	0
Accumulated impairment \| Committed undisbursed loans
Loans and off balance
Loans and off balance	(7)	(9)
Accumulated impairment \| 12-month expected credit losses
Loans and off balance
Loans and off balance	(88)	(147)	(54)
Accumulated impairment \| 12-month expected credit losses \| Loans
Loans and off balance
Loans and off balance	(82)	(139)
Accumulated impairment \| 12-month expected credit losses \| Loans in the form of interest-bearing securities
Loans and off balance
Loans and off balance	(14)	(20)
Accumulated impairment \| 12-month expected credit losses \| Loans to credit institutions
Loans and off balance
Loans and off balance	(4)	(6)
Accumulated impairment \| 12-month expected credit losses \| Loans to the public
Loans and off balance
Loans and off balance	(64)	(113)
Accumulated impairment \| 12-month expected credit losses \| Off balance
Loans and off balance
Loans and off balance	(6)	(8)
Accumulated impairment \| 12-month expected credit losses \| Guarantees
Loans and off balance
Loans and off balance	0	0
Accumulated impairment \| 12-month expected credit losses \| Committed undisbursed loans
Loans and off balance
Loans and off balance	(6)	(8)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments not credit-impaired
Loans and off balance
Loans and off balance	(28)	(56)	(10)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans
Loans and off balance
Loans and off balance	(27)	(55)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans in the form of interest-bearing securities
Loans and off balance
Loans and off balance	(7)	(13)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans to credit institutions
Loans and off balance
Loans and off balance	0	0
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans to the public
Loans and off balance
Loans and off balance	(20)	(42)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Off balance
Loans and off balance
Loans and off balance	(1)	(1)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Guarantees
Loans and off balance
Loans and off balance		0
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Committed undisbursed loans
Loans and off balance
Loans and off balance	(1)	(1)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments credit-impaired
Loans and off balance
Loans and off balance	(48)	(46)	kr (64)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans
Loans and off balance
Loans and off balance	(48)	(46)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans to the public
Loans and off balance
Loans and off balance	(48)	kr (46)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Off balance
Loans and off balance
Loans and off balance	0
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Committed undisbursed loans
Loans and off balance
Loans and off balance	kr 0

Impairments - Reconciliations (

Impairments - Reconciliations (Details) kr in Millions	12 Months Ended
Impairments - Reconciliations (Details) kr in Millions	Dec. 31, 2021SEK (kr)item	Dec. 31, 2020SEK (kr)
Changes in loss allowance
Number of scenarios prepared for each PD curve \| item	3
Minimum
Changes in loss allowance
Weight of base scenario	73.00%
Weight of downturn scenario	5.00%
Weight of upturn scenario	5.00%
Maximum
Changes in loss allowance
Weight of base scenario	80.00%
Weight of downturn scenario	19.00%
Weight of upturn scenario	19.00%
Gross carrying amount
Changes in loss allowance
Loans and off balance at beginning of period	kr 294,423	kr 277,061
Increase due to origination and acquisition	87,470	156,675
Transfer to stage 1	(62)	(189)
Transfer to stage 2	(453)	(1,128)
Transfer to stage 3	(108)	(8)
Decrease due to derecognition	(83,741)	(137,988)
Loans and off balance at end of period	297,529	294,423
Gross carrying amount \| 12-month expected credit losses
Changes in loss allowance
Loans and off balance at beginning of period	226,456	214,115
Increase due to origination and acquisition	79,856	129,830
Transfer to stage 1	1,240	683
Transfer to stage 2	(4,676)	(8,391)
Transfer to stage 3	(105)
Decrease due to derecognition	(74,282)	(109,781)
Loans and off balance at end of period	228,489	226,456
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired
Changes in loss allowance
Loans and off balance at beginning of period	66,485	61,619
Increase due to origination and acquisition	7,380	26,030
Transfer to stage 1	(1,302)	(872)
Transfer to stage 2	4,223	7,422
Transfer to stage 3	(948)	(42)
Decrease due to derecognition	(9,187)	(27,672)
Loans and off balance at end of period	66,651	66,485
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired
Changes in loss allowance
Loans and off balance at beginning of period	1,482	1,327
Increase due to origination and acquisition	234	815
Transfer to stage 2		(159)
Transfer to stage 3	945	34
Decrease due to derecognition	(272)	(535)
Loans and off balance at end of period	2,389	1,482
Accumulated impairment
Changes in loss allowance
Loans and off balance at beginning of period	(249)	(128)
Increase due to origination and acquisition	(65)	(84)
Net remeasurement of loss allowance	21	(69)
Transfer to stage 1	0
Transfer to stage 2	(4)	0
Transfer to stage 3	(19)	(9)
Decrease due to derecognition	110	8
Decrease in allowance account due to write-offs	49	20
Exchange-rate differences	(7)	13
Loans and off balance at end of period	(164)	(249)
Accumulated impairment \| 12-month expected credit losses
Changes in loss allowance
Loans and off balance at beginning of period	(147)	(54)
Increase due to origination and acquisition	(40)	(84)
Net remeasurement of loss allowance	51	(23)
Transfer to stage 1	0	0
Transfer to stage 2	2	1
Transfer to stage 3	0
Decrease due to derecognition	47	8
Exchange-rate differences	(1)	5
Loans and off balance at end of period	(88)	(147)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments not credit-impaired
Changes in loss allowance
Loans and off balance at beginning of period	(56)	(10)
Increase due to origination and acquisition	0	0
Net remeasurement of loss allowance	13	(48)
Transfer to stage 1	0	0
Transfer to stage 2	(6)	(1)
Transfer to stage 3	2	1
Decrease due to derecognition	20	0
Exchange-rate differences	(1)	2
Loans and off balance at end of period	(28)	(56)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments credit-impaired
Changes in loss allowance
Loans and off balance at beginning of period	(46)	(64)
Increase due to origination and acquisition	(25)
Net remeasurement of loss allowance	(43)	2
Transfer to stage 2		0
Transfer to stage 3	(21)	(10)
Decrease due to derecognition	43	0
Decrease in allowance account due to write-offs	49	20
Exchange-rate differences	(5)	6
Loans and off balance at end of period	kr (48)	kr (46)

Impairments - Loan credit quali

Impairments - Loan credit quality (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of credit risk exposure
Financial assets.	kr 323,941	kr 320,399
AAA
Disclosure of credit risk exposure
Financial assets.	145,639	126,728
AA+ to A-
Disclosure of credit risk exposure
Financial assets.	82,780	94,229
BBB+ to BBB-
Disclosure of credit risk exposure
Financial assets.	24,463	24,445
CCC to D
Disclosure of credit risk exposure
Financial assets.	96	25
Gross carrying amount \| Loans
Disclosure of credit risk exposure
Financial assets.	237,381	231,919
Gross carrying amount \| Loans \| AAA
Disclosure of credit risk exposure
Financial assets.		37
Gross carrying amount \| Loans \| AA+ to A-
Disclosure of credit risk exposure
Financial assets.	25,815	29,261
Gross carrying amount \| Loans \| BBB+ to BBB-
Disclosure of credit risk exposure
Financial assets.	133,772	131,234
Gross carrying amount \| Loans \| BB+ to BB-
Disclosure of credit risk exposure
Financial assets.	57,290	55,476
Gross carrying amount \| Loans \| B+ to B-
Disclosure of credit risk exposure
Financial assets.	12,158	13,050
Gross carrying amount \| Loans \| CCC to D
Disclosure of credit risk exposure
Financial assets.	8,346	2,861
Gross carrying amount \| 12-month expected credit losses \| Loans
Disclosure of credit risk exposure
Financial assets.	196,912	198,100
Gross carrying amount \| 12-month expected credit losses \| Loans \| AAA
Disclosure of credit risk exposure
Financial assets.		37
Gross carrying amount \| 12-month expected credit losses \| Loans \| AA+ to A-
Disclosure of credit risk exposure
Financial assets.	25,815	29,261
Gross carrying amount \| 12-month expected credit losses \| Loans \| BBB+ to BBB-
Disclosure of credit risk exposure
Financial assets.	131,514	130,068
Gross carrying amount \| 12-month expected credit losses \| Loans \| BB+ to BB-
Disclosure of credit risk exposure
Financial assets.	32,247	32,275
Gross carrying amount \| 12-month expected credit losses \| Loans \| B+ to B-
Disclosure of credit risk exposure
Financial assets.	6,697	5,997
Gross carrying amount \| 12-month expected credit losses \| Loans \| CCC to D
Disclosure of credit risk exposure
Financial assets.	639	462
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans
Disclosure of credit risk exposure
Financial assets.	38,185	32,337
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans \| BBB+ to BBB-
Disclosure of credit risk exposure
Financial assets.	2,258	1,166
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans \| BB+ to BB-
Disclosure of credit risk exposure
Financial assets.	25,043	23,201
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans \| B+ to B-
Disclosure of credit risk exposure
Financial assets.	5,461	7,053
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans \| CCC to D
Disclosure of credit risk exposure
Financial assets.	5,423	917
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans
Disclosure of credit risk exposure
Financial assets.	2,284	1,482
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans \| CCC to D
Disclosure of credit risk exposure
Financial assets.	kr 2,284	kr 1,482

Taxes (Details)

Taxes (Details) - SEK (kr) kr in Millions	12 Months Ended
Taxes (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Taxes
Adjustment previous year	kr 0	kr (4)	kr 2
Current tax	(272)	(266)	(570)
Deferred tax	1	0	291
Total income tax	(271)	(270)	(277)
Income tax related to other comprehensive income
Tax on items to be reclassified to profit or loss - Current tax			2
Tax on items not to be reclassified to profit or loss - Current tax	5	(4)	(5)
Tax on items not to be reclassified to profit or loss - Deferred tax	(5)	(1)	1
Income tax related to other comprehensive income	kr 0	kr (5)	kr (2)

Taxes - Reconciliation of effec

Taxes - Reconciliation of effective tax rate (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of effective tax rate
The Swedish corporate tax rate (percent)	20.60%	21.40%	21.40%
Profit before taxes	kr 1,305	kr 1,238	kr 1,304
National tax based on profit before taxes	(269)	(265)	(279)
Tax effects of: Non-taxable income	0	0	9
Tax effects of: Non-deductible expenses	(3)	(1)	(16)
Tax effects of: Imputed interest on tax allocation reserve			(1)
Tax effect of dissolution of untaxed reserves due to changed tax rate			8
Tax effect of the tax credit for investments in equipment	1
Tax effects of: Other		(4)	2
Total income tax	kr (271)	kr (270)	kr (277)
Effective tax expense (percent)	20.80%	21.80%	21.20%

Taxes - Deferred tax assets and

Taxes - Deferred tax assets and liabilities (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets and liabilities net
Deferred tax assets	kr 11	kr 15
Deductible loss carry forwards	0	0
Pensions
Deferred tax assets and liabilities net
Deferred tax assets	10	kr 15
Tax credit for investment in equipment
Deferred tax assets and liabilities net
Deferred tax assets	kr 1

Taxes - Change in deferred tax

Taxes - Change in deferred tax (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Taxes
Opening balance	kr 15	kr 16
Change through profit or loss	1	0	kr 291
Change in other comprehensive income	(5)	(1)
Closing balance	kr 11	kr 15	kr 16

Loans and liquidity investmen_3

Loans and liquidity investments (Details) - SEK (kr) kr in Millions	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019	[1]	Dec. 31, 2018
Loans:
Loans in the form of interest-bearing securities	kr 46,578		kr 50,780
Loans to credit institutions	20,775		31,315
Loans to the public	180,288		171,562
Cash collateral under the security agreements for derivative contracts	(10,417)		(21,979)
Total lending	237,224		231,678
Liquidity investments:
Cash and cash equivalents	11,128	[1]	3,362	[1]	kr 1,362		kr 2,416
Treasuries/government bonds	10,872		22,266
Other interest-bearing securities except loans	45,881		33,551
Total liquidity investments	67,881		59,179
issued by public authorities	kr 16,584		kr 25,262

[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. See Note 11.

Loans and liquidity investmen_4

Loans and liquidity investments - Difference between book value and amount required to be paid at maturity (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Difference between book value and amount required to be paid at maturity
Sum of amounts exceeding nominal	kr 243	kr 148
Sum of amounts falling below nominal	kr (9)	kr (10)

Loans and liquidity investmen_5

Loans and liquidity investments - Volume Development, Lending (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Volume Development, Lending
Offers of long-term loans accepted	kr 76,988	kr 125,470
Undisbursed loans at year end	53,871	57,213
Loans outstanding at year-end	237,224	231,678
Concessionary loans outstanding	315	382
CIRR-System
Volume Development, Lending
Offers of long-term loans accepted	11,797	18,350
Undisbursed loans at year end	39,084	51,463
Loans outstanding at year-end	kr 87,872	kr 69,163

Loans and liquidity investmen_6

Loans and liquidity investments - Outstanding loans as per business area (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Outstanding loans as per product type
Total lending	kr 237,224	kr 231,678
Concessionary loans outstanding	315	382
CIRR-System
Outstanding loans as per product type
Total lending	87,872	69,163
Lending to Swedish exporters
Outstanding loans as per product type
Total lending	109,281	120,050
Lending to exporters' customers
Outstanding loans as per product type
Total lending	127,943	111,628
Lending to exporters' customers \| CIRR-System
Outstanding loans as per product type
Total lending	kr 87,872	kr 69,163

Classification of financial a_3

Classification of financial assets and liabilities - Financial assets (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Financial assets at fair value through profit or loss
Mandatorily	kr 62,517	kr 60,065
Derivatives used for hedge accounting	2,655	3,315
Amortized cost	258,769	257,019
Total financial assets	323,941	320,399
Cash and cash equivalents
Financial assets at fair value through profit or loss
Amortized cost	11,128	3,362
Total financial assets	11,128	3,362
Treasuries/government bonds
Financial assets at fair value through profit or loss
Mandatorily	10,872	22,266
Total financial assets	10,872	22,266
Other interest-bearing securities except loans
Financial assets at fair value through profit or loss
Mandatorily	45,881	33,551
Total financial assets	45,881	33,551
Loans in the form of interest-bearing securities
Financial assets at fair value through profit or loss
Amortized cost	46,578	50,780
Total financial assets	46,578	50,780
Loans to credit institutions
Financial assets at fair value through profit or loss
Amortized cost	20,775	31,315
Total financial assets	20,775	31,315
Loans to the public
Financial assets at fair value through profit or loss
Amortized cost	180,288	171,562
Total financial assets	180,288	171,562
Derivatives
Financial assets at fair value through profit or loss
Mandatorily	5,764	4,248
Derivatives used for hedge accounting	2,655	3,315
Total financial assets	kr 8,419	kr 7,563

Classification of financial a_4

Classification of financial assets and liabilities - Financial liabilities (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Financial liabilities at fair value through profit or loss
Mandatorily measured at fair value through profit or loss	kr 11,185	kr 24,921
Designated upon initial recognition (FVO)	39,316	47,388
Derivatives used for hedge accounting	3,544	474
Amortized cost	255,684	240,074
Total financial liabilities	309,729	312,857
Borrowing from credit institutions
Financial liabilities at fair value through profit or loss
Amortized cost	5,230	3,486
Total financial liabilities	5,230	3,486
Borrowing from the public
Financial liabilities at fair value through profit or loss
Amortized cost	10,000	10,000
Total financial liabilities	10,000	10,000
Debt securities issued
Financial liabilities at fair value through profit or loss
Designated upon initial recognition (FVO)	39,316	47,388
Amortized cost	240,454	226,588
Total financial liabilities	279,770	273,976
Derivatives
Financial liabilities at fair value through profit or loss
Mandatorily measured at fair value through profit or loss	11,185	24,921
Derivatives used for hedge accounting	3,544	474
Total financial liabilities	kr 14,729	kr 25,395

Financial assets and liabilit_3

Financial assets and liabilities at fair value (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments
Book value of financial assets	kr 323,941	kr 320,399
Book value of financial liabilities	309,729	312,857
Fair value of financial assets	331,720	330,710
Fair value of financial liabilities	310,253	313,433
Surplus value (+) /Deficit value (-), financial assets	7,779	10,311
Surplus value (+) /Deficit value (-) financial liabilities	524	576
Borrowing from credit institutions
Disclosure of detailed information about financial instruments
Book value of financial liabilities	5,230	3,486
Fair value of financial liabilities	5,230	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	279,770	273,976
Fair value of financial liabilities	280,294	274,552
Surplus value (+) /Deficit value (-) financial liabilities	524	576
Derivatives
Disclosure of detailed information about financial instruments
Book value of financial liabilities	14,729	25,395
Fair value of financial liabilities	14,729	25,395
Cash and cash equivalents
Disclosure of detailed information about financial instruments
Book value of financial assets	11,128	3,362
Fair value of financial assets	11,128	3,362
Treasuries/government bonds
Disclosure of detailed information about financial instruments
Book value of financial assets	10,872	22,266
Fair value of financial assets	10,872	22,266
Other interest-bearing securities except loans
Disclosure of detailed information about financial instruments
Book value of financial assets	45,881	33,551
Fair value of financial assets	45,881	33,551
Loans in the form of interest-bearing securities
Disclosure of detailed information about financial instruments
Book value of financial assets	46,578	50,780
Fair value of financial assets	47,991	52,091
Surplus value (+) /Deficit value (-), financial assets	1,413	1,311
Loans to credit institutions
Disclosure of detailed information about financial instruments
Book value of financial assets	20,775	31,315
Fair value of financial assets	20,993	31,424
Surplus value (+) /Deficit value (-), financial assets	218	109
Loans to the public
Disclosure of detailed information about financial instruments
Book value of financial assets	180,288	171,562
Fair value of financial assets	186,436	180,453
Surplus value (+) /Deficit value (-), financial assets	6,148	8,891
Derivatives
Disclosure of detailed information about financial instruments
Book value of financial assets	8,419	7,563
Fair value of financial assets	kr 8,419	kr 7,563

Financial assets and liabilit_4

Financial assets and liabilities at fair value - Financial assets & liabilities reported at amortized cost in fair value hierarchy (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments
Fair value of financial assets	kr 331,720	kr 330,710
Book value of financial assets	323,941	320,399
Fair value of financial liabilities	310,253	313,433
Book value of financial liabilities	309,729	312,857
Borrowing from credit institutions
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	5,230	3,486
Book value of financial liabilities	5,230	3,486
Borrowing from the public
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	10,000	10,000
Book value of financial liabilities	10,000	10,000
Debt securities issued
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	280,294	274,552
Book value of financial liabilities	279,770	273,976
Debt securities issued \| Level 3
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	32,555	41,198	kr 43,752
Financial liabilities at amortized cost
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	256,209	240,650
Book value of financial liabilities	255,684	240,074
Financial liabilities at amortized cost \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	256,209	240,650
Financial liabilities at amortized cost \| Borrowing from credit institutions
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	5,230	3,486
Book value of financial liabilities	5,230	3,486
Financial liabilities at amortized cost \| Borrowing from credit institutions \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	5,230	3,486
Financial liabilities at amortized cost \| Borrowing from the public
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	10,000	10,000
Book value of financial liabilities	10,000	10,000
Financial liabilities at amortized cost \| Borrowing from the public \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	10,000	10,000
Financial liabilities at amortized cost \| Debt securities issued
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	240,979	227,164
Book value of financial liabilities	240,454	226,588
Financial liabilities at amortized cost \| Debt securities issued \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	240,979	227,164
Financial assets at amortized cost
Disclosure of detailed information about financial instruments
Fair value of financial assets	266,548	267,330
Book value of financial assets	258,769	257,019
Financial assets at amortized cost \| Level 1
Disclosure of detailed information about financial instruments
Fair value of financial assets	13,098	3,668
Financial assets at amortized cost \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	253,450	263,662
Cash and cash equivalents
Disclosure of detailed information about financial instruments
Fair value of financial assets	11,128	3,362
Book value of financial assets	11,128	3,362
Cash and cash equivalents \| Financial assets at amortized cost
Disclosure of detailed information about financial instruments
Fair value of financial assets	11,128	3,362
Book value of financial assets	11,128	3,362
Cash and cash equivalents \| Financial assets at amortized cost \| Level 1
Disclosure of detailed information about financial instruments
Fair value of financial assets	11,128	3,362
Loans in the form of interest-bearing securities
Disclosure of detailed information about financial instruments
Fair value of financial assets	47,991	52,091
Book value of financial assets	46,578	50,780
Loans in the form of interest-bearing securities \| Financial assets at amortized cost
Disclosure of detailed information about financial instruments
Fair value of financial assets	47,991	52,091
Book value of financial assets	46,578	50,780
Loans in the form of interest-bearing securities \| Financial assets at amortized cost \| Level 1
Disclosure of detailed information about financial instruments
Fair value of financial assets	1,970	306
Loans in the form of interest-bearing securities \| Financial assets at amortized cost \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	46,021	51,785
Loans to credit institutions
Disclosure of detailed information about financial instruments
Fair value of financial assets	20,993	31,424
Book value of financial assets	20,775	31,315
Loans to credit institutions \| Financial assets at amortized cost
Disclosure of detailed information about financial instruments
Fair value of financial assets	20,993	31,424
Book value of financial assets	20,775	31,315
Loans to credit institutions \| Financial assets at amortized cost \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	20,993	31,424
Loans to the public
Disclosure of detailed information about financial instruments
Fair value of financial assets	186,436	180,453
Book value of financial assets	180,288	171,562
Loans to the public \| Financial assets at amortized cost
Disclosure of detailed information about financial instruments
Fair value of financial assets	186,436	180,453
Book value of financial assets	180,288	171,562
Loans to the public \| Financial assets at amortized cost \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	kr 186,436	kr 180,453

Financial assets and liabilit_5

Financial assets and liabilities at fair value - Financial assets & liabilities reported at fair value in fair value hierarchy (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments
Financial assets at fair value	kr 331,720	kr 330,710
Financial liabilities at fair value	310,253	313,433
Debt securities issued
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	280,294	274,552
Debt securities issued \| Level 3
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	32,555	41,198	kr 43,752
Derivatives
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	14,729	25,395
Financial liabilities at fair value through profit or loss
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	54,045	72,783
Financial liabilities at fair value through profit or loss \| Level 2
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	18,967	29,744
Financial liabilities at fair value through profit or loss \| Level 3
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	35,078	43,039
Financial liabilities at fair value through profit or loss \| Debt securities issued
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	39,316	47,388
Financial liabilities at fair value through profit or loss \| Debt securities issued \| Level 2
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	6,761	6,190
Financial liabilities at fair value through profit or loss \| Debt securities issued \| Level 3
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	32,555	41,198
Financial liabilities at fair value through profit or loss \| Derivatives
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	14,729	25,395
Financial liabilities at fair value through profit or loss \| Derivatives \| Level 2
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	12,206	23,554
Financial liabilities at fair value through profit or loss \| Derivatives \| Level 3
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	2,523	1,841
Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Financial assets at fair value	65,172	63,380
Financial assets at fair value through profit or loss. \| Level 1
Disclosure of detailed information about financial instruments
Financial assets at fair value	32,187	33,582
Financial assets at fair value through profit or loss. \| Level 2
Disclosure of detailed information about financial instruments
Financial assets at fair value	32,499	28,220
Financial assets at fair value through profit or loss. \| Level 3
Disclosure of detailed information about financial instruments
Financial assets at fair value	486	1,578
Treasuries/government bonds
Disclosure of detailed information about financial instruments
Financial assets at fair value	10,872	22,266
Treasuries/government bonds \| Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Financial assets at fair value	10,872	22,266
Treasuries/government bonds \| Financial assets at fair value through profit or loss. \| Level 1
Disclosure of detailed information about financial instruments
Financial assets at fair value	5,638	14,169
Treasuries/government bonds \| Financial assets at fair value through profit or loss. \| Level 2
Disclosure of detailed information about financial instruments
Financial assets at fair value	5,234	8,097
Other interest-bearing securities except loans
Disclosure of detailed information about financial instruments
Financial assets at fair value	45,881	33,551
Other interest-bearing securities except loans \| Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Financial assets at fair value	45,881	33,551
Other interest-bearing securities except loans \| Financial assets at fair value through profit or loss. \| Level 1
Disclosure of detailed information about financial instruments
Financial assets at fair value	26,549	19,413
Other interest-bearing securities except loans \| Financial assets at fair value through profit or loss. \| Level 2
Disclosure of detailed information about financial instruments
Financial assets at fair value	19,332	14,138
Derivatives
Disclosure of detailed information about financial instruments
Financial assets at fair value	8,419	7,563
Derivatives \| Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Financial assets at fair value	8,419	7,563
Derivatives \| Financial assets at fair value through profit or loss. \| Level 2
Disclosure of detailed information about financial instruments
Financial assets at fair value	7,933	5,985
Derivatives \| Financial assets at fair value through profit or loss. \| Level 3
Disclosure of detailed information about financial instruments
Financial assets at fair value	kr 486	kr 1,578

Financial assets and liabilit_6

Financial assets and liabilities at fair value - Transfers made between both assets and liabilities (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt securities issued
Disclosure of detailed information about financial instruments
Transfers to level 3		kr (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)

Financial assets and liabilit_7

Financial assets and liabilities at fair value - Financial assets and liabilities at fair value in level 3 (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 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	(310,253)	kr (313,433)
Financial assets and liabilities at fair value in level 3
Unrealized fair value changes	594	36
Level 3
Financial assets and liabilities at fair value in level 3
Financial assets and liabilities at fair value in level 3, at the beginning of period	(41,461)	(43,730)
Purchases	(10,367)	(10,577)
Settlements & sales	18,738	15,885
Transfers to level 3	(1)	(10,649)
Transfers from level 3		5,275
Gains (+) and losses (-) through profit or loss	607	(2,942)
Gains (+) and losses (-) in other comprehensive income	(36)	44
Currency exchange-rate effects assets and liabilities	(2,072)	5,233
Financial assets and liabilities at fair value in level 3, at the end of period	(34,592)	(41,461)
Debt securities issued
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period	(274,552)
Transfers to level 3		(10,649)
Transfers from level 3		6,534
Financial liabilities at end of period	(280,294)	(274,552)
Debt securities issued \| Level 3
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period	(41,198)	(43,752)
Purchases	(10,372)	(10,584)
Settlements & sales	19,337	16,285
Transfers to level 3		(10,649)
Transfers from level 3		6,534
Gains (+) and losses (-) through profit or loss	196	(1,345)
Gains (+) and losses (-) in other comprehensive income	(36)	44
Currency exchange-rate effects liabilities	(482)	2,269
Financial liabilities at end of period	(32,555)	(41,198)
Derivatives
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period	(25,395)
Transfers to level 3	(1)
Financial liabilities at end of period	(14,729)	(25,395)
Financial assets and liabilities at fair value in level 3
Transfers from level 3		(1,259)
Derivatives \| Level 3
Financial assets and liabilities at fair value in level 3
Financial assets and liabilities at fair value in level 3, at the beginning of period	(263)	22
Purchases	5	7
Settlements & sales	(599)	(400)
Transfers to level 3	(1)
Transfers from level 3		(1,259)
Gains (+) and losses (-) through profit or loss	411	(1,597)
Currency exchange-rate effects assets and liabilities	(1,590)	2,964
Financial assets and liabilities at fair value in level 3, at the end of period	kr (2,037)	kr (263)

Financial assets and liabilit_8

Financial assets and liabilities at fair value - Assets and liabilities Sensitivity analysis - level 3 (Details) kr in Millions	12 Months Ended
	Dec. 31, 2021SEK (kr)	Dec. 31, 2020SEK (kr)	Dec. 31, 2019SEK (kr)
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity, correlations maximum positive relationship	1
Sensitivity, correlations maximum negative relationship	(1)
Financial liabilities at fair value	kr (310,253)	kr (313,433)
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
Effect related to sensitivity	kr 3	0
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 (34,592)	(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	122	137
Level 3 \| Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	(122)	(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	119	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	(119)	(137)
Level 3 \| Derivatives
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	(2,037)	(263)
Level 3 \| Derivatives \| Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	(59)	(59)
Level 3 \| Derivatives \| Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	59	59
Level 3 \| Derivatives \| Equity risk
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (892)	kr (144)
Level 3 \| Derivatives \| Equity risk \| Option Model \| Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12	0.12
Sensitivity impact on total comprehensive income	kr (3)	kr (6)
Level 3 \| Derivatives \| Equity risk \| Option Model \| Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	(0.12)	(0.12)
Sensitivity impact on total comprehensive income	kr 3	kr 6
Level 3 \| Derivatives \| Interest rate
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (1)	kr 4
Level 3 \| Derivatives \| Interest rate \| Option Model \| Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12	0.12
Sensitivity impact on total comprehensive income	kr 0	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)	(0.12)
Sensitivity impact on total comprehensive income	kr 0	kr 0
Level 3 \| Derivatives \| Currency risk
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (1,038)	kr 9
Level 3 \| Derivatives \| Currency risk \| Option Model \| Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12	0.12
Sensitivity impact on total comprehensive income	kr (56)	kr (53)
Level 3 \| Derivatives \| Currency risk \| Option Model \| Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	(0.12)	(0.12)
Sensitivity impact on total comprehensive income	kr 56	kr 53
Level 3 \| Derivatives \| Other
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (106)	kr (132)
Level 3 \| Derivatives \| Other \| Option Model \| Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12	0.12
Sensitivity impact on total comprehensive income	kr 0	kr 0
Level 3 \| Derivatives \| Other \| Option Model \| Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	(0.12)	(0.12)
Sensitivity impact on total comprehensive income	kr 0	kr 0
Level 3 \| Debt securities issued
Disclosure of significant unobservable inputs used in fair value measurement of assets
Financial liabilities at fair value	(32,555)	(41,198)
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)	(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 (9,283)	kr (14,836)
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 liabilities (in basis points)	10	10
Sensitivity impact on total comprehensive income	kr 10	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 liabilities (in basis points)	(10)	(10)
Sensitivity impact on total comprehensive income	kr (10)	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	0.12
Sensitivity impact on total comprehensive income	kr 3	kr 6
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)	(0.12)
Sensitivity impact on total comprehensive income	kr (3)	kr (6)
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 (11,900)	kr (13,181)
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 liabilities (in basis points)	10	10
Sensitivity impact on total comprehensive income	kr 58	kr 65
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 liabilities (in basis points)	(10)	(10)
Sensitivity impact on total comprehensive income	kr (58)	kr (65)
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	0.12
Sensitivity impact on total comprehensive income	kr 0	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)	(0.12)
Sensitivity impact on total comprehensive income	kr 0	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 (11,235)	kr (13,070)
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 liabilities (in basis points)	10	10
Sensitivity impact on total comprehensive income	kr 50	kr 63
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 liabilities (in basis points)	(10)	(10)
Sensitivity impact on total comprehensive income	kr (50)	kr (63)
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	0.12
Sensitivity impact on total comprehensive income	kr 59	kr 53
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)	(0.12)
Sensitivity impact on total comprehensive income	kr (59)	kr (53)
Level 3 \| Debt securities issued \| Other
Disclosure of significant unobservable inputs used in fair value measurement of assets
Financial liabilities at fair value	kr (137)	kr (111)
Level 3 \| Debt securities issued \| Other \| Discounted cash flow \| Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Credit spreads liabilities (in basis points)	10	10
Sensitivity impact on total comprehensive income	kr 1	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 liabilities (in basis points)	(10)	(10)
Sensitivity impact on total comprehensive income	kr (1)	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	0.12
Sensitivity impact on total comprehensive income	kr 0	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)	(0.12)
Sensitivity impact on total comprehensive income	kr 0	kr 0

Financial assets and liabilit_9

Financial assets and liabilities at fair value - Fair value related to credit risk (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net CVA/DVA
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	(5)
OCA
Fair value related to credit risk
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease)	(132)	(108)
The period's change in fair value originating from credit risk (+ income/ - loss)	kr (24)	kr 18

Derivatives and hedge account_3

Derivatives and hedge accounting - Categories (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Sub-classifications of financial information
Assets Fair value	kr 8,419	kr 7,563
Liabilities Fair value	14,729	25,395
Nominal amount of instruments directly affected by the IBOR reform	105,440	55,094
Economic hedges
Sub-classifications of financial information
Assets Fair value	5,764	4,248
Liabilities Fair value	11,185	24,921
Fair-value hedges
Sub-classifications of financial information
Assets Fair value	2,655	3,315
Liabilities Fair value	3,544	474
Derivatives
Sub-classifications of financial information
Nominal amounts	531,844	500,613
Derivatives \| Economic hedges
Sub-classifications of financial information
Nominal amounts	289,657	287,368
Derivatives \| Fair-value hedges
Sub-classifications of financial information
Nominal amounts	242,187	213,245
Interest rate-related contracts
Sub-classifications of financial information
Assets Fair value	3,192	3,846
Liabilities Fair value	9,464	11,774
Interest rate-related contracts \| Economic hedges
Sub-classifications of financial information
Assets Fair value	1,936	2,357
Liabilities Fair value	7,361	12,226
Interest rate-related contracts \| Fair-value hedges
Sub-classifications of financial information
Assets Fair value	1,256	1,489
Liabilities Fair value	2,104	(453)
Interest rate-related contracts \| Derivatives
Sub-classifications of financial information
Nominal amounts	361,160	323,664
Interest rate-related contracts \| Derivatives \| Economic hedges
Sub-classifications of financial information
Nominal amounts	149,875	132,228
Interest rate-related contracts \| Derivatives \| Fair-value hedges
Sub-classifications of financial information
Nominal amounts	211,285	191,435
Currency-related contracts
Sub-classifications of financial information
Assets Fair value	5,218	3,249
Liabilities Fair value	3,518	11,236
Currency-related contracts \| Economic hedges
Sub-classifications of financial information
Assets Fair value	3,819	1,423
Liabilities Fair value	2,077	10,310
Currency-related contracts \| Fair-value hedges
Sub-classifications of financial information
Assets Fair value	1,399	1,826
Liabilities Fair value	1,440	927
Currency-related contracts \| Derivatives
Sub-classifications of financial information
Nominal amounts	157,362	153,838
Currency-related contracts \| Derivatives \| Economic hedges
Sub-classifications of financial information
Nominal amounts	126,460	132,029
Currency-related contracts \| Derivatives \| Fair-value hedges
Sub-classifications of financial information
Nominal amounts	30,902	21,810
Equity-related contracts
Sub-classifications of financial information
Assets Fair value	2	457
Liabilities Fair value	895	620
Equity-related contracts \| Economic hedges
Sub-classifications of financial information
Assets Fair value	2	457
Liabilities Fair value	895	620
Equity-related contracts \| Derivatives
Sub-classifications of financial information
Nominal amounts	9,801	15,598
Equity-related contracts \| Derivatives \| Economic hedges
Sub-classifications of financial information
Nominal amounts	9,801	15,598
Contracts related to commodities, credit risk, etc.
Sub-classifications of financial information
Assets Fair value	7	11
Liabilities Fair value	852	1,765
Contracts related to commodities, credit risk, etc. \| Economic hedges
Sub-classifications of financial information
Assets Fair value	7	11
Liabilities Fair value	852	1,765
Contracts related to commodities, credit risk, etc. \| Derivatives
Sub-classifications of financial information
Nominal amounts	3,521	7,513
Contracts related to commodities, credit risk, etc. \| Derivatives \| Economic hedges
Sub-classifications of financial information
Nominal amounts	kr 3,521	kr 7,513

Derivatives and hedge account_4

Derivatives and hedge accounting - Maturity analysis (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Interest rate-related contracts \| Hedge of fixed rate assets \| Not later than one month
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	57	4
Interest rate-related contracts \| Hedge of fixed rate assets \| Later than one month and not later than three months
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	229	17
Interest rate-related contracts \| Hedge of fixed rate assets \| Later than three months and not later than one year
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	942	146
Interest rate-related contracts \| Hedge of fixed rate assets \| Between 1 and 5 years
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	12,070	7,042
Interest rate-related contracts \| Hedge of fixed rate assets \| More than 5 years
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	7,340	11,089
Interest rate-related contracts \| Hedge of fixed rate liabilities \| Not later than one month
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	12,650
Interest rate-related contracts \| Hedge of fixed rate liabilities \| Later than one month and not later than three months
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	12,650	9,809
Interest rate-related contracts \| Hedge of fixed rate liabilities \| Later than three months and not later than one year
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	29,739	34,739
Interest rate-related contracts \| Hedge of fixed rate liabilities \| Between 1 and 5 years
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	131,655	126,023
Interest rate-related contracts \| Hedge of fixed rate liabilities \| More than 5 years
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	5,306	2,607
Currency-related contracts \| Hedge of fixed rate assets \| Not later than one month
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	97	41
Currency-related contracts \| Hedge of fixed rate assets \| Later than one month and not later than three months
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	205	61
Currency-related contracts \| Hedge of fixed rate assets \| Later than three months and not later than one year
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	1,577	427
Currency-related contracts \| Hedge of fixed rate assets \| Between 1 and 5 years
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	2,976	3,240
Currency-related contracts \| Hedge of fixed rate assets \| More than 5 years
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	233	633
Currency-related contracts \| Hedge of fixed rate liabilities \| Not later than one month
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	16
Currency-related contracts \| Hedge of fixed rate liabilities \| Later than one month and not later than three months
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	1,010	425
Currency-related contracts \| Hedge of fixed rate liabilities \| Later than three months and not later than one year
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	5,917	1,920
Currency-related contracts \| Hedge of fixed rate liabilities \| Between 1 and 5 years
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	15,669	11,066
Currency-related contracts \| Hedge of fixed rate liabilities \| More than 5 years
Derivatives used as fair-value hedge
Nominal amount of hedging instrument	2,590	4,491

Derivatives and hedge account_5

Derivatives and hedge accounting - Carrying amount of hedged items in fair value hedges (Details) - Fair-value hedges - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Carrying amounts of hedge items
Book value assets	kr 26,923	kr 23,779
Fair value hedge adjustments, assets	782	1,646
Book value liabilities	216,242	195,460
Fair value hedge adjustments, liabilities	1,183	5,454
Loans in the form of interest-bearing securities
Carrying amounts of hedge items
Book value assets	11,035	9,778
Fair value hedge adjustments, assets	278	598
Loans to credit institutions
Carrying amounts of hedge items
Book value assets	1,019	969
Fair value hedge adjustments, assets	(23)	4
Loans to the public
Carrying amounts of hedge items
Book value assets	14,869	13,032
Fair value hedge adjustments, assets	527	1,044
Debt securities issued
Carrying amounts of hedge items
Book value liabilities	216,242	195,460
Fair value hedge adjustments, liabilities	kr 1,183	kr 5,454

Derivatives and hedge account_6

Derivatives and hedge accounting - Offsetting (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements
Gross amounts of recognized financial assets	kr 10,059	kr 9,912
Amounts offset in the Statement of Financial Position	(1,640)	(2,349)
Net amounts of financial assets presented in the Statement of Financial Position	8,419	7,563
Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to:
Financial instruments	(3,262)	(2,354)
Cash collateral received	(3,500)	(2,502)
Net amount	1,657	2,707
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements
Gross amounts of recognized financial liabilities	16,369	27,744
Amounts offset in the Statement of Financial Position	(1,640)	(2,349)
Net amounts of financial liabilities presented in the Statement of Financial Position	14,729	25,395
Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to:
Financial instruments	(3,262)	(2,354)
Cash collateral paid	(9,528)	(20,172)
Net amount	kr 1,939	kr 2,869

Shares (Details)

Shares (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2018
Shares
Share capital	kr 3,990,000	kr 3,990,000
SEKETT AB
Shares
Share capital			kr 50
Book value	kr 0	kr 0
Number of shares	50	50

Other assets (Details)

Other assets (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Other assets.
Claim against the State for CIRR loans and concessionary loans	kr 7,208	kr 12,359
Cash receivables, funding operations	191	465
Other	52	29
Total	kr 7,451	kr 12,853

Prepaid expenses and accrued _3

Prepaid expenses and accrued revenues (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Prepaid expenses and accrued revenues
Interest income accrued	kr 1,876	kr 1,958
Prepaid expenses and other accrued revenues	37	29
Total	kr 1,913	kr 1,987

Debt (Details)

Debt (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt
Total debt excluding debt securities issued	kr 15,230	kr 13,486
Total debt - securities issued	279,770	273,976
Total	295,000	287,462
SKR
Debt
Total	24,672	16,547
USD
Debt
Total	202,158	202,787
JPY
Debt
Total	20,852	27,812
EUR
Debt
Total	19,841	19,994
Other currencies
Debt
Total	27,477	20,322
Exchange-rate related contracts
Debt
Total debt - securities issued	25,112	19,207
Total	25,112	19,207
Interest rate related contracts
Debt
Total debt excluding debt securities issued	15,230	13,486
Total debt - securities issued	254,298	254,377
Total	269,528	267,863
Equity related contracts
Debt
Total debt - securities issued	223	281
Total	223	281
Contracts related to raw materials, credit risk etc
Debt
Total debt - securities issued	137	111
Total	kr 137	kr 111

Debt - Major borrowing programs

Debt - Major borrowing programs (Details) kr in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2021SEK (kr)	Dec. 31, 2020SEK (kr)
Unlimited Euro Medium-Term Note Programme
Debt
Value outstanding		kr 107,597	kr 96,724
Unlimited SEC-registered U.S. Medium-Term Note Programme
Debt
Value outstanding		159,393	160,945
Unlimited Swedish Medium-Term Note Programme
Debt
Value outstanding		429	438
Unlimited MTN/STN AUD Debt Issuance Programme
Debt
Value outstanding		4,417	4,544
USD 3,000,000,000 U.S.Commercial Paper Programme
Debt
Value outstanding		1,806	kr 10,006
Principal amount \| $	$ 3,000,000,000
USD 4,000,000,000 Euro-Commercial Paper Programme
Debt
Value outstanding		kr 1,355
Principal amount \| $	$ 4,000,000,000

Debt - Liabilities in financing

Debt - Liabilities in financing activities (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Liabilities in financing activities
Liabilities in financing activities at beginning of year	kr 305,313	kr 286,149
Changes in liabilities arising from financing activities
Cash flow	(12,505)	20,782
Exchange rate difference	14,999	(5,185)
Unrealized changes in fair value	(6,345)	3,567
Accrued interest	1
Liabilities in financing activities at end of year	301,463	305,313
Senior debt
Liabilities in financing activities
Liabilities in financing activities at beginning of year	287,462	273,017
Changes in liabilities arising from financing activities
Cash flow	(10,958)	29,460
Exchange rate difference	22,588	(17,004)
Unrealized changes in fair value	(4,092)	1,989
Liabilities in financing activities at end of year	295,000	287,462
Lease liability
Liabilities in financing activities
Liabilities in financing activities at beginning of year	19	44
Changes in liabilities arising from financing activities
Cash flow	(24)	(27)
Unrealized changes in fair value	157	2
Accrued interest	1
Liabilities in financing activities at end of year	153	19
Derivatives
Liabilities in financing activities
Liabilities in financing activities at beginning of year	17,832	13,088
Changes in liabilities arising from financing activities
Cash flow	(1,523)	(8,651)
Exchange rate difference	(7,589)	11,819
Unrealized changes in fair value	(2,410)	1,576
Liabilities in financing activities at end of year	kr 6,310	kr 17,832

Other liabilities (Details)

Other liabilities (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Other liabilities
Cash payables, debt purchases	kr 725	kr 194
Other	442	261
Total	kr 1,167	kr 455

Accrued expenses and prepaid _3

Accrued expenses and prepaid revenues (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Accrued expenses and prepaid revenues
Interest expenses accrued	kr 1,793	kr 1,843
Other accrued expenses and prepaid revenues	82	81
Total	kr 1,875	kr 1,924

Provisions (Details)

Provisions (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Provisions
Pension liabilities	kr 57	kr 82	kr 83	kr 80
Long term employee benefit	4	8
Off balance, expected credit losses	7	9
Total	kr 68	kr 99

Equity - Components of Equity (

Equity - Components of Equity (Details) - SEK (kr) kr / shares in Units, kr in Millions	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019	[1],[2]	Dec. 31, 2018
Share capital	kr 3,990		kr 3,990
Reserves
Own credit risk	(102)		(84)
Defined benefit plans	(27)		(45)
Retained earnings	16,947		16,203
Total equity	kr 20,808	[1],[2]	20,064	[1],[2]	kr 19,082		kr 18,239
Total number of shares	3,990,000
Quota value	kr 1,000
Restricted equity
Reserves
Total equity	kr 4,314		4,282
Unrestricted equity
Reserves
Total equity	kr 16,494		kr 15,782

[1]	See Note 22.
[2]	The entire equity is attributable to the shareholder of the Parent Company.

Equity - Proposal for distribut

Equity - Proposal for distribution of profits (Details) - SEK (kr) kr / shares in Units, kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity
Profit at the disposal of the annual general meeting	kr 16,532
Proposed dividends	414	kr 290
Remaining disposable funds to be carried forward	kr 16,118
Proposed dividends per share	kr 103.70

Pledged assets and contingent_3

Pledged assets and contingent liabilities (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Collateral provided
Cash collateral under the security agreements for derivative contracts	kr 10,417	kr 21,979
Contingent liabilities
Guarantee commitments	4,767	3,969
Commitments
Committed undisbursed loans	53,871	57,213
Binding offers	kr 1,510	kr 1,322

CIRR-system - Subclassification

CIRR-system - Subclassifications of financial information (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Sub-classifications of financial information
Concessionary loans outstanding	kr 315		kr 382
Operating result of previous concessionary credit program	(21)		(28)
Administrative remuneration for concessionary loans	1		1
Comprehensive income
Interest income	2,719		4,108		kr 6,357
Interest expenses	(812)		(2,162)		(4,640)
Foreign exchange effects	(2)		5		2
Financial position for CIRR-system
Cash and cash equivalents	11,128	[1]	3,362	[1]	kr 1,362	[1]	kr 2,416
Derivatives	8,419		7,563
Other assets	7,451		12,853
Prepaid expenses and accrued revenues	1,913		1,987
Total assets	333,647		335,399
Derivatives	14,729		25,395
Accrued expenses and prepaid revenues	1,875		1,924
Total liabilities and equity	333,647		335,399
Committed undisbursed loans	53,871		57,213
Binding offers	1,510		1,322
CIRR-System
Comprehensive income
Interest income	2,105		2,170
Interest expenses	(2,061)		(2,087)
Interest compensation	7		14
Foreign exchange effects	(1)		4
Profit before compensation to SEK	50		101
Administrative remuneration to SEK	(197)		(196)
Operating profit CIRR-system	(147)		(95)
Reimbursement to (-) / from (+) the State	147		95
Financial position for CIRR-system
Cash and cash equivalents	8		2
Loans	87,872		69,163
Derivatives	36
Other assets	7,359		12,528
Prepaid expenses and accrued revenues	470		407
Total assets	95,745		82,100
Liabilities	88,092		69,289
Derivatives	7,060		12,232
Accrued expenses and prepaid revenues	593		579
Total liabilities and equity	95,745		82,100
Committed undisbursed loans	39,084		51,463
Binding offers	kr 1,510		kr 1,322

[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. See Note 11.

Capital adequacy - Capital adeq

Capital adequacy - Capital adequacy (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Capital adequacy
Common Equity Tier 1 capital ratio	21.80%	21.80%
Tier 1 capital ratio	21.60%	21.80%
Total capital ratio	21.60%	21.80%
Capital base requirement of 8 percent	8.00%
of which Capital conservation buffer	2.50%
Total risk-based capital requirement	15.70%	14.90%
Individual Pillar 2 requirement	3.67%
Minimum capital requirement one	4.50%
Minimum capital requirement two	1.50%
Minimum capital requirement three	2.00%
Additional capital - Pillar 2 guidance	1.50%
Parent Company
Capital adequacy
Common Equity Tier 1 capital ratio	21.60%	21.80%
Tier 1 capital ratio	21.60%	21.80%
Total capital ratio	21.60%	21.80%
Capital base requirement of 8 percent	kr 7,371	kr 7,136
of which Tier 1 requirement of 6 percent	5,528	5,352
of which minimum requirement of 4.5 percent	4,146	4,014
Pillar 2 capital requirements	3,382	3,921
Common Equity Tier 1 capital available to meet buffer requirements	9,149	12,310
Capital buffer requirements	2,333	2,259
of which Capital conservation buffer	2,303	2,230
of which Countercyclical buffer	30	29
Pillar 2 guidance	1,382
Total risk-based capital requirement	kr 14,468	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	3.70%	4.40%
Common Equity Tier 1 capital available to meet buffer requirements	9.90%	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%
Pillar 2 guidance	1.50%
Total risk-based capital requirement	15.70%	14.90%

Capital adequacy - Leverage rat

Capital adequacy - Leverage ratio (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of credit risk exposure
Leverage ratio	9.30%	5.80%
Leverage ratio requirement	3.00%
Additional capital (pillar 2 guidance) of total leverage ratio exposure	0.15%
Parent Company
Disclosure of credit risk exposure
On-balance sheet exposures	kr 209,889	kr 297,605
Off-balance sheet exposures	5,309	37,162
Total exposure measure	kr 215,198	kr 334,767
Leverage ratio	9.30%	5.80%
Capital base requirement of 3 percent	kr 6,456
Pillar 2 guidance	323
Total capital requirement relating to leverage ratio	kr 6,779
Capital base requirement of 3 percent	3.00%
Pillar 2 guidance	0.20%
Total capital requirement relating to leverage ratio	3.20%

Capital adequacy - Own funds (D

Capital adequacy - Own funds (Details) - Parent Company - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of objectives, policies and processes for managing capital
Common Equity Tier 1 (CET1) capital before regulatory adjustments	kr 20,432	kr 19,832
Regulatory adjustments to Common Equity Tier 1 capital	(507)	(382)
Total Common Equity Tier-1 capital	19,925	19,450
Total Tier-1 capital	19,925	19,450
Own funds	kr 19,925	19,450
IRB approach
Disclosure of objectives, policies and processes for managing capital
Threshold percentage to increase own funds	0.60%
Share capital
Disclosure of objectives, policies and processes for managing capital
Common Equity Tier 1 (CET1) capital before regulatory adjustments	kr 3,990	3,990
Retained earnings
Disclosure of objectives, policies and processes for managing capital
Common Equity Tier 1 (CET1) capital before regulatory adjustments	15,518	14,856
Accumulated other comprehensive income and other reserves
Disclosure of objectives, policies and processes for managing capital
Common Equity Tier 1 (CET1) capital before regulatory adjustments	323	292
Independently reviewed profit net of any foreseeable charge or dividend
Disclosure of objectives, policies and processes for managing capital
Common Equity Tier 1 (CET1) capital before regulatory adjustments	601	694
Additional value adjustments due to prudent valuation
Disclosure of objectives, policies and processes for managing capital
Regulatory adjustments to Common Equity Tier 1 capital	(395)	(306)
Intangible assets
Disclosure of objectives, policies and processes for managing capital
Regulatory adjustments to Common Equity Tier 1 capital	(99)	(98)
Own credit risk
Disclosure of objectives, policies and processes for managing capital
Regulatory adjustments to Common Equity Tier 1 capital	98	77
Negative amounts resulting from the calculation of expected loss amounts
Disclosure of objectives, policies and processes for managing capital
Regulatory adjustments to Common Equity Tier 1 capital	kr (111)	kr (55)

Capital adequacy - Minimum capi

Capital adequacy - Minimum capital requirements exclusive of buffers (Details) - Parent Company - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of credit risk exposure
EAD	kr 356,536	kr 342,561
Risk exposure amount	92,140	89,202
Minimum capital requirements	7,371	7,136
Credit risk \| Standardized approach
Disclosure of credit risk exposure
EAD	3,064	2,245
Risk exposure amount	3,064	2,245
Minimum capital requirements	245	180
Credit risk \| Standardized approach \| Corporates
Disclosure of credit risk exposure
EAD	2,990	2,238
Risk exposure amount	2,990	2,238
Minimum capital requirements	239	179
Credit risk \| Standardized approach \| Default exposures
Disclosure of credit risk exposure
EAD	74	7
Risk exposure amount	74	7
Minimum capital requirements	6	1
Credit risk \| IRB approach
Disclosure of credit risk exposure
EAD	353,472	340,316
Risk exposure amount	81,876	80,377
Minimum capital requirements	6,550	6,430
Credit risk \| IRB approach \| Central governments
Disclosure of credit risk exposure
EAD	196,606	192,077
Risk exposure amount	9,673	9,684
Minimum capital requirements	774	775
Credit risk \| IRB approach \| Financial institutions
Disclosure of credit risk exposure
EAD	41,082	30,661
Risk exposure amount	8,843	6,764
Minimum capital requirements	707	541
Credit risk \| IRB approach \| Corporates
Disclosure of credit risk exposure
EAD	115,412	117,415
Risk exposure amount	62,988	63,766
Minimum capital requirements	5,039	5,101
Credit risk \| IRB approach \| Non-credit-obligation assets
Disclosure of credit risk exposure
EAD	372	163
Risk exposure amount	372	163
Minimum capital requirements	30	13
Counterparty risk in derivatives \| IRB approach \| Financial institutions
Disclosure of credit risk exposure
EAD	5,975	5,535
Risk exposure amount	2,000	1,908
Minimum capital requirements	160	153
Specialized lending \| IRB approach \| Corporates
Disclosure of credit risk exposure
EAD	5,224	3,847
Risk exposure amount	3,589	2,739
Minimum capital requirements	287	219
Credit valuation adjustment risk
Disclosure of credit risk exposure
Risk exposure amount	2,922	2,284
Minimum capital requirements	233	183
Currency risk
Disclosure of credit risk exposure
Risk exposure amount	645	664
Minimum capital requirements	52	52
Commodities risk
Disclosure of credit risk exposure
Risk exposure amount	11	7
Minimum capital requirements	1	1
Operational risk
Disclosure of credit risk exposure
Risk exposure amount	3,622	3,625
Minimum capital requirements	kr 290	kr 290

Capital adequacy - Credit risk

Capital adequacy - Credit risk by PD grade (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Sep. 29, 2022	Dec. 31, 2020	Mar. 16, 2020	Mar. 15, 2020
Disclosure of credit risk exposure
Capital conservation buffer	2.50%
Capital base requirement	3.00%
Leverage ratio	9.30%		5.80%
Sweden
Disclosure of credit risk exposure
Countercyclical buffer	0.00%	1.00%		0.00%	2.50%
Parent Company
Disclosure of credit risk exposure
EAD	kr 356,536		kr 342,561
Capital conservation buffer	2.50%		2.50%
Countercyclical buffer	0.00%		0.00%
Leverage ratio	9.30%		5.80%
Parent Company \| AAA to AA- \| Central governments
Disclosure of credit risk exposure
EAD	kr 191,669		kr 186,722
Parent Company \| AAA to AA- \| Financial institutions
Disclosure of credit risk exposure
EAD	18,176		12,742
Parent Company \| AAA to AA- \| Corporates
Disclosure of credit risk exposure
EAD	2,562		2,302
Parent Company \| A+ to A- \| Central governments
Disclosure of credit risk exposure
EAD	4,587		5,287
Parent Company \| A+ to A- \| Financial institutions
Disclosure of credit risk exposure
EAD	21,637		15,896
Parent Company \| A+ to A- \| Corporates
Disclosure of credit risk exposure
EAD	16,286		17,929
Parent Company \| BBB+ to BBB- \| Financial institutions
Disclosure of credit risk exposure
EAD	1,225		1,984
Parent Company \| BBB+ to BBB- \| Corporates
Disclosure of credit risk exposure
EAD	67,509		69,263
Parent Company \| BB+ to B- \| Central governments
Disclosure of credit risk exposure
EAD			68
Parent Company \| BB+ to B- \| Financial institutions
Disclosure of credit risk exposure
EAD	43		39
Parent Company \| BB+ to B- \| Corporates
Disclosure of credit risk exposure
EAD	23,810		24,063
Parent Company \| CCC to D \| Corporates
Disclosure of credit risk exposure
EAD	kr 22		kr 12
Parent Company \| Sweden
Disclosure of credit risk exposure
Capital requirement exposure	68.00%		70.00%
Parent Company \| Foreign countries
Disclosure of credit risk exposure
Countercyclical buffer	0.03%		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 \| AAA to AA- \| Central governments
Disclosure of credit risk exposure
PD in %	0.003%		0.003%
Parent Company \| Minimum \| AAA to AA- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.01%		0.01%
Parent Company \| Minimum \| A+ to A- \| Central governments
Disclosure of credit risk exposure
PD in %	0.02%		0.02%
Parent Company \| Minimum \| A+ to A- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.06%		0.06%
Parent Company \| Minimum \| BBB+ to BBB- \| Central governments
Disclosure of credit risk exposure
PD in %	0.12%		0.12%
Parent Company \| Minimum \| BBB+ to BBB- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.16%		0.16%
Parent Company \| Minimum \| BB+ to B- \| Central governments
Disclosure of credit risk exposure
PD in %	0.54%		0.54%
Parent Company \| Minimum \| BB+ to B- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.50%		0.50%
Parent Company \| Minimum \| CCC to D \| Central governments
Disclosure of credit risk exposure
PD in %	44.36%		27.27%
Parent Company \| Minimum \| CCC to D \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	28.91%		28.91%
Parent Company \| Minimum \| Standardized approach \| Operational risk
Disclosure of credit risk exposure
Capital requirement multiple factor	15.00%
Parent Company \| Maximum \| AAA to AA- \| Central governments
Disclosure of credit risk exposure
PD in %	0.01%		0.01%
Parent Company \| Maximum \| AAA to AA- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.04%		0.04%
Parent Company \| Maximum \| A+ to A- \| Central governments
Disclosure of credit risk exposure
PD in %	0.07%		0.07%
Parent Company \| Maximum \| A+ to A- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.11%		0.11%
Parent Company \| Maximum \| BBB+ to BBB- \| Central governments
Disclosure of credit risk exposure
PD in %	0.32%		0.32%
Parent Company \| Maximum \| BBB+ to BBB- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.32%		0.32%
Parent Company \| Maximum \| BB+ to B- \| Central governments
Disclosure of credit risk exposure
PD in %	6.80%		6.80%
Parent Company \| Maximum \| BB+ to B- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	8.27%		8.27%
Parent Company \| Maximum \| CCC to D \| Central governments
Disclosure of credit risk exposure
PD in %	100.00%		100.00%
Parent Company \| Maximum \| CCC to D \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	100.00%		100.00%
Parent Company \| Maximum \| Standardized approach \| Operational risk
Disclosure of credit risk exposure
Capital requirement multiple factor	18.00%
Parent Company \| Average \| AAA to AA- \| Central governments
Disclosure of credit risk exposure
PD in %	0.004%		0.004%
Average LGD in %	45.00%		45.00%
Average risk weight in %	4.60%		4.60%
Parent Company \| Average \| AAA to AA- \| Financial institutions
Disclosure of credit risk exposure
PD in %	0.04%		0.04%
Average LGD in %	35.70%		36.70%
Average risk weight in %	17.60%		17.30%
Parent Company \| Average \| AAA to AA- \| Corporates
Disclosure of credit risk exposure
PD in %	0.04%		0.03%
Average LGD in %	45.00%		45.00%
Average risk weight in %	19.20%		19.40%
Parent Company \| Average \| A+ to A- \| Central governments
Disclosure of credit risk exposure
PD in %	0.05%		0.05%
Average LGD in %	45.00%		45.00%
Average risk weight in %	20.30%		20.00%
Parent Company \| Average \| A+ to A- \| Financial institutions
Disclosure of credit risk exposure
PD in %	0.07%		0.07%
Average LGD in %	32.80%		35.70%
Average risk weight in %	22.00%		22.10%
Parent Company \| Average \| A+ to A- \| Corporates
Disclosure of credit risk exposure
PD in %	0.09%		0.09%
Average LGD in %	45.00%		45.00%
Average risk weight in %	30.00%		30.60%
Parent Company \| Average \| BBB+ to BBB- \| Financial institutions
Disclosure of credit risk exposure
PD in %	0.25%		0.18%
Average LGD in %	45.00%		45.00%
Average risk weight in %	67.90%		50.30%
Parent Company \| Average \| BBB+ to BBB- \| Corporates
Disclosure of credit risk exposure
PD in %	0.24%		0.23%
Average LGD in %	45.00%		45.00%
Average risk weight in %	49.90%		49.40%
Parent Company \| Average \| BB+ to B- \| Central governments
Disclosure of credit risk exposure
PD in %			4.14%
Average LGD in %			45.00%
Average risk weight in %			149.50%
Parent Company \| Average \| BB+ to B- \| Financial institutions
Disclosure of credit risk exposure
PD in %	1.16%		0.76%
Average LGD in %	45.00%		45.00%
Average risk weight in %	129.30%		131.50%
Parent Company \| Average \| BB+ to B- \| Corporates
Disclosure of credit risk exposure
PD in %	0.74%		1.02%
Average LGD in %	45.00%		45.00%
Average risk weight in %	85.40%		86.60%
Parent Company \| Average \| CCC to D \| Corporates
Disclosure of credit risk exposure
PD in %	89.43%		28.90%
Average LGD in %	45.00%		45.00%
Average risk weight in %	39.20%		263.70%

Capital adequacy - Internally a

Capital adequacy - Internally assessed economic capital excl. buffer (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of credit risk exposure
Net Stable Funding Ratio	139.00%	135.00%
Parent Company
Disclosure of credit risk exposure
Capital requirements	kr 19,925	kr 19,450
Total liquid assets	56,100	49,000
Net liquidity outflows	10,100	10,100
Liquidity outflows	21,200	22,100
Liquidity inflows	kr 12,200	kr 13,300
Liquidity Coverage Ratio	695.00%	604.00%
Available stable funding	kr 245,900	kr 242,600
Requiring stable funding	kr 176,400	kr 179,700
Net Stable Funding Ratio	139.00%	135.00%
Parent Company \| Internal credit grades
Disclosure of credit risk exposure
Capital requirements	kr 9,354	kr 10,478
Parent Company \| Credit risk \| Internal credit grades
Disclosure of credit risk exposure
Capital requirements	6,038	6,121
Parent Company \| Operational risk \| Internal credit grades
Disclosure of credit risk exposure
Capital requirements	225	203
Parent Company \| Market risk \| Internal credit grades
Disclosure of credit risk exposure
Capital requirements	1,247	1,140
Parent Company \| Other \| Internal credit grades
Disclosure of credit risk exposure
Capital requirements	234	183
Parent Company \| Capital planning buffer \| Internal credit grades
Disclosure of credit risk exposure
Capital requirements	kr 1,610	kr 2,831

Risk information - Maximum expo

Risk information - Maximum exposure to credit risk (Details) € in Millions, kr in Millions	12 Months Ended
	Dec. 31, 2021EUR (€)	Dec. 31, 2021SEK (kr)	Dec. 31, 2020SEK (kr)
Risk information
Risk weight for standardized approach when no external rating is available		100.00%
Annual turnover limit for classification as small or medium-sized enterprise \| €	€ 50
Financial assets at fair value through profit or loss.
Risk information
Maximum exposure to credit risk		kr 65,262	kr 63,501
Financial assets at amortized cost
Risk information
Maximum exposure to credit risk		309,354	297,710
Cash and cash equivalents \| Financial assets at amortized cost
Risk information
Maximum exposure to credit risk		11,128	3,362
Treasuries/government bonds \| Financial assets at fair value through profit or loss.
Risk information
Maximum exposure to credit risk		10,884	22,275
Other interest-bearing securities except loans \| Financial assets at fair value through profit or loss.
Risk information
Maximum exposure to credit risk		45,959	33,663
Loans in the form of interest-bearing securities \| Financial assets at amortized cost
Risk information
Maximum exposure to credit risk		46,736	50,947
Loans to credit institutions \| Financial assets at amortized cost
Risk information
Maximum exposure to credit risk		12,891	16,326
Loans to the public \| Financial assets at amortized cost
Risk information
Maximum exposure to credit risk		238,599	227,075
Derivatives \| Financial assets at fair value through profit or loss.
Risk information
Maximum exposure to credit risk		kr 8,419	kr 7,563

Risk information - Credit expos

Risk information - Credit exposure (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Risk information
Financial assets.	kr 323,941	kr 320,399
Committed undisbursed loans	53,871	57,213
AAA
Risk information
Financial assets.	145,639	126,728
Committed undisbursed loans	48,633	52,669
AA+ to A-
Risk information
Financial assets.	82,780	94,229
Committed undisbursed loans	852	1,374
BBB+ to BBB-
Risk information
Financial assets.	24,463	24,445
Committed undisbursed loans	1,423	1,145
BB+ to B-
Risk information
Financial assets.	70,963	74,972
Committed undisbursed loans	2,963	2,025
CCC to D
Risk information
Financial assets.	96	25
Cash and cash equivalents
Risk information
Financial assets.	11,128	3,362
Cash and cash equivalents \| AAA
Risk information
Financial assets.	11,128	3,362
Treasuries/government bonds
Risk information
Financial assets.	10,872	22,266
Treasuries/government bonds \| AAA
Risk information
Financial assets.	2,493	11,380
Treasuries/government bonds \| AA+ to A-
Risk information
Financial assets.	8,379	10,886
Other interest-bearing securities except loans
Risk information
Financial assets.	45,881	33,551
Other interest-bearing securities except loans \| AAA
Risk information
Financial assets.	23,669	16,919
Other interest-bearing securities except loans \| AA+ to A-
Risk information
Financial assets.	21,412	16,632
Other interest-bearing securities except loans \| BB+ to B-
Risk information
Financial assets.	800
Loans in the form of interest-bearing securities
Risk information
Financial assets.	46,578	50,780
Loans in the form of interest-bearing securities \| AAA
Risk information
Financial assets.	2,982	2,937
Loans in the form of interest-bearing securities \| AA+ to A-
Risk information
Financial assets.	10,783	11,938
Loans in the form of interest-bearing securities \| BBB+ to BBB-
Risk information
Financial assets.	3,365	6,305
Loans in the form of interest-bearing securities \| BB+ to B-
Risk information
Financial assets.	29,448	29,600
Loans to credit institutions
Risk information
Financial assets.	20,775	31,315
Loans to credit institutions \| AAA
Risk information
Financial assets.	4,122	1,886
Loans to credit institutions \| AA+ to A-
Risk information
Financial assets.	14,573	27,245
Loans to credit institutions \| BBB+ to BBB-
Risk information
Financial assets.	115	78
Loans to credit institutions \| BB+ to B-
Risk information
Financial assets.	1,965	2,106
Loans to the public
Risk information
Financial assets.	180,288	171,562
Loans to the public \| AAA
Risk information
Financial assets.	101,245	90,244
Loans to the public \| AA+ to A-
Risk information
Financial assets.	20,206	21,682
Loans to the public \| BBB+ to BBB-
Risk information
Financial assets.	20,983	18,062
Loans to the public \| BB+ to B-
Risk information
Financial assets.	37,758	41,549
Loans to the public \| CCC to D
Risk information
Financial assets.	96	25
Derivatives
Risk information
Financial assets.	8,419	7,563
Derivatives \| AA+ to A-
Risk information
Financial assets.	7,427	5,846
Derivatives \| BB+ to B-
Risk information
Financial assets.	kr 992	kr 1,717

Risk information - Net exposure

Risk information - Net exposure (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Sub-classifications of financial information
Carrying amount of financial assets	kr 323,941	kr 320,399
Cash collateral under the security agreements for derivative contracts	10,417	21,979
Cash and cash equivalents
Sub-classifications of financial information
Carrying amount of financial assets	11,128	3,362
Treasuries/government bonds
Sub-classifications of financial information
Carrying amount of financial assets	10,872	22,266
Other interest-bearing securities except loans
Sub-classifications of financial information
Carrying amount of financial assets	45,881	33,551
Loans in the form of interest-bearing securities
Sub-classifications of financial information
Carrying amount of financial assets	46,578	50,780
Loans to credit institutions
Sub-classifications of financial information
Carrying amount of financial assets	20,775	31,315
Loans to the public
Sub-classifications of financial information
Carrying amount of financial assets	180,288	171,562
Derivatives
Sub-classifications of financial information
Carrying amount of financial assets	8,419	7,563
Credit risk
Sub-classifications of financial information
Net exposure	372,500	359,500
Adjustment to carrying amount from exposure	19,100	36,500
Carrying amount	391,600	396,000
Derivative exposure after netting	6,000	5,500
Credit risk \| Central governments
Sub-classifications of financial information
Net exposure	185,500	185,500
Credit risk \| Regional governments
Sub-classifications of financial information
Net exposure	15,300	12,300
Credit risk \| Multilateral development banks
Sub-classifications of financial information
Net exposure	3,000	3,500
Credit risk \| Public sector entity
Sub-classifications of financial information
Net exposure	5,400	4,200
Credit risk \| Financial institutions
Sub-classifications of financial information
Net exposure	41,200	30,900
Credit risk \| Corporates
Sub-classifications of financial information
Net exposure	122,100	123,100
Credit risk \| Financial assets
Sub-classifications of financial information
Adjustment to carrying amount from exposure	25,100	35,200
Carrying amount of financial assets	331,500	333,500
Credit risk \| Financial assets \| Central governments
Sub-classifications of financial information
Net exposure	136,100	131,700
Credit risk \| Financial assets \| Regional governments
Sub-classifications of financial information
Net exposure	14,300	12,300
Credit risk \| Financial assets \| Multilateral development banks
Sub-classifications of financial information
Net exposure	3,000	3,500
Credit risk \| Financial assets \| Public sector entity
Sub-classifications of financial information
Net exposure	5,400	4,200
Credit risk \| Financial assets \| Financial institutions
Sub-classifications of financial information
Net exposure	34,900	30,000
Credit risk \| Financial assets \| Corporates
Sub-classifications of financial information
Net exposure	112,700	116,600
Credit risk \| Cash and cash equivalents
Sub-classifications of financial information
Adjustment to carrying amount from exposure	100	100
Carrying amount of financial assets	11,100	3,400
Credit risk \| Cash and cash equivalents \| Central governments
Sub-classifications of financial information
Net exposure	2,000	2,500
Credit risk \| Cash and cash equivalents \| Regional governments
Sub-classifications of financial information
Net exposure	0
Credit risk \| Cash and cash equivalents \| Multilateral development banks
Sub-classifications of financial information
Net exposure	0
Credit risk \| Cash and cash equivalents \| Public sector entity
Sub-classifications of financial information
Net exposure	0
Credit risk \| Cash and cash equivalents \| Financial institutions
Sub-classifications of financial information
Net exposure	9,000	800
Credit risk \| Cash and cash equivalents \| Corporates
Sub-classifications of financial information
Net exposure	0
Credit risk \| Treasuries/government bonds
Sub-classifications of financial information
Adjustment to carrying amount from exposure	0	0
Carrying amount of financial assets	10,900	22,300
Credit risk \| Treasuries/government bonds \| Central governments
Sub-classifications of financial information
Net exposure	10,900	22,300
Credit risk \| Treasuries/government bonds \| Regional governments
Sub-classifications of financial information
Net exposure	0
Credit risk \| Treasuries/government bonds \| Multilateral development banks
Sub-classifications of financial information
Net exposure	0
Credit risk \| Treasuries/government bonds \| Public sector entity
Sub-classifications of financial information
Net exposure	0
Credit risk \| Treasuries/government bonds \| Financial institutions
Sub-classifications of financial information
Net exposure	0
Credit risk \| Treasuries/government bonds \| Corporates
Sub-classifications of financial information
Net exposure	0
Credit risk \| Other interest-bearing securities except loans
Sub-classifications of financial information
Adjustment to carrying amount from exposure	4,600	(200)
Carrying amount of financial assets	45,900	33,600
Credit risk \| Other interest-bearing securities except loans \| Central governments
Sub-classifications of financial information
Net exposure	6,700	3,200
Credit risk \| Other interest-bearing securities except loans \| Regional governments
Sub-classifications of financial information
Net exposure	11,600	7,900
Credit risk \| Other interest-bearing securities except loans \| Multilateral development banks
Sub-classifications of financial information
Net exposure	2,600	3,200
Credit risk \| Other interest-bearing securities except loans \| Public sector entity
Sub-classifications of financial information
Net exposure	5,400	4,200
Credit risk \| Other interest-bearing securities except loans \| Financial institutions
Sub-classifications of financial information
Net exposure	11,900	13,200
Credit risk \| Other interest-bearing securities except loans \| Corporates
Sub-classifications of financial information
Net exposure	3,100	2,100
Credit risk \| Loans in the form of interest-bearing securities
Sub-classifications of financial information
Adjustment to carrying amount from exposure	(100)	0
Carrying amount of financial assets	46,600	50,800
Credit risk \| Loans in the form of interest-bearing securities \| Central governments
Sub-classifications of financial information
Net exposure	3,000	2,900
Credit risk \| Loans in the form of interest-bearing securities \| Regional governments
Sub-classifications of financial information
Net exposure	0
Credit risk \| Loans in the form of interest-bearing securities \| Multilateral development banks
Sub-classifications of financial information
Net exposure	0
Credit risk \| Loans in the form of interest-bearing securities \| Public sector entity
Sub-classifications of financial information
Net exposure	0
Credit risk \| Loans in the form of interest-bearing securities \| Financial institutions
Sub-classifications of financial information
Net exposure	0	500
Credit risk \| Loans in the form of interest-bearing securities \| Corporates
Sub-classifications of financial information
Net exposure	43,700	47,400
Credit risk \| Loans to credit institutions
Sub-classifications of financial information
Adjustment to carrying amount from exposure	11,600	21,900
Carrying amount of financial assets	20,800	31,300
Cash collateral under the security agreements for derivative contracts	10,400	22,000
Credit risk \| Loans to credit institutions \| Central governments
Sub-classifications of financial information
Net exposure	3,600	1,100
Credit risk \| Loans to credit institutions \| Regional governments
Sub-classifications of financial information
Net exposure	2,400	4,100
Credit risk \| Loans to credit institutions \| Multilateral development banks
Sub-classifications of financial information
Net exposure	0
Credit risk \| Loans to credit institutions \| Public sector entity
Sub-classifications of financial information
Net exposure	0
Credit risk \| Loans to credit institutions \| Financial institutions
Sub-classifications of financial information
Net exposure	2,500	3,400
Credit risk \| Loans to credit institutions \| Corporates
Sub-classifications of financial information
Net exposure	700	800
Credit risk \| Loans to the public
Sub-classifications of financial information
Adjustment to carrying amount from exposure	(1,000)	(1,600)
Carrying amount of financial assets	180,300	171,600
Credit risk \| Loans to the public \| Central governments
Sub-classifications of financial information
Net exposure	109,900	99,700
Credit risk \| Loans to the public \| Regional governments
Sub-classifications of financial information
Net exposure	300	300
Credit risk \| Loans to the public \| Multilateral development banks
Sub-classifications of financial information
Net exposure	400	300
Credit risk \| Loans to the public \| Public sector entity
Sub-classifications of financial information
Net exposure	0
Credit risk \| Loans to the public \| Financial institutions
Sub-classifications of financial information
Net exposure	5,500	6,600
Credit risk \| Loans to the public \| Corporates
Sub-classifications of financial information
Net exposure	65,200	66,300
Credit risk \| Derivatives
Sub-classifications of financial information
Adjustment to carrying amount from exposure	2,400	2,100
Carrying amount of financial assets	8,400	7,600
Credit risk \| Derivatives \| Central governments
Sub-classifications of financial information
Net exposure	0
Credit risk \| Derivatives \| Regional governments
Sub-classifications of financial information
Net exposure	0
Credit risk \| Derivatives \| Multilateral development banks
Sub-classifications of financial information
Net exposure	0
Credit risk \| Derivatives \| Public sector entity
Sub-classifications of financial information
Net exposure	0
Credit risk \| Derivatives \| Financial institutions
Sub-classifications of financial information
Net exposure	6,000	5,500
Credit risk \| Derivatives \| Corporates
Sub-classifications of financial information
Net exposure	0
Credit risk \| Other assets
Sub-classifications of financial information
Adjustment to carrying amount from exposure	7,500	12,900
Carrying amount of financial assets	7,500	12,900
Credit risk \| Other assets \| Central governments
Sub-classifications of financial information
Net exposure	0
Credit risk \| Other assets \| Regional governments
Sub-classifications of financial information
Net exposure	0
Credit risk \| Other assets \| Multilateral development banks
Sub-classifications of financial information
Net exposure	0
Credit risk \| Other assets \| Public sector entity
Sub-classifications of financial information
Net exposure	0
Credit risk \| Other assets \| Financial institutions
Sub-classifications of financial information
Net exposure	0
Credit risk \| Other assets \| Corporates
Sub-classifications of financial information
Net exposure	0
Credit risk \| Contingent liabilities and commitments
Sub-classifications of financial information
Adjustment to carrying amount from exposure	(6,000)	1,300
Contingent liabilities and commitments	60,100	62,500
Credit risk \| Contingent liabilities and commitments \| Central governments
Sub-classifications of financial information
Net exposure	49,400	53,800
Credit risk \| Contingent liabilities and commitments \| Regional governments
Sub-classifications of financial information
Net exposure	1,000
Credit risk \| Contingent liabilities and commitments \| Multilateral development banks
Sub-classifications of financial information
Net exposure	0
Credit risk \| Contingent liabilities and commitments \| Public sector entity
Sub-classifications of financial information
Net exposure	0
Credit risk \| Contingent liabilities and commitments \| Financial institutions
Sub-classifications of financial information
Net exposure	6,300	900
Credit risk \| Contingent liabilities and commitments \| Corporates
Sub-classifications of financial information
Net exposure	kr 9,400	kr 6,500

Risk information - Total net ex

Risk information - Total net exposures (Details) - Credit risk - SEK (kr) kr in Billions	Dec. 31, 2021	Dec. 31, 2020
Sub-classifications of financial information
Net exposure	kr 372.5	kr 359.5
Percentage of net exposures	100.00%	100.00%
Central governments
Sub-classifications of financial information
Net exposure	kr 185.5	kr 185.5
Percentage of net exposures	49.80%	51.60%
Regional governments
Sub-classifications of financial information
Net exposure	kr 15.3	kr 12.3
Percentage of net exposures	4.10%	3.40%
Multilateral development banks
Sub-classifications of financial information
Net exposure	kr 3	kr 3.5
Percentage of net exposures	0.80%	1.00%
Public sector entity
Sub-classifications of financial information
Net exposure	kr 5.4	kr 4.2
Percentage of net exposures	1.40%	1.20%
Financial institutions
Sub-classifications of financial information
Net exposure	kr 41.2	kr 30.9
Percentage of net exposures	11.10%	8.60%
Corporates
Sub-classifications of financial information
Net exposure	kr 122.1	kr 123.1
Percentage of net exposures	32.80%	34.20%
Interest-bearing securities and lending
Sub-classifications of financial information
Net exposure	kr 306.4	kr 292.1
Percentage of net exposures	100.00%	100.00%
Interest-bearing securities and lending \| Central governments
Sub-classifications of financial information
Net exposure	kr 136.1	kr 131.6
Percentage of net exposures	44.40%	45.00%
Interest-bearing securities and lending \| Regional governments
Sub-classifications of financial information
Net exposure	kr 14.3	kr 12.3
Percentage of net exposures	4.70%	4.20%
Interest-bearing securities and lending \| Multilateral development banks
Sub-classifications of financial information
Net exposure	kr 3	kr 3.5
Percentage of net exposures	1.00%	1.20%
Interest-bearing securities and lending \| Public sector entity
Sub-classifications of financial information
Net exposure	kr 5.4	kr 4.2
Percentage of net exposures	1.70%	1.50%
Interest-bearing securities and lending \| Financial institutions
Sub-classifications of financial information
Net exposure	kr 34.9	kr 24.5
Percentage of net exposures	11.40%	8.40%
Interest-bearing securities and lending \| Corporates
Sub-classifications of financial information
Net exposure	kr 112.7	kr 116
Percentage of net exposures	36.80%	39.70%
Committed undisbursed loans, derivatives, etc.
Sub-classifications of financial information
Net exposure	kr 66.1	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 49.4	kr 53.9
Percentage of net exposures	74.80%	80.00%
Committed undisbursed loans, derivatives, etc. \| Regional governments
Sub-classifications of financial information
Net exposure	kr 1
Percentage of net exposures	1.50%
Committed undisbursed loans, derivatives, etc. \| Multilateral development banks
Sub-classifications of financial information
Net exposure		kr 0
Percentage of net exposures		0.00%
Committed undisbursed loans, derivatives, etc. \| Financial institutions
Sub-classifications of financial information
Net exposure	kr 6.3	kr 6.4
Percentage of net exposures	9.50%	9.50%
Committed undisbursed loans, derivatives, etc. \| Corporates
Sub-classifications of financial information
Net exposure	kr 9.4	kr 7.1
Percentage of net exposures	14.20%	10.50%

Risk information - Gross exposu

Risk information - Gross exposure by region and class (Details) - Credit risk - SEK (kr) kr in Billions	Dec. 31, 2021	Dec. 31, 2020
Risk information
Gross exposure	kr 372.5	kr 359.5
Central governments
Risk information
Gross exposure	91.3	84.9
Regional governments
Risk information
Gross exposure	12	9.3
Multilateral development banks
Risk information
Gross exposure	2.6	3.1
Public sector entity
Risk information
Gross exposure	5.4	4.3
Financial institutions
Risk information
Gross exposure	39.1	27
Corporates
Risk information
Gross exposure	222.1	230.9
Middle East/ Africa/Turkey
Risk information
Gross exposure	40.7	26.8
Middle East/ Africa/Turkey \| Central governments
Risk information
Gross exposure	25.9	11.3
Middle East/ Africa/Turkey \| Regional governments
Risk information
Gross exposure	1.6	1.4
Middle East/ Africa/Turkey \| Corporates
Risk information
Gross exposure	13.2	14.1
Asia excl. Japan
Risk information
Gross exposure	7.7	9.8
Asia excl. Japan \| Central governments
Risk information
Gross exposure	3.3	3.6
Asia excl. Japan \| Financial institutions
Risk information
Gross exposure		1.2
Asia excl. Japan \| Corporates
Risk information
Gross exposure	4.4	5
Japan
Risk information
Gross exposure	5.4	4.2
Japan \| Central governments
Risk information
Gross exposure	1.9	2.4
Japan \| Financial institutions
Risk information
Gross exposure	2.3	0.1
Japan \| Corporates
Risk information
Gross exposure	1.2	1.7
North America
Risk information
Gross exposure	61.7	65.8
North America \| Central governments
Risk information
Gross exposure	1.3	0.8
North America \| Financial institutions
Risk information
Gross exposure	3.9	1
North America \| Corporates
Risk information
Gross exposure	56.5	64
Oceania
Risk information
Gross exposure		0.8
Oceania \| Financial institutions
Risk information
Gross exposure		0.8
Latin America
Risk information
Gross exposure	51	50
Latin America \| Central governments
Risk information
Gross exposure	42.2	42
Latin America \| Corporates
Risk information
Gross exposure	8.8	8
Sweden
Risk information
Gross exposure	134.3	138.4
Sweden \| Central governments
Risk information
Gross exposure	6.6	12.1
Sweden \| Regional governments
Risk information
Gross exposure	10.4	7.9
Sweden \| Financial institutions
Risk information
Gross exposure	17.5	13.3
Sweden \| Corporates
Risk information
Gross exposure	99.8	105.1
West European countries excl. Sweden
Risk information
Gross exposure	67.4	58.8
West European countries excl. Sweden \| Central governments
Risk information
Gross exposure	10.1	12.7
West European countries excl. Sweden \| Regional governments
Risk information
Gross exposure	0	0
West European countries excl. Sweden \| Multilateral development banks
Risk information
Gross exposure	2.6	3.1
West European countries excl. Sweden \| Public sector entity
Risk information
Gross exposure	5.4	4.3
West European countries excl. Sweden \| Financial institutions
Risk information
Gross exposure	15.3	10.4
West European countries excl. Sweden \| Corporates
Risk information
Gross exposure	34	28.3
Central-East European countries
Risk information
Gross exposure	4.3	4.9
Central-East European countries \| Financial institutions
Risk information
Gross exposure	0.1	0.2
Central-East European countries \| Corporates
Risk information
Gross exposure	kr 4.2	kr 4.7

Risk information - Net exposu_2

Risk information - Net exposure by region and class (Details) - Credit risk - SEK (kr) kr in Billions	Dec. 31, 2021	Dec. 31, 2020
Risk information
Net exposure	kr 372.5	kr 359.5
Central governments
Risk information
Net exposure	185.5	185.5
Regional governments
Risk information
Net exposure	15.3	12.3
Multilateral development banks
Risk information
Net exposure	3	3.5
Public sector entity
Risk information
Net exposure	5.4	4.2
Financial institutions
Risk information
Net exposure	41.2	30.9
Corporates
Risk information
Net exposure	122.1	123.1
Middle East/ Africa/Turkey
Risk information
Net exposure	1.4	2.7
Middle East/ Africa/Turkey \| Central governments
Risk information
Net exposure		0.1
Middle East/ Africa/Turkey \| Financial institutions
Risk information
Net exposure	0	0
Middle East/ Africa/Turkey \| Corporates
Risk information
Net exposure	1.4	2.6
Asia excl. Japan
Risk information
Net exposure	1.6	2.7
Asia excl. Japan \| Central governments
Risk information
Net exposure	0.4	0.4
Asia excl. Japan \| Financial institutions
Risk information
Net exposure		1.2
Asia excl. Japan \| Corporates
Risk information
Net exposure	1.2	1.1
Japan
Risk information
Net exposure	7.7	6.9
Japan \| Central governments
Risk information
Net exposure	2	2.4
Japan \| Financial institutions
Risk information
Net exposure	2.4	0.6
Japan \| Corporates
Risk information
Net exposure	3.3	3.9
North America
Risk information
Net exposure	12.6	9
North America \| Central governments
Risk information
Net exposure	2	1.6
North America \| Financial institutions
Risk information
Net exposure	4.9	1.7
North America \| Corporates
Risk information
Net exposure	5.7	5.7
Oceania
Risk information
Net exposure		0.8
Oceania \| Financial institutions
Risk information
Net exposure		0.8
Latin America
Risk information
Net exposure	3.3	3.3
Latin America \| Corporates
Risk information
Net exposure	3.3	3.3
Sweden
Risk information
Net exposure	274.6	268
Sweden \| Central governments
Risk information
Net exposure	161.5	159.2
Sweden \| Regional governments
Risk information
Net exposure	15.3	12.2
Sweden \| Financial institutions
Risk information
Net exposure	15.1	11.4
Sweden \| Corporates
Risk information
Net exposure	82.7	85.2
West European countries excl. Sweden
Risk information
Net exposure	67.1	62.7
West European countries excl. Sweden \| Central governments
Risk information
Net exposure	17	19
West European countries excl. Sweden \| Regional governments
Risk information
Net exposure	0	0.1
West European countries excl. Sweden \| Multilateral development banks
Risk information
Net exposure	3	3.5
West European countries excl. Sweden \| Public sector entity
Risk information
Net exposure	5.4	4.2
West European countries excl. Sweden \| Financial institutions
Risk information
Net exposure	18.6	15
West European countries excl. Sweden \| Corporates
Risk information
Net exposure	23.1	20.9
Central-East European countries
Risk information
Net exposure	4.2	3.4
Central-East European countries \| Central governments
Risk information
Net exposure	2.6	2.8
Central-East European countries \| Financial institutions
Risk information
Net exposure	0.2	0.2
Central-East European countries \| Corporates
Risk information
Net exposure	kr 1.4	kr 0.4

Risk information - Effect of cr

Risk information - Effect of credit risk mitigation (Details) - Credit risk - SEK (kr) kr in Billions	Dec. 31, 2021	Dec. 31, 2020
Risk information
Hedged exposures	kr 180.6	kr 173.2
Unhedged exposures	191.9	186.3
Gross exposure	372.5	359.5
Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	180.6	173.2
Unhedged exposures	124.3	130.5
Gross exposure	304.9	303.7
Central governments
Risk information
Hedged exposures	165.6	157.1
Unhedged exposures - hedge issuer in same group as counterparty	0	0.1
Central governments \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	165.6	157.1
Central governments \| Guarantee \| Guarantees by the Swedish Export Credit Agency
Risk information
Hedged exposures	154.6	146.6
Central governments \| Guarantee \| Guarantees by the Swedish Export Credit Agency \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	154.6	146.6
Central governments \| Guarantee \| Guarantees by other export credit agencies
Risk information
Hedged exposures	7.5	7.5
Central governments \| Guarantee \| Guarantees by other export credit agencies \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	7.5	7.5
Central governments \| Guarantee \| Other guarantees
Risk information
Hedged exposures	3.5	3
Central governments \| Guarantee \| Other guarantees \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	3.5	3
Regional governments
Risk information
Hedged exposures	3.6	4.3
Regional governments \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	3.6	4.3
Multilateral development banks
Risk information
Hedged exposures	0.4	0.4
Multilateral development banks \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	0.4	0.4
Financial institutions
Risk information
Hedged exposures	5.8	7.9
Unhedged exposures - hedge issuer in same group as counterparty	0	0.6
Financial institutions \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	5.8	7.9
Financial institutions \| Guarantee
Risk information
Hedged exposures	5.8	7.9
Financial institutions \| Guarantee \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	5.8	7.9
Corporates
Risk information
Hedged exposures	5.2	3.5
Unhedged exposures - hedge issuer in same group as counterparty	22.8	26.1
Corporates \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	5.2	3.5
Corporates \| Credit insurance from insurance companies
Risk information
Hedged exposures	0.7	0.6
Corporates \| Credit insurance from insurance companies \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	0.7	0.6
Corporates \| Guarantee \| Other guarantees
Risk information
Hedged exposures	4.5	2.9
Corporates \| Guarantee \| Other guarantees \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	4.5	2.9
Central governments
Risk information
Hedged exposures	71.3	56.8
Unhedged exposures	20	28.1
Gross exposure	91.3	84.9
Central governments \| Central governments
Risk information
Hedged exposures	70.9	56.8
Central governments \| Central governments \| Guarantee \| Guarantees by the Swedish Export Credit Agency
Risk information
Hedged exposures	70.4	56.1
Central governments \| Central governments \| Guarantee \| Guarantees by other export credit agencies
Risk information
Hedged exposures		0.7
Central governments \| Central governments \| Guarantee \| Other guarantees
Risk information
Hedged exposures	0.5
Central governments \| Financial institutions
Risk information
Hedged exposures	0.1	0
Central governments \| Financial institutions \| Guarantee
Risk information
Hedged exposures	0.1	0
Central governments \| Corporates
Risk information
Hedged exposures	0.3
Central governments \| Corporates \| Guarantee \| Other guarantees
Risk information
Hedged exposures	0.3
Regional governments
Risk information
Hedged exposures	1.6	1.4
Unhedged exposures	10.4	7.9
Gross exposure	12	9.3
Regional governments \| Central governments
Risk information
Hedged exposures	1.6	1.4
Regional governments \| Central governments \| Guarantee \| Guarantees by the Swedish Export Credit Agency
Risk information
Hedged exposures	1.6	1.4
Multilateral development banks
Risk information
Unhedged exposures	2.6	3.1
Gross exposure	2.6	3.1
Public sector entity
Risk information
Unhedged exposures	5.4	4.3
Gross exposure	5.4	4.3
Financial institutions
Risk information
Hedged exposures	2.5	4
Unhedged exposures	36.6	23
Gross exposure	39.1	27
Financial institutions \| Regional governments
Risk information
Hedged exposures	2.4	4
Financial institutions \| Financial institutions
Risk information
Hedged exposures	0.1
Financial institutions \| Financial institutions \| Guarantee
Risk information
Hedged exposures	0.1
Corporates
Risk information
Hedged exposures	105.2	111
Unhedged exposures	116.9	119.9
Gross exposure	222.1	230.9
Corporates \| Central governments
Risk information
Hedged exposures	93.1	98.9
Corporates \| Central governments \| Guarantee \| Guarantees by the Swedish Export Credit Agency
Risk information
Hedged exposures	82.6	89.1
Corporates \| Central governments \| Guarantee \| Guarantees by other export credit agencies
Risk information
Hedged exposures	7.5	6.8
Corporates \| Central governments \| Guarantee \| Other guarantees
Risk information
Hedged exposures	3	3
Corporates \| Regional governments
Risk information
Hedged exposures	1.2	0.3
Corporates \| Multilateral development banks
Risk information
Hedged exposures	0.4	0.4
Corporates \| Financial institutions
Risk information
Hedged exposures	5.6	7.9
Corporates \| Financial institutions \| Guarantee
Risk information
Hedged exposures	5.6	7.9
Corporates \| Corporates
Risk information
Hedged exposures	4.9	3.5
Corporates \| Corporates \| Credit insurance from insurance companies
Risk information
Hedged exposures	0.7	0.6
Corporates \| Corporates \| Guarantee \| Other guarantees
Risk information
Hedged exposures	kr 4.2	kr 2.9

Risk information - Gross expo_2

Risk information - Gross exposures European countries, excluding Sweden by exposure classes (Details) - Credit risk - SEK (kr) kr in Billions	Dec. 31, 2021	Dec. 31, 2020
Risk information
Gross exposure	kr 372.5	kr 359.5
Finland
Risk information
Gross exposure	10.3	9
United Kingdom
Risk information
Gross exposure	9.4	4.9
Germany
Risk information
Gross exposure	8.8	6.8
Norway
Risk information
Gross exposure	6.6	4.7
Austria
Risk information
Gross exposure	6.1	5.7
Denmark
Risk information
Gross exposure	5.1	4.5
Spain
Risk information
Gross exposure	5	6.1
Netherlands
Risk information
Gross exposure	3.9	3
France
Risk information
Gross exposure	3.8	3.5
Luxembourg
Risk information
Gross exposure	3.2	3.8
Poland
Risk information
Gross exposure	2.8	2.9
Italy
Risk information
Gross exposure	2.4	2.9
Belgium
Risk information
Gross exposure	1.5	1.4
Portugal
Risk information
Gross exposure	0.9	0.7
Ireland
Risk information
Gross exposure	0.4	0.4
Serbia
Risk information
Gross exposure	0.4	0.3
Lithuania
Risk information
Gross exposure	0.3
Russian Federation
Risk information
Gross exposure	0.2	0.2
Czech Republic
Risk information
Gross exposure	0.2
Estonia
Risk information
Gross exposure	0.1	0.1
Iceland
Risk information
Gross exposure	0.1	0.1
Latvia
Risk information
Gross exposure	0.1	0.2
Slovakia
Risk information
Gross exposure	0.1
Belarus
Risk information
Gross exposure		1.3
Switzerland
Risk information
Gross exposure		1.2
Ukraine
Risk information
Gross exposure		0
Europe except Sweden
Risk information
Gross exposure	71.7	63.7
Central governments
Risk information
Gross exposure	91.3	84.9
Central governments \| Finland
Risk information
Gross exposure	1	2.4
Central governments \| Germany
Risk information
Gross exposure	3.1	2.2
Central governments \| Austria
Risk information
Gross exposure	4.3	4.1
Central governments \| Denmark
Risk information
Gross exposure		0.8
Central governments \| Netherlands
Risk information
Gross exposure		1
Central governments \| Luxembourg
Risk information
Gross exposure	0.6	1
Central governments \| Belgium
Risk information
Gross exposure	1.2	1.2
Central governments \| Europe except Sweden
Risk information
Gross exposure	10.2	12.7
Regional governments
Risk information
Gross exposure	12	9.3
Regional governments \| Finland
Risk information
Gross exposure	0	0
Regional governments \| Europe except Sweden
Risk information
Gross exposure	0	0
Multilateral development banks
Risk information
Gross exposure	2.6	3.1
Multilateral development banks \| Finland
Risk information
Gross exposure		0.3
Multilateral development banks \| Luxembourg
Risk information
Gross exposure	2.6	2.8
Multilateral development banks \| Europe except Sweden
Risk information
Gross exposure	2.6	3.1
Public sector entity
Risk information
Gross exposure	5.4	4.3
Public sector entity \| Germany
Risk information
Gross exposure	5.2	4.3
Public sector entity \| Denmark
Risk information
Gross exposure	0.2
Public sector entity \| Europe except Sweden
Risk information
Gross exposure	5.4	4.3
Financial institutions
Risk information
Gross exposure	39.1	27
Financial institutions \| Finland
Risk information
Gross exposure	0.3	0.1
Financial institutions \| United Kingdom
Risk information
Gross exposure	2	2.2
Financial institutions \| Germany
Risk information
Gross exposure	0.3	0.3
Financial institutions \| Norway
Risk information
Gross exposure	1.9	0.1
Financial institutions \| Austria
Risk information
Gross exposure	1.8	1.6
Financial institutions \| Denmark
Risk information
Gross exposure	3.1	2
Financial institutions \| Spain
Risk information
Gross exposure	0.5	0.4
Financial institutions \| Netherlands
Risk information
Gross exposure	3.3	1.5
Financial institutions \| France
Risk information
Gross exposure	2	2.1
Financial institutions \| Italy
Risk information
Gross exposure	0
Financial institutions \| Belgium
Risk information
Gross exposure		0
Financial institutions \| Ireland
Risk information
Gross exposure	0.1	0.1
Financial institutions \| Estonia
Risk information
Gross exposure		0
Financial institutions \| Latvia
Risk information
Gross exposure	0.1	0.2
Financial institutions \| Europe except Sweden
Risk information
Gross exposure	15.4	10.6
Corporates
Risk information
Gross exposure	222.1	230.9
Corporates \| Finland
Risk information
Gross exposure	9	6.2
Corporates \| United Kingdom
Risk information
Gross exposure	7.4	2.7
Corporates \| Germany
Risk information
Gross exposure	0.2
Corporates \| Norway
Risk information
Gross exposure	4.7	4.6
Corporates \| Denmark
Risk information
Gross exposure	1.8	1.7
Corporates \| Spain
Risk information
Gross exposure	4.5	5.7
Corporates \| Netherlands
Risk information
Gross exposure	0.6	0.5
Corporates \| France
Risk information
Gross exposure	1.8	1.4
Corporates \| Poland
Risk information
Gross exposure	2.8	2.9
Corporates \| Italy
Risk information
Gross exposure	2.4	2.9
Corporates \| Belgium
Risk information
Gross exposure	0.3	0.2
Corporates \| Portugal
Risk information
Gross exposure	0.9	0.7
Corporates \| Ireland
Risk information
Gross exposure	0.3	0.3
Corporates \| Serbia
Risk information
Gross exposure	0.4	0.3
Corporates \| Lithuania
Risk information
Gross exposure	0.3
Corporates \| Russian Federation
Risk information
Gross exposure	0.2	0.2
Corporates \| Czech Republic
Risk information
Gross exposure	0.2
Corporates \| Estonia
Risk information
Gross exposure	0.1	0.1
Corporates \| Iceland
Risk information
Gross exposure	0.1	0.1
Corporates \| Slovakia
Risk information
Gross exposure	0.1
Corporates \| Belarus
Risk information
Gross exposure		1.3
Corporates \| Switzerland
Risk information
Gross exposure		1.2
Corporates \| Ukraine
Risk information
Gross exposure		0
Corporates \| Europe except Sweden
Risk information
Gross exposure	kr 38.1	kr 33

Risk information - Net exposu_3

Risk information - Net exposures European countries, excluding Sweden by exposure classes (Details) - Credit risk - SEK (kr) kr in Billions	Dec. 31, 2021	Dec. 31, 2020
Risk information
Net exposure	kr 372.5	kr 359.5
Germany
Risk information
Net exposure	10.3	8.6
Finland
Risk information
Net exposure	8.2	8.9
France
Risk information
Net exposure	7.8	8
United Kingdom
Risk information
Net exposure	7	7
Norway
Risk information
Net exposure	6.8	4.8
Austria
Risk information
Net exposure	6	5.7
Denmark
Risk information
Net exposure	5.4	5.2
Luxembourg
Risk information
Net exposure	4.3	4.6
Netherlands
Risk information
Net exposure	4	3.2
Belgium
Risk information
Net exposure	2.9	2.5
Poland
Risk information
Net exposure	2.8	2.9
Spain
Risk information
Net exposure	2.3	1.9
Portugal
Risk information
Net exposure	1	0.7
Ireland
Risk information
Net exposure	0.6	0.6
Serbia
Risk information
Net exposure	0.4	0.3
Switzerland
Risk information
Net exposure	0.4	0.8
Lithuania
Risk information
Net exposure	0.3
Czech Republic
Risk information
Net exposure	0.2
Estonia
Risk information
Net exposure	0.1	0.1
Iceland
Risk information
Net exposure	0.1	0.1
Italy
Risk information
Net exposure	0.1	0.1
Latvia
Risk information
Net exposure	0.1	0.2
Slovakia
Risk information
Net exposure	0.1
Europe except Sweden
Risk information
Net exposure	71.2	66.2
Central governments
Risk information
Net exposure	185.5	185.5
Central governments \| Germany
Risk information
Net exposure	3.7	3
Central governments \| Finland
Risk information
Net exposure	1.5	2.5
Central governments \| France
Risk information
Net exposure	4.5	4.8
Central governments \| United Kingdom
Risk information
Net exposure	0	0
Central governments \| Norway
Risk information
Net exposure	0.6	0.2
Central governments \| Austria
Risk information
Net exposure	4.3	4.1
Central governments \| Denmark
Risk information
Net exposure	0.2	1
Central governments \| Luxembourg
Risk information
Net exposure	0.7	1
Central governments \| Netherlands
Risk information
Net exposure	0.3	1.3
Central governments \| Belgium
Risk information
Net exposure	1.2	1.1
Central governments \| Poland
Risk information
Net exposure	2.6	2.9
Central governments \| Europe except Sweden
Risk information
Net exposure	19.6	21.9
Regional governments
Risk information
Net exposure	15.3	12.3
Regional governments \| Finland
Risk information
Net exposure	0	0.1
Regional governments \| Europe except Sweden
Risk information
Net exposure	0	0.1
Multilateral development banks
Risk information
Net exposure	3	3.5
Multilateral development banks \| Finland
Risk information
Net exposure		0.3
Multilateral development banks \| Luxembourg
Risk information
Net exposure	3	3.2
Multilateral development banks \| Europe except Sweden
Risk information
Net exposure	3	3.5
Public sector entity
Risk information
Net exposure	5.4	4.2
Public sector entity \| Germany
Risk information
Net exposure	5.2	4.2
Public sector entity \| Denmark
Risk information
Net exposure	0.2
Public sector entity \| Europe except Sweden
Risk information
Net exposure	5.4	4.2
Financial institutions
Risk information
Net exposure	41.2	30.9
Financial institutions \| Germany
Risk information
Net exposure	1.1	1
Financial institutions \| Finland
Risk information
Net exposure	0.4	0.2
Financial institutions \| France
Risk information
Net exposure	1.9	2.6
Financial institutions \| United Kingdom
Risk information
Net exposure	3	3.2
Financial institutions \| Norway
Risk information
Net exposure	1.9	0.2
Financial institutions \| Austria
Risk information
Net exposure	1.7	1.6
Financial institutions \| Denmark
Risk information
Net exposure	3.2	2.5
Financial institutions \| Netherlands
Risk information
Net exposure	3.4	1.6
Financial institutions \| Belgium
Risk information
Net exposure	0.8	0.7
Financial institutions \| Spain
Risk information
Net exposure	1.3	1.3
Financial institutions \| Switzerland
Risk information
Net exposure	0	0.1
Financial institutions \| Estonia
Risk information
Net exposure		0
Financial institutions \| Italy
Risk information
Net exposure	0
Financial institutions \| Latvia
Risk information
Net exposure	0.1	0.2
Financial institutions \| Europe except Sweden
Risk information
Net exposure	18.8	15.2
Corporates
Risk information
Net exposure	122.1	123.1
Corporates \| Germany
Risk information
Net exposure	0.3	0.4
Corporates \| Finland
Risk information
Net exposure	6.3	5.8
Corporates \| France
Risk information
Net exposure	1.4	0.6
Corporates \| United Kingdom
Risk information
Net exposure	4	3.8
Corporates \| Norway
Risk information
Net exposure	4.3	4.4
Corporates \| Denmark
Risk information
Net exposure	1.8	1.7
Corporates \| Luxembourg
Risk information
Net exposure	0.6	0.4
Corporates \| Netherlands
Risk information
Net exposure	0.3	0.3
Corporates \| Belgium
Risk information
Net exposure	0.9	0.7
Corporates \| Poland
Risk information
Net exposure	0.2	0
Corporates \| Spain
Risk information
Net exposure	1	0.6
Corporates \| Portugal
Risk information
Net exposure	1	0.7
Corporates \| Ireland
Risk information
Net exposure	0.6	0.6
Corporates \| Serbia
Risk information
Net exposure	0.4	0.3
Corporates \| Switzerland
Risk information
Net exposure	0.4	0.7
Corporates \| Lithuania
Risk information
Net exposure	0.3
Corporates \| Czech Republic
Risk information
Net exposure	0.2
Corporates \| Estonia
Risk information
Net exposure	0.1	0.1
Corporates \| Iceland
Risk information
Net exposure	0.1	0.1
Corporates \| Italy
Risk information
Net exposure	0.1	0.1
Corporates \| Slovakia
Risk information
Net exposure	0.1
Corporates \| Europe except Sweden
Risk information
Net exposure	kr 24.4	kr 21.3

Risk information - Corporate ex

Risk information - Corporate exposures by industry (GICS) (Details) - Credit risk - SEK (kr) kr in Billions	Dec. 31, 2021	Dec. 31, 2020
Risk information
Gross exposure	kr 372.5	kr 359.5
Net exposure	372.5	359.5
Corporates
Risk information
Gross exposure	222.1	230.9
Net exposure	122.1	123.1
Corporates \| IT and telecom
Risk information
Gross exposure	76.2	81.4
Net exposure	14.8	15.1
Corporates \| Industrials
Risk information
Gross exposure	44.7	43.2
Net exposure	41.6	42.1
Corporates \| Consumer goods
Risk information
Gross exposure	32.3	37.9
Net exposure	27.5	27.3
Corporates \| Financials
Risk information
Gross exposure	23.4	25.6
Net exposure	16.1	10.7
Corporates \| Materials
Risk information
Gross exposure	21.8	24.3
Net exposure	10.1	19
Corporates \| Utilities
Risk information
Gross exposure	19.5	12
Net exposure	9.2	4.8
Corporates \| Healthcare
Risk information
Gross exposure	2.8	4.8
Net exposure	2.5	3.8
Corporates \| Energy
Risk information
Gross exposure	1.2	1.2
Net exposure	0.1	0.1
Corporates \| Other
Risk information
Gross exposure	0.2	0.5
Net exposure	kr 0.2	kr 0.2

Risk information - Market risk

Risk information - Market risk (Details) kr in Millions	12 Months Ended
Risk information - Market risk (Details) kr in Millions	Dec. 31, 2021SEK (kr)	Dec. 31, 2020SEK (kr)
NII risk together with risk to NII from cross-currency basis spreads
Risk information
Market risk amount	kr 200	kr 271
Interest rate risk regarding changes in future net interest income (NII)
Risk information
Risk change (in basis points)	100
Risk to NII from cross currency basis spreads
Risk information
Risk change (in basis points)	20
VAR
Risk information
VAR horizon period (in years)	2 years
sVaR
Risk information
Market risk amount	kr 124	kr 100
VAR horizon period (in years)	1 year
Confidence level for VAR calculation	99.00%
Interest rate risk regarding changes in the economic value of SEK's portfolio (EVE)
Risk information
Risk change (in basis points)	100
Credit spread risk in assets
Risk information
Risk change (in basis points)	100
Credit spread risk in own debt
Risk information
Risk change (in basis points)	20
Cross currency basis spread risk
Risk information
Risk change (in basis points)	20
Currency risk
Risk information
Assumed change in all foreign currency positions	10.00%
Tenor basis spread risk
Risk information
Risk change (in basis points)	10
Tenor basis spread risk \| Minimum
Risk information
Lending and borrowing which is not swapped to three month tenor (in months)	1 month
Tenor basis spread risk \| Maximum
Risk information
Lending and borrowing which is not swapped to three month tenor (in months)	6 months

Risk information - Impact of on

Risk information - Impact of one percentage point change in market interest rate (Details) - Market risk - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Risk information
Percentage of increase in market interest rate	1.00%	1.00%
Impact from one percentage point increase in market interest rate	kr (377)	kr (316)
Impact from one percentage point increase in market interest rate for instruments measured at fair value through profit or loss	kr 283	kr 302
Percentage of decrease in market interest rate	1.00%	1.00%
Impact from one percentage point decrease in market interest rate	kr 835	kr 898
Impact from one percentage point decrease in market interest rate for instruments measured at fair value through profit or loss	(280)	(278)
Foreign currencies
Risk information
Impact from one percentage point increase in market interest rate	(268)	(200)
Impact from one percentage point increase in market interest rate for instruments measured at fair value through profit or loss	162	146
Impact from one percentage point decrease in market interest rate	579	592
Impact from one percentage point decrease in market interest rate for instruments measured at fair value through profit or loss	(165)	(128)
SKR
Risk information
Impact from one percentage point increase in market interest rate	(109)	(116)
Impact from one percentage point increase in market interest rate for instruments measured at fair value through profit or loss	121	156
Impact from one percentage point decrease in market interest rate	256	306
Impact from one percentage point decrease in market interest rate for instruments measured at fair value through profit or loss	kr (115)	kr (150)

Risk information - Foreign curr

Risk information - Foreign currency position (Details) - Currency risk kr in Millions	Dec. 31, 2021SEK (kr)฿ / kr$ / kr£ / kr¥ / kr$ / kr€ / kr	Dec. 31, 2020SEK (kr)$ / kr£ / kr¥ / kr$ / kr€ / kr฿ / kr
EUR
Risk information
Exchange rate \| € / kr	10.2431	10.0181
Share at year-end (as a %)	1.00%	1.00%
Currency position	kr (242)	kr (189)
USD
Risk information
Exchange rate \| $ / kr	9.0356	8.1739
Share at year-end (as a %)	0.00%	1.00%
Currency position	kr (50)	kr (148)
JPY
Risk information
Exchange rate \| ¥ / kr	0.0785	0.0793
Share at year-end (as a %)	0.00%	0.00%
Currency position	kr 9	kr (89)
GBP
Risk information
Exchange rate \| £ / kr	12.2119	11.1683
Share at year-end (as a %)	0.00%	0.00%
Currency position	kr (51)	kr (68)
MXN
Risk information
Exchange rate \| $ / kr	0.4408	0.4117
Share at year-end (as a %)	1.00%	1.00%
Currency position	kr (105)	kr (123)
THB
Risk information
Exchange rate \| ฿ / kr	0.2709	0.2727
Share at year-end (as a %)	0.00%	0.00%
Currency position	kr (4)	kr 60
Other currencies
Risk information
Share at year-end (as a %)	0.00%	0.00%
Currency position	kr (19)	kr (12)
Foreign currencies
Risk information
Share at year-end (as a %)	2.00%	3.00%
Currency position	kr (462)	kr (569)
Currency positions excluding unrealized changes in fair value	kr 5	kr (48)

Risk information - Assets and l

Risk information - Assets and liabilities in foreign currencies (Details) - SEK (kr) kr in Millions	Dec. 31, 2021	Dec. 31, 2020
Risk information
Assets	kr 333,647	kr 335,399
Liabilities	312,839	315,335
Currency risk
Risk information
Assets	333,647	335,399
Liabilities	312,839	315,335
Currency risk \| Foreign currencies
Risk information
Assets	262,056	194,607
Liabilities	kr 262,518	kr 195,176

Risk information - Liquidity re

Risk information - Liquidity reserve (Details) - Liquidity risk - SEK (kr) kr in Billions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Risk information
New lending capacity, target	2 months
Maturity term of revolving borrowing programs	1 year
Maturity term of swingline facility	1 year
Period of monitoring the liquidity coverage ratio	30 days
Period of cashflow forecast	1 year
Liquidity Reserve	kr 53.7		kr 52
Credit facility with the Swedish National Debt Office
Risk information
Credit facility, granted by the government	200	kr 175	200
Commercial export credits limit for credit facility	15	kr 13	15
SKR
Risk information
Liquidity Reserve	27.3		30
EUR
Risk information
Liquidity Reserve	6.4		6.4
USD
Risk information
Liquidity Reserve	19.9		15
Other currencies
Risk information
Liquidity Reserve	0.1		0.6
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks
Risk information
Liquidity Reserve	23		29.9
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks \| SKR
Risk information
Liquidity Reserve	4.4		12.1
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks \| EUR
Risk information
Liquidity Reserve	4.8		6.1
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks \| USD
Risk information
Liquidity Reserve	13.7		11.1
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks \| Other currencies
Risk information
Liquidity Reserve	0.1		0.6
Securities issued or guaranteed by municipalities or other public entities
Risk information
Liquidity Reserve	15.8		12.1
Securities issued or guaranteed by municipalities or other public entities \| SKR
Risk information
Liquidity Reserve	8		7.9
Securities issued or guaranteed by municipalities or other public entities \| EUR
Risk information
Liquidity Reserve	1.6		0.3
Securities issued or guaranteed by municipalities or other public entities \| USD
Risk information
Liquidity Reserve	6.2		3.9
Covered bonds issued by other institutions
Risk information
Liquidity Reserve	12.9		7.5
Covered bonds issued by other institutions \| SKR
Risk information
Liquidity Reserve	12.9		7.5
Balances with National Debt Office
Risk information
Liquidity Reserve	2		2.5
Balances with National Debt Office \| SKR
Risk information
Liquidity Reserve	kr 2		kr 2.5

Risk information - Liquidity in

Risk information - Liquidity investments - Remaining maturity (Details) - Liquidity risk	Dec. 31, 2021	Dec. 31, 2020
Within 1 year
Risk information
Percentage of liquidity investments	84.00%	86.00%
Later than one year and not later than three years
Risk information
Percentage of liquidity investments	16.00%	14.00%

Risk information - Key figures

Risk information - Key figures for liquidity risk (Details)	Dec. 31, 2021	Dec. 31, 2020
Risk information
LCR under EU Commission's delegated act	463.00%	447.00%
NSFR	139.00%	135.00%
Liquidity risk
Risk information
LCR under EU Commission's delegated act	463.00%	447.00%
NSFR	139.00%	135.00%

Risk Information - Liquidity _2

Risk Information - Liquidity investments - By exposure type (Details) - Liquidity risk	Dec. 31, 2021	Dec. 31, 2020
States and Multilateral development banks
Risk information
Percentage of liquidity investments	40.00%	59.00%
Local governments
Risk information
Percentage of liquidity investments	23.00%	20.00%
Covered bonds
Risk information
Percentage of liquidity investments	19.00%	13.00%
Financial institutions
Risk information
Percentage of liquidity investments	15.00%	8.00%
Corporates
Risk information
Percentage of liquidity investments	3.00%

Risk information - Contractual

Risk information - Contractual flows (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Risk information
Total financial assets	kr 323,941		kr 320,399
Financial liabilities	(309,729)		(312,857)
Binding offers	1,510		1,322
Liquidity risk
Risk information
Financial assets, cash flow	355,326		314,358
Financial assets, discounting effect	(31,385)		6,041
Total financial assets	323,941		320,399
Financial liabilities, cash flow	(330,217)		(304,119)
Financial liabilities, discounting effect	20,488		(8,738)
Financial liabilities	(309,729)		(312,857)
Liquidity surplus (+) / deficit (-)	25,109		56,492
Binding offers	kr 1,500
Liquidity risk \| Minimum
Risk information
Maturity of cash flow in deficit (in months)	1 year
Maturity of cash flow in deficit (in years)	1 year
Liquidity risk \| Maximum
Risk information
Maturity of cash flow in deficit (in months)	3 months
Maturity of cash flow in deficit (in years)	3 years
Liquidity risk \| Credit facility with the Swedish National Debt Office
Risk information
Additional available funds under credit facility	kr 200,000	kr 175,000	200,000
Commercial export credits limit for credit facility	15,000	kr 13,000	15,000
Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	38,027		8,456
Financial liabilities, cash flow	(19,175)		(5,750)
Committed undisbursed loans cash flows	(238)		(4)
Liquidity surplus (+) / deficit (-)	18,614		2,702
Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	25,247		32,940
Financial liabilities, cash flow	(36,197)		(34,918)
Committed undisbursed loans cash flows	(1,938)		(2,001)
Liquidity surplus (+) / deficit (-)	(12,888)		(3,979)
Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	70,973		66,948
Financial liabilities, cash flow	(52,549)		(69,748)
Committed undisbursed loans cash flows	(14,890)		(4,633)
Liquidity surplus (+) / deficit (-)	3,534		(7,433)
Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	92,292		88,389
Financial liabilities, cash flow	(132,455)		(138,852)
Committed undisbursed loans cash flows	(22,498)		(9,897)
Liquidity surplus (+) / deficit (-)	(62,661)		(60,360)
Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	60,504		61,330
Financial liabilities, cash flow	(43,767)		(37,297)
Committed undisbursed loans cash flows	970		(13,936)
Liquidity surplus (+) / deficit (-)	17,707		10,097
More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	68,283		56,295
Financial liabilities, cash flow	(46,074)		(17,554)
Committed undisbursed loans cash flows	38,594		76,724
Liquidity surplus (+) / deficit (-)	60,803		115,465
Not later than 3 months / 90 days \| Liquidity risk
Risk information
Liquidity surplus (+) / deficit (-)	5,726		(1,277)
Within 1 year \| Liquidity risk
Risk information
Liquidity surplus (+) / deficit (-)	9,260		(8,710)
Not later than three years \| Liquidity risk
Risk information
Liquidity surplus (+) / deficit (-)	(53,401)		(69,070)
Not later than five years \| Liquidity risk
Risk information
Liquidity surplus (+) / deficit (-)	(35,694)		(58,973)
Borrowing from credit institutions
Risk information
Financial liabilities	(5,230)		(3,486)
Borrowing from credit institutions \| Liquidity risk
Risk information
Financial liabilities, cash flow	(5,230)		(1,942)
Financial liabilities, discounting effect			(1,544)
Financial liabilities	(5,230)		(3,486)
Borrowing from credit institutions \| Not later than one month \| Liquidity risk
Risk information
Financial liabilities, cash flow	(5,230)		(58)
Borrowing from credit institutions \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial liabilities, cash flow			(147)
Borrowing from credit institutions \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial liabilities, cash flow			(518)
Borrowing from credit institutions \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial liabilities, cash flow			(851)
Borrowing from credit institutions \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial liabilities, cash flow			(300)
Borrowing from credit institutions \| More than 5 years \| Liquidity risk
Risk information
Financial liabilities, cash flow			(68)
Borrowing from the public
Risk information
Financial liabilities	(10,000)		(10,000)
Borrowing from the public \| Liquidity risk
Risk information
Financial liabilities, cash flow	(9,998)		(10,005)
Financial liabilities, discounting effect	(2)		5
Financial liabilities	(10,000)		(10,000)
Borrowing from the public \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial liabilities, cash flow	(9,998)		(2)
Borrowing from the public \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial liabilities, cash flow			(4)
Borrowing from the public \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial liabilities, cash flow			(9,999)
Debt securities issued
Risk information
Financial liabilities	(279,770)		(273,976)
Debt securities issued \| Liquidity risk
Risk information
Financial liabilities, cash flow	(304,540)		(280,674)
Financial liabilities, discounting effect	24,770		6,698
Financial liabilities	(279,770)		(273,976)
Debt securities issued \| Not later than one month \| Liquidity risk
Risk information
Financial liabilities, cash flow	(13,587)		(4,486)
Debt securities issued \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial liabilities, cash flow	(26,300)		(31,436)
Debt securities issued \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial liabilities, cash flow	(52,343)		(64,938)
Debt securities issued \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(128,316)		(125,810)
Debt securities issued \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(42,130)		(36,557)
Debt securities issued \| More than 5 years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(41,864)		(17,447)
Derivatives
Risk information
Financial liabilities	(14,729)		(25,395)
Derivatives \| Liquidity risk
Risk information
Financial liabilities, cash flow	(10,449)		(11,498)
Financial liabilities, discounting effect	(4,280)		(13,897)
Financial liabilities	(14,729)		(25,395)
Derivatives \| Not later than one month \| Liquidity risk
Risk information
Financial liabilities, cash flow	(358)		(1,206)
Derivatives \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial liabilities, cash flow	101		(3,333)
Derivatives \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial liabilities, cash flow	(206)		(4,288)
Derivatives \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(4,139)		(2,192)
Derivatives \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(1,637)		(440)
Derivatives \| More than 5 years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(4,210)		(39)
Derivatives \| Hedging instrument \| Liquidity risk
Risk information
Financial liabilities, cash flow	(2,858)		(722)
Financial liabilities, discounting effect	(688)		248
Financial liabilities	(3,546)		(474)
Derivatives \| Hedging instrument \| Not later than one month \| Liquidity risk
Risk information
Financial liabilities, cash flow	41		(8)
Derivatives \| Hedging instrument \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial liabilities, cash flow	201		(26)
Derivatives \| Hedging instrument \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial liabilities, cash flow	(61)		(143)
Derivatives \| Hedging instrument \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(1,864)		(371)
Derivatives \| Hedging instrument \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(345)		(196)
Derivatives \| Hedging instrument \| More than 5 years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(830)		22
of which cash inflow in currency derivatives \| Liquidity risk
Risk information
Financial liabilities, cash flow	49,706		84,269
of which cash inflow in currency derivatives \| Not later than one month \| Liquidity risk
Risk information
Financial liabilities, cash flow	888		1,105
of which cash inflow in currency derivatives \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial liabilities, cash flow	16,122		20,400
of which cash inflow in currency derivatives \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial liabilities, cash flow	10,459		49,648
of which cash inflow in currency derivatives \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial liabilities, cash flow	8,188		8,472
of which cash inflow in currency derivatives \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial liabilities, cash flow	8,942		2,802
of which cash inflow in currency derivatives \| More than 5 years \| Liquidity risk
Risk information
Financial liabilities, cash flow	5,107		1,842
of which cash outflow in currency derivatives \| Liquidity risk
Risk information
Financial liabilities, cash flow	(52,855)		(92,773)
of which cash outflow in currency derivatives \| Not later than one month \| Liquidity risk
Risk information
Financial liabilities, cash flow	(952)		(1,201)
of which cash outflow in currency derivatives \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial liabilities, cash flow	(17,618)		(23,333)
of which cash outflow in currency derivatives \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial liabilities, cash flow	(10,981)		(53,894)
of which cash outflow in currency derivatives \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(8,886)		(9,215)
of which cash outflow in currency derivatives \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(8,964)		(3,302)
of which cash outflow in currency derivatives \| More than 5 years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(5,454)		(1,828)
Cash and cash equivalents
Risk information
Total financial assets	11,128		3,362
Cash and cash equivalents \| Liquidity risk
Risk information
Financial assets, cash flow	11,129		2,801
Financial assets, discounting effect	(1)		561
Total financial assets	11,128		3,362
Cash and cash equivalents \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	11,129		2,801
Treasuries/government bonds
Risk information
Total financial assets	10,872		22,266
Treasuries/government bonds \| Liquidity risk
Risk information
Financial assets, cash flow	10,882		22,251
Financial assets, discounting effect	(10)		15
Total financial assets	10,872		22,266
Treasuries/government bonds \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	1,822
Treasuries/government bonds \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	4,131		10,204
Treasuries/government bonds \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	4,144		10,857
Treasuries/government bonds \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	785		1,190
Other interest-bearing securities except loans
Risk information
Total financial assets	45,881		33,551
Other interest-bearing securities except loans \| Liquidity risk
Risk information
Financial assets, cash flow	45,980		33,631
Financial assets, discounting effect	(99)		(80)
Total financial assets	45,881		33,551
Other interest-bearing securities except loans \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	7,647		1,639
Other interest-bearing securities except loans \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	10,909		6,932
Other interest-bearing securities except loans \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	17,511		17,975
Other interest-bearing securities except loans \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	9,913		6,585
Other interest-bearing securities except loans \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow			500
Loans in the form of interest-bearing securities
Risk information
Total financial assets	46,578		50,780
Loans in the form of interest-bearing securities \| Liquidity risk
Risk information
Financial assets, cash flow	50,114		53,683
Financial assets, discounting effect	(3,536)		(2,903)
Total financial assets	46,578		50,780
Loans in the form of interest-bearing securities \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	77		68
Loans in the form of interest-bearing securities \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	1,532		6,053
Loans in the form of interest-bearing securities \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	7,529		3,928
Loans in the form of interest-bearing securities \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	14,427		17,211
Loans in the form of interest-bearing securities \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	15,220		14,307
Loans in the form of interest-bearing securities \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	11,329		12,116
Loans to credit institutions
Risk information
Total financial assets	20,775		31,315
Loans to credit institutions \| Liquidity risk
Risk information
Financial assets, cash flow	21,580		9,573
Financial assets, discounting effect	(805)		21,742
Total financial assets	20,775		31,315
Loans to credit institutions \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	11,673		66
Loans to credit institutions \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	110		219
Loans to credit institutions \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	2,417		3,437
Loans to credit institutions \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	2,581		3,556
Loans to credit institutions \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	1,218		1,129
Loans to credit institutions \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	3,581		1,166
Loans to the public
Risk information
Total financial assets	180,288		171,562
Loans to the public \| Liquidity risk
Risk information
Financial assets, cash flow	206,007		185,430
Financial assets, discounting effect	(25,719)		(13,868)
Total financial assets	180,288		171,562
Loans to the public \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	5,182		3,798
Loans to the public \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	7,229		8,998
Loans to the public \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	37,218		29,475
Loans to the public \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	62,116		57,960
Loans to the public \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	43,375		44,105
Loans to the public \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	50,887		41,094
Derivatives
Risk information
Total financial assets	8,419		7,563
Derivatives \| Liquidity risk
Risk information
Financial assets, cash flow	9,634		6,989
Financial assets, discounting effect	(1,215)		574
Total financial assets	8,419		7,563
Derivatives \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	497		84
Derivatives \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	1,336		534
Derivatives \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	2,154		1,276
Derivatives \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	2,470		1,887
Derivatives \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	691		1,289
Derivatives \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	2,486		1,919
Derivatives \| Hedging instrument \| Liquidity risk
Risk information
Financial assets, cash flow	3,079		2,102
Financial assets, discounting effect	(418)		1,213
Total financial assets	2,661		3,315
Derivatives \| Hedging instrument \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	(7)		(6)
Derivatives \| Hedging instrument \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	205		49
Derivatives \| Hedging instrument \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	374		353
Derivatives \| Hedging instrument \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	688		813
Derivatives \| Hedging instrument \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	222		261
Derivatives \| Hedging instrument \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	1,597		632
of which cash inflow in currency derivatives \| Liquidity risk
Risk information
Financial assets, cash flow	87,071		39,393
of which cash inflow in currency derivatives \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	912		2,635
of which cash inflow in currency derivatives \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	13,274		8,812
of which cash inflow in currency derivatives \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	21,973		4,987
of which cash inflow in currency derivatives \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	41,766		11,682
of which cash inflow in currency derivatives \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	5,075		3,799
of which cash inflow in currency derivatives \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	4,071		7,478
of which cash outflow in currency derivatives \| Liquidity risk
Risk information
Financial assets, cash flow	(82,221)		(35,084)
of which cash outflow in currency derivatives \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	(896)		(2,470)
of which cash outflow in currency derivatives \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	(12,596)		(8,192)
of which cash outflow in currency derivatives \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	(20,645)		(4,377)
of which cash outflow in currency derivatives \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	(39,925)		(10,376)
of which cash outflow in currency derivatives \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	(4,786)		(3,087)
of which cash outflow in currency derivatives \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	kr (3,373)		kr (6,582)

Transactions with related par_3

Transactions with related parties (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Transactions with related parties
Borrowings	kr 295,000	kr 287,462
Swedish government
Transactions with related parties
Ownership interest in reporting company	100.00%
Companies and organizations that are controlled through a common owner
Transactions with related parties
Percentage of company's outstanding loan guaranteed	44.00%	39.00%
EKN
Transactions with related parties
Remuneration to EKN for the guarantees paid	kr 45	kr 26
Credit facility with the Swedish National Debt Office \| Swedish National Debt Office
Transactions with related parties
Credit facility, granted by the government	200,000	200,000	kr 175,000
Commercial export credits limit for credit facility	15,000	15,000	kr 13,000
Borrowings	kr 10,000	kr 10,000

Transactions with related par_4

Transactions with related parties - Summarizes Consolidated Group's transactions with related parties (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Transactions with related parties
Assets	kr 21,372	kr 31,705
Liabilities	10,147	10,095
Interest income	58	84
Interest expense	4	(10)
Swedish government
Transactions with related parties
Assets	10,459	24,432
Liabilities	10,147	10,095
Interest income	(7)	(21)
Companies and organizations that are controlled through a common owner
Transactions with related parties
Assets	10,913	7,273
Interest income	65	105
Interest expense	4	(10)
Borrowing from the public
Transactions with related parties
Liabilities	10,000	10,000
Interest expense	4
Borrowing from the public \| Swedish government
Transactions with related parties
Liabilities	10,000	10,000
Borrowing from the public \| Companies and organizations that are controlled through a common owner
Transactions with related parties
Interest expense	4
Other liabilities
Transactions with related parties
Liabilities	147	95
Interest expense		(10)
Other liabilities \| Swedish government
Transactions with related parties
Liabilities	147	95
Other liabilities \| Companies and organizations that are controlled through a common owner
Transactions with related parties
Interest expense		(10)
Cash
Transactions with related parties
Assets	2,000	2,500
Cash \| Swedish government
Transactions with related parties
Assets	2,000	2,500
Treasuries/government bonds
Transactions with related parties
Assets	1,250	9,573
Interest income	(7)	(21)
Treasuries/government bonds \| Swedish government
Transactions with related parties
Assets	1,250	9,573
Interest income	(7)	(21)
Treasuries/government bonds \| Companies and organizations that are controlled through a common owner
Transactions with related parties
Interest income		0
Other interest-bearing securities except loans
Transactions with related parties
Assets	5,175	1,000
Interest income	0	2
Other interest-bearing securities except loans \| Companies and organizations that are controlled through a common owner
Transactions with related parties
Assets	5,175	1,000
Interest income	0	2
Loans in the form of interest-bearing securities
Transactions with related parties
Assets	2,600	2,600
Interest income	33	31
Loans in the form of interest-bearing securities \| Companies and organizations that are controlled through a common owner
Transactions with related parties
Assets	2,600	2,600
Interest income	33	31
Loans to credit institutions
Transactions with related parties
Assets	1,719	2,108
Interest income	23	45
Loans to credit institutions \| Companies and organizations that are controlled through a common owner
Transactions with related parties
Assets	1,719	2,108
Interest income	23	45
Loans to the public
Transactions with related parties
Assets	1,419	1,565
Interest income	9	27
Loans to the public \| Companies and organizations that are controlled through a common owner
Transactions with related parties
Assets	1,419	1,565
Interest income	9	27
Settlement claim against the State
Transactions with related parties
Assets	7,209	12,359
Settlement claim against the State \| Swedish government
Transactions with related parties
Assets	kr 7,209	kr 12,359

Events after the reporting pe_2

Events after the reporting period (Details) - SEK (kr) kr in Millions	Feb. 02, 2022	Dec. 31, 2023	Dec. 31, 2022
Tax changes
Events after the reporting period
Estimated cost of tax changes		kr 133	kr 109
Organizational changes \| Lars Linder Aronson
Events after the reporting period
Length of service	11 years

Risk and capital management (De

Risk and capital management (Details) kr in Millions	12 Months Ended			24 Months Ended
Risk and capital management (Details) kr in Millions	Dec. 31, 2021SEK (kr)item	Dec. 31, 2020SEK (kr)	Dec. 31, 2019SEK (kr)	Dec. 31, 2023SEK (kr)
Risk and capital management
Established credit losses	kr 52	kr 20	kr 25
Capital ratio	21.60%	21.80%
Tier 1 capital ratio	21.60%	21.80%
Common Equity Tier 1 capital ratio	21.80%	21.80%
Leverage ratio	9.30%	5.80%
Subordinated eligible debt to be issued				kr 9,000
New lending capacity	4 months	3 months
LCR	463.00%	447.00%
NSFR	139.00%	135.00%
Additional capital - Pillar 2 guidance	1.50%
Additional capital (pillar 2 guidance) of total leverage ratio exposure	0.15%
Total risk-based capital requirement	15.70%	14.90%
CET1 ratio requirements inclusive Pillar 2 guidance	10.60%	9.50%
Number of lines of defense for risk management and risk control \| item	3
Period for capital adequacy assessments	3 years
Maximum
Risk and capital management
Total capital ratio excess over capital adequacy requirement, target	4.00%
Minimum
Risk and capital management
Total capital ratio excess over capital adequacy requirement, target	2.00%
Common Equity Tier I ratio excess over capital adequacy requirement, target	4.00%
Credit risk
Risk and capital management
Risk amount	kr 6,000	kr 6,100
Market risk
Risk and capital management
Risk amount	1,200	1,100
Operational risk
Risk and capital management
Risk amount	kr 200	kr 200

Risk and capital management - R

Risk and capital management - Risk descriptions (Details)	Dec. 31, 2021
Credit risk
Risk and capital management
Proportion of economic capital	64.50%
Market risk
Risk and capital management
Proportion of economic capital	13.30%
Operational risk
Risk and capital management
Proportion of economic capital	2.40%