Swedish Export Credit Corp /Swed (GRU) 20-F28 Feb 232022 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, 2022 shares
Statement
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Öhrlings PricewaterhouseCoopers AB
Auditor Location	Stockholm, Sweden
Auditor Firm ID	1419
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statement of Comprehensive Income
Interest income calculated using effective interest method		kr 6,563	kr 4,264	kr 4,960
Other interest income		166	(1,545)	(852)
Interest expenses		(4,550)	(812)	(2,162)
Net interest income		2,179	1,907	1,946
Net fee and commission expense		(31)	(29)	(42)
Net results of financial transactions		69	56	83
Total operating income		2,217	1,934	1,987
Personnel expenses		(402)	(359)	(347)
Other administrative expenses		(216)	(231)	(198)
Depreciation and impairment of non-financial assets		(94)	(80)	(51)
Total operating expenses		(712)	(670)	(596)
Operating profit before credit losses		1,505	1,264	1,391
Net credit losses		(34)	41	(153)
Operating profit		1,471	1,305	1,238
Tax expenses		(305)	(271)	(270)
Net profit	[1]	1,166	1,034	968
Items to be reclassified to profit or loss
Derivatives in cash-flow hedges		(122)
Tax on items to be reclassified to profit or loss		25
Net items to be reclassified to profit or loss		(97)
Items not to be reclassified to profit or loss
Own credit risk		99	(24)	18
Revaluation of defined benefit plans		43	24	1
Tax on items not to be reclassified to profit or loss		(30)	0	(5)
Net items not to be reclassified to profit or loss		112	0	14
Total other comprehensive income		15	0	14
Total comprehensive income	[1]	kr 1,181	kr 1,034	kr 982
Basic earnings per share (in SEK per share)	[2]	kr 292	kr 259	kr 243
Diluted earnings per share (in SEK per share)	[2]	kr 292	kr 259	kr 243

[1] The entire profit is attributable to the shareholder of the Parent Company. The average number of shares in 2022 amounted to 3,990,000 (2021: 3,990,000 ).

Consolidated Statement of Com_2

Consolidated Statement of Comprehensive Income (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	[1]	kr 4,060	kr 11,128
Treasuries/government bonds		15,048	10,872
Other interest-bearing securities except loans		57,144	45,881
Loans in the form of interest-bearing securities		54,257	46,578
Loans to credit institutions		22,145	20,775
Loans to the public		207,737	180,288
Derivatives		10,304	8,419
Tangible and intangible assets		307	331
Deferred tax assets		25	11
Other assets		285	7,451
Prepaid expenses and accrued revenues		4,162	1,913
Total assets		375,474	333,647
Liabilities and equity
Borrowing from credit institutions		7,153	5,230
Borrowing from the public			10,000
Debt securities issued		319,117	279,770
Derivatives		13,187	14,729
Other liabilities		10,242	1,167
Accrued expenses and prepaid revenues		4,172	1,875
Provisions		28	68
Total liabilities		353,899	312,839
Share capital		3,990	3,990
Reserves		(114)	(129)
Retained earnings		17,699	16,947
Total equity	[2]	21,575	20,808
Total liabilities and equity		kr 375,474	kr 333,647

[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. 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, 2019		kr 3,990		kr (98)	kr (45)	kr 15,235	kr 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]	3,990		(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]	3,990		(102)	(27)	16,947	20,808
Net profit for the year						1,166	1,166	[1]
Items to be reclassified to profit or loss
Derivatives in cash-flow hedges			kr (122)				(122)
Tax on items to be reclassified to profit or loss			25				25
Items not to be reclassified to profit or loss
Own credit risk				99			99
Revaluation of defined benefit plans					43		43
Tax on items not to be reclassified to profit or loss				(20)	(10)		(30)
Total other comprehensive income			(97)	79	33		15
Total comprehensive income			(97)	79	33	1,166	1,181	[1]
Dividend						(414)	(414)
Balance at the end of the year at Dec. 31, 2022	[2]	kr 3,990	kr (97)	kr (23)	kr 6	kr 17,699	kr 21,575

[1] The entire profit is attributable to the shareholder of the Parent Company. 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, 2022		Dec. 31, 2021		Dec. 31, 2020
Operating activities
Operating profit		kr 1,471		kr 1,305		kr 1,238
Adjustments for non-cash items in operating profit		329		69		140
of which provision for credit losses, net		34		(41)		153
of which depreciation and impairment of non-financial assets		94		80		51
of which exchange-rate differences		7		(2)		5
of which unrealized changes in fair value		(24)		(21)		(69)
of which other	[1]	218		53		0
Income tax paid		(420)		(263)		(311)
Increase (-)/decrease (+) in lending		(17,970)		16,900		(37,824)
Increase (-)/decrease (+) in bonds and securities held		(12,027)		1,230		4,276
Other changes in assets and liabilities - net		380		1,334		14,493
Cash flow from operating activities		(28,237)		20,575		(17,988)
Investing activities
Investments		(70)		(242)		(35)
Cash flow from investing activities		(70)		(242)		(35)
Financing activities
Senior debt		169,473		88,328		153,518
Repayments of debt		(149,831)		(97,435)		(119,143)
Repurchase and early redemption of own long-term debt		(8,849)		(1,851)		(4,915)
Derivatives		9,770		(1,523)		(8,651)
Dividend paid		(414)		(290)
Payment of lease liability		(23)		(24)		(27)
Cash flow from financing activities		20,126		(12,795)		20,782
Net cash flow for the period		(8,181)		7,538		2,759
Cash and cash equivalents at beginning of the year		11,128	[2]	3,362	[2]	1,362
Exchange-rate differences on cash and cash equivalents		1,113		228		(759)
Cash and cash equivalents at end of year	[2]	4,060		11,128		3,362
of which cash at banks		255		427		561
of which cash equivalents		3,805		10,701		2,801
Interest payments received and expenses paid
Interest payments received		4,485		2,801		4,329
Interest expenses paid		kr 2,233		kr 862		kr 2,861

[1] Of which other includes accrued interest, taxes not paid and changes in other comprehensive income. 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.

Corporate and mandatory informa

Corporate and mandatory information	12 Months Ended
Corporate and mandatory information	Dec. 31, 2022
Corporate and mandatory information
Corporate and mandatory information	Corporate information Svensk Exportkredit (SEK) is a state-owned company that finances Swedish exporters, their subsidiaries, and their foreign customers. AB Svensk Exportkredit (publ) is the parent company of the group. The parent company is a Swedish limited liability company with its registered office in Stockholm, Sweden. The consolidated accounts for the financial year 2022 were approved for publication by the Board of Directors on February 21, 2023, and will be presented for adoption at the 2023 Annual General Meeting on March 27, 2023. Mandatory information Name of reporting entity AB Svensk Exportkredit (publ) Legal form of entity Public limited company Share capital 3,990,000 shares / par value Skr 1,000 Organizational number 556084-0315 Domicile of entity Sweden Country of incorporation Sweden Address of entity’s registered office Fleminggatan 20, 112 26 Stockholm, Sweden Principal place of business Sweden Nature of the entity’s operations and principal activities Credit market company, financing of exports

Significant accounting policies

Significant accounting policies	12 Months Ended
Significant accounting policies	Dec. 31, 2022
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, 2022 consists of SEK and its wholly owned, inactive subsidiary, SEKETT AB. These are jointly referred to as the “Consolidated Group” or the “Group”. (b) Basis of presentation (i) Statement of compliance The consolidated accounts have been compiled in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The IFRS standards applied by SEK are all endorsed by the European Union (EU). Additional standards, consistent with IFRS, are imposed by the Swedish Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) (ÅRKL), Recommendation RFR 1, Supplementary Accounting Principles for Groups, issued by the Swedish Financial Reporting Board (RFR), and the accounting regulations of the Swedish FSA (FFFS 2008:25), all of which have been complied with in preparing the Consolidated Financial Statements, of which these notes form a part. SEK also follows the Swedish Government’s principles for external reporting in accordance with its State Ownership Policy and principles for state-owned enterprises. The Consolidated Financial Statements and annual report were approved for issuance by SEK’s Board of Directors on February 21, 2023. The Group’s Statements of Comprehensive Income and Financial Position will be subject to approval by SEK’s shareholder at the Annual General Meeting to be held on March 27, 2023. (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 2021 annual report on Form 20-F. SEK analyzes and assesses the application and impact of changes in financial reporting standards that are applied within the Group. Changes that are not mentioned are either not applicable to SEK or have been determined to not have a material impact on SEK’s financial reporting. (d) Basis of consolidation The Consolidated Financial Statements encompass the Parent Company and subsidiaries, meaning companies over which the Parent Company has control and that are impacted by the Company’s results. The Consolidated Financial Statements have been prepared using the purchase method. The Financial Statements of the subsidiary are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. The accounting policies of the subsidiary are consistent with Group policies. Intra-group transactions and balances, and any unrealized gains and losses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements. Unless otherwise stated or when it is clear from the context, the information in these notes relates to the Consolidated Group and the Parent Company. Consolidation of SEK pursuant to the supervisory regulations does differ from the consolidation made in the Consolidated Financial Statements, as SEKETT AB is not a financial company and no consolidation of SEK pursuant to the supervisory regulation was made. Since SEKETT is not an institute pursuant to the CRR definition, it is not subject to the supervisory regulations on an individual basis. No current or anticipated material restrictions to prompt transfer of own funds or repayment of liabilities among the parent or its subsidiary have been identified. (e) Segment reporting Segments are identified based on internal reporting to the chief executive officer (“CEO”) who serves as the chief operating decision maker. SEK has one segment, lending, based partly on the Company’s assignment from the owner, which is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms, and partly on how governance and earnings monitoring of the business are conducted. Accordingly, no segment reporting has been prepared. Disclosures regarding the geographic breakdown and revenue per product group are presented in Note 2. (f) Recognition of operating income (i) Net interest income Interest income and interest expense related to all financial assets and liabilities, regardless of classification, are recognized in net interest income. Interest income and interest expense are recognized on a gross basis, with the exception of interest income and interest expenses related to derivatives, which are reported on a net basis. Interest for derivatives used to hedge borrowing is recognized as interest expense and interest on all derivatives used to hedge assets is recognized as interest income, regardless of whether the contracts’ net interest is positive or negative. This reflects the real interest expense of borrowing after taking economic hedges into account. Negative interest rates on assets are recognized as interest expense and negative interest rates on liabilities are recognized as interest income. Interest income calculated using the effective interest method presented in SEK’s Financial Statements applies only to those assets that are subsequently measured at amortized cost and the interest for hedging instruments related to those assets as the effective interest method is a measurement technique whose purpose is to calculate amortized cost and allocate interest income over the relevant time period. This interest income and corresponding interest expense are calculated and recognized based on the effective interest rate method. The effective interest rate is regarded as an integral part of the effective interest rate of a financial instrument (usually fees received as compensation for risk). Guarantee commissions that are comparable to interest are a part of the effective interest rate. The effective interest rate is equivalent to the rate used to discount contractual future cash flows to the carrying amount of the financial asset or liability. The item Other interest income covers interest income of financial assets at fair value through profit or loss and the remuneration for the CIRR-system (as defined below). In addition to interest income and interest expense, net interest income, where these are recognized as interest expense, includes the resolution fee and the risk tax. Pursuant to the Company’s assignment as stated in its owner instruction issued by the Swedish government, SEK administers credit granting in the Swedish system for officially supported export credits (the “CIRR-system”). All revenue and expenses from the CIRR-system are recognized in SEK’s profit or loss. SEK receives compensation from the Swedish government in the form of an administration fee, which is calculated based on the principal amount outstanding. The administrative compensation received by SEK from the Swedish government is recognized as part of interest income in SEK’s Statement of Comprehensive Income since the commission received in compensation is equivalent to interest. (ii) Net fee and commission expense Commissions earned and commissions incurred are recognized as net fee and commission expense in SEK’s Statement of Comprehensive Income. The gross amounts of commissions earned and commissions incurred are disclosed in the notes to the Financial Statements. The major part of the revenues classified as commission earned constitutes revenue from contracts with customers according to IFRS 15. The recognition of commissions earned depends on the purpose for which the fee is charged. Fees are either recognized as revenue when services are performed or accrued over the period of a specific business transaction. Lending fees that are not part of the effective interest of a financial instrument are recognized at a point of time, such as when the transaction has been performed. Commissions incurred are transaction-based, and are recognized in the period in which the services are received. Guarantee commissions that are comparable to interest and fees that comprise integrated components of financial instruments, and therefore included in the effective interest rate, are not recognized as commissions and are instead included under net interest income. (iii) Net results of financial transactions Net results of financial transactions include realized gains and losses related to all financial instruments and unrealized gains and losses on all financial instruments measured at fair value, except for the types of financial instruments for which the change is to be recognized in other comprehensive income. Gains and losses include gains and losses related to currency exchange effects, interest-rate changes, changes in basis-spreads and changes in the credit rating of the counterparty to the financial contract. The item also includes the hedge ineffectiveness, i.e., market value changes attributable to hedged risks and derivatives in fair value hedges and cash flow hedges. Realized gains and losses from financial instruments measured at amortized cost, such as interest rate compensation received and realized gains/losses from the repurchase of issued own debt, are recognized as they arise directly under net results of financial transactions. (g) Foreign currency transactions Monetary assets and liabilities in foreign currencies have been translated into the functional currency (Swedish krona) at the exchange rates applicable on the last day of each reporting period. Revenues and costs in foreign currencies are translated into Swedish kronor at the exchange rate prevailing on the dates that they arise. Any changes in the exchange rates between the relevant currencies and the Swedish krona relating to the period between the dates that they arise and the date of settlement are recognized as currency exchange effects. Currency exchange effects on the nominal amounts of financial assets and liabilities measured at fair value are recognized as currency exchange effects, although the currency exchange effect on the change in fair value that arises due to other components is not separated. Currency exchange effects are included as a component of net results of financial transactions. (h) Financial instruments (i) Recognition and derecognition in the Statement of Financial Position When recognizing financial instruments, trade date accounting is applied for the recognition and derecognition of securities bought, securities issued and derivatives. Other financial instruments are recognized in the Statement of Financial Position and derecognized from this on the relevant settlement date. The difference between the carrying amount of a financial liability or an asset (or part of a financial liability or an asset) that is extinguished or transferred to another party and the consideration paid is recognized in the Statement of Comprehensive Income under net results of financial transactions. A financial asset or liability is recognized in the Statement of Financial Position only when SEK becomes a party to the contractual provisions of the instrument. A financial asset is derecognized from the Statement of Financial Position when the contractual rights to receive the cash flows from the asset cease or when the asset is transferred and the transfer qualifies for derecognition. A financial liability (or part of a financial liability) is derecognized from the Statement of Financial Position only when it is extinguished, such as when the obligation specified in the contract is discharged, canceled or expires. In the case of renegotiated financial assets, such as lending, the asset is derecognized from the Statement of Financial Position when the terms of the loan are deemed to be substantially different. The terms are deemed to be substantially different when the present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, differs by not less than 10 percent from the discounted present value of the remaining cash flows for the original debt instrument. A change of currency or counterparty are deemed substantially different terms. Should the renegotiated loan entail terms that are substantially different, it is recognized as a new loan. (ii) Measurement on initial recognition When financial instruments are initially recognized, they are measured at fair value plus, in the case of financial assets or financial liabilities not carried at fair value through profit or loss, any transaction costs that are directly attributable to the acquisition or issuance of the financial asset or financial liability. (iii) Offsetting Financial assets and liabilities are offset and presented in the Statement of Financial Position when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Derivative assets and derivatives liabilities in relation to central clearing counterparties are offset in the Consolidated Statement of Financial Position, but cash collateral received or paid is accounted for separately as paid or received cash collaterals. Refer to Note 14 for further information about the offsetting of financial assets and financial liabilities. (iv) Classification of financial assets and liabilities Financial assets and liabilities are categorized in two categories for valuation purposes: amortized cost and fair value through profit or loss. Financial assets at amortized cost. The financial asset is included in a portfolio where the business model aims to collect contractual cash flows and the terms and conditions for the financial asset entail that the cash flows received comprise solely payments of principal and interest (SPPI) on nominal amounts outstanding. The business model is based on SEK’s overriding portfolio objective, and on how the Company manages, monitors and evaluates the financial assets in the portfolio from both a business and a risk perspective. The business model is established at a level (homogenous portfolio) that reflects how the asset is treated in relation to the objective/business goal. IFRS 9 requires that SEK categorize financial assets based on the properties of the contractual cash flows, where the financial asset is held in a business model with the objective of holding assets to collect contractual cash flows (hold to collect). The assessment of the properties of the contractual cash flows aims to identify if the contractual cash flows comprise solely payments of principal and interest, which is an SPPI test. Contractual cash flows that solely payments of principal and interest qualify as a basic lending arrangement, which is a prerequisite for measuring the instrument at amortized cost. SEK has prepared a tool for the implementation and documentation of evaluations and assessments of financial assets in the lending portfolios, whereby relevant factors are taken into consideration, such as the tenor of the interest rate in relation the interest-rate setting period, interest-rate cap/floor, index-linked coupon/interest, sustainability-linked interest, payment trigger, currency mismatch, government interest rates and early repayment. Financial assets measured at fair value through profit or loss. 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. Financial assets measured at fair value through profit or loss are recognized at fair value in the Statement of Financial Position. Changes in fair value are recognized in profit or loss under the item Net results of financial transactions. Financial liabilities measured at fair value through profit or loss. Financial liabilities at amortized cost. (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; and the effect of credit risk does not dominate the value changes that result from that economic relationship; the hedge ratio of the hedging relationship is the same as that actually used in the economic hedge. Fair value hedge accounting. Both at inception of the hedge and on an ongoing basis, SEK’s hedging relationships are expected to be highly effective in achieving offsetting changes in fair values attributable to the hedged risk. An assessment of effectiveness is performed by comparing critical terms for the hedged item and the hedging transaction. If they are identical, but reversed, the hedge relationship is regarded 100 percent effective. The hedge ratio is 1:1 other than in specific circumstances where SEK may choose a hedge ratio other than 1:1 in order to improve the effectiveness. Potential sources of ineffectiveness in the hedge relationship are: changes in timing of the payment of the hedged item; use of an existing derivative with a non-zero fair value due to changes in timing of the trade date of the derivative and the validation of the hedge relationship; the different treatment of currency basis in calculating changes in the fair value of the hedging instrument and hedged item; a significant change in the credit risk of either party to the hedge relationship; and the effects of the reforms to reference rates, as this might have a different impact on the hedged item and the hedging instrument. The credit risk of the entities is monitored by the Credit Department on an ongoing basis. The risk associated with SEK and the counterparty at the inception of the hedge relationship is considered minimal and does not dominate the value changes that result from the economic relationship. This will be reassessed in cases where there is a significant change in either party’s circumstances, for example if the counterparty is in default. In addition, the hedging instruments used by SEK consist of derivatives subject to margining, clearing and cash collateralization, which significantly reduced the credit risk for both parties involved. Therefore, the credit risk is unlikely to dominate the change in fair value of the hedging instrument. Ineffectiveness is defined as the difference between the fair value change relating to the hedged risk of the hedged item and the fair value change relating to the hedging instrument. Any ineffectiveness is recognized automatically in profit or loss as a result of separately remeasuring the hedged item and the hedging instrument. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the hedge ratio of the hedging relationship must be adjusted (i.e., rebalances the hedge) so that it meets the qualifying criteria again. Hedge accounting is discontinued prospectively only when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after any rebalancing). This includes instances when the hedging instrument expires or is sold, terminated or exercised. If a fair value hedge relationship no longer fulfills the requirements for hedge accounting, that component of the hedged item ceases to be measured at fair value and is measured at amortized cost, and the previously recognized fair value changes for the hedged item are amortized over the remaining tenor of the previously hedged item. Cash flow hedges. (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. Models for the valuation of financial instruments are approved by the Chief Financial Officer. New models for valuation are reported to the Board’s Finance and Risk Committee annually, together with the applicable validation. The use of a valuation model demands a validation and an approval thereafter. Validation is conducted by the independent risk function. Analysis of significant non-observable market data, fair value adjustments and significant changes in fair values of level 3-instruments are reviewed on quarterly basis by plausibility checks. (ix) Determination of fair value of certain types of financial instruments Derivatives. 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. Th

Net interest income

Net interest income	12 Months Ended
Net interest income	Dec. 31, 2022
Net interest income
Net interest income	Note 2. Net interest income Skr mn 2022 2021 2020 Interest income Loans to credit institutions 506 131 236 Loans to the public 5,106 3,782 4,210 Loans in the form of interest--bearing securities 1,114 776 897 Interest-bearing securities excluding loans in the form of interest-bearing securities 535 50 242 Derivatives -797 -2,239 -1,708 Administrative remuneration CIRR-system 1 237 198 197 Other assets 28 21 34 Total interest income 6,729 2,719 4,108 Interest expenses Interest expenses excl. resolution fee -4,353 -724 -2,076 Resolution fee -88 -88 -86 Risk tax -109 — — Total interest expenses -4,550 -812 -2,162 Net interest income 2,179 1,907 1,946 1 Including administrative remuneration for concessionary loans by Skr 1 million (2021: Skr 1 million). Skr mn 2022 2021 2020 Interest income were related to: Financial assets at fair value through profit or loss -32 -1,750 -1,070 Derivatives used for hedge accounting -183 -439 -396 Financial assets at amortized cost 6,944 4,908 5,574 Total interest income 6,729 2,719 4,108 Interest expenses were related to: Financial liabilities at fair value through profit or loss 1,346 530 725 Financial assets measured at fair value through profit or loss - negative interest on income -37 -73 -60 Financial assets measured at amortized cost - negative interest income 0 0 0 Derivatives used for hedge accounting -1,405 2,146 1,904 Financial liabilities at amortized cost -4,454 -3,415 -4,731 Total interest expenses -4,550 -812 -2,162 Net interest income 2,179 1,907 1,946 Interest income geographical areas Skr mn 2022 2021 2020 Sweden 1,907 863 1,223 Europe except Sweden 1,071 -944 -166 Countries outside of Europe 3,751 2,800 3,051 Total interest income 6,729 2,719 4,108 Interest income per product group Skr mn 2022 2021 2020 Lending to Swedish exporters 2,714 1,596 1,921 Lending to exporters’ customers 1 1,782 932 1,229 Liquidity 2,233 191 958 Total interest income 6,729 2,719 4,108 1 In interest income for Lending to exporters’ customers, Skr 236 million (2021: Skr 197 million) represents remuneration from the CIRR-system, see Note 24.

Net fee and commissions expense

Net fee and commissions expense	12 Months Ended
Net fee and commissions expense	Dec. 31, 2022
Net fee and commissions expense
Net fee and commissions expense	Note 3. Net fee and commissions expense Skr mn 2022 2021 2020 Fee and commissions earned were related to: Lending 3 2 1 Total 3 2 1 Commissions incurred were related to: Custodian- and bank fees -10 -9 -10 Brokerage -2 -2 -4 Other commissions incurred -22 -20 -29 Total -34 -31 -43 Net fee and commissions expense 1 -31 -29 -42 1 Skr -29 million (2021: Skr -27 million) includes financial assets and liabilities not measured at fair value through profit or loss.

Net results of financial transa

Net results of financial transactions	12 Months Ended
Net results of financial transactions	Dec. 31, 2022
Net results of financial transactions
Net results of financial transactions	Note 4. Net results of financial transactions Skr mn 2022 2021 2020 Derecognition of financial instruments not measured at fair value through profit or loss: Financial assets at amortized cost 9 33 14 Financial assets or liabilities at fair value through profit or loss: Designated upon initial recognition (FVO) 1 2,004 -569 -488 Mandatorily -2,023 582 466 Financial instruments under fair value hedge accounting: Net results of the hedging instrument -7,976 -3,397 1,277 Net results of the hedged item 8,064 3,409 -1,191 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value -9 -2 5 Total net results of financial transactions 69 56 83

Personnel expenses

Personnel expenses	12 Months Ended
Personnel expenses	Dec. 31, 2022
Personnel expense
Personnel expenses	Note 5. Personnel expenses Skr mn 2022 2021 2020 Salaries and remuneration to the Board of Directors and the CEO -8 -8 -7 Salaries and remuneration to Senior Executives -24 -25 -25 Salaries and remuneration to other employees -201 -173 -168 Pensions -72 -66 -64 Social insurance -78 -70 -68 Other personnel expenses -19 -17 -15 Total personnel expenses -402 -359 -347 The combined total of the remuneration excluding benefits to senior executives, excluding the CEO of the Parent Company, amounted to Skr 23 million (2021: Skr 25 million). Of the remuneration to senior executives, Skr 24 million (2021: Skr 25 million) is pensionable. Of the remuneration to the CEO of the Parent Company, Skr 5 million (2021: Skr 5 million) is pensionable. For all employees, excluding the CEO, SEK follows collective agreements between the Banking Institution Employers’ Organization (BAO) and trade unions. The salary ratio of CEO to median employee is 8.75 (2021: 8.75). The percentage increase of the salary ratio of CEO to median employee is 0. Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group Fee, includes 2022 committee Fixed Other Skr thousand fee remuneration 1 benefits 2 Pension fee 3 Total Chairman of the Board of Directors: Lennart Jacobsen 4 -470 — — — -470 Lars Linder-Aronson, resigned March 24, 2022 -154 — — — -154 Other members of the Board of Directors: — — — Lennart Jacobsen 4 -79 — — — -79 Anna Brandt 5 — — — — — Reinhold Geijer -348 — — — -348 Eva Nilsagård -335 — — — -335 Hans Larsson, resigned March 24, 2022 -85 — — — -85 Hanna Lagercrantz 5 — — — — — Håkan Berg, from March 24, 2022 -276 — — — -276 Paula da Silva, from March 24, 2022 -266 — — — -266 Katarina Ljungqvist, from March 24, 2022 -266 — — — -266 Senior Executives: Magnus Montan, Chief Executive Officer (CEO) 6 — -5,434 -19 -1,668 -7,121 Per Åkerlind, Deputy Chief Executive Officer, resigned June 30, 2022 — -1,772 -17 -652 -2,441 Karl Johan Bernerfalk, General Counsel, Head of Legal and Procurement — -1,802 -34 -668 -2,504 Andreas Ericson, Head of International Finance, resigned March 31, 2022 — -509 -9 -175 -693 Pontus Davidsson, Head of International Finance, from September 8, 2022 — -981 -5 -196 -1,182 Stefan Friberg, Chief Financial Officer (CFO) — -3,018 -17 -608 -3,643 Teresa Hamilton Burman, Chief Credit Officer (CCO) — -2,465 -37 -604 -3,106 Jens Hedar, Head of Client Relationship Management — -2,454 -18 -803 -3,275 Peter Svensén, Chief Risk Officer (CRO), resigned December 11, 2022 — -2,525 -30 -593 -3,148 Anna-Lena Söderlund, Chief Risk Officer (CRO), from December 12, 2022 — -89 -1 -38 -128 Sirpa Rusanen, Chief Human Resources Officer (CHRO), resigned September 15, 2022 — -1,254 -17 -479 -1,750 Jenny Lilja Lagercrantz, Chief Human Resources Officer (CHRO), from September 16, 2022 — -613 -4 -169 -786 Susanna Rystedt, Head of Strategy, Business Development and Communications — -2,532 -28 -839 -3,399 Maria Simonson, Chief Sustainability Officer (CSO), from April 1, 2022 — -1,575 -12 -433 -2,020 Madeleine Widaeus, Chief Information Officer (CIO), resigned January 31, 2022 — -144 -1 -54 -199 Pia Melke, Chief Information Officer (CIO), from February 1, 2022, resigned April 30, 2022 — -310 -3 -93 -406 Tomas Nygård, Chief Information Officer (CIO), from May 1, 2022 — -1,272 -11 -348 -1,631 Total -2,279 -28,749 -263 -8,420 -39,711 1 Predetermined salary or other compensation such as holiday pay and allowances. 2 Other benefits consist of, for example, subsistence benefits. 3 Includes premiums for insurance, covering sickness benefits for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Lennart Jacobsen was a member of the Board until March 23, 2022 and Chairman from March 24, 2022. 5 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government. 6 The retirement age of the CEO, Magnus Montan, is 65 years and the pension fee is 30 percent of his fixed salary. Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group Fee, includes 2021 committee Fixed Other Skr thousand fee 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 benefits for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government. 5 The retirement age of the former CEO, Catrin Fransson and the current CEO, Magnus Montan, is 65 years and the pension fee is 30 percent of their respective fixed salary. 6 Employed since June 1, 2021. 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 benefits for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government. 5 The retirement age of the former CEO, Catrin Fransson, is 65 years and the pension fee is 30 percent of her fixed salary. Total Expenditure on Remuneration Finansinspektionens (the Swedish FSA’s) regulations (FFFS 2011:1) regarding remuneration structures in credit institutions, investment firms and fund management companies licensed to conduct discretionary portfolio management apply to SEK. Moreover, SEK applies the government’s ownership policy and guidelines on terms of employment for senior executives at state-owned companies 2020. In accordance with these regulations, SEK’s Board has prepared a proposal for a set of guidelines for the remuneration of senior executives at SEK, which was adopted at the 2021 Annual General Meeting. The guidelines stipulate that salary and remuneration to the senior executives of SEK should be fair and reasonable. They should also be competitive, capped and appropriate as well as contribute to good ethical principles and corporate culture. Remuneration should not be higher than at comparable companies, and should be reasonable. Remuneration to senior executives consists of fixed salary, severance pay, pension benefits and other benefits. SEK’s remuneration system is designed to promote sound and effective risk management and restrict excessive risk-taking. Remuneration to employees is mainly determined at fixed amounts. SEK’s Board of Directors’ Remuneration Committee (the “Remuneration Committee”) prepares proposals for decision by the Board relating to remuneration policy for the Company, on total remuneration for the CEO, for other members of the executive management team, for the Head of Compliance, and for other employees reporting directly to the CEO, as well as on the terms and conditions for and the outcome of the Company’s variable remuneration system. The Remuneration Committee also prepares and handles overall issues relating to remuneration (salaries, pension and other benefits), measures aimed at applying SEK’s remuneration policy, and issues relating to succession planning. Further, the Remuneration Committee prepares overall instructions for remuneration issues that it deems necessary. The Remuneration Committee also ensures that the relevant oversight department, together with the Remuneration Committee, annually reviews and evaluates the Company’s remuneration systems and also reviews whether such systems comply with the Company’s remuneration policy and relevant instructions regarding remuneration. The outcome is presented to the Board in a separate report on the same day as the annual report is submitted. The Remuneration Committee met three times in 2022. The Company only has one variable remuneration system, individual variable compensation (“IRE”). Within this system, permanent staff who have customer or business responsibility, but are not members of senior management, are offered the opportunity to receive individual variable remuneration. IRE has been around since 2017 and should be evaluated on a yearly basis. The result of the evaluations shall be reported to the Remuneration Committee. The IRE system is discretionary in nature, in that all outcomes are subject to deferred payment and the Board takes all decisions regarding results and payments. Before an individual receives any IRE payment, the payment is subject to testing at three different levels: the Company level, the Department level and the Individual level. The test at the Company level is the basis for any IRE outcome. The outcome at the Company level is conditional on the actual return exceeding a predetermined target. If appropriate, actual return is adjusted for the impact of non-operational items and unexpectedly high risk-taking. Of the profit that corresponds to any excess return, a percentage accrues to the IRE at the Company level. The outcome at the Company level is capped at a maximum of two months’ salary, calculated on the basis of all Company employees entitled to IRE. In the case of a positive outcome at the Company level, the next step is to test at the Department level. This test assesses the outcome at the Department level in relation to the department’s quantitative targets. If the targets have not been reached, the outcome at the Company level is reduced for all members of the department. The remainder after this test comprises the outcome at the Department level, which is capped at a maximum of two months’ salary, calculated on the basis of all department’s employees entitled to IRE. The final test is at the Individual level. This test assesses the behavior and performance of individuals. For each individual, the outcome following the test at the Individual level is subject to a floor of zero and a ceiling of the lower amount corresponding to 1.5 times the outcome at the main function level or an amount corresponding to EUR 50,000. Accordingly, the maximum outcome for any individual is three months’ salary or an amount corresponding to EUR 50,000. The total outcome for all employees encompassed by IRE in a department must be within the outcome at the Department level. The Company pays payroll taxes on any IRE paid. SEK’s remuneration policy is designed in such a way that the Company may decide that remuneration that is subject to deferred disbursement may be withheld, in part or full, if it subsequently transpires that the performance criteria have not been fulfilled or if the employee has breached certain internal rules. The same applies if disbursement would not be justifiable by the Company’s financial situation. Moreover, the outcome may also be adjusted if credit losses, or recoveries of credit losses, have occurred after the relevant income year, but are deemed to be attributable to that year. For all employees subject to IRE, the disbursement plan states that 40 percent of the outcome will be disbursed in the year following the income year to which the remuneration relates, and 20 percent will be disbursed in each of the three subsequent years. As part of its strategic analysis and planning, the Company undertakes an annual process for internal capital and liquidity assessment. As part of this assessment, an analysis is conducted with the aim of identifying employees, whose work duties have a material impact on SEK’s risk profile, including risks related to the Company’s remuneration policy and remuneration system. The outcome of this analysis is taken into account when designing the remuneration systems in order to promote sound and efficient risk management and to restrict excessive risk-taking. No employees receive remuneration of EUR 1 million or more per fiscal year. No new agreements containing variable remunerations have been established during the year. The CEO’s, Magnus Montan, terms of employment comply with the Guidelines for Terms of Employment for Senior Executives in State-owned Companies 2020. SEK pays an old-age and survivors’ pension amounting to 30 percent of the CEO’s pensionable salary. The retirement age for the CEO is 65. For the CEO, SEK pays premiums for insurance for sickness benefits for prolonged illness, other collective risk insurance corresponding to those applicable under the pension plan between the Swedish Banking Institutions and the Financial Sector Union of Sweden (“BTP”) as well as private healthcare insurance under Skandia and travel insurance. Other benefits payable to the CEO include per diem allowances. The CEO is entitled to six months’ notice prior to termination initiated by SEK and severance pay corresponding to 12 months’ salary. A deduction is made for any income arising from new employment. The retirement age is 65 for all senior executives. The pension terms, conditions for termination of employment and other terms of employment for the senior executives follow the current Guidelines for Terms of Employment for Senior Executives in State-owned Companies 2020, where the BTP plan is included as an approved, collectively bargained, defined-benefit and defined-contribution pension plan. Since the 2017 Annual General Meeting, the new guidelines apply when appointing new senior executives at SEK. Pension provisions for senior executives in SEK are limited to 30 percent of pensionable income for retirement and survivors’ pension. Due to SEK’s implementation of a defined-benefit pension plan, the BTP plan, resulting from a collective agreement between the BAO and the Financial Sector Union of Sweden, covering employees in the banking and finance industries, the contribution for retirement and survivors’ pension can exceed 30 percent. In 2021, parties to the Banking Institutions Employers’ Organization (BAO) agreement area agreed to strengthen the provision for occupational pensions under the BTP plan. The expanded provision means that the employer will make an additional contribution of 2 percent to the occupational pension. This is enabled by exchanging a holiday pay supplement of 1.45 percent for a higher pension premium. SEK began to apply the enhanced pension on January 1, 2022. For the senior executives, SEK pays premiums for insurance for sickness benefits for prolonged illness, other collective risk insurance arising out of applicable collective agreements as well as travel insurance and private health insurance. Other benefits offered by the employer include per diem allowances and household services. Pensions The employees of SEK have a collectively bargained pension plan through the BTP plan, which is the most significant pension plan for salaried bank employees in Sweden. The BTP plan is funded by means of insurance with the insurance companies SPP and SEB. Total pension cost for defined benefit and defined contribution obligations Skr mn 2022 2021 2020 Service cost -5 -7 -5 Regulation of pension obligations 0 0 0 Interest cost, net -1 -1 -1 Pension cost for defined benefit pensions, incl. payroll tax -6 -8 -6 Pension cost for defined contribution pension cost incl. payroll tax -66 -58 -58 Pension cost recognized in personnel costs -72 -66 -64 Actuarial gains (+) and losses (-) on defined benefit obligation during period 92 23 -2 Return above expected return, gains (+) and losses (-) on plan assets -28 1 3 Change in the effect of the asset ceiling excluding interest -21 — — Revaluation of defined benefit plans 43 24 1 Net value of defined benefit pension obligations Skr mn 2022 2021 2020 Defined benefit obligations 167 258 277 Plan assets -180 -201 -195 Restriction due to the asset ceiling 21 — — Provision for pensions, net obligation 1 8 57 82 1 See Note 21. Development of defined benefit obligations Skr mn 2022 2021 2020 Defined benefit obligation, opening balance 258 277 272 Service cost 5 7 6 Interest cost 4 3 5 Pension Payments incl. special payroll tax -8 -7 -9 Actuarial gains (-) and losses (+), effect due to changed demographic assumptions — -2 — Actuarial gains (-) and losses (+), effect due to changed financial assumptions -98 -24 12 Actuarial gains (-) and losses (+), effect due to experience based outcome 6 4 -9 Defined benefit obligation, closing balance 167 258 277 Development of plan assets related to defined benefit obligation Skr mn 2022 2021 2020 Fair value of plan assets, opening balance 201 195 189 Expected return on plan assets 4 2 3 Contributions by the employer 1 10 9 7 Benefits paid 2 -7 -6 -8 Return on plan assets excluding interest income -28 1 4 Fair value of plan assets, closing balance 180 201 195 1 Expected contribution from the employer in the following year is Skr 6 million (2021: Skr 6 million), excluding payroll tax. 2 Expected compensation paid in the following year is Skr 8 million (2021: Skr 7 million). Distribution of plan assets related to defined benefit obligation Skr mn 2022 2021 2020 Domestic equity investments 4 4 4 Foreign equity investments 22 24 23 Domestic government bonds 29 34 41 Domestic corporate bonds 9 12 18 Mortgage bonds 39 57 53 Other Investments 48 44 33 Properties 29 26 23 Total plan assets 180 201 195 Principal actuarial assumptions used end of year Percent 2022 2021 2020 Discount rate 4.0 1.8 1.25 Assumption of early pension withdrawal 20.0 20.0 20.0 Expected salary increase 2.0 2.0 2.0 Expected inflation 2.0 2.0 1.8 Expected lifetime DUS21 DUS21 DUS14 Expected turnover 5.0 5.0 5.0 Sensitivity analysis of essential assumptions Negative outcome Positive outcome Skr mn 2022 2021 2020 2022 2021 2020 Discount rate -1 % -1 % -1 % +1 % +1 % +1 % Defined benefit obligation 227 329 358 151 206 218 Service cost 4 7 9 3 4 5 Interest cost 6 2 1 7 6 5 Expected lifetime +1 year +1 year +1 year -1 year -1 year -1 year Defined benefit obligation 193 270 291 176 245 264 Service cost 3 5 7 3 5 7 Interest cost 7 5 4 6 4 3 Net reconciliation of pension liabilities Skr mn 2022 2021 2020 Pension liabilities, opening balance 57 82 83 Net periodic pension cost 6 8 8 Contributions by the employer -10 -8 -7 Net pension payments -2 -1 -1 Revaluations recognized in other comprehensive income -43 -24 -1 Pension liabilities, closing balance 8 57 82 Net interest is calculated using the discount rate of pension obligations, based on the net surplus or net deficit in the defined benefit plan. Pension expense in 2022 for defined benefit pensions amounts to Skr 6 million (2021: Skr 8 million). As of December 31, 2022, the expected weighted average remaining service time for active employees was 11.68 years (2021: 12.80 years), the expected weighted average duration for the present value was 15.75 years (2021: 19.03 years) and the average salary for active employees was Skr 0.9 million (2021: Skr 0.9 million). Discount rate The discount rate is based on the estimated interest curve of Swedish mortgage bonds, as this market is regarded as liquid enough to be used for this purpose. The discount rate is based on market expectations at the end of the accounting period, using bonds with the same duration as the pension liability. Expected early retirement According to the transitional rule for § 8 in the BTP-plan, the calculation includes the assumption that 20 percent of the employees use the possibility for early retirement. The earliest retirement age is 61 for employees born 1956 or earlier. Employees born 1967 or later have no right to retire before age 65. Expected return on plan assets Expected return on plan assets is equal to the discount rate as regulated in IAS 19. Expected salary increase The assumption of salary increase is based on SEK’s assessment of the long-term salary increase rate in SEK. Expected inflation The expected inflation is in line with Swedish inflation-linked bonds. Expected employee turnover Expected employee turnover is based on SEK’s assessment of the long-term expected Company staff attrition during one year. Average number of employees 2022 2021 2020 Women 132 127 123 Men 134 129 125 Total average number of employees 266 256 248 Employees at year-end 1 Number 2022 2021 2020 Women 137 132 125 Men 146 132 128 Total employees 2 283 264 253 of which full-time employees 267 259 247 allocation of women/men 48/52 49/51 49/51 of which part-time employees 5 5 6 allocation of women/men 80/20 80/20 83/17 of which permanent employees 281 263 253 allocation of women/men 48/52 50/50 49/51 of which temporary employees 2 1 0 allocation of women/men 50/50 0/100 0/0 of which hourly employees 3 11 — — allocation of women/men 55/45 — — of which managers 31 33 31 of which non-management 252 231 222 1 Information collected from the HR system. 2 In addition to its employees, SEK had 72 consultants (2021: 73 consultants) engaged at year-end 2022, of which the majority work with IT-related projects. 3 Hourly employees were excluded in previous years. Employees by age distribution Number 2022 2021 2020 Total employees 283 264 253 of which under the age of 30 years 9 % 4 % 5 % of which between ages 30 and 50 years 45 % 50 % 48 % of which over the age of 50 years 46 % 46 % 47 % Employee turnover Number 2022 2021 2020 Employees who left employment 38 20 16 of which women 19 7 8 of which men 19 13 8 of which under the age of 30 years 2 1 0 of which between 30 and 50 years 19 9 12 of which over 50 years 17 10 4 Health Percent 2022 2021 2020 Absence due to sickness 1 2.9 3.5 2.1 1 Number of hours of absence due to sickness in relation to scheduled working hours. Equality and diversity 2022 2021 2020 Allocation of women/men on the Board of Directors 63/37 43/57 62/38 Allocation of women/men in SEK’s executive management 45/55 36/64 50/50 Allocation of women/men in management positions 52/48 45/55 48/52 Allocation of women/men at SEK in total 48/52 50/50 49/51

Other administrative expenses

Other administrative expenses	12 Months Ended
Other administrative expenses	Dec. 31, 2022
Other administrative expenses
Other administrative expenses	Note 6. Other administrative expenses Skr mn 2022 2021 2020 Travel expenses and marketing -9 -3 -3 IT and information system (fees incl.) -163 -167 -140 Other fees -33 -44 -38 Premises -7 -11 -10 Other -4 -6 -7 Total other administrative expenses -216 -231 -198 Remuneration to auditors Skr mn 2022 2021 2020 Öhrlings PricewaterhouseCoopers AB: Audit fees 1 -9 -8 -9 Audit related fees 2 — — — Tax related fees 3 — — — Other fees 4 -2 -3 -3 Total -11 -11 -12 1 Fees related to audit of annual financial statements and reviews of interim financial statements. 2 Fees charged for assurance and related services that are related to the performance of audit or review of the financial statements and are not reported under Audit fees. 3 Fees for professional services rendered by the principal independent auditors for tax compliance and tax advice. 4 Fees for products and services rendered by the principal independent auditors, other than the services reported in Audit fees through Tax related fees above. In the Financial Statements, remuneration to auditors is mainly included in Other administrative expenses.

Tangible and intangible assets

Tangible and intangible assets	12 Months Ended
Tangible and intangible assets	Dec. 31, 2022
Tangible and intangible assets
Tangible and intangible assets	Note 7. Tangible and intangible assets Skr mn Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Net book value Tangible assets 42 40 22 Right-of-use assets 144 152 25 Intangible assets 1 121 139 98 Total net book value 307 331 145 Depreciation and impairment during the year according to the Consolidated Statement of Comprehensive Income -94 -80 -51 1 Intangible assets consist of the capitalized portion of investments in IT systems. The average useful life for intangible assets is 5 years . For disclosures on right-of-use assets see Note 8.

Leasing

Leasing	12 Months Ended
Leasing	Dec. 31, 2022
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 88 million (2021: Skr 80 million) for a period of 3 years. Right-of-use assets Skr mn 2022 2021 Opening balance 152 25 Depreciation -24 -30 Addition 1 16 157 Closing balance 144 152 1 There have been canceled leases and new leases. During 2021 SEK moved to new premises. Accounted for in profit or loss Skr mn 2022 2021 Depreciation charge on right-of-use assets -24 -30 Interest expenses on lease liability -1 -1 Expenses relating to short-term leases 1 0 0 Expenses relating to low-value leases 1 -1 -1 Variable lease fees 1 -3 -6 Total amount accounted for in profit or loss -29 -38 1 Accounted for under Other administrative expenses. Lease liability Skr mn 2022 2021 Opening balance 153 19 Interest expenses accrued 1 1 Payments of lease liability -23 -24 Addition 1 16 157 Closing balance 147 153 1 There have been canceled and new leases. During 2021 SEK moved to new premises. Contractual flows of lease liability Skr mn 2022 2021 Within 1 year 28 21 Between 1 and 5 years 122 122 More than 5 years — 13 Discounting effect -3 -3 Closing balance 147 153 The total cash outflow for leases in 2022 was Skr 27 million (2021: Skr 31 million). SEK as lessor All SEK’s leasing transactions, where SEK is the lessor, are classified as financial leases. When making such classification, all aspects regarding the leasing contract, including third-party guarantees, are taken into account. A reconciliation between the gross investment in the leases and the present value of minimum lease payments receivable at the end of the reporting period can be found below. Future lease payments receivable will mature in the following periods. The leases are included in the line item “Loans to the public” in the Statement of Financial Position. December 31, 2022 December 31, 2021 Present value of Present value of mini-mum lease mini-mum lease Skr mn Gross investment payments Gross investment payments Within 1 year 109 106 111 108 Between 1 and 5 years 118 104 83 74 More than 5 years 60 46 44 34 Total 287 256 238 216 Unearned finance income — 32 — 21

Impairments

Impairments	12 Months Ended
Impairments	Dec. 31, 2022
Impairments
Impairments	Note 9. Impairments Loans in the form of interest- Loans to bearing credit Loans to the Skr mn securities institutions public Off-balance Total 2022 Expected credit losses, stage 1 -9 1 -26 -4 -38 Expected credit losses, stage 2 4 0 3 -1 6 Expected credit losses, stage 3 — — -15 0 -15 Established credit losses — — — — — Reserves applied to cover established credit losses — — — — — Recovered credit losses — — 12 1 13 Net credit losses -5 1 -26 -4 -34 2021 Expected credit losses, stage 1 7 2 50 1 60 Expected credit losses, stage 2 6 0 23 0 29 Expected credit losses, stage 3 — — -46 0 -46 Established credit losses — — -52 — -52 Reserves applied to cover established credit losses — — 49 — 49 Recovered credit losses — — 1 — 1 Net credit losses 13 2 25 1 41 2020 Expected credit losses, stage 1 -6 -6 -81 -5 -98 Expected credit losses, stage 2 -11 0 -37 0 -48 Expected credit losses, stage 3 — — -7 0 -7 Established credit losses — — -20 — -20 Reserves applied to cover established credit losses — — 20 — 20 Recovered credit losses — — — — — Net credit losses -17 -6 -125 -5 -153 The table below shows the book value of loans and nominal amounts for off-balance sheet exposures before expected credit losses for each stage as well as related loss allowance amounts, in order to place expected credit losses in relation to credit exposures. Overall, the credit portfolio has an extremely high credit quality and SEK often uses risk mitigation measures, primarily through guarantees from the Swedish Export Credit Agency (EKN) and other government export credit agencies in the OECD, which explains the low provision ratio. December 31, 2022 December 31, 2021 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans, before expected credit losses Loans in the form of interest-bearing securities 51,401 2,882 — 54,283 42,827 3,772 — 46,599 Loans to credit institutions 11,147 310 — 11,457 6,948 3,414 — 10,362 Loans to the public 167,354 33,851 6,713 207,918 147,137 30,999 2,284 180,420 Total, loans, before expected credit losses 229,902 37,043 6,713 273,658 196,912 38,185 2,284 237,381 Off balance, before expected credit losses Guarantees 3,902 900 — 4,802 4,767 — — 4,767 Committed undisbursed loans 49,492 20,620 5,257 75,369 26,810 28,466 105 55,381 Total, off balance, before expected credit losses 53,394 21,520 5,257 80,171 31,577 28,466 105 60,148 Total, before expected credit losses 283,296 58,563 11,970 353,829 228,489 66,651 2,389 297,529 of which guaranteed (percent) 62.9 92.6 98.7 68.9 63.7 93.2 95.7 70.3 Loss allowance, loans Loans in the form of interest-bearing securities -23 -3 — -26 -14 -7 — -21 Loans to credit institutions -2 0 — -2 -4 0 — -4 Loans to the public -93 -19 -70 -182 -64 -20 -48 -132 Total, loss allowance, loans -118 -22 -70 -210 -82 -27 -48 -157 Loss allowance, off balance 1 Guarantees 0 0 — 0 0 — — 0 Committed undisbursed loans -12 -1 0 -13 -6 -1 0 -7 Total, loss allowance, off balance -12 -1 0 -13 -6 -1 0 -7 Total, loss allowance -130 -23 -70 -223 -88 -28 -48 -164 Provision ratio (percent) 0.05 0.04 0.58 0.06 0.04 0.04 2.01 0.06 1 Recognized under provision in the Consolidated Statement of Financial Position. Loans and off balance, before loss allowance December 31, 2022 December 31, 2021 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Opening balance 228,489 66,651 2,389 297,529 226,456 66,485 1,482 294,423 Increase due to origination and acquisition 125,243 5,451 2,453 133,147 79,856 7,380 234 87,470 Transfer to stage 1 5,788 -7,798 — -2,010 1,240 -1,302 — -62 Transfer to stage 2 -4,447 3,845 — -602 -4,676 4,223 — -453 Transfer to stage -7,980 -725 7,502 -1,203 -105 -948 945 -108 Decrease due to derecognition -63,797 -8,861 -374 -73,032 -74,282 -9,187 -272 -83,741 Closing balance 283,296 58,563 11,970 353,829 228,489 66,651 2,389 297,529 Loss allowance December 31, 2022 December 31, 2021 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Opening balance -88 -28 -48 -164 -147 -56 -46 -249 Increases due to origination and acquisition -67 -3 0 -70 -40 0 -25 -65 Net remeasurement of loss allowance 5 9 9 23 51 13 -43 21 Transfer to stage 1 -1 7 — 6 0 0 — 0 Transfer to stage 2 1 -12 — -11 2 -6 — -4 Transfer to stage 3 1 3 -23 -19 0 2 -21 -19 Decreases due to derecognition 22 2 0 24 47 20 43 110 Decrease in allowance account due to write-offs — — — — — — 49 49 Exchange-rate differences 1 -3 -1 -8 -12 -1 -1 -5 -7 Closing balance -130 -23 -70 -223 -88 -28 -48 -164 1 Recognized under Net results of financial transactions in the Statement of Comprehensive Income. Provisions for ECLs are calculated using quantitative models based on inputs, assumptions and methods that are highly reliant on assessments. In particular, the following could heavily impact the level of provisions: the establishment of a material increase in credit risk, allowing for forward-looking macroeconomic scenarios, and the measurement of both ECLs over the next 12 months and lifetime ECLs. ECLs are based on objective assessments of what SEK expects to lose on the exposures given what was known on the reporting date and taking into account possible future events. The ECL is a probability-weighted amount that is determined by evaluating the outcome of several possible scenarios and where the data taken into consideration comprises information from previous conditions, current conditions and projections of future economic conditions. SEK’s method entails three scenarios being prepared for each probability of default curve: a base scenario, a downturn scenario, and an upturn scenario, where the scenarios are expressed in a business cycle parameter. The business cycle parameter reflects the general risk of default in each geographic segment. The parameter is standard, normally distributed where zero indicates a neutral economy where the economy has been on average, historically. The business cycle parameters for the base scenario are between -0.8 and -0.2 for the various probability of default (PD) segments. The base scenarios have been weighted at between 40 and 90 percent, the downturn scenarios have been weighted at between 10 and 60 percent, and the upturn scenarios have been weighted at zero percent between the different PD-segments. An improvement of the PD model took place during the first quarter of 2022, which means, among other things, that the difference between the base and downturn/upturn scenarios has increased and that new data sources are used. Due to the current macroeconomic uncertainty, SEK has made an overall adjustment according to management’s overall assessment. This resulted in an increase of expected credit losses, which was calculated pursuant to SEK’s IFRS 9 model as of December 31, 2022. Loan credit quality, before expected credit losses, allocated by stage December 31, 2022 December 31, 2021 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total AAA — — — — — — — — AA+ to A- 28,382 — — 28,382 25,815 — — 25,815 BBB+ to BBB- 150,441 3,085 — 153,526 131,514 2,258 — 133,772 BB+ to BB- 38,523 25,309 — 63,832 32,247 25,043 — 57,290 B+ to B- 12,396 6,663 — 19,059 6,697 5,461 — 12,158 CCC to D 160 1,986 6,713 8,859 639 5,423 2,284 8,346 Total, before expected credit losses 229,902 37,043 6,713 273,658 196,912 38,185 2,284 237,381 More information regarding SEK’s Credit Policy is found in Note 26 and Note 30.

Taxes

Taxes	12 Months Ended
Taxes	Dec. 31, 2022
Taxes
Taxes	Note 10. Taxes Consolidated Group Skr mn 2022 2021 2020 Income tax Adjustment previous year 0 0 -4 Current tax -304 -272 -266 Deferred tax -1 1 0 Total income tax -305 -271 -270 Income tax related to other comprehensive income Tax on items to be reclassified to profit or loss Current tax — — — Deferred tax 25 — — Tax on items not to be reclassified to profit or loss Current tax -20 5 -4 Deferred tax -10 -5 -1 Income tax related to other comprehensive income -5 0 -5 Reconciliation of effective tax rate The Swedish corporate tax rate (percent) 20.6 20.6 21.4 Profit before taxes 1,471 1,305 1,238 National tax based on profit before taxes -303 -269 -265 Tax effects of: Non-taxable income 0 0 0 Non-deductible expenses -2 -3 -1 Tax effect of the tax credit for investments in equipment — 1 — Other — — -4 Total tax -305 -271 -270 Effective tax expense (percent) 20.7 20.8 21.8 Deferred taxes Skr mn 2022 2021 Deferred tax assets concerning: Temporary differences, related to pensions 0 10 Tax effect of the tax credit for investments in equipment — 1 Temporary differences, related to cash flow hedges 25 — Total deferred tax assets 25 11 No deductible loss carry forwards existed as of December 31, 2022, or December 31, 2021. Change in deferred taxes Skr mn 2022 2021 Opening balance 11 15 Change through profit or loss -1 1 Change in other comprehensive income 15 -5 Closing balance 25 11

Loans and liquidity investments

Loans and liquidity investments	12 Months Ended
Loans and liquidity investments	Dec. 31, 2022
Loans and liquidity investments.
Loans and liquidity investments	Note 11. Loans and liquidity investments Dec 31, Dec 31, Skr mn 2022 2021 Loans: Loans in the form of interest--bearing securities 54,257 46,578 Loans to credit institutions 22,145 20,775 Loans to the public 207,737 180,288 Less: Cash collateral under the security agreements for derivative contracts 1 -10,691 -10,417 Total lending portfolio 273,448 237,224 Liquidity investments: Cash and cash equivalents 4,060 11,128 Treasuries/government bonds 15,048 10,872 Other interest-bearing securities except loans 57,144 45,881 Total liquidity investments 76,252 67,881 of which issued by public authorities 19,014 16,584 Difference between book value amount and amount contractually required to be paid at maturity for interest-bearing securities not carried at fair value Skr mn 2022 2021 Sum of amounts exceeding nominal 87 243 Sum of amounts falling below nominal -479 -9 Volume Development, Lending of which the CIRR-system Skr mn 2022 2021 2022 2021 Offers of long-term loans accepted 133,181 76,988 29,481 11,797 Undisbursed loans at year-end 75,369 53,871 56,265 39,084 Loans outstanding at year-end 1 273,448 237,224 94,241 87,872 1 Including concessionary loans in the amount of Skr 361 million (year-end 2021: Skr 315 million). Outstanding loans as per business area of which the CIRR-system Dec 31, Dec 31, Dec 31, Dec 31, Skr mn 2022 2021 2022 2021 Lending to Swedish exporters 128,399 109,281 — — Lending to exporters’ customers 145,049 127,943 94,241 87,872 Total lending portfolio 1 273,448 237,224 94,241 87,872 1 Includ ing concessionary loans in the amount of Skr 361 million (year-end 2021: Skr 315 million).

Classification of financial ass

Classification of financial assets and liabilities	12 Months Ended
Classification of financial assets and liabilities	Dec. 31, 2022
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, 2022 Financial assets at fair value Derivatives used for hedge Skr mn Mandatorily accounting Amortized cost Total Cash and cash equivalents — — 4,060 4,060 Treasuries/government bonds 15,048 — — 15,048 Other interest-bearing securities except loans 57,144 — — 57,144 Loans in the form of interest-bearing securities — — 54,257 54,257 Loans to credit institutions — — 22,145 22,145 Loans to the public — — 207,737 207,737 Derivatives 8,718 1,586 — 10,304 Total financial assets 80,910 1,586 288,199 370,695 December 31, 2021 Financial assets at fair value Derivatives used for hedge Skr mn Mandatorily accounting Amortized cost Total Cash and cash equivalents — — 11,128 11,128 Treasuries/government bonds 10,872 — — 10,872 Other interest-bearing securities except loans 45,881 — — 45,881 Loans in the form of interest-bearing securities — — 46,578 46,578 Loans to credit institutions — — 20,775 20,775 Loans to the public — — 180,288 180,288 Derivatives 5,764 2,655 — 8,419 Total financial assets 62,517 2,655 258,769 323,941 Financial liabilities by accounting category December 31, 2022 Financial liabilities at fair value Designated upon initial recognition Derivatives used for Skr mn Mandatorily (FVO) hedge accounting Amortized cost Total Borrowing from credit institutions — — — 7,153 7,153 Borrowing from the public — — — — — Debt securities issued 0 28,788 — 290,329 319,117 Derivatives 953 — 12,234 — 13,187 Total financial liabilities 953 28,788 12,234 297,482 339,457 December 31, 2021 Financial liabilities at fair value Designated upon initial recognition Derivatives used for Skr mn Mandatorily (FVO) hedge accounting Amortized cost Total Borrowing from credit institutions — — — 5,230 5,230 Borrowing from the public — — — 10,000 10,000 Debt securities issued — 39,316 — 240,454 279,770 Derivatives 11,185 — 3,544 — 14,729 Total financial liabilities 11,185 39,316 3,544 255,684 309,729

Financial assets and liabilitie

Financial assets and liabilities at fair value	12 Months Ended
Financial assets and liabilities at fair value	Dec. 31, 2022
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, 2022 Surplus value (+) Skr mn Book value Fair value /Deficit value (-) Cash and cash equivalents 4,060 4,060 — Treasuries/governments bonds 15,048 15,048 — Other interest-bearing securities except loans 57,144 57,144 — Loans in the form of interest-bearing securities 54,257 54,877 620 Loans to credit institutions 22,145 21,747 -398 Loans to the public 207,737 204,543 -3,194 Derivatives 10,304 10,304 — Total financial assets 370,695 367,723 -2,972 Borrowing from credit institutions 7,153 7,153 — Borrowing from the public — — — Debt securities issued 319,117 318,900 -217 Derivatives 13,187 13,187 — Total financial liabilities 339,457 339,240 -217 December 31, 2021 Surplus value (+) Skr mn Book value Fair value /Deficit value (-) Cash and cash equivalents 11,128 11,128 — Treasuries/governments bonds 10,872 10,872 — Other interest-bearing securities except loans 45,881 45,881 — Loans in the form of interest-bearing securities 46,578 47,991 1,413 Loans to credit institutions 20,775 20,993 218 Loans to the public 180,288 186,436 6,148 Derivatives 8,419 8,419 — Total financial assets 323,941 331,720 7,779 Borrowing from credit institutions 5,230 5,230 — Borrowing from the public 10,000 10,000 — Debt securities issued 279,770 280,294 524 Derivatives 14,729 14,729 — Total financial liabilities 309,729 310,253 524 The majority of financial liabilities and some of the financial assets in the Statement of Financial Position are accounted for at full fair value or at a value that represents fair value for the components hedged in a hedging relationship. Lending and borrowing not classified as hedge accounting or FVO are accounted for at amortized cost. Determining fair value of financial instruments The best evidence of fair value is quoted prices in an active market. The majority of SEK’s financial instruments are not publicly traded, and quoted market values are not readily available. Fair value measurements are categorized using a fair value hierarchy. The financial instruments have been categorized under the three levels of the IFRS fair value hierarchy that reflects the significance of inputs. The categorization of these instruments is based on the lowest level of input that is significant to the fair value measurement in its entirety. SEK uses the following hierarchy for determining and disclosing the fair value of financial instruments based on valuation techniques: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. For more information on determining the fair value of financial transactions, see Note 1. In the process of estimating or deriving fair values for items accounted for at amortized cost, certain assumptions have been made. In those cases where quoted market values for the relevant items are available, such market values have been used. The following tables show the fair values of the items carried at amortized cost or fair value. They are distributed according to the fair value hierarchy. Financial assets reported at amortized cost in fair value hierarchy December 31, 2022 Loans and accounts receivable Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Cash and cash equivalents 4,060 — — 4,060 4,060 Loans in the form of interest-bearing securities 1,446 53,431 — 54,877 54,257 Loans to credit institutions — 21,747 — 21,747 22,145 Loans to the public — 204,543 — 204,543 207,737 Total financial assets in fair value hierarchy 5,506 279,721 — 285,227 288,199 December 31, 2021 Loans and accounts receivable Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Cash and cash equivalents 11,128 — — 11,128 11,128 Loans in the form of interest-bearing securities 1,970 46,021 — 47,991 46,578 Loans to credit institutions — 20,993 — 20,993 20,775 Loans to the public — 186,436 — 186,436 180,288 Total financial assets in fair value hierarchy 13,098 253,450 — 266,548 258,769 Financial liabilities reported at amortized cost in fair value hierarchy December 31, 2022 Other financial liabilities Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Borrowing from credit institutions — 7,153 — 7,153 7,153 Borrowing from the public — — — — — Debt securities issued — 290,112 — 290,112 290,329 Total financial liabilities in fair value hierarchy — 297,265 — 297,265 297,482 December 31, 2021 Other financial liabilities Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Borrowing from credit institutions — 5,230 — 5,230 5,230 Borrowing from the public — 10,000 — 10,000 10,000 Debt securities issued — 240,979 — 240,979 240,454 Total financial liabilities in fair value hierarchy — 256,209 — 256,209 255,684 Financial assets reported at fair value in fair value hierarchy December 31, 2022 Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 2,366 12,682 — 15,048 Other interest-bearing securities except loans 21,342 35,802 — 57,144 Derivatives — 10,201 103 10,304 Total financial assets in fair value hierarchy 23,708 58,685 103 82,496 December 31, 2021 Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 5,638 5,234 — 10,872 Other interest-bearing securities except loans 26,549 19,332 — 45,881 Derivatives — 7,933 486 8,419 Total financial assets in fair value hierarchy 32,187 32,499 486 65,172 Financial liabilities reported at fair value in fair value hierarchy December 31, 2022 Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 2,252 26,536 28,788 Derivatives — 8,568 4,619 13,187 Total financial liabilities in fair value hierarchy — 10,820 31,155 41,975 December 31, 2021 Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 6,761 32,555 39,316 Derivatives — 12,206 2,523 14,729 Total financial liabilities in fair value hierarchy — 18,967 35,078 54,045 There were no transfers between levels during the period (year-end 2021: a transfer of Skr -1 million for derivatives was made from level 2 to level 3, due to an increased element of subjective assessment of the input in the valuation). Financial assets and liabilities at fair value in Level 3 December 31, 2022 Gains (+) and Gains (+) and losses (-) losses (-) Currency Jan 1, Settlements Transfers to Transfers through profit or through other exchange- rate Dec 31, Skr mn 2022 Purchases & sales Level 3 from Level 3 loss 1 comprehensive income effects 2022 Debt securities issued -32,555 -4,267 10,255 — — 2,641 -52 -2,558 -26,536 Derivatives, net -2,037 0 221 — — -616 — -2,084 -4,516 Net assets and liabilities -34,592 -4,267 10,476 — — 2,025 -52 -4,642 -31,052 December 31, 2021 Gains (+) and Gains (+) and losses (-) losses (-) Currrency Jan 1, Settlements Transfers to Transfers through profit or through other exchange- rate Dec 31, Skr mn 2021 Purchases & sales Level 3 from Level 3 loss 1 comprehensive income effects 2021 Debt securities issued -41,198 -10,372 19,337 — — 196 -36 -482 -32,555 Derivatives, net -263 5 -599 -1 — 411 — -1,590 -2,037 Net assets and liabilities -41,461 -10,367 18,738 -1 — 607 -36 -2,072 -34,592 1 Gains and losses through profit or loss, including the impact of exchange rates, are reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions. Uncertainty of valuation of Level 3-instruments As the estimation of parameters included in the models used to calculate the market value of Level 3 instruments is associated with subjectivity and uncertainty, SEK has conducted an analysis of the difference in fair value of Level 3 instruments using other established parameter values. Option models and discounted cash flows are used to value the Level 3 instruments. For the Level 3 instruments that are significantly affected by different types of correlations, which are not based on observable market data, a revaluation has been made by shifting the correlations.The correlation is expressed as a value between 1 and -1, where 0 indicates no relationship, 1 indicates a maximum positive relationship and -1 indicates a maximum negative relationship. The maximum correlation in the range of unobservable inputs can thus be from 1 to –1. In the analysis, the correlations have been adjusted by which spreads by basis Sensitivity analysis - level 3 Assets and liabilities December 31, 2022 Unobservable Range of estimates for Skr mn Fair value input unobservable input Valuation method Sensitivity Max Sensitivity Min Equity -2,890 Correlation 0.12 - (0.12) Option Model -13 13 Interest rate 13 Correlation 0.12 - (0.12) Option Model — — FX -1,528 Correlation 0.12 - (0.12) Option Model -34 34 Other -111 Correlation 0.12 - (0.12) Option Model — — Sum derivatives, net -4,516 -47 47 Equity -10,797 Correlation 0.12 - (0.12) Option Model 13 -13 Credit spreads 10BP - (10BP) Discounted cash flow 14 -14 Interest rate -8,817 Correlation 0.12 - (0.12) Option Model — — Credit spreads 10BP - (10BP) Discounted cash flow 102 -102 FX -6,750 Correlation 0.12 - (0.12) Option Model 36 -36 Credit spreads 10BP - (10BP) Discounted cash flow 36 -36 Other -172 Correlation 0.12 - (0.12) Option Model — — Credit spreads 10BP - (10BP) Discounted cash flow 1 -1 Sum debt securities issued -26,536 202 -202 Total effect on total comprehensive income 155 -155 December 31, 2021 Assets and liabilities Unobservable Range of estimates for Skr mn Fair value input unobservable input Valuation method Sensitivity Max Sensitivity Min Equity -892 Correlation 0.12 - (0.12) Option Model -3 3 Interest rate -1 Correlation 0.12 - (0.12) Option Model 0 0 FX -1,038 Correlation 0.12 - (0.12) Option Model -56 56 Other -106 Correlation 0.12 - (0.12) Option Model 0 0 Sum derivatives, net -2,037 -59 59 Equity -9,283 Correlation 0.12 - (0.12) Option Model 3 -3 Credit spreads 10BP - (10BP) Discounted cash flow 10 -10 Interest rate -11,900 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP - (10BP) Discounted cash flow 58 -58 FX -11,235 Correlation 0.12 - (0.12) Option Model 59 -59 Credit spreads 10BP - (10BP) Discounted cash flow 50 -50 Other -137 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP - (10BP) Discounted cash flow 1 -1 Sum debt securities issued -32,555 181 -181 Total effect on total comprehensive income 122 -122 The sensitivity analysis shows the effect that a shift in correlations or SEK’s own credit spread has on Level 3 instruments. The table presents maximum positive and negative change in fair value when correlations or SEK’s own credit spread is shifted by +/– 0.12 and +/- 10 basis points, respectively. When determining the total maximum/minimum effect on total comprehensive income the most adverse/favorable shift is chosen, considering the net exposure arising from the issued securities and the derivatives, for each correlation. Fair value related to credit risk Fair value originating from credit risk The period’s change in fair value origination (- liabilities increase/ + liabilities decrease) from credit risk (+ income/ - loss) Skr mn December 31, 2022 December 31, 2021 2022 2021 CVA/DVA, net 1 -51 -14 -37 3 OCA 2 -32 -132 100 -24 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflect how the counterparties’ credit risk as well as SEK’s own credit rating affect the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affect the fair value of financial liabilities measured at fair value through profit and loss.

Derivatives and hedge accountin

Derivatives and hedge accounting	12 Months Ended
Derivatives and hedge accounting	Dec. 31, 2022
Derivatives and hedge accounting
Derivatives and hedge accounting	Note 14. Derivatives and hedge accounting Derivatives by categories December 31, 2022 December 31, 2021 Assets Liabilities Nominal Assets Liabilities Nominal Skr mn Fair value Fair value amounts 1 Fair value Fair value amounts 1 Interest rate-related contracts 2,396 2,119 423,124 3,192 9,464 361,160 of which in fair value hedges 560 8,282 247,039 1,256 2,104 211,285 of which in cash flow hedges — 123 5,000 — — — Currency-related contracts 7,897 8,056 189,323 5,218 3,518 157,362 of which in fair value hedges 1,026 3,829 29,479 1,399 1,440 30,902 Equity-related contracts 11 2,901 12,022 2 895 9,801 Contracts related to commodities, credit risk, etc. — 111 3,330 7 852 3,521 Total derivatives 2 10,304 13,187 627,799 8,419 14,729 531,844 1 Nominal amounts before set-off. 2 All derivatives are used for economic hedging purposes. Maturity analysis of the nominal amounts of hedging instruments December 31, 2022 1 year Nominal Skr mn < 1 year < 5 years > 5 years amounts Interest rate-related contracts Hedge of fixed rate assets 1 111 921 1,033 Hedge of fixed rate liabilities 88,652 136,730 20,624 246,006 Hedge of floating rate assets — 5,000 — 5,000 Currency-related contracts Hedge of fixed rate assets 3,824 4,442 558 8,824 Hedge of fixed rate liabilities 5,160 12,908 2,587 20,655 December 31, 2021 1 year Nominal Skr mn < 1 year < 5 years > 5 years amounts Interest rate-related contracts Hedge of fixed rate assets 1,228 12,070 7,340 20,638 Hedge of fixed rate liabilities 55,039 131,655 5,306 192,000 Hedge of floating rate assets — — — — Currency-related contracts Hedge of fixed rate assets 1,879 2,976 233 5,088 Hedge of fixed rate liabilities 6,943 15,669 2,590 25,202 The carrying amount of hedged items in fair value hedge relationships, and the accumulated amount of fair value hedge adjustments included in these carrying amounts December 31, 2022 December 31, 2021 Assets Fair value hedge Fair value hedge Skr mn Book value adjustments Book value adjustments Loans in the form of interest-bearing securities 12,757 -1,089 11,035 278 Loans to credit institutions 988 -45 1,019 -23 Loans to the public 14,371 -514 14,869 527 Total 28,116 -1,648 26,923 782 December 31, 2022 December 31, 2021 Liabilities Fair value hedge Fair value hedge Skr mn Book value adjustments Book value adjustments Debt securities issued 235,370 -9,312 216,242 1,183 Total 235,370 -9,312 216,242 1,183 For disclosure on hedge ineffectiveness of fair value hedges see Note 4 Net results of financial transactions. Cash flow hedge effectiveness Skr mn 2022 2021 Changes in fair value of hedging instruments -122 — Changes in value of hedged items uses as a basis for recognizing hedge ineffectiveness 126 — Hedge ineffectiveness recognized in profit or loss 1 — — Hedging gain or losses recognized in other comprehensive income -122 — 1 Cash flow hedge reserve Skr mn 2022 2021 Opening balance January 1 — — Valuation gains and losses -137 — Tax on valuation gains and losses 28 — Transferred to the income statement 15 — Tax on transfers to the income statement -3 — Other comprehensive income, net of tax -97 — Total comprehensive income -97 — Closing balance December 31 -97 — of which relates to continuing hedges for which hedge accounting is applied -97 — of which relates to hedging relationships for which hedge accounting is no longer applied — — It is SEK’s risk management strategy and objective to identify its material foreign currency and interest rate exposures and to manage those exposures with appropriate derivative instruments or non-derivative alternatives. SEK has the intention to, as much as possible, achieve fair value hedge accounting for transactions entered into for economic hedging purposes. SEK primarily sets interest rate terms based on the various needs and preferences of customers and counterparties. Consequently, assets and liabilities can to some extent have different fixed interest periods, which leads to interest rate risk. Using different derivatives, the original interest rate risk in assets and liabilities are normally transformed from fixed to floating interest terms in currencies with well-functioning markets. EUR, USD and Skr are preferably used. It is SEK’s objective to mitigate the risk of changes in fair value of the underlying hedged item due to changes in benchmark interest rates, i.e., to convert a fixed interest rate in a financial asset or liability into a floating rate. For that SEK uses interest rate swaps, or a proportion of interest rate swaps, swapping fixed to floating interest rates. SEK’s granting of credits and a large portion of its borrowing can take place in the currency of the borrower’s and investor’s choice. It is therefore seldom that borrowing and lending are made in the same currency and therefore directly balance each other. Differences in exposures to individual currencies that exist between different transactions are fully matched with the aid of various derivatives, primarily currency swaps. It is SEK’s objective to mitigate the risk of changes in fair value due to changes in FX and interest rates. For example, converting a fixed interest rate in a financial asset or liability into a variable rate financial asset or liability denominated in SEK’s functional currency Skr. For that, SEK uses cross currency interest rate swap or a proportion of these swaps, swapping fixed to floating interest rates in Skr. For more disclosures regarding SEK’s hedge accounting, see Note 30 Risk and Capital Management, Consolidated Statement of Changes in Equity, Note 1 Significant accounting policies, and Note 4 Net results of financial transactions. In accordance with SEK’s policies with regard to counterparty, interest rate, currency exchange-rate, and other exposures, SEK uses, and is a party to, different kinds of derivative instruments, mostly various interest rate-related and currency exchange-rate-related contracts. These contracts are carried at fair value in the statements of financial position on a contract-by-contract basis. SEK uses derivatives to hedge risk exposure inherent in financial assets and liabilities. Derivatives are measured at fair value by using market quoted rates where available. If market quotes are not available, valuation models are used. SEK uses models to adjust the net exposure fair value for changes in counter-parties’ credit quality. The models used include both directly observable and non-observable market parameters. The majority of SEK’s derivative contracts are what are known as OTC derivatives, i.e., derivative contracts that are not transacted on an exchange. SEK’s derivative transactions that are not transacted on an exchange are entered into under ISDA Master Netting Agreements. In general, under such agreements the amounts owed by each counterparty in respect of all transactions outstanding in the same currency under the agreement are aggregated into a single net amount payable by one party to the other. In certain circumstances, for example when a credit event such as a default occurs and all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of all transactions. SEK endeavors to only enter into derivatives transactions with counterparties in jurisdictions where such netting is enforceable when such events occur. The above ISDA arrangements do not meet the criteria for offsetting in the Statement of Financial Position. This is because such agreements create a right of set-off of recognized amounts that is enforceable only following an event of default, insolvency or bankruptcy of SEK or the counterparties. In addition, SEK and its counterparties do not intend to settle on a net basis or to realize the assets and settle the liabilities simultaneously. The ISDA Master Netting Agreements are complemented by supplementary agreements providing for the collateralization of counterparty exposure. SEK receives and accepts collateral in the form of cash. Such collateral is subject to the standard industry terms of an ISDA Credit Support Annex (CSA). The disclosures set out in the tables below include financial assets and financial liabilities that are subject to an enforceable master netting arrangement or similar agreement that cover similar financial instruments. SEK’s derivative transactions are subject to enforceable master netting agreements or similar agreements. Derivative assets and derivative liabilities in relation to central clearing counterparties are offset in the Statement of Financial Position. Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements Skr mn Dec 31, 2022 Dec 31, 2021 Gross amounts of recognized financial assets 19,557 10,059 Amounts offset in the Statement of Financial Position -9,253 -1,640 Net amounts of financial assets presented in the Statement of Financial Position 10,304 8,419 Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to: Financial instruments -3,749 -3,262 Cash collateral received -6,539 -3,500 Net amount 16 1,657 Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements Skr mn Dec 31, 2022 Dec 31, 2021 Gross amounts of recognized financial liabilities 22,440 16,369 Amounts offset in the Statement of Financial Position -9,253 -1,640 Net amounts of financial liabilities presented in the Statement of Financial Position 13,187 14,729 Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to: Financial instruments -3,749 -3,262 Cash collateral paid -9,186 -9,528 Net amount 252 1,939

Shares	12 Months Ended
Shares	Dec. 31, 2022
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, 2022 December 31, 2021 Skr mn Book value Number of shares Book value Number of shares SEKETT AB (reg. no 559132-9668) 0 50 0 50

Other assets

Other assets	12 Months Ended
Other assets	Dec. 31, 2022
Other assets.
Other assets	Note 16. Other assets Skr mn Dec 31, 2022 Dec 31, 2021 Claim against the State for CIRR-loans and concessionary loans 17 7,208 Cash receivables, funding operations 201 191 Other 67 52 Total 285 7,451

Prepaid expenses and accrued re

Prepaid expenses and accrued revenues	12 Months Ended
Prepaid expenses and accrued revenues	Dec. 31, 2022
Prepaid expenses and accrued revenues
Prepaid expenses and accrued revenues	Note 17. Prepaid expenses and accrued revenues Skr mn Dec 31, 2022 Dec 31, 2021 Interest income accrued 4,121 1,876 Prepaid expenses and other accrued revenues 41 37 Total 4,162 1,913

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2022
Debt
Debt	Note 18. Debt December 31, 2022 Debt excl. Debt Skr mn debt securities issued securities issued Total Exchange-rate related contracts — 8,714 8,714 Interest rate related contracts 7,153 299,240 306,393 Equity related contracts — 10,797 10,797 Contracts related to raw materials, credit risk etc. — 366 366 Total debt outstanding 7,153 319,117 326,270 Other of which denominated in: Skr USD JPY EUR currencies Total 13,656 238,055 17,596 32,664 24,299 326,270 December 31, 2021 Debt excl. debt securities Debt securities Skr mn issued issued Total Exchange-rate related contracts — 25,112 25,112 Interest rate related contracts 15,230 254,298 269,528 Equity related contracts — 223 223 Contracts related to raw materials, credit risk etc. — 137 137 Total debt outstanding 15,230 279,770 295,000 Other of which denominated in: Skr USD JPY EUR currencies Total 24,672 202,158 20,852 19,841 27,477 295,000 SEK’s Borrowing programs, value outstanding 1 Skr mn December 31, 2022 December 31, 2021 Medium-term note program: Unlimited Euro Medium-Term Note Program 96,474 107,597 Unlimited SEC-registered U.S. Medium-Term Note Program 186,138 159,393 Unlimited Swedish Medium-Term Note Program 452 429 Unlimited MTN/STN AUD Debt Issuance Program 4,297 4,417 Commercial paper program: USD 3,000,000,000 U.S. Commercial Paper Program 19,412 1,806 USD 4,000,000,000 Euro-Commercial Paper Program 6,283 1,355 1 Amortized cost excluding fair value adjustments. Liabilities in financing activities Non-cash items Skr mn January 1, 2022 Cash Flow Exchange rate difference Unrealized changes in fair value Accrued interest December 31, 2022 Senior debt 295,000 10,793 33,075 -12,598 — 326,270 Lease liability 153 -23 0 16 1 1 147 Derivatives, net 6,310 9,770 -7,591 -5,606 — 2,883 Total liabilities in financing activities 301,463 20,540 25,484 -18,188 1 329,300 Non-cash items Skr mn January 1, 2021 Cash Flow Exchange rate difference Unrealized changes in fair value Accrued interest December 31, 2021 Senior debt 287,462 -10,958 22,588 -4,092 — 295,000 Lease liability 19 -24 — 157 1 1 153 Derivatives, net 17,832 -1,523 -7,589 -2,410 — 6,310 Total liabilities in financing activities 305,313 -12,505 14,999 -6,345 1 301,463 1 Attributable to an increase in leasing debts due to new leasing agreements.

Other liabilities

Other liabilities	12 Months Ended
Other liabilities	Dec. 31, 2022
Other liabilities
Other liabilities	Note 19. Other liabilities Skr mn Dec 31, 2022 Dec 31, 2021 Liability against the State for CIRR loans and concessionary loans 8,509 — Cash payables, debt purchases 982 725 Other 751 442 Total 10,242 1,167

Accrued expenses and prepaid re

Accrued expenses and prepaid revenues	12 Months Ended
Accrued expenses and prepaid revenues	Dec. 31, 2022
Accrued expenses and prepaid revenues
Accrued expenses and prepaid revenues	Note 20. Accrued expenses and prepaid revenues Skr mn Dec 31, 2022 Dec 31, 2021 Interest expenses accrued 4,110 1,793 Other accrued expenses and prepaid revenues 62 82 Total 4,172 1,875

Provisions

Provisions	12 Months Ended
Provisions	Dec. 31, 2022
Provisions
Provisions	Note 21. Provisions Consolidated Group Skr mn December 31, 2022 December 31, 2021 Pension liabilities 1 8 57 Long term employee benefit 7 4 Off balance, expected credit losses 2 13 7 Total 28 68 1 See Note 5. 2 Provisions for expected credit losses for off-balance-sheet exposures, in accordance with IFRS 9, see Note 9 .

Equity

Equity	12 Months Ended
Equity	Dec. 31, 2022
Equity
Equity	Not 22. Equity The total number of shares is 3,990,000 with a par value of Skr 1,000. Own credit risk consists of gains and losses that arise from changes in SEK´s own credit risk on liabilities designated at fair value. These are recognized in Other comprehensive income under the reserve for own credit risk and are not reclassified to profit or loss in the financial statements of the Group. Defined benefit plans consists of gains and losses that arises from changes in the value of defined benefit plans. These are presented in other comprehensive income in the reserve for defined benefit plans in accordance with IAS 19. The fair value reserve consists of the hedge reserve (value changes on derivatives in cash flow hedges). The entire equity is attributable to the shareholder of the Parent Company. For information on the objectives, policies and processes for managing capital, see Note 30. Proposal for the distribution of profits The results of the Consolidated Group’s operations during the year and its financial position at December 31, 2022, can be seen in the Statement of Comprehensive Income, Statement of Financial Position and Statement of Cash Flows for the Consolidated Group and related notes. The Board has decided to propose to the Annual General Meeting the payment of a dividend of 20 percent of the year’s profit, corresponding to Skr 233 million (year-end 2021: Skr 414 million), in accordance with the Company’s dividend policy of 20-40 percent. The following proposal regarding distribution of profits relates to the Parent Company. Skr mn At the disposal of the Annual General Meeting 17,278 The Board of Directors proposes that the Annual General Meeting dispose of these funds as follows: - dividend to the shareholder of Skr 58.45 per share, amounting to 233 Remaining disposable funds to be carried forward 17,045

Pledged assets and contingent l

Pledged assets and contingent liabilities	12 Months Ended
Pledged assets and contingent liabilities	Dec. 31, 2022
Pledged assets and contingent liabilities
Pledged assets and contingent liabilities	Note 23. Pledged assets and contingent liabilities Skr mn Dec 31, 2022 Dec 31, 2021 Collateral provided Cash collateral under the security agreements for derivative contracts 10,691 10,417 Contingent liabilities Guarantee commitments 4,802 4,767 Commitments Committed undisbursed loans 75,369 53,871 Binding offers — 1,510

CIRR-system

CIRR-system	12 Months Ended
CIRR-system	Dec. 31, 2022
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, 2022, concessionary loans outstanding amounted to Skr 361 million (year-end 2021: Skr 315 million) and operating profit for the program amounted to Skr -19 million for the period January-December 2022 (2021: Skr -21 million). SEK´s administrative compensation for administrating the concessionary credit program amounted to Skr 1 million (2021: Skr 1 million). Statement of comprehensive income for the CIRR-system Skr mn 2022 2021 Interest income 2,231 2,105 Interest expenses -2,012 -2,061 Interest compensation 2 7 Foreign exchange effects 3 -1 Profit before compensation to SEK 224 50 Administrative remuneration to SEK -236 -197 Operating profit CIRR-system -12 -147 Reimbursement to (-) / from (+) the State 12 147 Statement of financial position for the CIRR-system Skr mn Dec 31, 2022 Dec 31, 2021 Cash and cash equivalents 1 8 Loans 94,241 87,872 Derivatives 8,571 36 Other assets 218 7,359 Prepaid expenses and accrued revenues 1,597 470 Total assets 104,628 95,745 Liabilities 103,336 88,092 Derivatives — 7,060 Accrued expenses and prepaid revenues 1,292 593 Total liabilities and equity 104,628 95,745 Commitments Committed undisbursed loans 56,265 39,084 Binding offers — 1,510

Capital adequacy

Capital adequacy	12 Months Ended
Capital adequacy	Dec. 31, 2022
Capital adequacy
Capital adequacy	Note 25. Capital adequacy Capital Adequacy Analysis December 31, 2022 December 31, 2021 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 20.6 21.6 Tier 1 capital ratio 20.6 21.6 Total capital ratio 20.6 21.6 1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. See tables Own funds - adjusting items and Minimum capital requirements exclusive of buffers. December 31, 2022 December 31, 2021 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 8,074 8.0 7,371 8.0 of which Tier 1 requirement of 6 percent 6,056 6.0 5,528 6.0 of which minimum requirement of 4.5 percent 4,542 4.5 4,146 4.5 Pillar 2 capital requirements 3 3,704 3.7 3,382 3.7 Common Equity Tier 1 capital available to meet buffer requirements 4 9,013 8.9 9,149 9.9 Capital buffer requirements 3,330 3.3 2,333 2.5 of which Capital conservation buffer 2,523 2.5 2,303 2.5 of which Countercyclical buffer 807 0.8 30 0.0 Pillar 2 guidance 5 1,514 1.5 1,382 1.5 Total risk-based capital requirement including Pillar 2 guidance 16,622 16.5 14,468 15.7 1 Expressed as a percentage of total risk exposure amount. 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firm). 3 Individual Pillar 2 requirement of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA SREP. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital - that is 4.5 percent, 1.5 percent. and 2 percent) and after the Pillar 2 requirements ( 3.67 percent). 5 On September 29, 2021, the Swedish FSA notified SEK, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement. December 31, 2022 December 31, 2021 Leverage ratio 1 Skr mn Skr mn On-balance sheet exposures 241,239 209,889 Off-balance sheet exposures 7,357 5,309 Total exposure measure 248,596 215,198 Leverage ratio 2 8.4 % 9.3 % 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. 2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure. December 31, 2022 December 31, 2021 Total Leverage ratio requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent 7,458 3.0 6,456 3.0 Pillar 2 guidance 2 373 0.2 323 0.2 Total capital requirement relating to leverage ratio 7,831 3.2 6,779 3.2 1 Expressed as a percentage of total exposure amount. 2 On September 29, 2021, the Swedish FSA notified SEK, within the latest SREP, that SEK should hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement. Own funds — adjusting items Parent Company Dec 31, Dec 31, Skr mn 2022 2021 Share capital 1 3,990 3,990 Retained earnings 16,133 15,518 Accumulated other comprehensive income and other reserves 212 323 Independently reviewed profit net of any foreseeable charge or dividend 1,009 601 Common Equity Tier 1 (CET1) capital before regulatory adjustments 21,344 20,432 Additional value adjustments due to prudent valuation -474 -395 Intangible assets -44 -99 Fair value reserves related to gains or losses on cash flow hedges 97 — Gains or losses on liabilities valued at fair value resulting from changes in own credit standing 9 98 Negative amounts resulting from the calculation of expected loss amounts -94 -111 Total regulatory adjustments to Common Equity Tier 1 capital -506 -507 Total Common Equity Tier 1 capital 20,838 19,925 Total Own funds 20,838 19,925 1 For a detailed description of the instruments constituting share capital, see Note 22. Minimum capital requirements exclusive of buffers Parent Company December 31, 2022 December 31, 2021 Risk Min. Risk Min. exposure capital exposure capital Skr mn EAD 1 amount requirement EAD 1 amount requirement Credit risk, standardized approach Corporates 3,012 2,987 239 2,990 2,990 239 Default exposures 102 102 8 74 74 6 Total credit risk, standardized approach 3,114 3,089 247 3,064 3,064 245 Credit risk, IRB approach Central governments 242,609 11,018 882 196,606 9,673 774 Financial institutions 2 33,299 6,356 508 41,082 8,843 707 Corporates 3 136,849 72,779 5,822 115,412 62,988 5,039 Non-credit-obligation assets 351 351 28 372 372 30 Total credit risk IRB approach 413,108 90,504 7,240 353,472 81,876 6,550 Credit valuation adjustment risk n.a. 2,565 205 n.a. 2,922 233 Foreign exchange risk n.a. 800 64 n.a. 645 52 Commodity risk n.a. 19 2 n.a. 11 1 Operational risk n.a. 3,949 316 n.a. 3,622 290 Total 416,222 100,926 8,074 356,536 92,140 7,371 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivative contracts: EAD Skr 6,355 million (year-end 2021: Skr 5,975 million), Risk exposure amount of Skr 2,022 million (year-end 2021: Skr 2,000 million) and Capital requirement of Skr 162 million (year-end 2021: Skr 160 million). 3 Of which related to Specialized lending: EAD Skr 6,112 million (year-end 2021 Skr 5,224 million), Risk exposure amount of Skr 4,412 million (year-end 2021: Skr 3,589 million) and Capital requirement of Skr 353 million (year-end 2021: Skr 287 million). Credit risk by PD grade The tables illustrate the exposure at default (EAD), the portion of the exposure that will be lost in the event of a default (LGD) and the probability of default or cancellation of payments by a counterparty (PD) for the exposure classes where PD is estimated internally. Average PD is calculated without consideration of PD floors. Average PD and LGD are weighted by EAD,the average risk weight is the quotient of risk exposure amount and EAD. December 31, 2022 December 31, 2021 AAA A+ A+ BBB+ to AA- to A– BBB+ BB+ to B– CCC to D AAA to AA- to A– to BBB– BB+ to B– CCC to D 0.003% – 0.02 – to BBB– 0.45 – 38.28 – 0.003% – 0.02 – 0.12 – 0.54 – 44.36 – Skr mn 0.01% 0.06% 0.10 – 0.27% 7.69% 100% 0.01% 0.07% 0.32% 6.80% 100% Central governments EAD 238,038 4,556 — 15 — 191,669 4,587 — — — Average PD in % 0.003 0.04 — 2.0 — 0.004 0.05 — — — Average LGD in % 45.0 45.0 — 45.0 — 45.0 45.0 — — — Average risk weight in % 4.3 17.4 — 122.5 — 4.6 20.3 — — — December 31, 2022 December 31, 2021 A+ A+ AAA to A– BBB+ BB+ to B– CCC to D AAA to A– BBB+ BB+ to B– CCC to D to AA- 0.01% - 0.06 – to BBB– 0.50 – 28.91 – to AA- 0.06 – to BBB– 0.50 – 28.91 – Skr mn 0.04% 0.11% 0.16 – 0.32% 8.27% 100% 0.01% – 0.04% 0.11% 0.16 – 0.32% 8.27% 100% Financial institutions EAD 12,662 19,471 1,089 77 — 18,176 21,637 1,225 43 — Average PD in % 0.04 0.07 0.27 1.18 — 0.04 0.07 0.25 1.16 — Average LGD in % 34.9 30.8 45.0 45.0 — 35.7 32.8 45.0 45.0 — Average risk weight in % 17.2 19.8 71.1 130.4 — 17.6 22.0 67.9 129.3 — Corporates EAD 3,374 25,955 71,615 29,774 18 2,562 16,286 67,509 23,810 22 Average PD in % 0.03 0.09 0.24 0.74 88.4 0.04 0.09 0.24 0.74 89.43 Average LGD in % 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 Average risk weight in % 13.2 25.8 50.4 84.3 42.9 19.2 30.0 49.9 85.4 39.2 Credit risks For risk classification and quantification of credit risk, SEK uses an internal ratings-based (IRB) approach. Specifically, SEK applies the foundation IRB approach. Under the foundation IRB approach, the company determines the probability of default within one year (PD) for each of its counterparties, while the remaining parameters are established in accordance with the CRR. Application of the IRB approach requires the Swedish FSA’s permission and is subject to ongoing supervision. Certain exposures are, by permission from the Swedish FSA, exempted from application of the IRB approach and, instead, the standardized approach is applied for calculating the capital requirement. For further information regarding these exposures see the Risk measurement section in Note 26. Counterparty risk exposure amounts in derivative contracts are calculated in accordance with the standardized approach for counterparty credit risk. Credit valuation adjustment risk A capital requirement for credit valuation adjustment risk is calculated for all OTC derivatives, except for credit derivatives used as credit risk hedges and transactions with a qualifying central counterparty. SEK calculates this capital requirement using the standardized approach. Foreign exchange risk Foreign exchange risk is calculated with the standardized approach, whereas the scenario approach is used for calculating the gamma and volatility risks. Commodity risk Own funds requirements for commodity risk are calculated using the simplified approach under the standardized approach, and where the scenario approach is used for calculating the gamma and volatility risks. 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 met capital buffer requirements with Common Equity Tier 1 capital as of December 31, 2022. The Swedish FSA has not classified SEK as a systemically important institution. Accordingly, the capital buffer requirements for systemically important institutions that entered into force on January 1, 2016 do not apply to SEK. The mandatory capital conservation buffer is 2.5 percent. The countercyclical buffer rate that is applied to exposures located in Sweden was increased from 0 percent to 1 percent as of September 29, 2022. At December 31, 2022, the capital requirement related to credit risk exposures in Sweden was 71 percent (year-end 2021: 68 percent) of the total capital requirement regardless of location, this fraction is also the weight applied to the Swedish buffer rate when calculating SEK’s countercyclical capital buffer. On June 21, 2022, the Swedish FSA decided to further increase the countercyclical buffer rate to 2 percent, which will take effect on June 22, 2023. Buffer rates activated in other countries may impact SEK, but as most capital requirements from relevant credit exposures are related to Sweden, the potential effect is limited. At December 31, 2022, the contribution to SEK’s countercyclical capital buffer from buffer rates in other countries was 0.09 percentage points (year-end 2021: 0.03 percentage points). Leverage ratio The leverage ratio is a metric that was introduced in 2015. A capital base requirement amounts to 3 percent and is calculated on the total leverage ratio exposure measure. The leverage ratio is defined in the CRR as the quotient of the Tier 1 capital and an exposure measure. The exposure measure consists of assets, with special treatment of derivatives among other items, and off-balance-sheet credit risk exposures that have been weighted with a factor depending on the type of exposure. SEK does not apply IFRS9 transitional rules for expected losses. The leverage ratio already reflects the full impact of IFRS 9 with regard to expected loss. SEK has a leverage ratio of 8.4 percent as of December 31, 2022, that well exceeds the requirements. Pillar 2 guidance The Pillar 2 guidance refers to what the Swedish FSA believes to be an appropriate level of the institution’s own funds. The difference between the believed appropriate level of own funds and the minimum capital requirement, the Pillar 2 capital requirement and the combined capital buffer requirement is calculated, decided and established by the Swedish FSA in the form of a non-binding recommendation (so-called Pillar 2 guidance). The Pillar 2 guidance covers both the risk-based capital requirement and the leverage ratio requirement, and replaces the previous capital planning buffer. Internally assessed capital adequacy Skr mn Dec 31, 2022 Dec 31, 2021 Credit risk 7,202 6,038 Operational risk 311 225 Market risk 1,466 1,247 Other risks 205 234 Capital planning buffer 2,697 1,610 Total 11,881 9,354 SEK regularly conducts an internal capital adequacy assessment process (ICAAP), during which the company determines how much capital is needed to cover its risks. The result of SEK’s capital adequacy assessment is presented above. For more information regarding the ICAAP and its methods, please see Note 30. Liquidity coverage Skr bn, 12 month average Dec 31, 2022 Dec 31, 2021 Total liquid assets 58.4 56.1 Net liquidity outflows 1 10.9 10.1 Liquidity outflows 25.0 21.2 Liquidity inflows 15.7 12.2 Liquidity Coverage Ratio 784 % 695 % 1 Net liquidity outflows is calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows is calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61. Information on Liquidity Coverage Ratio (LCR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61. Net stable funding Skr bn Dec 31, 2022 Dec 31, 2021 Available stable funding 235.2 245.9 Requiring stable funding 198.2 176.4 Net Stable Funding Ratio 119 % 139 % Information on Net Stable Funding Ratio (NSFR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61.

Risk information

Risk information	12 Months Ended
Risk information	Dec. 31, 2022
Risk information
Risk information	Note 26. Risk information For further information on SEK’s risk management, see Note 30. Consolidation of SEK pursuant to the supervisory regulations differs from consolidation in the consolidated financial statements, where no consolidation pursuant to the supervisory regulation was conducted, since the wholly owned subsidiary, SEKETT AB, which is the only company in the Group aside from the Parent Company, is not a financial company. Since no subsidiary is an institute pursuant to the CRR definition, subsidiaries are not subject to the supervisory regulations on an individual basis. The table of credit quality per category in the Statement of Financial Position and the table illustrating the link between the Statement of Financial Position categories and exposures under the CRR, contain carrying amounts. Other tables show amounts in accordance with the capital requirements calculations before the application of conversion factors. Credit risk Credit risk is the risk of default on a debt that may arise from a borrower failing to make required payments. A credit risk can be divided into credit default risk, concentration risk, and country risk (see Note 30). SEK’s credit risks are limited using a risk-based selection of counterparties and are further mitigated by the use of guarantees,credit insurance, netting agreements and collateral. Risk management The Risk policy and the Credit Policy The Risk Policy and the Credit Policy issued by the Board, and the Credit Instruction issued by the Board’s Credit Committee, are the foundations upon which SEK’s credit risk management is based. These policy documents constitute the framework for the level of credit risk that SEK can accept and describe the decision-making structure and credit decision mandate as well as the credit norm. The underlying methodological working papers clarify the credit process, fundamental principles for credit limits and the management of problem loans. The credit norm is a core concept for SEK’s credit granting and clarifies expectations in terms of credit quality. For a business transaction to be considered to fall within the credit norm, it is necessary for the proposition to satisfy the requirements in the following areas: norm for the risk level and norm for the lending terms. The Company’s Board establishes an overall framework for SEK’s risk management in the form of policies, risk appetite, capital targets (decided at the Annual General Meeting) and limits. For credit risk, a number of measures are defined for risk appetite. SEK’s risk appetite for credit risk is low to moderate, but higher than for other risks. The Board also decides on the Company’s policy for sustainable business. All credit decisions are to be made in line with the decision-making mandate structure established by the Board for delegated decision-making. SEK’s credit-decision structure and established mandates are built on a decision-making structure based on the duality principle, thus ensuring thorough analysis and assessment of all credit propositions. Risk reduction Credit risk is reduced through the use of various credit risk hedges, in the form of guarantees, netting agreements, credit insurance and other forms of collateral. The guarantors, particularly with regard to lending to exporters’ customers, are predominantly government export credit agencies in the OECD, of which the EKN is the largest. Since credit risk is allocated to a guarantor, SEK’s guaranteed credit risk exposure in reports of its net credit risk exposure largely consists of exposure to government counterparties. Guarantees are also received from financial institutions and, to a lesser extent, non-financial corporations and insurance companies. The counterparty risk associated with derivative contracts is always documented using ISDA Master Agreements, which also entail a netting agreement, with the support of collateral agreements in the form of a CSA. Approved collateral under the CSAs entered into by SEK always take the form of liquid assets. SEK also uses various types of collateral to reduce credit risks pertaining to certain types of credit granting. While collateral is significant for individual transactions, it has a limited impact on the total lending portfolio. Limit setting SEK utilizes limits to restrict credit risks to a specified level. Limits express the highest permissible exposure to a counterparty for specific tenors and for various types of exposures, such as corporate lending, guarantees, counterparty risk in derivative contracts or liquidity investments. Exposures must be encompassed within the limits that have been decided for the particular counterparties. The overall limits are set by the Board. All limits are reviewed at least once annually. Testing provisions SEK applies IFRS 9 for the impairment of financial instruments. Impairment is based on the model for expected credit losses (ECL). The assets being impairment tested are divided into three stages: Stage 1, Stage 2 and Stage 3. Initially, all exposures are in Stage 1. Exposures where there is a significant increase in credit risk are placed in Stage 2 and Stage 3 encompasses exposures in default. Stage 3 impairments are calculated through individual testing based on an expert assessment. Individual testing provisions are made when objective conditions exist that indicate a possible need for the financial asset to be impaired according to Stage 3. The Credit Committee prepares provision proposals from the account managers and credit analysts, which are thereafter determined by the Board’s Credit Committee. The Board adopts the accounts and thereby the provisions. Refer to Note 1(h) for more information on the calculation of expected credit losses under IFRS 9. Risk measurement With the exception of a few counterparties, SEK uses, and has permission to use, the Foundation IRB approach for measuring the credit risk inherent in exposures to a majority of SEK’s counterparties. This means that for these exposures SEK uses its own estimates of the probability of default (PD) risk parameter which, per counterparty, reflects the assigned internal rating. Other risk parameters, including loss given default (LGD) and credit conversion factors (CCF), are determined by the Capital Requirements Regulation (CRR). All of SEK’s counterparties are assigned internal ratings. ESG factors are integrated into the assessment of the counterparty’s creditworthiness. SEK’s permission from the Swedish FSA to use the Foundation IRB approach encompasses exposures to central governments, regional governments, county councils, multilateral development banks, and companies, including insurance companies and financial institutions. The Swedish FSA has granted SEK permission to apply exceptions from the IRB approach for certain exposures. For these exposures, SEK uses the Standardized approach and external ratings when calculating risk exposure amounts (when no external rating is available, the exposure is assigned a risk weight of 100 percent). The exempted exposures, for which the Standardized approach are used, are as follows (the permissions are valid as long as these exposures are of minor importance in terms of scope and risk profile): exposures to small and medium-sized companies (with an annual turnover not exceeding EUR 50 million); exposures in the Customer Finance business area; and guarantees for the benefit of small and medium-sized enterprises. In the assessment of capital adequacy, those counterparties using external ratings are assigned an internal rating under IFRS 9. Counterparty risk in derivative contracts Counterparty risk in derivative contracts — which is a type of credit risk — arises when derivatives are used to manage risks. To limit this risk, SEK enters into such transactions solely with counterparties with strong credit ratings. Risk is further reduced by SEK’s entering into ISDA Master Agreements (ISDAs), together with associated CSAs, with its counterparties before entering into derivative contracts. These bilateral CSAs define the maximum permissible risk levels in form of threshold amounts. ISDA and CSA agreements are reviewed continuously to be able to renegotiate the terms as necessary. For counterparty exposures that exceed the threshold amounts under the relevant CSAs due to market value changes, settlement is demanded so that the counterparty exposure is reduced to the pre-agreed level. Additionally, SEK is monitoring the new initial margin requirements for non-centrally cleared transactions according to the European Markets Infrastructure Regulation (EMIR). Furthermore, interest derivative contracts are cleared with a central counterpart according to EMIR. SEK measures the exposures from counterparty risk by using the standardized approach (SA-CCR) described in the CRR. Risk monitoring SEK’s exposures are analyzed, reported and followed up regularly in respect of credit portfolio risk concentration and the credit quality of individual debtors. The analysis encompasses, among other things, (i) the size of individual commitments, (ii) domicile and (iii) sector. The analysis refers to both direct exposure and indirect exposure. The concentration risks mentioned above are reflected in SEK’s calculation of economic capital for credit risks, which leads to a higher capital requirement compared with the minimum capital requirement. When calculating capital requirements, the minimum capital requirement does not take concentration risks into account. For the purpose of monitoring and checking large exposures, SEK has defined internal limits, which impose further limitations on the size of such exposures in addition to those stated in the CRR. Exposures assessed as problem loans, meaning those for which SEK assesses that there is a high probability that the undertaking according to the original agreement will not be fulfilled, are analyzed in greater detail and more frequently. The term “problem loans” encompasses forborne exposures, non-performing receivables, non-performing exposures and defaulted exposures. The intention is to identify, at an early stage, credits with an elevated risk. This is to adapt the exposure, reduce credit losses and ensure that the risk rating reflects the actual risk associated with the particular counterparty. The credit portfolio is subject to regular stress tests. The results of the scenario analyses and stress tests are reported to the Board and the Finance and Risk Committee on a regular basis. The Company’s risk and product rating, and risk estimates, comprise a central feature of the reporting of credit risk to the Board, the Board’s Finance and Risk Committee, management and the Credit Committee. The CEO and the Chief Risk Officer inform the Board and the Board’s Finance and Risk Committee of all significant changes concerning SEK’s IRB system. SEK’s IRB system is validated by the independent risk function at least once annually. Risk information For a supplementary and expanded account of the credit risk-related information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2022”. Risk information, credit risk The following table shows the maximum credit exposure. Nominal amounts are shown, apart from cash and cash equivalents and derivatives, which are recognized at the carrying amount. Maximum credit risk exposure for loans to credit institutions and loans to the public includes committed but undisbursed loans at year end, which are recognized in nominal amounts. December 31, 2022 Maximum credit risk exposure Assets at fair value through Amortized Skr mn profit or loss costs Cash and cash equivalents — 4,060 Treasuries/government bonds 15,049 — Other interest-bearing securities except loans 57,226 — Loans in the form of interest-bearing securities — 54,528 Loans to credit institutions — 20,374 Loans to the public — 280,620 Derivatives 10,304 — Total financial assets 82,579 359,582 December 31, 2021 Maximum credit risk exposure Assets at fair value through Amortized Skr mn profit or loss costs Cash and cash equivalents — 11,128 Treasuries/government bonds 10,884 — Other interest-bearing securities except loans 45,959 — Loans in the form of interest-bearing securities — 46,736 Loans to credit institutions — 12,891 Loans to the public — 238,599 Derivatives 8,419 — Total financial assets 65,262 309,354 The table below shows the credit quality following risk mitigation (net) per row in the Statement of Financial Position. The figures pertain to carrying amounts. SEK uses guarantees and insurance policies as credit risk hedges. The credit quality of financial assets is assessed using internal and external ratings. December 31, 2022 Skr mn AAA AA+ to A- BBB+ to BBB- BB+ to B- CCC to D Carrying amount Cash and cash equivalents 3,000 1,060 — — — 4,060 Treasuries/government bonds 1,106 13,942 — — — 15,048 Other interest-bearing securities except loans 29,922 27,222 — — — 57,144 Loans in the form of interest-bearing securities 3,031 16,949 30,238 4,039 — 54,257 Loans to credit institutions 6,434 13,115 2,480 116 — 22,145 Loans to the public 113,495 27,062 39,597 27,468 115 207,737 Derivatives — 10,257 47 — — 10,304 Total financial assets 156,988 109,607 72,362 31,623 115 370,695 Committed undisbursed loans 66,058 1,389 5,284 2,638 — 75,369 December 31, 2021 Skr mn AAA AA+ to A- BBB+ to BBB- BB+ to B- CCC to D Carrying amount Cash and cash equivalents 11,128 — — — — 11,128 Treasuries/government bonds 2,493 8,379 — — — 10,872 Other interest-bearing securities except loans 23,669 21,412 — 800 — 45,881 Loans in the form of interest-bearing securities 2,982 10,783 3,365 29,448 — 46,578 Loans to credit institutions 4,122 14,573 115 1,965 — 20,775 Loans to the public 101,245 20,206 20,983 37,758 96 180,288 Derivatives — 7,427 — 992 — 8,419 Total financial assets 145,639 82,780 24,463 70,963 96 323,941 Committed undisbursed loans 48,633 852 1,423 2,963 — 53,871 The table below illustrates the link between the Statement of Financial Position categories and net exposures according to CRR. December 31, 2022 Adjustment to carrying Multilateral Carrying amount from Central Regional development Public sector Financial Skr bn amount exposure governments governments banks entity institutions Corporates Cash and cash equivalents 4.1 — 3.0 — — — 1.1 0.0 Treasuries/government bonds 15.0 — 15.0 — — — — — Other interest-bearing securities except loans 57.1 -0.1 15.0 20.2 5.3 2.1 14.6 — Loans in the form of interest-bearing securities 54.3 -0.2 3.0 — — — — 51.5 Loans to credit institutions including cash and cash equivalents 1 22.1 10.7 5.9 1.5 — — 3.3 0.7 Loans to the public 207.7 -1.3 120.2 0.7 0.8 — 7.1 80.2 Derivatives 10.3 3.9 — — — — 6.4 0.0 Other assets 0.3 0.3 — — — — — — Total financial assets 370.9 13.3 162.1 22.4 6.1 2.1 32.5 132.4 Contingent liabilities and commitments 2 80.3 -0.3 65.2 0.9 0.4 — 1.1 13.0 Total 451.2 13.0 227.3 23.3 6.5 2.1 33.6 145.4 December 31, 2021 Adjustment to carrying Multilateral Carrying amount from Central Regional development Public sector Financial Skr bn amount exposure governments governments banks entity institutions Corporates Cash and cash equivalents 11.1 0.1 2.0 0.0 0.0 0.0 9.0 0.0 Treasuries/government bonds 10.9 0.0 10.9 0.0 0.0 0.0 0.0 0.0 Other interest-bearing securities except loans 45.9 4.6 6.7 11.6 2.6 5.4 11.9 3.1 Loans in the form of interest-bearing securities 46.6 -0.1 3.0 0.0 0.0 0.0 0.0 43.7 Loans to credit institutions including cash and cash 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 1 Skr 10.7 billion (2021: Skr 10.4 billion) of the book value for Loans to credit institutions is cash collateral under the CSAs for derivative contracts. 2 Contingent liabilities and commitments, except cash collateral. Derivative exposure after netting under current ISDA Master Agreements in accordance with the CRR’s management of the counterparty risk in derivative contracts amounts to Skr 6.4 billion (2021: Skr 6.0 billion). Total credit exposures in the Group Net exposures are recognized after taking the impact of credit risk hedges into account. Gross exposures are recognized without taking the impact of credit risk hedges into account. According to the internal risk follow-up, the amounts coincide with the capital requirements calculations, although without the application of conversion factors. In tables showing the geographical breakdown of exposures, North America is shown excluding Central America. Total net exposures Interest-bearing securities Committed undisbursed loans, and lending derivatives, etc. Total Skr bn Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021 Exposure class Amount % Amount % Amount % Amount % Amount % Amount % Central governments 162.3 46.2 136.1 44.4 65.0 75.0 49.4 74.8 227.3 51.9 185.5 49.8 Regional governments 22.5 6.4 14.3 4.7 0.8 0.9 1.0 1.5 23.3 5.3 15.3 4.1 Multilateral development banks 6.1 1.7 3.0 1.0 0.4 0.5 — — 6.5 1.5 3.0 0.8 Public sector entity 2.1 0.6 5.4 1.7 — — — — 2.1 0.5 5.4 1.4 Financial institutions 26.1 7.4 34.9 11.4 7.5 8.6 6.3 9.5 33.6 7.6 41.2 11.1 Corporates 132.4 37.7 112.7 36.8 13.0 15.0 9.4 14.2 145.4 33.2 122.1 32.8 Total 351.5 100.0 306.4 100.0 86.7 100.0 66.1 100.0 438.2 100.0 372.5 100.0 Geographical breakdown of credit exposures Geographical breakdown of gross exposures by exposure class December 31, 2022 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America America Sweden Sweden Europe Total Central governments 27.7 3.2 2.4 — 42.5 6.7 24.2 — 106.7 Regional governments 1.5 — — — — 16.3 4.1 — 21.9 Multilateral development banks — 0.3 — 1.1 — — 3.9 — 5.3 Public sector entity — — — — — — 2.1 — 2.1 Financial institutions — — 0.0 0.8 — 16.4 10.0 6.8 34.0 Corporates 18.2 3.9 — 75.8 12.5 118.4 35.8 3.6 268.2 Total 47.4 7.4 2.4 77.7 55.0 157.8 80.1 10.4 438.2 December 31, 2021 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America America Sweden Sweden Europe Total Central governments 25.9 3.3 1.9 1.3 42.2 6.6 10.1 — 91.3 Regional governments 1.6 — — — — 10.4 0.0 — 12.0 Multilateral development banks — — — — — — 2.6 — 2.6 Public sector entity — — — — — — 5.4 — 5.4 Financial institutions — — 2.3 3.9 — 17.5 15.3 0.1 39.1 Corporates 13.2 4.4 1.2 56.5 8.8 99.8 34.0 4.2 222.1 Total 40.7 7.7 5.4 61.7 51.0 134.3 67.4 4.3 372.5 Geographical breakdown of net exposures by exposure class December 31, 2022 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America America Sweden Sweden Europe Total Central governments 0.0 0.3 2.4 0.8 — 191.3 30.3 2.2 227.3 Regional governments — — — — — 19.2 4.1 — 23.3 Multilateral development banks — 0.3 — 1.1 — — 5.1 — 6.5 Public sector entity — — — — — — 2.1 — 2.1 Financial institutions 0.1 — 0.2 1.3 — 16.0 15.9 0.1 33.6 Corporates 0.2 1.0 1.3 6.5 3.8 97.0 34.4 1.2 145.4 Total 0.3 1.6 3.9 9.7 3.8 323.5 91.9 3.5 438.2 December 31, 2021 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America America Sweden Sweden Europe Total Central governments — 0.4 2.0 2.0 — 161.5 17.0 2.6 185.5 Regional governments — — — — — 15.3 0.0 — 15.3 Multilateral development banks — — — — — — 3.0 — 3.0 Public sector entity — — — — — — 5.4 — 5.4 Financial institutions 0.0 — 2.4 4.9 — 15.1 18.6 0.2 41.2 Corporates 1.4 1.2 3.3 5.7 3.3 82.7 23.1 1.4 122.1 Total 1.4 1.6 7.7 12.6 3.3 274.6 67.1 4.2 372.5 Impact of credit risk hedges by exposure class and hedge type The table below shows, on the basis of gross exposure class, a breakdown based on whether or not the amounts are covered by credit risk hedges that are included in the capital adequacy calculations. Credit insurance issued by insurance companies is thus counted as a guarantee. Hedged amounts have been divided in accordance with the hedge issuer’s exposure class and type of hedge. Accordingly, the tables show the hedge types that convert gross exposures to net exposures. Impact of credit risk hedges Gross exposures by exposure class December 31, 2022 whereof subject Multilateral to the write-down Central Regional development Public Financial requirement in Skr bn government governments banks Sector Entity institutions Corporates Total IFRS9 1 Amounts related to hedges issued by: Central governments 72.7 1.5 — — 8.2 113.1 195.5 195.5 of which, guarantees issued by the EKN 72.3 1.5 — — 6.7 101.3 181.8 181.8 of which, guarantees issued by other export credit agencies 0.4 — — — — 6.8 7.2 7.2 of which, other guarantees — — — — 1.5 5.0 6.5 6.5 Regional governments — — — — — 1.3 1.3 1.3 Multilateral development banks — — — — — 1.2 1.2 1.2 Financial institutions 0.1 — — — — 7.7 7.8 7.8 of which, credit default swaps — — — — — — — — of which, guarantees 0.1 — — — — 7.7 7.8 7.8 Corporates 0.6 — — — — 14.3 14.9 14.9 of which, credit insurance from insurance companies 0.6 — — — — 11.5 12.1 12.1 of which, other guarantees — — — — — 2.8 2.8 2.8 Total hedged exposures 73.4 1.5 — — 8.2 137.6 220.7 220.7 Unhedged exposures 2 33.3 20.4 5.3 2.1 25.8 130.6 217.5 145.3 Total 106.7 21.9 5.3 2.1 34.0 268.2 438.2 366.0 December 31, 2021 whereof subject Multilateral to the write-down Central Regional development Public Financial requirement in Skr bn government governments banks Sector Entity institutions Corporates Total 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 1 Assets valued at accrued acquisition value, which are subject to the write-down requirements in IFRS 9. 2 Exposures whereby the hedge issuer belongs to the same group as the counterparty in the unhedged exposure have been reported as “Unhedged exposures.” The amounts for these were Skr 24.5 billion (2021: Skr 22.8 billion) for corporates, Skr 0.0 billion (2021: Skr 0.0 billion) for financial institutions and Skr 0.0 billion (2021: Skr 0.0 billion) for central governments. Gross exposures Europe, excluding Sweden, breakdown by exposure class December 31, 2022 Central Regional Multilateral Public sector Financial Skr bn governments governments development banks entity institutions Corporates Total Finland 0.0 4.1 — — 0.2 9.3 13.6 United Kingdom 4.1 — — — 0.2 8.0 12.3 Germany 7.3 — — 2.1 0.6 0.1 10.1 France 5.6 — — — 2.5 1.9 10.0 Poland — — — — 6.7 2.4 9.1 Norway — — — — 0.1 6.6 6.7 Austria 5.9 — — — — — 5.9 Denmark 0.6 — — — 2.6 2.1 5.3 Spain — — — — 0.8 3.3 4.1 Netherlands 0.6 — — — 2.8 0.6 4.0 Luxembourg — — 3.8 — 0.0 — 3.8 Italy — — — — — 2.0 2.0 Portugal — — — — — 1.0 1.0 Ireland — — — — 0.3 0.3 0.6 Serbia — — — — — 0.5 0.5 Belgium — — — — — 0.5 0.5 Lithuania — — — — — 0.2 0.2 Czech Republic — — — — — 0.2 0.2 Russian Federation — — — — — 0.1 0.1 Estonia — — — — — 0.1 0.1 Latvia — — — — 0.1 — 0.1 Iceland — — — — — 0.1 0.1 Slovakia — — — — — 0.1 0.1 Total 24.1 4.1 3.8 2.1 16.9 39.4 90.4 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 Net exposures Europe, excluding Sweden, breakdown by exposure class December 31, 2022 Multilateral Central Regional development Public sector Financial Skr bn governments governments banks entity institution Corporates Total France 8.9 — — — 3.4 3.9 16.2 Germany 7.9 — — 2.1 1.8 1.3 13.1 Finland 0.7 4.1 — — 0.3 6.5 11.6 Luxembourg — — 5.1 — 0.0 5.5 10.6 United Kingdom 4.1 — — — 2.0 4.4 10.5 Austria 5.9 — — — — — 5.9 Denmark 1.4 — — — 2.6 1.6 5.6 Norway 0.6 — — — 0.1 4.7 5.4 Netherlands 0.8 — — — 2.9 0.3 4.0 Belgium — — — — 0.9 2.3 3.2 Poland 2.2 — — — — 0.1 2.3 Spain — — — — 1.6 0.7 2.3 Ireland — — — — 0.1 1.4 1.5 Portugal — — — — — 1.0 1.0 Switzerland — — — — 0.1 0.5 0.6 Serbia — — — — — 0.5 0.5 Lithuania — — — — — 0.2 0.2 Italy — — — — — 0.2 0.2 Czech Republic — — — — — 0.2 0.2 Estonia — — — — — 0.1 0.1 Latvia — — — — 0.1 — 0.1 Iceland — — — — — 0.1 0.1 Slovakia — — — — — 0.1 0.1 Total 32.5 4.1 5.1 2.1 15.9 35.6 95.3 December 31, 2021 Multilateral Central Regional development Public sector Financial Skr bn governments governments banks entity institution Corporates Total Germany 3.7 — — 5.2 1.1 0.3 10.3 Finland 1.5 0.0 — — 0.4 6.3 8.2 France 4.5 — — — 1.9 1.4 7.8 United Kingdom 0.0 — — — 3.0 4.0 7.0 Norway 0.6 — — — 1.9 4.3 6.8 Austria 4.3 — — — 1.7 — 6.0 Denmark 0.2 — — 0.2 3.2 1.8 5.4 Luxembourg 0.7 — 3.0 — — 0.6 4.3 Netherlands 0.3 — — — 3.4 0.3 4.0 Belgium 1.2 — — — 0.8 0.9 2.9 Poland 2.6 — — — — 0.2 2.8 Spain — — — — 1.3 1.0 2.3 Portugal — — — — — 1.0 1.0 Ireland — — — — — 0.6 0.6 Serbia — — — — — 0.4 0.4 Switzerland — — — — 0.0 0.4 0.4 Lithuania — — — — — 0.3 0.3 Czech Republic — — — — — 0.2 0.2 Estonia — — — — — 0.1 0.1 Iceland — — — — — 0.1 0.1 Italy — — — — 0.0 0.1 0.1 Latvia — — — — 0.1 — 0.1 Slovakia — — — — — 0.1 0.1 Total 19.6 0.0 3.0 5.4 18.8 24.4 71.2 Corporate exposures, broken down by industry 1 December 31, 2022 December 31, 2021 Skr bn Gross exposure Net exposure Gross exposure Net exposure IT and telecom 94.6 16.6 76.2 14.8 Industrials 62.4 49.6 44.7 41.6 Consumer goods 32.7 26.4 32.3 27.5 Utilities 30.7 14.7 19.5 9.2 Materials 27.4 15.8 23.4 16.1 Finance 13.3 19.1 21.8 10.1 Energy 4.1 0.7 1.2 0.1 Healthcare 2.8 2.3 2.8 2.5 Other 0.2 0.2 0.2 0.2 Total 268.2 145.4 222.1 122.1 1 In accordance with the reporting standard (GICS). Market risk Market risk is defined as the risk of the Company’s result, capital or value being affected in an adverse manner from changes in the financial markets, such as movements in interest rates, foreign exchange rates, basis spreads or credit spreads. Value encompasses both accounting value and economic value. Risk management SEK’s Board establishes SEK’s appetite and strategy for market risk, which clearly define and limit the permissible exposure to market risk. In addition, instructions established by the CEO regulate SEK’s management of market risks. The Chief Risk Officer decides on the method for measuring market risks and proposes changes in limit structures in connection with reviews of risk appetite and limits. Market risk is managed operationally by the Treasury function. SEK’s risk appetite for market risk is low, and the strategy for managing market risk aims to ensure a stable net interest income. SEK conducts no active trading, and the intention is to hold all assets and liabilities to maturity. The Company borrows funds by issuing bonds or other debt instruments which, regardless of the market risk exposures in the bonds, are hedged by being swapped via derivatives to a floating interest rate. Borrowed funds are used either immediately for lending, mainly at floating interest rates, or alternatively through derivatives at a floating rate, or to ensure that SEK has adequate liquidity in the form of liquidity investments and liquidity reserves. The duration of available funding matches the duration of lending and the maturity profile of liquidity investments are adapted to ensure that funds are available for committed undisbursed loans. Unrealized changes in fair value affect the value of SEK’s assets and liabilities and impact both earnings and SEK’s own funds. SEK’s largest net exposures are to changes in interest rates, basis spreads and credit spreads. Those risks are managed by having established limits and daily limit monitoring. Interest rate and currency risk excluding unrealized changes in fair value are kept low by matching assets and liabilities or through the use of derivatives. In addition, accrued gains and losses in foreign currency are regularly converted to Swedish kronor. Market risk exposures are measured and reported on a daily basis to the CEO, and the Board’s Finance and Risk Committee at scheduled meetings. Cases where limits are exceeded are escalated without delay to the CEO, and the Board’s Finance and Risk Committee. Risk measurement The following describes how SEK measures market risk internally. The government compensates SEK for all interest rate differentials, borrowing costs and net foreign-exchange losses within the CIRR-system (see Note 1). The CIRR-system is therefore reported separately. Risk to net interest income The risk to net interest income (NII) pertains to SEK’s overall business profile, particularly the balance between interest-bearing assets and liabilities in terms of volume and repricing periods, as well as cases where funding and lending are not matched in terms of currency and where those imbalances are managed by the use of derivatives. The primary way of measuring the risk to NII is by shifting all interest rates 10

Transactions with related parti

Transactions with related parties	12 Months Ended
Transactions with related parties	Dec. 31, 2022
Transactions with related parties
Transactions with related parties	Note 27. Transactions with related parties SEK defines related parties to the Parent Company and the Consolidated Group as: the shareholder, i.e., the Swedish government key management personnel The Swedish government owns 100 percent of the Company’s share capital. By means of direct guarantees extended by the Swedish Export Credits Guarantee Board, EKN, 43 percent (year-end 2021: 44 percent) of the Company’s loans outstanding on December 31, 2022, were guaranteed by the Swedish government. The remuneration to EKN for the guarantees paid by SEK during 2022 amounted to Skr 46 million (2021: Skr 45 million). SEK administers, in return for compensation, the Swedish system for officially supported export credits (CIRR-system), and the government’s previous concessionary credits system, refer to Note 1 (f) and Note 24. SEK has a Skr 175 billion (2021: Skr 200 billion) credit facility with the Swedish National Debt Office. The credit facility can be used for loans covered by the CIRR-system up to Skr 162 billion (2021: Skr 185 billion), and for commercial export financing up to Skr 13 billion (2021: Skr 15 billion). During the first quarter of 2022, SEK repaid the drawdown of Skr 10 billion that was made from the credit facility during the first quarter of 2020. In December, 2022, the credit facility was extended with Skr 175 billion through 2023, of which Skr 35 billion can be used for commercial export financing. SEK enters into transactions in the ordinary course of business with entities that are partially or wholly owned or controlled by the State. SEK also extends export credits, in the form of direct or pass-through loans, to entities related to the State. Transactions with such counterparties are conducted on the same terms, including interest rates and repayment schedules, as transactions with unrelated parties. The Group’s and the Parent Company’s transactions do not differ significantly. There are no internal transactions between the Parent Company and the subsidiary. For further information see Note 1 (d), Basis of consolidation and Note 15. Key management personnel include the following positions: The Board of Directors The Chief Executive Officer Other executive directors For information about remuneration and other benefits to key management personnel see Note 5, Personnel expenses. Other related parties include close family members of key management personnel as well as companies which are controlled by key management personnel of SEK or controlled by close family members to key management personnel. The following tables further summarize the Group’s transactions with its related parties. 2022 Companies and organizations controlled The shareholder, through a common owner, the Swedish government the Swedish government Total Interest Interest Interest income/ income/ income/ Assets/ interest Assets/ interest Assets/ interest Skr mn liabilities expense liabilities expense liabilities expense Cash 3,000 20 — — 3,000 20 Treasuries/government bonds — 2 — — — 2 Other interest-bearing securities except loans 3,499 24 2,185 11 5,684 35 Loans in the form of interest-bearing securities — — 5,349 64 5,349 64 Loans to credit institutions — — 2,417 54 2,417 54 Loans to the public — — 691 24 691 24 Settlement claim against the State 1 17 — — — 17 — Total 6,516 46 10,642 153 17,158 199 Borrowing from the public — — — — — — Other liabilities — 2 — — — 2 Settlement debt against the State 1 8,509 — — — 8,509 — Total 8,509 2 — — 8,509 2 2021 Companies and organizations -controlled The shareholder, through a common owner, the Swedish government the Swedish government Total Interest Interest Interest income/ income/ income/ Assets/ interest Assets/ interest Assets/ interest Skr mn liabilities expense liabilities expense liabilities expense Cash 2,000 — — — 2,000 — Treasuries/government bonds 1,250 -7 — — 1,250 -7 Other interest-bearing securities except loans — — 5,175 0 5,175 0 Loans in the form of interest-bearing securities — — 2,600 33 2,600 33 Loans to credit institutions — — 1,719 23 1,719 23 Loans to the public — — 1,419 9 1,419 9 Settlement claim against the 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 — Settlement debt against the State 1 — — — — — — Total 10,147 — — 4 10,147 4 1 For information about settlement claim or debt against the State, see Note 16,Note 19 and Note 24 .

Reference interest rate reform

Reference interest rate reform	12 Months Ended
Reference interest rate reform	Dec. 31, 2022
Reference interest rate reform
Reference interest rate reform	Note 28. Reference interest rate reform Since the 2010s, there has been an ongoing reform to replace or amend benchmark interest rates such as LIBOR and other interbank offered rates (IBOR). SEK’s exposure that is directly affected by the reference interest rate reform is primarily its lending contracts with floating interest rates, its lending and borrowing contracts at fixed interest rates that are hedged to floating interest rates as well as swaps to floating interest rates. The main floating interest rate exposures relate to USD LIBOR, STIBOR and EURIBOR. LIBOR is the group of benchmark interest rates that currently has a timed settlement plan. GBP LIBOR, CHF LIBOR, EUR LIBOR, JPY LIBOR and USD LIBOR 1W and USD LIBOR 2M ceased on December 31, 2021. For USD LIBOR, the rest of the maturities will expire after June 30, 2023. For EURIBOR and STIBOR, no such end date has been communicated, but the general opinion is that these will continue to exist for the next few years. Outstanding exposures with a reference interest rate of USD LIBOR and a maturity after June 2023 will be converted during the period up to June 30, 2023. Change of reference interest rate during the reform will be carried out with the intention that the change shall be financially neutral for each party. SEK has lending contracts and derivative contracts maturing after June 30, 2023 in USD LIBOR with a nominal amount of USD 1,682 million (year-end 2021: Skr 1,870 million) and USD 19,063 million (year-end 2021: Skr 19,284 million), respectively. The nominal amount of the hedging instruments directly affected by the IBOR reform amounts to Skr 81,590 million (year-end 2021: Skr 105,440 million). SEK has adhered to the 2020 ISDA Fallback Protocol, which sets a market standard for handling the conversion of derivatives to a new reference interest rate between counterparties during the reference interest rate reform. For lending contracts, conversion is handled by agreement. SEK has applied the relief under IFRS 9 Reform for new reference rates. SEK has been working since 2018 to prepare the company for the reference interest rate reform. The work includes changes in systems, processes, agreements, pricing and risk models to manage the new risk-free reference rates (RFRs) that replace LIBOR. SEK continues to monitor the development of new market standards and relevant interest groups to ensure an orderly transition to the new reference rates. In applying the amendments to IFRS 9, SEK has made the assumption in assessing the financial relationship between hedged items and hedging instruments that the uncertainty regarding future reference interest rates will remain until the hedging instruments are converted.

Events after the reporting peri

Events after the reporting period	12 Months Ended
Events after the reporting period	Dec. 31, 2022
Events after the reporting period
Events after the reporting period	Note 29. Events after the reporting period No events with significant impact on the information in this report have occurred after the end of the reporting period.

Risk and capital management

Risk and capital management	12 Months Ended
Risk and capital management	Dec. 31, 2022
Risk and capital management
Risk and capital management	Note 30. Risk and capital management The Risk and capital management section addresses significant aspects of SEK’s risk and capital management. For detailed descriptions, including quantitative information on SEK’s capital adequacy and its risk and capital management, refer to Note 25 and Note 26, respectively. For supplementary and expanded information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2022”, available at www.sek.se. Events in 2022 Market developments in 2022 were dominated by Russia’s invasion of Ukraine, rising inflation and increased interest rates. The Swedish Krona weakened sharply against the USD and EUR. Broad index declines in stock markets indicated poorer times ahead. In Sweden, the economic indicators showed that the economy was moving towards a worsening trajectory. In January 2023, the World Bank lowered its growth forecast for the world economy from the 3.0 percent predicted in the summer to 1.7 percent. In 2022, SEK recorded no confirmed credit losses. In 2022, provisions for expected credit losses were up year-on-year due to the prevailing macroeconomic uncertainty. At the end of the year, the total capital ratio was 20.6 percent (2021: 21.6 percent), of which the Tier 1 capital ratio and the Common Tier The leverage ratio amounted to 8.4 percent (2021: 9.3 percent) at year-end. The year-on-year decrease in the leverage ratio was attributable to high lending. SEK’s total net exposures, after credit risk mitigation, have increased since the end of 2021 due to increased lending volumes, with the main increase being net exposures to central governments. SEK’s largest financial risks are credit risk in the amount of Skr 7.2 billion (2021: Skr 6.0 billion), market risk in the amount of Skr 1.5 billion (2021: Skr 1.2 billion) and operational risk in the amount of Skr 0.3 billion (2021: Skr 0.2 billion), in line with internally assessed capital requirements. The Swedish National Debt Office has updated the minimum requirement for own funds and eligible liabilities (MREL). SEK is deemed systemically important to the Swedish financial system and shall also meet part of the requirement using own funds and subordinated eligible instruments. SEK is in compliance with minimum levels as well as target levels set out for 2023. In order to comply with the requirement after the transitional period ending on January 1, 2024, SEK needs to issue about Skr 12 billion in subordinated eligible debt (senior non-preferred) during 2023. The market was volatile in 2022 with periods of limited access to liquidity in the system. Despite the above, SEK had healthy liquidity throughout the year with good capacity to manage operational and structural liquidity risk. New lending capacity amounted to 96 days (2021: 125 days), the liquidity coverage ratio (LCR) was 311 percent (2021: 463 percent) at year-end. The net stable funding ratio (NSFR) amounted to 119 percent (2021: 139 percent) at year-end. Capital target The Company’s capital target, which is one of the principal control instruments, is established by the owner at a general meeting of shareholders. The capital target is designed to ensure that SEK has sufficient capital to support its strategy and that regulatory requirements are met, even in the event of deep economic declines. In addition, SEK’s own funds must also cover the volatility that may be expected under normal conditions. The capital target for SEK’s total capital ratio shall amount to between two (2) and four (4) percentage points over the requirement communicated by the Swedish FSA. Moreover, SEK’s Common Equity Tier 1 ratio shall be in total at least four (4) percentage points above the requirement communicated by the Swedish FSA. As part of the most recent review and evaluation process, as of September 29, 2021, the Swedish FSA informed SEK that in addition to the capital requirement pursuant to Regulation (EU) No. 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.5 percent of the total risk exposure amount and 0.15 percent of the total exposure measure for the leverage ratio. The risk-based Pillar 2 guidance and the leverage ratio guidance can both only be met with Common Equity Tier 1 capital. Pillar 2 guidance is not a binding requirement. On December 31, 2022, SEK’s total capital ratio requirements, including Pillar 2 guidance, and CET1 ratio requirements, including Pillar 2 guidance, amounted to 16.5 percent and 11.4 percent, respectively (year-end 2021: 15.7 percent and 10.6 percent respectively). The requirements, including Pillar 2 guidance, should be compared to a total capital ratio and CET1 ratio that amounted to 20.6 percent on December 31, 2022 (year-end 2021: 21.6 percent). Core risk management principles SEK must be selective in its choice of counterparties and clients in order to ensure a strong credit rating. SEK only lends funds to clients who have successfully undergone SEK’s procedure for gaining understanding of the customer and its business relations under know your customer, and have a business structure that complies with SEK’s mission of promoting the Swedish export industry. The business operations are limited to financial solutions and positions that the Company has approved and has procedures for, whose risks can be measured and evaluated and where the Company complies with international sustainability risk guidelines. SEK’s liquidity strategy requires that the Company secures financing that, at the very least, has the same maturities as the funds that it lends. SEK uses derivatives to maintain market risk at a low level and with the aim of ensuring stable net interest income. SEK’s risk framework Effective risk management and control in SEK are based on a sound risk culture, a common approach and a well-functioning control environment. SEK emphasizes the importance of high risk awareness among personnel and an understanding of the importance of preventive risk management to, thereby, keep risk exposure within the determined level. SEK also has a risk framework, see the Risk Framework illustration. The structure of the risk framework is ultimately governed by SEK’s mission from its owner, the Swedish government, and SEK’s business model. The capital target constitutes the outer boundary for SEK’s strategy. Within the restrictions of the capital target, risk appetite is stated, which is expressed by risk class and comprises the risk to which the Board is prepared to expose SEK in order to achieve its strategic objectives. Risk governance is specified in the form of a risk strategy, a risk policy, in SEK’s risk culture, and in instructions, processes and limits. These policy documents describe the risk management process and define what activities and operations are included in the process, and how they should be performed. The policy documents also indicate how responsibility is structured in terms of the execution, monitoring of and compliance with risk management. Risk appetite The Board decides on the Company’s risk appetite, which is to encompass all of the Company’s significant risk classes and to express the outer limits for the business operations. The risk appetite must specify the risk measurements that, in the opinion of the Board, provide information that is sufficient for the members of the Board to be well informed about the type and scope of the Company’s risks. The risk appetite is strongly connected to the Company’s loss capacity and thus to its equity. At least on a quarterly basis, the Board is provided with a comprehensive update of the risk exposures’ relationship to the risk appetite. Refer also to the table Detailed risk statement, where the risk appetite by risk class is described in detail. Risk governance The Board of Directors has ultimate responsibility for governing and monitoring risk exposure and risk management, and for ensuring satisfactory internal control. The Board determines the overall risk governance by making decisions on such matters as risk appetite and risk strategy. The Board also decides on risk policy and on matters of considerable importance to credit granting. For a detailed description of the Board of Directors’ rules of procedure, refer to the Corporate Governance Report. SEK has organized risk management and risk control in accordance with the principle of three lines of defense 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 at least for the forthcoming three-year period. To arrive at an adequate capitalization level that also applies under stressed financial conditions, an analysis is conducted of how the capitalization is affected by stress in global financial markets, as well as of other factors that impact SEK’s business model and net risk exposure. When SEK performs the internal capital adequacy assessment, it applies methods other than those used for the Swedish FSA’s capital requirement. The assessment is based on SEK’s internal calculation of economic capital, which captures all of the specific risks to which SEK’s operations are exposed, even risks over and above those included in the Swedish FSA’s capital requirement. In addition to the internal capital adequacy assessment, SEK also estimates the total capital requirement as set for SEK by the Swedish FSA in its review and evaluation process. The capital adequacy assessment estimated by the Swedish FSA is a minimum requirement for SEK’s own funds. Refer also to the information about Pillar 2 guidance in the Capital target section on page 31. In SEK’s assessment, SEK has own funds that comfortably exceed both the internally estimated need of own funds and the total capital requirement calculated by the Swedish FSA. In addition to the internal capital adequacy assessment process, an in-depth liquidity analysis is performed. During the planning period, the liquidity requirement and its composition in terms of liquidity requirements for different currencies, among other items, are evaluated to ensure the Company has adequate liquidity to implement the business plan and meet regulatory requirements. In SEK’s assessment, the Company has liquidity that exceeds liquidity needs during the planning period. For supplementary and expanded information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2022”, available at www.sek.se. SEK’s risk framework The risk framework encompasses the entire operations and is ultimately governed by SEK’s mission. 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, credit insurance, netting agreements and other types of collateral. Furthermore, SEK’s lending is guided by the use of a normative credit policy, specifying principles for risk levels and lending terms. Concentrations that occur naturally as a result of the Company’s mission are accepted, but the Company continuously works towards reducing the risk of concentration where this is possible. SEK’s lending portfolio is of a high credit quality. The Company’s mission naturally entails certain concentration risks, such as geographical concentration risk in Sweden. The net risk is principally limited to counterparties with high creditworthiness, such as export credit agencies (ECAs), major Swedish exporters, banks and insurers. SEK invests its liquidity in high credit quality securities, primarily with short maturities. Moderate (SEK’s risk appetite for credit risk is higher than other risks.) 60.6% Liquidity risk Liquidity and refinancing risk is the risk, within a defined period of time, of the Company not being able to refinance its existing assets or being unable to meet the need for increased liquidity. Liquidity risk also includes the risk of having to borrow funds at unfavorable interest rates or needing to sell assets at unfavorable prices in order to meet payment commitments. Liquidity risk encompasses refinancing risk and market liquidity risk. SEK shall have diversified funding to ensure that funding is available through maturity for all credit commitments — credits outstanding as well as agreed but undisbursed credits. The size of SEK’s liquidity investments must ensure that new lending can take place even during times of financial stress. SEK has secured its funding for all its credit commitments, including those agreed but not yet disbursed. In addition, the size of SEK’s liquidity investments allow new lending to continue at a normal pace, even during times of stress. As a consequence of SEK having secured its funding for all its credit commitments, the remaining term to maturity for available funding is longer than the remaining term to maturity for lending. Low — Market risk Market risk is the risk of loss or changes in future earnings due to changes in, for example, interest rates, exchange rates, commodity prices or share prices. A distinction is made between market risk of non-market valued assets and liabilities and fair valued assets and liabilities. Market risk includes price risk in connection with sales of assets or the closing of exposures. SEK conducts no active trading. The core of SEK’s market risk strategy is to borrow funds in the form of bonds which, regardless of the market risk exposures in the bonds, are hedged by being swapped to a floating interest rate. Borrowed funds are used either immediately for lending, mainly at a floating rate of interest, or swapped to a floating rate, or to ensure that SEK has sufficient liquidity. The aim is to hold assets and liabilities to maturity. SEK’s business model leads to exposures towards market movements, mainly to interest rates, basis spreads, credit spreads and foreign exchange rates. Low 12.3% 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 2.6% Compliance risk Compliance risk is the risk of failure to meet obligations pursuant on the one hand to legislation, ordinances and other regulations, and on the other hand, to internal rules. SEK works continuously to develop tools and knowledge to help identify the Company’s compliance risks. The Company analyses and monitors compliance risks with the intention of continuously reducing the risk of non-compliance with regulations. SEK’s operations lead to exposure to the risk of failing to comply with current regulatory requirements and ordinances in markets in which the Company operates. Low - Business and strategic risk Business risk is the risk of an unexpected decline in revenue resulting from, for example, changes to competitive conditions with a decrease in volumes and/or falling margins. Strategic risk is the risk of lower revenue because strategic initiatives fail to achieve the pursued results, inefficient organizational changes, improper implementation of decisions, unwanted effects from outsourcing, or the lack of adequate response to changes in the regulatory and business environment. Strategic risk focuses on large-scale and structural risk factors. SEK’s executive management is responsible for identifying and managing the strategic risks and monitoring the external business environment and developments in the markets in which SEK conducts operations and for proposing the strategic direction to the Board. A risk analysis in the form of a self-assessment concerning strategic risk is to be conducted each year. SEK’s strategic risks mainly arise through changes in the external operating environment, such as market conditions, which could result in limited lending opportunities for SEK, and regulatory reforms from two perspectives: (1) the impact of these reforms on SEK’s business model; and (2) the requirements on the organization resulting from increased regulatory complexity. Low to moderate - Risk class Risk management Risk profile Risk appetite Proportion of Economic capital Sustainability risk and ESG factors Sustainability risk ESG factors Sustainability risks are managed according to a risk-based approach. In cases of heightened sustainability risk, a detailed sustainability review is performed and measures could be required in order to mitigate environmental and social risks. Requirements are based on national and international regulations and guidelines within the areas of environment and climate, anti-corruption, human rights including labor conditions and business ethics including tax. ESG factors have been integrated into SEK’s assessment of counterparties’ creditworthiness and the Company will also start work to review the potential impact of the ESG factors on other types of risks. SEK is indirectly exposed to sustainability risks in connection to its lending activities. High sustainability risks could occur in financing of large projects or businesses in countries with high risk of corruption or human rights violations. Low to moderate -

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
Significant accounting policies (Policies)	Dec. 31, 2022
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, 2023. The Group’s Statements of Comprehensive Income and Financial Position will be subject to approval by SEK’s shareholder at the Annual General Meeting to be held on March 27, 2023. (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 2021 annual report on Form 20-F. SEK analyzes and assesses the application and impact of changes in financial reporting standards that are applied within the Group. Changes that are not mentioned are either not applicable to SEK or have been determined to not have a material impact on SEK’s financial reporting.
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). Guarantee commissions that are comparable to interest are a part of the effective interest rate. The effective interest rate is equivalent to the rate used to discount contractual future cash flows to the carrying amount of the financial asset or liability. The item Other interest income covers interest income of financial assets at fair value through profit or loss and the remuneration for the CIRR-system (as defined below). In addition to interest income and interest expense, net interest income, where these are recognized as interest expense, includes the resolution fee and the risk tax. Pursuant to the Company’s assignment as stated in its owner instruction issued by the Swedish government, SEK administers credit granting in the Swedish system for officially supported export credits (the “CIRR-system”). All revenue and expenses from the CIRR-system are recognized in SEK’s profit or loss. SEK receives compensation from the Swedish government in the form of an administration fee, which is calculated based on the principal amount outstanding. The administrative compensation received by SEK from the Swedish government is recognized as part of interest income in SEK’s Statement of Comprehensive Income since the commission received in compensation is equivalent to interest. (ii) Net fee and commission expense Commissions earned and commissions incurred are recognized as net fee and commission expense in SEK’s Statement of Comprehensive Income. The gross amounts of commissions earned and commissions incurred are disclosed in the notes to the Financial Statements. The major part of the revenues classified as commission earned constitutes revenue from contracts with customers according to IFRS 15. The recognition of commissions earned depends on the purpose for which the fee is charged. Fees are either recognized as revenue when services are performed or accrued over the period of a specific business transaction. Lending fees that are not part of the effective interest of a financial instrument are recognized at a point of time, such as when the transaction has been performed. Commissions incurred are transaction-based, and are recognized in the period in which the services are received. Guarantee commissions that are comparable to interest and fees that comprise integrated components of financial instruments, and therefore included in the effective interest rate, are not recognized as commissions and are instead included under net interest income. (iii) Net results of financial transactions Net results of financial transactions include realized gains and losses related to all financial instruments and unrealized gains and losses on all financial instruments measured at fair value, except for the types of financial instruments for which the change is to be recognized in other comprehensive income. Gains and losses include gains and losses related to currency exchange effects, interest-rate changes, changes in basis-spreads and changes in the credit rating of the counterparty to the financial contract. The item also includes the hedge ineffectiveness, i.e., market value changes attributable to hedged risks and derivatives in fair value hedges and cash flow hedges. Realized gains and losses from financial instruments measured at amortized cost, such as interest rate compensation received and realized gains/losses from the repurchase of issued own debt, are recognized as they arise directly under net results of financial transactions.
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 and fair value through profit or loss. Financial assets at amortized cost. The financial asset is included in a portfolio where the business model aims to collect contractual cash flows and the terms and conditions for the financial asset entail that the cash flows received comprise solely payments of principal and interest (SPPI) on nominal amounts outstanding. The business model is based on SEK’s overriding portfolio objective, and on how the Company manages, monitors and evaluates the financial assets in the portfolio from both a business and a risk perspective. The business model is established at a level (homogenous portfolio) that reflects how the asset is treated in relation to the objective/business goal. IFRS 9 requires that SEK categorize financial assets based on the properties of the contractual cash flows, where the financial asset is held in a business model with the objective of holding assets to collect contractual cash flows (hold to collect). The assessment of the properties of the contractual cash flows aims to identify if the contractual cash flows comprise solely payments of principal and interest, which is an SPPI test. Contractual cash flows that solely payments of principal and interest qualify as a basic lending arrangement, which is a prerequisite for measuring the instrument at amortized cost. SEK has prepared a tool for the implementation and documentation of evaluations and assessments of financial assets in the lending portfolios, whereby relevant factors are taken into consideration, such as the tenor of the interest rate in relation the interest-rate setting period, interest-rate cap/floor, index-linked coupon/interest, sustainability-linked interest, payment trigger, currency mismatch, government interest rates and early repayment. Financial assets measured at fair value through profit or loss. 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. Financial assets measured at fair value through profit or loss are recognized at fair value in the Statement of Financial Position. Changes in fair value are recognized in profit or loss under the item Net results of financial transactions. Financial liabilities measured at fair value through profit or loss. Financial liabilities at amortized cost. (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; and the effect of credit risk does not dominate the value changes that result from that economic relationship; the hedge ratio of the hedging relationship is the same as that actually used in the economic hedge. Fair value hedge accounting. Both at inception of the hedge and on an ongoing basis, SEK’s hedging relationships are expected to be highly effective in achieving offsetting changes in fair values attributable to the hedged risk. An assessment of effectiveness is performed by comparing critical terms for the hedged item and the hedging transaction. If they are identical, but reversed, the hedge relationship is regarded 100 percent effective. The hedge ratio is 1:1 other than in specific circumstances where SEK may choose a hedge ratio other than 1:1 in order to improve the effectiveness. Potential sources of ineffectiveness in the hedge relationship are: changes in timing of the payment of the hedged item; use of an existing derivative with a non-zero fair value due to changes in timing of the trade date of the derivative and the validation of the hedge relationship; the different treatment of currency basis in calculating changes in the fair value of the hedging instrument and hedged item; a significant change in the credit risk of either party to the hedge relationship; and the effects of the reforms to reference rates, as this might have a different impact on the hedged item and the hedging instrument. The credit risk of the entities is monitored by the Credit Department on an ongoing basis. The risk associated with SEK and the counterparty at the inception of the hedge relationship is considered minimal and does not dominate the value changes that result from the economic relationship. This will be reassessed in cases where there is a significant change in either party’s circumstances, for example if the counterparty is in default. In addition, the hedging instruments used by SEK consist of derivatives subject to margining, clearing and cash collateralization, which significantly reduced the credit risk for both parties involved. Therefore, the credit risk is unlikely to dominate the change in fair value of the hedging instrument. Ineffectiveness is defined as the difference between the fair value change relating to the hedged risk of the hedged item and the fair value change relating to the hedging instrument. Any ineffectiveness is recognized automatically in profit or loss as a result of separately remeasuring the hedged item and the hedging instrument. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the hedge ratio of the hedging relationship must be adjusted (i.e., rebalances the hedge) so that it meets the qualifying criteria again. Hedge accounting is discontinued prospectively only when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after any rebalancing). This includes instances when the hedging instrument expires or is sold, terminated or exercised. If a fair value hedge relationship no longer fulfills the requirements for hedge accounting, that component of the hedged item ceases to be measured at fair value and is measured at amortized cost, and the previously recognized fair value changes for the hedged item are amortized over the remaining tenor of the previously hedged item. Cash flow hedges. (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. Models for the valuation of financial instruments are approved by the Chief Financial Officer. New models for valuation are reported to the Board’s Finance and Risk Committee annually, together with the applicable validation. The use of a valuation model demands a validation and an approval thereafter. Validation is conducted by the independent risk function. Analysis of significant non-observable market data, fair value adjustments and significant changes in fair values of level 3-instruments are reviewed on quarterly basis by plausibility checks. (ix) Determination of fair value of certain types of financial instruments Derivatives. 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). The three scenarios are defined by a weight allocated to each scenario; the weights should add up to 1, in other words 100 percent. The weights are prepared quarterly by a cross-functional group at SEK, and are then adopted by the CEO. By allocating a weight to each PD curve, SEK defines its expectations of future macroeconomic trends. Loss Given Default (LGD). 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. The right-of-use assets according to IFRS 16 Leases are accounted for as tangible assets when the underlying assets are tangible assets. SEK accounts for right-of-use assets for rental premises as tangible assets.
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 period and prior periods. The net obligation is recognized in the balance sheet at its present value less the fair value of any plan assets. The cost for defined-benefit plans is allocated over the employee’s service period. The calculation is performed annually by independent actuaries. The obligations are valued at the present value of the expected future disbursements, taking into consideration assumptions such as expected future pay increases, rate of inflation and mortality rates. The discount rate used is the equivalent of the interest rate on the reporting date for Swedish mortgage bonds, with a remaining term approximating that of the actual commitments. Changes in actuarial assumptions and experience-based adjustments to obligations may result in actuarial gains or losses. These actuarial gains and losses are reported together with the difference between the actual and expected return on pension assets in other comprehensive income as incurred. Service cost, gains/losses from changes in plans, and the interest net of pension assets and liabilities are recognized in profit or loss.SEK participate in various collective pension plans covering all employees. Sufficient information is available to allow the calculation of SEK’s proportionate share in the defined-benefit liabilities, assets and the costs for these plans. The future costs of the plans may change accordingly if the underlying assumptions of the plans change.
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 (2021: 20.6 percent). Deferred tax is calculated on all taxable temporary differences, regardless of whether a given temporary difference is recognized in profit or loss, or through other comprehensive income. A temporary difference is the difference between the recognized and fiscal values of an asset or a liability.
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, management makes judgments and estimates that have a significant effect on the amounts recognized in the Financial Statements. These estimates are based on past experience and assumptions that the Company believes are fair and reasonable. These estimates and the judgments behind them affect the reported amounts of assets, liabilities, income and expenses as well as disclosures. Actual outcomes can later differ from the estimates and the assumptions made. SEK considers the judgments made related to the following critical accounting policy to be the most significant: Functional currency of the Parent Company Furthermore, SEK has identified the following key sources of estimation uncertainty when applying IFRS: Fair value assessments of certain financial instruments; and Provisions for expected credit losses. (i) Functional currency of the Parent Company SEK has established that the Swedish krona (Skr) is its functional currency under IFRS. Large portions of its assets, liabilities and related derivatives are denominated in foreign currencies. Significant factors for judgment are that SEK’s equity is denominated in Swedish kronor, its performance is evaluated based on a result expressed in Swedish kronor, and that a large portion of SEK’s expenses, especially personnel expenses, other expenses and taxes, are denominated in Swedish kronor. SEK manages its foreign currency risk by hedging exposures between the Swedish krona and other currencies. See Note 26 for information on SEK’s positions in foreign currency. (ii) Fair value assessments of certain financial instruments SEK recognizes a large part of the balance sheet at fair value, primarily interest-bearing securities recognized on the lines Treasuries/Government bonds and Other interest-bearing securities except loans, derivatives and issued debt. When financial instruments are recognized at fair value, these amounts are calculated on the basis of market prices, valuation models, valuations conducted by external parties and discounted cash flows. SEK’s financial instruments are predominantly not subject to public trading and quoted market prices are not available. When recognizing the amounts for assets, liabilities and derivatives, as well as income and expenses, it is necessary to make assumptions and assessments regarding the fair value of financial instruments and derivatives, particularly if they comprise unquoted or illiquid securities or other instruments of debt. Should the conditions underlying these assumptions and assessments change, the recognized amounts would also change. Refer to Note 26 for further information about the impact on the value of financial assets and liabilities of a one percentage point movement in the market interest rate. Other valuation models or assumptions could produce different valuation results. SEK makes judgments regarding what the most appropriate valuation techniques are for the different financial instruments based on their categories. In all cases, the decision is based on a professional assessment pursuant to SEK’s accounting and valuation policies. The use of a valuation model demands a validation and an approval thereafter. The valuation models applied by SEK comply with accepted methods for pricing financial instruments. Fair value adjustments are applied when there are additional factors that market participants take into account and that are not captured by the valuation model. A CVA (Credit Value Adjustment) and DVA (Debt Value Adjustment) are made to reflect the counterparty’s credit risk and SEK’s own credit rating, which affects the fair value of the derivatives (see Note 13, for fair value changes related to credit risk). When financial assets or liabilities are recognized at fair value, the instruments are recognized at their full fair value, including any credit spreads. When quoted market prices are not available for such instruments, certain assumptions must be made about the credit spread of either the counterparty or one’s own credit spread, depending on whether the instrument is an asset or a liability. Developments in the financial markets have to some extent affected the prices at which SEK’s debt is issued. These changes, which are different in different markets, have been included in the calculation of fair value for these liabilities. SEK issues debt instruments in many financial markets. A large portion of these are compound financial instruments with embedded derivatives. SEK’s policy is to hedge the risks in these instruments using derivatives with corresponding structures in order to obtain effective economic hedges. Such compound financial instruments are classified as financial liabilities measured at fair value. As there mostly are no market quotes for this group of transactions, valuation models are used to calculate fair value. The gross value of these instruments and derivatives, which effectively hedge each other, requires complex judgments regarding the most appropriate valuation technique, assumptions and estimates. If other valuation models or assumptions are used, or if assumptions are changed, this could produce other valuation results. Excluding the impact on the valuation of credit spreads on SEK’s own debt and basis spreads, such changes in fair value would generally offset each other. SEK uses derivative instruments to mitigate and reduce risks attributable to financial assets and liabilities. In order to mitigate counterparty risk, i.e., the form of credit risk generated from derivative transactions, SEK enters into such transactions only with counterparties with good credit ratings. Moreover, SEK endeavors to enter into ISDA Master Agreements with Credit Support Annexes (CSAs) with its counterparties. This means that the highest allowed risk level is established in advance, regardless of what changes in market value may occur. Derivatives are measured at fair value with reference to listed market prices where available. If market prices are not available, valuation models are used instead. SEK uses a model to adjust the fair value of the net exposure for changes in SEK’s or the counterparty’s credit quality. The models use directly observable market parameters if such are available. As of December 31, 2022, financial assets and liabilities for which valuation models were used, and where market inputs with a significant effect on the recoded fair value were observable (level 2) amounted to Skr 59 billion (2021: Skr 32 billion) and Skr 11 billion (2021: Skr 19 billion), 16 percent (2021: 10 percent) and 3 percent (2021: 6 percent) of total financial assets and total financial liabilities, respectively. Financial assets and liabilities for which valuation included significant non-observable parameters (level 3) amounted to Skr 0 billion (2021: Skr 0 billion) and Skr 31 billion (2021: Skr 35 billion), 0 percent (2021: 0 percent) and 9 percent (2021: 11 percent) of total financial assets and total financial liabilities respectively. The assessment of non-observable parameters included in models for assessing market value are associated with subjectivity and uncertainty, which can impact the results recognized for specific positions. Despite SEK using appropriate valuation models which are consistent with those used in the market, other models and assumptions for determining the fair value of financial instruments could result in other fair value estimates on the reporting date. At December 31, 2022, the total minimum and maximum effects of changing one or more non-observable parameters to reflect the assumptions under other reasonable circumstances for level 3 instruments amounted to Skr -155 million (2021: Skr -122 million) and Skr 155 million (2021: Skr 122 million), respectively. Refer to Note 13 for information regarding value changes for assets and liabilities if non-observable market parameters are changed and section (h) (viii) above for the Principles for determination of fair value of financial instruments. (iii) Provisions for expected credit losses Provisions are estimated using quantitative models, which incorporate inputs, assumptions and methodologies that involve a high degree of management judgment. In particular, the following can have a significant impact on the level of impairment provisions: determination of a significant increase in credit risk, incorporation of forward-looking macroeconomic scenarios and measurement of both 12-month and lifetime expected credit losses. A significant increase in credit risk is defined by SEK based on a deterioration by a number of steps from the initial rating. On December 31, 2022 if the definition of significant increase in credit risk had been one less step of deterioration, the impairments would have been Skr 15 million higher (2021: Skr 1 million), and if the definition had been one more step of deterioration, the impairments would have been Skr 0 million lower (2021: Skr 0 million). SEK’s method of calculating probability of default entails three scenarios being prepared for each PD curve. The three scenarios are defined by a weight allocated to each scenario. On December 31, 2022 if the probability of a downturn scenario, or an upturn scenario, would have been weighted with 100 percent probability, the higher flow affect profit equity
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, 2022
Net interest income
Schedule of net interest income	Skr mn 2022 2021 2020 Interest income Loans to credit institutions 506 131 236 Loans to the public 5,106 3,782 4,210 Loans in the form of interest--bearing securities 1,114 776 897 Interest-bearing securities excluding loans in the form of interest-bearing securities 535 50 242 Derivatives -797 -2,239 -1,708 Administrative remuneration CIRR-system 1 237 198 197 Other assets 28 21 34 Total interest income 6,729 2,719 4,108 Interest expenses Interest expenses excl. resolution fee -4,353 -724 -2,076 Resolution fee -88 -88 -86 Risk tax -109 — — Total interest expenses -4,550 -812 -2,162 Net interest income 2,179 1,907 1,946 1 Including administrative remuneration for concessionary loans by Skr 1 million (2021: Skr 1 million). Skr mn 2022 2021 2020 Interest income were related to: Financial assets at fair value through profit or loss -32 -1,750 -1,070 Derivatives used for hedge accounting -183 -439 -396 Financial assets at amortized cost 6,944 4,908 5,574 Total interest income 6,729 2,719 4,108 Interest expenses were related to: Financial liabilities at fair value through profit or loss 1,346 530 725 Financial assets measured at fair value through profit or loss - negative interest on income -37 -73 -60 Financial assets measured at amortized cost - negative interest income 0 0 0 Derivatives used for hedge accounting -1,405 2,146 1,904 Financial liabilities at amortized cost -4,454 -3,415 -4,731 Total interest expenses -4,550 -812 -2,162 Net interest income 2,179 1,907 1,946
Schedule of interest income by geographical areas	Skr mn 2022 2021 2020 Sweden 1,907 863 1,223 Europe except Sweden 1,071 -944 -166 Countries outside of Europe 3,751 2,800 3,051 Total interest income 6,729 2,719 4,108
Schedule of interest income by product group	Skr mn 2022 2021 2020 Lending to Swedish exporters 2,714 1,596 1,921 Lending to exporters’ customers 1 1,782 932 1,229 Liquidity 2,233 191 958 Total interest income 6,729 2,719 4,108 1 In interest income for Lending to exporters’ customers, Skr 236 million (2021: Skr 197 million) represents remuneration from the CIRR-system, see Note 24.

Net fee and commissions expen_2

Net fee and commissions expense (Tables)	12 Months Ended
Net fee and commissions expense (Tables)	Dec. 31, 2022
Net fee and commissions expense
Schedule of fees and commissions expenses	Skr mn 2022 2021 2020 Fee and commissions earned were related to: Lending 3 2 1 Total 3 2 1 Commissions incurred were related to: Custodian- and bank fees -10 -9 -10 Brokerage -2 -2 -4 Other commissions incurred -22 -20 -29 Total -34 -31 -43 Net fee and commissions expense 1 -31 -29 -42 1 Skr -29 million (2021: Skr -27 million) includes financial assets and liabilities not measured at fair value through profit or loss.

Net results of financial tran_2

Net results of financial transactions (Tables)	12 Months Ended
Net results of financial transactions (Tables)	Dec. 31, 2022
Net results of financial transactions
Schedule of net results of financial transactions	Skr mn 2022 2021 2020 Derecognition of financial instruments not measured at fair value through profit or loss: Financial assets at amortized cost 9 33 14 Financial assets or liabilities at fair value through profit or loss: Designated upon initial recognition (FVO) 1 2,004 -569 -488 Mandatorily -2,023 582 466 Financial instruments under fair value hedge accounting: Net results of the hedging instrument -7,976 -3,397 1,277 Net results of the hedged item 8,064 3,409 -1,191 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value -9 -2 5 Total net results of financial transactions 69 56 83

Personnel expenses (Tables)

Personnel expenses (Tables)	12 Months Ended
Personnel expenses (Tables)	Dec. 31, 2022
Personnel expense
Summary of total personnel expenses	Skr mn 2022 2021 2020 Salaries and remuneration to the Board of Directors and the CEO -8 -8 -7 Salaries and remuneration to Senior Executives -24 -25 -25 Salaries and remuneration to other employees -201 -173 -168 Pensions -72 -66 -64 Social insurance -78 -70 -68 Other personnel expenses -19 -17 -15 Total personnel expenses -402 -359 -347
Summary of remuneration and other benefits to Board of Directors and Senior Executives	Fee, includes 2022 committee Fixed Other Skr thousand fee remuneration 1 benefits 2 Pension fee 3 Total Chairman of the Board of Directors: Lennart Jacobsen 4 -470 — — — -470 Lars Linder-Aronson, resigned March 24, 2022 -154 — — — -154 Other members of the Board of Directors: — — — Lennart Jacobsen 4 -79 — — — -79 Anna Brandt 5 — — — — — Reinhold Geijer -348 — — — -348 Eva Nilsagård -335 — — — -335 Hans Larsson, resigned March 24, 2022 -85 — — — -85 Hanna Lagercrantz 5 — — — — — Håkan Berg, from March 24, 2022 -276 — — — -276 Paula da Silva, from March 24, 2022 -266 — — — -266 Katarina Ljungqvist, from March 24, 2022 -266 — — — -266 Senior Executives: Magnus Montan, Chief Executive Officer (CEO) 6 — -5,434 -19 -1,668 -7,121 Per Åkerlind, Deputy Chief Executive Officer, resigned June 30, 2022 — -1,772 -17 -652 -2,441 Karl Johan Bernerfalk, General Counsel, Head of Legal and Procurement — -1,802 -34 -668 -2,504 Andreas Ericson, Head of International Finance, resigned March 31, 2022 — -509 -9 -175 -693 Pontus Davidsson, Head of International Finance, from September 8, 2022 — -981 -5 -196 -1,182 Stefan Friberg, Chief Financial Officer (CFO) — -3,018 -17 -608 -3,643 Teresa Hamilton Burman, Chief Credit Officer (CCO) — -2,465 -37 -604 -3,106 Jens Hedar, Head of Client Relationship Management — -2,454 -18 -803 -3,275 Peter Svensén, Chief Risk Officer (CRO), resigned December 11, 2022 — -2,525 -30 -593 -3,148 Anna-Lena Söderlund, Chief Risk Officer (CRO), from December 12, 2022 — -89 -1 -38 -128 Sirpa Rusanen, Chief Human Resources Officer (CHRO), resigned September 15, 2022 — -1,254 -17 -479 -1,750 Jenny Lilja Lagercrantz, Chief Human Resources Officer (CHRO), from September 16, 2022 — -613 -4 -169 -786 Susanna Rystedt, Head of Strategy, Business Development and Communications — -2,532 -28 -839 -3,399 Maria Simonson, Chief Sustainability Officer (CSO), from April 1, 2022 — -1,575 -12 -433 -2,020 Madeleine Widaeus, Chief Information Officer (CIO), resigned January 31, 2022 — -144 -1 -54 -199 Pia Melke, Chief Information Officer (CIO), from February 1, 2022, resigned April 30, 2022 — -310 -3 -93 -406 Tomas Nygård, Chief Information Officer (CIO), from May 1, 2022 — -1,272 -11 -348 -1,631 Total -2,279 -28,749 -263 -8,420 -39,711 1 Predetermined salary or other compensation such as holiday pay and allowances. 2 Other benefits consist of, for example, subsistence benefits. 3 Includes premiums for insurance, covering sickness benefits for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Lennart Jacobsen was a member of the Board until March 23, 2022 and Chairman from March 24, 2022. 5 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government. 6 The retirement age of the CEO, Magnus Montan, is 65 years and the pension fee is 30 percent of his fixed salary. Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group Fee, includes 2021 committee Fixed Other Skr thousand fee 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 benefits for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government. 5 The retirement age of the former CEO, Catrin Fransson and the current CEO, Magnus Montan, is 65 years and the pension fee is 30 percent of their respective fixed salary. 6 Employed since June 1, 2021. 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 benefits for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish Government. 5 The retirement age of the former CEO, Catrin Fransson, is 65 years and the pension fee is 30 percent of her fixed salary.
Summary of information about pension plans	Total pension cost for defined benefit and defined contribution obligations Skr mn 2022 2021 2020 Service cost -5 -7 -5 Regulation of pension obligations 0 0 0 Interest cost, net -1 -1 -1 Pension cost for defined benefit pensions, incl. payroll tax -6 -8 -6 Pension cost for defined contribution pension cost incl. payroll tax -66 -58 -58 Pension cost recognized in personnel costs -72 -66 -64 Actuarial gains (+) and losses (-) on defined benefit obligation during period 92 23 -2 Return above expected return, gains (+) and losses (-) on plan assets -28 1 3 Change in the effect of the asset ceiling excluding interest -21 — — Revaluation of defined benefit plans 43 24 1 Net value of defined benefit pension obligations Skr mn 2022 2021 2020 Defined benefit obligations 167 258 277 Plan assets -180 -201 -195 Restriction due to the asset ceiling 21 — — Provision for pensions, net obligation 1 8 57 82
Summary of development of defined benefit obligations and assets	Development of defined benefit obligations Skr mn 2022 2021 2020 Defined benefit obligation, opening balance 258 277 272 Service cost 5 7 6 Interest cost 4 3 5 Pension Payments incl. special payroll tax -8 -7 -9 Actuarial gains (-) and losses (+), effect due to changed demographic assumptions — -2 — Actuarial gains (-) and losses (+), effect due to changed financial assumptions -98 -24 12 Actuarial gains (-) and losses (+), effect due to experience based outcome 6 4 -9 Defined benefit obligation, closing balance 167 258 277 Development of plan assets related to defined benefit obligation Skr mn 2022 2021 2020 Fair value of plan assets, opening balance 201 195 189 Expected return on plan assets 4 2 3 Contributions by the employer 1 10 9 7 Benefits paid 2 -7 -6 -8 Return on plan assets excluding interest income -28 1 4 Fair value of plan assets, closing balance 180 201 195 1 Expected contribution from the employer in the following year is Skr 6 million (2021: Skr 6 million), excluding payroll tax. 2 Expected compensation paid in the following year is Skr 8 million (2021: Skr 7 million).
Summary of plan assets	Distribution of plan assets related to defined benefit obligation Skr mn 2022 2021 2020 Domestic equity investments 4 4 4 Foreign equity investments 22 24 23 Domestic government bonds 29 34 41 Domestic corporate bonds 9 12 18 Mortgage bonds 39 57 53 Other Investments 48 44 33 Properties 29 26 23 Total plan assets 180 201 195
Summary of principal actuarial assumptions used end of year	Percent 2022 2021 2020 Discount rate 4.0 1.8 1.25 Assumption of early pension withdrawal 20.0 20.0 20.0 Expected salary increase 2.0 2.0 2.0 Expected inflation 2.0 2.0 1.8 Expected lifetime DUS21 DUS21 DUS14 Expected turnover 5.0 5.0 5.0
Summary of sensitivity analysis of essential assumptions	Negative outcome Positive outcome Skr mn 2022 2021 2020 2022 2021 2020 Discount rate -1 % -1 % -1 % +1 % +1 % +1 % Defined benefit obligation 227 329 358 151 206 218 Service cost 4 7 9 3 4 5 Interest cost 6 2 1 7 6 5 Expected lifetime +1 year +1 year +1 year -1 year -1 year -1 year Defined benefit obligation 193 270 291 176 245 264 Service cost 3 5 7 3 5 7 Interest cost 7 5 4 6 4 3
Summary of net reconciliation of pension liabilities	Skr mn 2022 2021 2020 Pension liabilities, opening balance 57 82 83 Net periodic pension cost 6 8 8 Contributions by the employer -10 -8 -7 Net pension payments -2 -1 -1 Revaluations recognized in other comprehensive income -43 -24 -1 Pension liabilities, closing balance 8 57 82
Summary of information about employees	Average number of employees 2022 2021 2020 Women 132 127 123 Men 134 129 125 Total average number of employees 266 256 248 Employees at year-end 1 Number 2022 2021 2020 Women 137 132 125 Men 146 132 128 Total employees 2 283 264 253 of which full-time employees 267 259 247 allocation of women/men 48/52 49/51 49/51 of which part-time employees 5 5 6 allocation of women/men 80/20 80/20 83/17 of which permanent employees 281 263 253 allocation of women/men 48/52 50/50 49/51 of which temporary employees 2 1 0 allocation of women/men 50/50 0/100 0/0 of which hourly employees 3 11 — — allocation of women/men 55/45 — — of which managers 31 33 31 of which non-management 252 231 222 1 Information collected from the HR system. 2 In addition to its employees, SEK had 72 consultants (2021: 73 consultants) engaged at year-end 2022, of which the majority work with IT-related projects. 3 Hourly employees were excluded in previous years. Employees by age distribution Number 2022 2021 2020 Total employees 283 264 253 of which under the age of 30 years 9 % 4 % 5 % of which between ages 30 and 50 years 45 % 50 % 48 % of which over the age of 50 years 46 % 46 % 47 % Employee turnover Number 2022 2021 2020 Employees who left employment 38 20 16 of which women 19 7 8 of which men 19 13 8 of which under the age of 30 years 2 1 0 of which between 30 and 50 years 19 9 12 of which over 50 years 17 10 4 Health Percent 2022 2021 2020 Absence due to sickness 1 2.9 3.5 2.1 1 Number of hours of absence due to sickness in relation to scheduled working hours. Equality and diversity 2022 2021 2020 Allocation of women/men on the Board of Directors 63/37 43/57 62/38 Allocation of women/men in SEK’s executive management 45/55 36/64 50/50 Allocation of women/men in management positions 52/48 45/55 48/52 Allocation of women/men at SEK in total 48/52 50/50 49/51

Other administrative expenses (

Other administrative expenses (Tables)	12 Months Ended
Other administrative expenses (Tables)	Dec. 31, 2022
Other administrative expenses
Schedule of other administrative expenses	Skr mn 2022 2021 2020 Travel expenses and marketing -9 -3 -3 IT and information system (fees incl.) -163 -167 -140 Other fees -33 -44 -38 Premises -7 -11 -10 Other -4 -6 -7 Total other administrative expenses -216 -231 -198
Schedule of remuneration to auditors	Skr mn 2022 2021 2020 Öhrlings PricewaterhouseCoopers AB: Audit fees 1 -9 -8 -9 Audit related fees 2 — — — Tax related fees 3 — — — Other fees 4 -2 -3 -3 Total -11 -11 -12 1 Fees related to audit of annual financial statements and reviews of interim financial statements. 2 Fees charged for assurance and related services that are related to the performance of audit or review of the financial statements and are not reported under Audit fees. 3 Fees for professional services rendered by the principal independent auditors for tax compliance and tax advice. 4 Fees for products and services rendered by the principal independent auditors, other than the services reported in Audit fees through Tax related fees above.

Tangible and intangible assets

Tangible and intangible assets (Tables)	12 Months Ended
Tangible and intangible assets (Tables)	Dec. 31, 2022
Tangible and intangible assets
Schedule of reconciliation of changes in tangible and intangible assets.	Skr mn Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Net book value Tangible assets 42 40 22 Right-of-use assets 144 152 25 Intangible assets 1 121 139 98 Total net book value 307 331 145 Depreciation and impairment during the year according to the Consolidated Statement of Comprehensive Income -94 -80 -51

Leasing (Tables)

Leasing (Tables)	12 Months Ended
Leasing (Tables)	Dec. 31, 2022
Leasing
Schedule of right of use asset	Skr mn 2022 2021 Opening balance 152 25 Depreciation -24 -30 Addition 1 16 157 Closing balance 144 152 1 There have been canceled leases and new leases. During 2021 SEK moved to new premises.
Schedule of leasing amounts accounted for in profit or loss	Skr mn 2022 2021 Depreciation charge on right-of-use assets -24 -30 Interest expenses on lease liability -1 -1 Expenses relating to short-term leases 1 0 0 Expenses relating to low-value leases 1 -1 -1 Variable lease fees 1 -3 -6 Total amount accounted for in profit or loss -29 -38 1 Accounted for under Other administrative expenses.
Schedule of lease liability	Skr mn 2022 2021 Opening balance 153 19 Interest expenses accrued 1 1 Payments of lease liability -23 -24 Addition 1 16 157 Closing balance 147 153 1 There have been canceled and new leases. During 2021 SEK moved to new premises.
Schedule of contractual flows of lease liability	Skr mn 2022 2021 Within 1 year 28 21 Between 1 and 5 years 122 122 More than 5 years — 13 Discounting effect -3 -3 Closing balance 147 153
Schedule of reconciliation between gross investment and present value of minimum lease payments	December 31, 2022 December 31, 2021 Present value of Present value of mini-mum lease mini-mum lease Skr mn Gross investment payments Gross investment payments Within 1 year 109 106 111 108 Between 1 and 5 years 118 104 83 74 More than 5 years 60 46 44 34 Total 287 256 238 216 Unearned finance income — 32 — 21

Impairments (Tables)

Impairments (Tables)	12 Months Ended
Impairments (Tables)	Dec. 31, 2022
Impairments
Schedule of impairment	Loans in the form of interest- Loans to bearing credit Loans to the Skr mn securities institutions public Off-balance Total 2022 Expected credit losses, stage 1 -9 1 -26 -4 -38 Expected credit losses, stage 2 4 0 3 -1 6 Expected credit losses, stage 3 — — -15 0 -15 Established credit losses — — — — — Reserves applied to cover established credit losses — — — — — Recovered credit losses — — 12 1 13 Net credit losses -5 1 -26 -4 -34 2021 Expected credit losses, stage 1 7 2 50 1 60 Expected credit losses, stage 2 6 0 23 0 29 Expected credit losses, stage 3 — — -46 0 -46 Established credit losses — — -52 — -52 Reserves applied to cover established credit losses — — 49 — 49 Recovered credit losses — — 1 — 1 Net credit losses 13 2 25 1 41 2020 Expected credit losses, stage 1 -6 -6 -81 -5 -98 Expected credit losses, stage 2 -11 0 -37 0 -48 Expected credit losses, stage 3 — — -7 0 -7 Established credit losses — — -20 — -20 Reserves applied to cover established credit losses — — 20 — 20 Recovered credit losses — — — — — Net credit losses -17 -6 -125 -5 -153
Schedule of balances and reconciliation of changes in balances and loss allowances by stages	December 31, 2022 December 31, 2021 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans, before expected credit losses Loans in the form of interest-bearing securities 51,401 2,882 — 54,283 42,827 3,772 — 46,599 Loans to credit institutions 11,147 310 — 11,457 6,948 3,414 — 10,362 Loans to the public 167,354 33,851 6,713 207,918 147,137 30,999 2,284 180,420 Total, loans, before expected credit losses 229,902 37,043 6,713 273,658 196,912 38,185 2,284 237,381 Off balance, before expected credit losses Guarantees 3,902 900 — 4,802 4,767 — — 4,767 Committed undisbursed loans 49,492 20,620 5,257 75,369 26,810 28,466 105 55,381 Total, off balance, before expected credit losses 53,394 21,520 5,257 80,171 31,577 28,466 105 60,148 Total, before expected credit losses 283,296 58,563 11,970 353,829 228,489 66,651 2,389 297,529 of which guaranteed (percent) 62.9 92.6 98.7 68.9 63.7 93.2 95.7 70.3 Loss allowance, loans Loans in the form of interest-bearing securities -23 -3 — -26 -14 -7 — -21 Loans to credit institutions -2 0 — -2 -4 0 — -4 Loans to the public -93 -19 -70 -182 -64 -20 -48 -132 Total, loss allowance, loans -118 -22 -70 -210 -82 -27 -48 -157 Loss allowance, off balance 1 Guarantees 0 0 — 0 0 — — 0 Committed undisbursed loans -12 -1 0 -13 -6 -1 0 -7 Total, loss allowance, off balance -12 -1 0 -13 -6 -1 0 -7 Total, loss allowance -130 -23 -70 -223 -88 -28 -48 -164 Provision ratio (percent) 0.05 0.04 0.58 0.06 0.04 0.04 2.01 0.06 1 Recognized under provision in the Consolidated Statement of Financial Position. Loans and off balance, before loss allowance December 31, 2022 December 31, 2021 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Opening balance 228,489 66,651 2,389 297,529 226,456 66,485 1,482 294,423 Increase due to origination and acquisition 125,243 5,451 2,453 133,147 79,856 7,380 234 87,470 Transfer to stage 1 5,788 -7,798 — -2,010 1,240 -1,302 — -62 Transfer to stage 2 -4,447 3,845 — -602 -4,676 4,223 — -453 Transfer to stage -7,980 -725 7,502 -1,203 -105 -948 945 -108 Decrease due to derecognition -63,797 -8,861 -374 -73,032 -74,282 -9,187 -272 -83,741 Closing balance 283,296 58,563 11,970 353,829 228,489 66,651 2,389 297,529 Loss allowance December 31, 2022 December 31, 2021 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Opening balance -88 -28 -48 -164 -147 -56 -46 -249 Increases due to origination and acquisition -67 -3 0 -70 -40 0 -25 -65 Net remeasurement of loss allowance 5 9 9 23 51 13 -43 21 Transfer to stage 1 -1 7 — 6 0 0 — 0 Transfer to stage 2 1 -12 — -11 2 -6 — -4 Transfer to stage 3 1 3 -23 -19 0 2 -21 -19 Decreases due to derecognition 22 2 0 24 47 20 43 110 Decrease in allowance account due to write-offs — — — — — — 49 49 Exchange-rate differences 1 -3 -1 -8 -12 -1 -1 -5 -7 Closing balance -130 -23 -70 -223 -88 -28 -48 -164 1 Recognized under Net results of financial transactions in the Statement of Comprehensive Income.
Summary of loan credit quality, before expected credit losses, allocated by stage	December 31, 2022 December 31, 2021 Skr mn Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total AAA — — — — — — — — AA+ to A- 28,382 — — 28,382 25,815 — — 25,815 BBB+ to BBB- 150,441 3,085 — 153,526 131,514 2,258 — 133,772 BB+ to BB- 38,523 25,309 — 63,832 32,247 25,043 — 57,290 B+ to B- 12,396 6,663 — 19,059 6,697 5,461 — 12,158 CCC to D 160 1,986 6,713 8,859 639 5,423 2,284 8,346 Total, before expected credit losses 229,902 37,043 6,713 273,658 196,912 38,185 2,284 237,381

Taxes (Tables)

Taxes (Tables)	12 Months Ended
Taxes (Tables)	Dec. 31, 2022
Taxes
Schedule of components of income taxes	Consolidated Group Skr mn 2022 2021 2020 Income tax Adjustment previous year 0 0 -4 Current tax -304 -272 -266 Deferred tax -1 1 0 Total income tax -305 -271 -270
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 — — — Deferred tax 25 — — Tax on items not to be reclassified to profit or loss Current tax -20 5 -4 Deferred tax -10 -5 -1 Income tax related to other comprehensive income -5 0 -5
Schedule of reconciliation of effective tax rate	Reconciliation of effective tax rate The Swedish corporate tax rate (percent) 20.6 20.6 21.4 Profit before taxes 1,471 1,305 1,238 National tax based on profit before taxes -303 -269 -265 Tax effects of: Non-taxable income 0 0 0 Non-deductible expenses -2 -3 -1 Tax effect of the tax credit for investments in equipment — 1 — Other — — -4 Total tax -305 -271 -270 Effective tax expense (percent) 20.7 20.8 21.8
Schedule of deferred taxes	Skr mn 2022 2021 Deferred tax assets concerning: Temporary differences, related to pensions 0 10 Tax effect of the tax credit for investments in equipment — 1 Temporary differences, related to cash flow hedges 25 — Total deferred tax assets 25 11
Schedule of changes in deferred taxes	Skr mn 2022 2021 Opening balance 11 15 Change through profit or loss -1 1 Change in other comprehensive income 15 -5 Closing balance 25 11

Loans and liquidity investmen_2

Loans and liquidity investments (Tables)	12 Months Ended
Loans and liquidity investments (Tables)	Dec. 31, 2022
Loans and liquidity investments.
Schedule of loans and liquidity investments	Dec 31, Dec 31, Skr mn 2022 2021 Loans: Loans in the form of interest--bearing securities 54,257 46,578 Loans to credit institutions 22,145 20,775 Loans to the public 207,737 180,288 Less: Cash collateral under the security agreements for derivative contracts 1 -10,691 -10,417 Total lending portfolio 273,448 237,224 Liquidity investments: Cash and cash equivalents 4,060 11,128 Treasuries/government bonds 15,048 10,872 Other interest-bearing securities except loans 57,144 45,881 Total liquidity investments 76,252 67,881 of which issued by public authorities 19,014 16,584
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 2022 2021 Sum of amounts exceeding nominal 87 243 Sum of amounts falling below nominal -479 -9
Schedule of volume development, lending	of which the CIRR-system Skr mn 2022 2021 2022 2021 Offers of long-term loans accepted 133,181 76,988 29,481 11,797 Undisbursed loans at year-end 75,369 53,871 56,265 39,084 Loans outstanding at year-end 1 273,448 237,224 94,241 87,872 1 Including concessionary loans in the amount of Skr 361 million (year-end 2021: Skr 315 million).
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 2022 2021 2022 2021 Lending to Swedish exporters 128,399 109,281 — — Lending to exporters’ customers 145,049 127,943 94,241 87,872 Total lending portfolio 1 273,448 237,224 94,241 87,872 1 Includ ing concessionary loans in the amount of Skr 361 million (year-end 2021: Skr 315 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, 2022
Classification of financial assets and liabilities
Schedule of financial assets by accounting category	December 31, 2022 Financial assets at fair value Derivatives used for hedge Skr mn Mandatorily accounting Amortized cost Total Cash and cash equivalents — — 4,060 4,060 Treasuries/government bonds 15,048 — — 15,048 Other interest-bearing securities except loans 57,144 — — 57,144 Loans in the form of interest-bearing securities — — 54,257 54,257 Loans to credit institutions — — 22,145 22,145 Loans to the public — — 207,737 207,737 Derivatives 8,718 1,586 — 10,304 Total financial assets 80,910 1,586 288,199 370,695 December 31, 2021 Financial assets at fair value Derivatives used for hedge Skr mn Mandatorily accounting Amortized cost Total Cash and cash equivalents — — 11,128 11,128 Treasuries/government bonds 10,872 — — 10,872 Other interest-bearing securities except loans 45,881 — — 45,881 Loans in the form of interest-bearing securities — — 46,578 46,578 Loans to credit institutions — — 20,775 20,775 Loans to the public — — 180,288 180,288 Derivatives 5,764 2,655 — 8,419 Total financial assets 62,517 2,655 258,769 323,941
Schedule of financial liabilities by accounting category	December 31, 2022 Financial liabilities at fair value Designated upon initial recognition Derivatives used for Skr mn Mandatorily (FVO) hedge accounting Amortized cost Total Borrowing from credit institutions — — — 7,153 7,153 Borrowing from the public — — — — — Debt securities issued 0 28,788 — 290,329 319,117 Derivatives 953 — 12,234 — 13,187 Total financial liabilities 953 28,788 12,234 297,482 339,457 December 31, 2021 Financial liabilities at fair value Designated upon initial recognition Derivatives used for Skr mn Mandatorily (FVO) hedge accounting Amortized cost Total Borrowing from credit institutions — — — 5,230 5,230 Borrowing from the public — — — 10,000 10,000 Debt securities issued — 39,316 — 240,454 279,770 Derivatives 11,185 — 3,544 — 14,729 Total financial liabilities 11,185 39,316 3,544 255,684 309,729

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, 2022
Sub-classifications of financial information
Financial assets and liabilities at fair value	December 31, 2022 Surplus value (+) Skr mn Book value Fair value /Deficit value (-) Cash and cash equivalents 4,060 4,060 — Treasuries/governments bonds 15,048 15,048 — Other interest-bearing securities except loans 57,144 57,144 — Loans in the form of interest-bearing securities 54,257 54,877 620 Loans to credit institutions 22,145 21,747 -398 Loans to the public 207,737 204,543 -3,194 Derivatives 10,304 10,304 — Total financial assets 370,695 367,723 -2,972 Borrowing from credit institutions 7,153 7,153 — Borrowing from the public — — — Debt securities issued 319,117 318,900 -217 Derivatives 13,187 13,187 — Total financial liabilities 339,457 339,240 -217 December 31, 2021 Surplus value (+) Skr mn Book value Fair value /Deficit value (-) Cash and cash equivalents 11,128 11,128 — Treasuries/governments bonds 10,872 10,872 — Other interest-bearing securities except loans 45,881 45,881 — Loans in the form of interest-bearing securities 46,578 47,991 1,413 Loans to credit institutions 20,775 20,993 218 Loans to the public 180,288 186,436 6,148 Derivatives 8,419 8,419 — Total financial assets 323,941 331,720 7,779 Borrowing from credit institutions 5,230 5,230 — Borrowing from the public 10,000 10,000 — Debt securities issued 279,770 280,294 524 Derivatives 14,729 14,729 — Total financial liabilities 309,729 310,253 524
Schedule of fair value measurement of assets	Financial assets reported at amortized cost in fair value hierarchy December 31, 2022 Loans and accounts receivable Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Cash and cash equivalents 4,060 — — 4,060 4,060 Loans in the form of interest-bearing securities 1,446 53,431 — 54,877 54,257 Loans to credit institutions — 21,747 — 21,747 22,145 Loans to the public — 204,543 — 204,543 207,737 Total financial assets in fair value hierarchy 5,506 279,721 — 285,227 288,199 December 31, 2021 Loans and accounts receivable Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Cash and cash equivalents 11,128 — — 11,128 11,128 Loans in the form of interest-bearing securities 1,970 46,021 — 47,991 46,578 Loans to credit institutions — 20,993 — 20,993 20,775 Loans to the public — 186,436 — 186,436 180,288 Total financial assets in fair value hierarchy 13,098 253,450 — 266,548 258,769 Financial assets reported at fair value in fair value hierarchy December 31, 2022 Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 2,366 12,682 — 15,048 Other interest-bearing securities except loans 21,342 35,802 — 57,144 Derivatives — 10,201 103 10,304 Total financial assets in fair value hierarchy 23,708 58,685 103 82,496 December 31, 2021 Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds 5,638 5,234 — 10,872 Other interest-bearing securities except loans 26,549 19,332 — 45,881 Derivatives — 7,933 486 8,419 Total financial assets in fair value hierarchy 32,187 32,499 486 65,172
Schedule of fair value measurement of liabilities	Financial liabilities reported at amortized cost in fair value hierarchy December 31, 2022 Other financial liabilities Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Borrowing from credit institutions — 7,153 — 7,153 7,153 Borrowing from the public — — — — — Debt securities issued — 290,112 — 290,112 290,329 Total financial liabilities in fair value hierarchy — 297,265 — 297,265 297,482 December 31, 2021 Other financial liabilities Fair value Book value Skr mn Level 1 Level 2 Level 3 Total Total Borrowing from credit institutions — 5,230 — 5,230 5,230 Borrowing from the public — 10,000 — 10,000 10,000 Debt securities issued — 240,979 — 240,979 240,454 Total financial liabilities in fair value hierarchy — 256,209 — 256,209 255,684 Financial liabilities reported at fair value in fair value hierarchy December 31, 2022 Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 2,252 26,536 28,788 Derivatives — 8,568 4,619 13,187 Total financial liabilities in fair value hierarchy — 10,820 31,155 41,975 December 31, 2021 Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 6,761 32,555 39,316 Derivatives — 12,206 2,523 14,729 Total financial liabilities in fair value hierarchy — 18,967 35,078 54,045
Schedule of financial assets and liabilities at fair value	Financial assets and liabilities at fair value in Level 3 December 31, 2022 Gains (+) and Gains (+) and losses (-) losses (-) Currency Jan 1, Settlements Transfers to Transfers through profit or through other exchange- rate Dec 31, Skr mn 2022 Purchases & sales Level 3 from Level 3 loss 1 comprehensive income effects 2022 Debt securities issued -32,555 -4,267 10,255 — — 2,641 -52 -2,558 -26,536 Derivatives, net -2,037 0 221 — — -616 — -2,084 -4,516 Net assets and liabilities -34,592 -4,267 10,476 — — 2,025 -52 -4,642 -31,052 December 31, 2021 Gains (+) and Gains (+) and losses (-) losses (-) Currrency Jan 1, Settlements Transfers to Transfers through profit or through other exchange- rate Dec 31, Skr mn 2021 Purchases & sales Level 3 from Level 3 loss 1 comprehensive income effects 2021 Debt securities issued -41,198 -10,372 19,337 — — 196 -36 -482 -32,555 Derivatives, net -263 5 -599 -1 — 411 — -1,590 -2,037 Net assets and liabilities -41,461 -10,367 18,738 -1 — 607 -36 -2,072 -34,592 1 Gains and losses through profit or loss, including the impact of exchange rates, are reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions.
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, 2022 December 31, 2021 2022 2021 CVA/DVA, net 1 -51 -14 -37 3 OCA 2 -32 -132 100 -24 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflect how the counterparties’ credit risk as well as SEK’s own credit rating affect the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affect the fair value of financial liabilities measured at fair value through profit and loss.
Level 3
Sub-classifications of financial information
Schedule of sensitivity analysis - level 3	Assets and liabilities December 31, 2022 Unobservable Range of estimates for Skr mn Fair value input unobservable input Valuation method Sensitivity Max Sensitivity Min Equity -2,890 Correlation 0.12 - (0.12) Option Model -13 13 Interest rate 13 Correlation 0.12 - (0.12) Option Model — — FX -1,528 Correlation 0.12 - (0.12) Option Model -34 34 Other -111 Correlation 0.12 - (0.12) Option Model — — Sum derivatives, net -4,516 -47 47 Equity -10,797 Correlation 0.12 - (0.12) Option Model 13 -13 Credit spreads 10BP - (10BP) Discounted cash flow 14 -14 Interest rate -8,817 Correlation 0.12 - (0.12) Option Model — — Credit spreads 10BP - (10BP) Discounted cash flow 102 -102 FX -6,750 Correlation 0.12 - (0.12) Option Model 36 -36 Credit spreads 10BP - (10BP) Discounted cash flow 36 -36 Other -172 Correlation 0.12 - (0.12) Option Model — — Credit spreads 10BP - (10BP) Discounted cash flow 1 -1 Sum debt securities issued -26,536 202 -202 Total effect on total comprehensive income 155 -155 December 31, 2021 Assets and liabilities Unobservable Range of estimates for Skr mn Fair value input unobservable input Valuation method Sensitivity Max Sensitivity Min Equity -892 Correlation 0.12 - (0.12) Option Model -3 3 Interest rate -1 Correlation 0.12 - (0.12) Option Model 0 0 FX -1,038 Correlation 0.12 - (0.12) Option Model -56 56 Other -106 Correlation 0.12 - (0.12) Option Model 0 0 Sum derivatives, net -2,037 -59 59 Equity -9,283 Correlation 0.12 - (0.12) Option Model 3 -3 Credit spreads 10BP - (10BP) Discounted cash flow 10 -10 Interest rate -11,900 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP - (10BP) Discounted cash flow 58 -58 FX -11,235 Correlation 0.12 - (0.12) Option Model 59 -59 Credit spreads 10BP - (10BP) Discounted cash flow 50 -50 Other -137 Correlation 0.12 - (0.12) Option Model 0 0 Credit spreads 10BP - (10BP) Discounted cash flow 1 -1 Sum debt securities issued -32,555 181 -181 Total effect on total comprehensive income 122 -122 The sensitivity analysis shows the effect that a shift in correlations or SEK’s own credit spread has on Level 3 instruments. The table presents maximum positive and negative change in fair value when correlations or SEK’s own credit spread is shifted by +/– 0.12 and +/- 10 basis points, respectively. When determining the total maximum/minimum effect on total comprehensive income the most adverse/favorable shift is chosen, considering the net exposure arising from the issued securities and the derivatives, for each correlation.

Derivatives and hedge account_2

Derivatives and hedge accounting (Tables)	12 Months Ended
Derivatives and hedge accounting (Tables)	Dec. 31, 2022
Derivatives and hedge accounting
Schedule of derivatives	Derivatives by categories December 31, 2022 December 31, 2021 Assets Liabilities Nominal Assets Liabilities Nominal Skr mn Fair value Fair value amounts 1 Fair value Fair value amounts 1 Interest rate-related contracts 2,396 2,119 423,124 3,192 9,464 361,160 of which in fair value hedges 560 8,282 247,039 1,256 2,104 211,285 of which in cash flow hedges — 123 5,000 — — — Currency-related contracts 7,897 8,056 189,323 5,218 3,518 157,362 of which in fair value hedges 1,026 3,829 29,479 1,399 1,440 30,902 Equity-related contracts 11 2,901 12,022 2 895 9,801 Contracts related to commodities, credit risk, etc. — 111 3,330 7 852 3,521 Total derivatives 2 10,304 13,187 627,799 8,419 14,729 531,844 1 Nominal amounts before set-off. 2 All derivatives are used for economic hedging purposes. Maturity analysis of the nominal amounts of hedging instruments December 31, 2022 1 year Nominal Skr mn < 1 year < 5 years > 5 years amounts Interest rate-related contracts Hedge of fixed rate assets 1 111 921 1,033 Hedge of fixed rate liabilities 88,652 136,730 20,624 246,006 Hedge of floating rate assets — 5,000 — 5,000 Currency-related contracts Hedge of fixed rate assets 3,824 4,442 558 8,824 Hedge of fixed rate liabilities 5,160 12,908 2,587 20,655 December 31, 2021 1 year Nominal Skr mn < 1 year < 5 years > 5 years amounts Interest rate-related contracts Hedge of fixed rate assets 1,228 12,070 7,340 20,638 Hedge of fixed rate liabilities 55,039 131,655 5,306 192,000 Hedge of floating rate assets — — — — Currency-related contracts Hedge of fixed rate assets 1,879 2,976 233 5,088 Hedge of fixed rate liabilities 6,943 15,669 2,590 25,202
Schedule of carrying amount of hedge items in fair value hedge and its adjustments	December 31, 2022 December 31, 2021 Assets Fair value hedge Fair value hedge Skr mn Book value adjustments Book value adjustments Loans in the form of interest-bearing securities 12,757 -1,089 11,035 278 Loans to credit institutions 988 -45 1,019 -23 Loans to the public 14,371 -514 14,869 527 Total 28,116 -1,648 26,923 782 December 31, 2022 December 31, 2021 Liabilities Fair value hedge Fair value hedge Skr mn Book value adjustments Book value adjustments Debt securities issued 235,370 -9,312 216,242 1,183 Total 235,370 -9,312 216,242 1,183
Schedule of cash flow hedge effectiveness	Cash flow hedge effectiveness Skr mn 2022 2021 Changes in fair value of hedging instruments -122 — Changes in value of hedged items uses as a basis for recognizing hedge ineffectiveness 126 — Hedge ineffectiveness recognized in profit or loss 1 — — Hedging gain or losses recognized in other comprehensive income -122 — 1
Schedule of cash flow hedge reserve	Skr mn 2022 2021 Opening balance January 1 — — Valuation gains and losses -137 — Tax on valuation gains and losses 28 — Transferred to the income statement 15 — Tax on transfers to the income statement -3 — Other comprehensive income, net of tax -97 — Total comprehensive income -97 — Closing balance December 31 -97 — of which relates to continuing hedges for which hedge accounting is applied -97 — of which relates to hedging relationships for which hedge accounting is no longer applied — —
Schedule of financial assets subject to offsetting, enforceable master netting arrangements and similar agreements	Skr mn Dec 31, 2022 Dec 31, 2021 Gross amounts of recognized financial assets 19,557 10,059 Amounts offset in the Statement of Financial Position -9,253 -1,640 Net amounts of financial assets presented in the Statement of Financial Position 10,304 8,419 Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to: Financial instruments -3,749 -3,262 Cash collateral received -6,539 -3,500 Net amount 16 1,657
Schedule of financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements	Skr mn Dec 31, 2022 Dec 31, 2021 Gross amounts of recognized financial liabilities 22,440 16,369 Amounts offset in the Statement of Financial Position -9,253 -1,640 Net amounts of financial liabilities presented in the Statement of Financial Position 13,187 14,729 Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to: Financial instruments -3,749 -3,262 Cash collateral paid -9,186 -9,528 Net amount 252 1,939

Shares (Tables)

Shares (Tables)	12 Months Ended
Shares (Tables)	Dec. 31, 2022
Shares
Schedule of shares in subsidiaries	December 31, 2022 December 31, 2021 Skr mn Book value Number of shares Book value Number of shares SEKETT AB (reg. no 559132-9668) 0 50 0 50

Other assets (Tables)

Other assets (Tables)	12 Months Ended
Other assets (Tables)	Dec. 31, 2022
Other assets.
Schedule of other assets	Skr mn Dec 31, 2022 Dec 31, 2021 Claim against the State for CIRR-loans and concessionary loans 17 7,208 Cash receivables, funding operations 201 191 Other 67 52 Total 285 7,451

Prepaid expenses and accrued _2

Prepaid expenses and accrued revenues (Tables)	12 Months Ended
Prepaid expenses and accrued revenues (Tables)	Dec. 31, 2022
Prepaid expenses and accrued revenues
Schedule of prepaid expenses and accrued revenues	Skr mn Dec 31, 2022 Dec 31, 2021 Interest income accrued 4,121 1,876 Prepaid expenses and other accrued revenues 41 37 Total 4,162 1,913

Debt (Tables)

Debt (Tables)	12 Months Ended
Debt (Tables)	Dec. 31, 2022
Debt
Schedule of debt	December 31, 2022 Debt excl. Debt Skr mn debt securities issued securities issued Total Exchange-rate related contracts — 8,714 8,714 Interest rate related contracts 7,153 299,240 306,393 Equity related contracts — 10,797 10,797 Contracts related to raw materials, credit risk etc. — 366 366 Total debt outstanding 7,153 319,117 326,270 Other of which denominated in: Skr USD JPY EUR currencies Total 13,656 238,055 17,596 32,664 24,299 326,270 December 31, 2021 Debt excl. debt securities Debt securities Skr mn issued issued Total Exchange-rate related contracts — 25,112 25,112 Interest rate related contracts 15,230 254,298 269,528 Equity related contracts — 223 223 Contracts related to raw materials, credit risk etc. — 137 137 Total debt outstanding 15,230 279,770 295,000 Other of which denominated in: Skr USD JPY EUR currencies Total 24,672 202,158 20,852 19,841 27,477 295,000
Schedule of borrowing programs	Skr mn December 31, 2022 December 31, 2021 Medium-term note program: Unlimited Euro Medium-Term Note Program 96,474 107,597 Unlimited SEC-registered U.S. Medium-Term Note Program 186,138 159,393 Unlimited Swedish Medium-Term Note Program 452 429 Unlimited MTN/STN AUD Debt Issuance Program 4,297 4,417 Commercial paper program: USD 3,000,000,000 U.S. Commercial Paper Program 19,412 1,806 USD 4,000,000,000 Euro-Commercial Paper Program 6,283 1,355 1 Amortized cost excluding fair value adjustments.
Schedule of liabilities in financing activities	Liabilities in financing activities Non-cash items Skr mn January 1, 2022 Cash Flow Exchange rate difference Unrealized changes in fair value Accrued interest December 31, 2022 Senior debt 295,000 10,793 33,075 -12,598 — 326,270 Lease liability 153 -23 0 16 1 1 147 Derivatives, net 6,310 9,770 -7,591 -5,606 — 2,883 Total liabilities in financing activities 301,463 20,540 25,484 -18,188 1 329,300 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

Other liabilities (Tables)

Other liabilities (Tables)	12 Months Ended
Other liabilities (Tables)	Dec. 31, 2022
Other liabilities
Schedule of other liabilities	Skr mn Dec 31, 2022 Dec 31, 2021 Liability against the State for CIRR loans and concessionary loans 8,509 — Cash payables, debt purchases 982 725 Other 751 442 Total 10,242 1,167

Accrued expenses and prepaid _2

Accrued expenses and prepaid revenues (Tables)	12 Months Ended
Accrued expenses and prepaid revenues (Tables)	Dec. 31, 2022
Accrued expenses and prepaid revenues
Schedule of accrued expenses and prepaid revenues	Skr mn Dec 31, 2022 Dec 31, 2021 Interest expenses accrued 4,110 1,793 Other accrued expenses and prepaid revenues 62 82 Total 4,172 1,875

Provisions (Tables)

Provisions (Tables)	12 Months Ended
Provisions (Tables)	Dec. 31, 2022
Provisions
Schedule of provisions	Consolidated Group Skr mn December 31, 2022 December 31, 2021 Pension liabilities 1 8 57 Long term employee benefit 7 4 Off balance, expected credit losses 2 13 7 Total 28 68 1 See Note 5. 2 Provisions for expected credit losses for off-balance-sheet exposures, in accordance with IFRS 9, see Note 9 .

Equity (Tables)

Equity (Tables)	12 Months Ended
Equity (Tables)	Dec. 31, 2022
Equity
Schedule of proposal for the distribution of profits	Skr mn At the disposal of the Annual General Meeting 17,278 The Board of Directors proposes that the Annual General Meeting dispose of these funds as follows: - dividend to the shareholder of Skr 58.45 per share, amounting to 233 Remaining disposable funds to be carried forward 17,045

Pledged assets and contingent_2

Pledged assets and contingent liabilities (Tables)	12 Months Ended
Pledged assets and contingent liabilities (Tables)	Dec. 31, 2022
Pledged assets and contingent liabilities
Schedule of pledged assets and contingent liabilities	Skr mn Dec 31, 2022 Dec 31, 2021 Collateral provided Cash collateral under the security agreements for derivative contracts 10,691 10,417 Contingent liabilities Guarantee commitments 4,802 4,767 Commitments Committed undisbursed loans 75,369 53,871 Binding offers — 1,510

CIRR-system (Tables)

CIRR-system (Tables)	12 Months Ended
CIRR-system (Tables)	Dec. 31, 2022
CIRR-system
The disclosure of information about CIRR-systems.	Statement of comprehensive income for the CIRR-system Skr mn 2022 2021 Interest income 2,231 2,105 Interest expenses -2,012 -2,061 Interest compensation 2 7 Foreign exchange effects 3 -1 Profit before compensation to SEK 224 50 Administrative remuneration to SEK -236 -197 Operating profit CIRR-system -12 -147 Reimbursement to (-) / from (+) the State 12 147 Statement of financial position for the CIRR-system Skr mn Dec 31, 2022 Dec 31, 2021 Cash and cash equivalents 1 8 Loans 94,241 87,872 Derivatives 8,571 36 Other assets 218 7,359 Prepaid expenses and accrued revenues 1,597 470 Total assets 104,628 95,745 Liabilities 103,336 88,092 Derivatives — 7,060 Accrued expenses and prepaid revenues 1,292 593 Total liabilities and equity 104,628 95,745 Commitments Committed undisbursed loans 56,265 39,084 Binding offers — 1,510

Capital adequacy (Tables)

Capital adequacy (Tables)	12 Months Ended
Capital adequacy (Tables)	Dec. 31, 2022
Capital adequacy
Schedule of capital adequacy	Capital Adequacy Analysis December 31, 2022 December 31, 2021 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 20.6 21.6 Tier 1 capital ratio 20.6 21.6 Total capital ratio 20.6 21.6 1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. See tables Own funds - adjusting items and Minimum capital requirements exclusive of buffers. December 31, 2022 December 31, 2021 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 8,074 8.0 7,371 8.0 of which Tier 1 requirement of 6 percent 6,056 6.0 5,528 6.0 of which minimum requirement of 4.5 percent 4,542 4.5 4,146 4.5 Pillar 2 capital requirements 3 3,704 3.7 3,382 3.7 Common Equity Tier 1 capital available to meet buffer requirements 4 9,013 8.9 9,149 9.9 Capital buffer requirements 3,330 3.3 2,333 2.5 of which Capital conservation buffer 2,523 2.5 2,303 2.5 of which Countercyclical buffer 807 0.8 30 0.0 Pillar 2 guidance 5 1,514 1.5 1,382 1.5 Total risk-based capital requirement including Pillar 2 guidance 16,622 16.5 14,468 15.7 1 Expressed as a percentage of total risk exposure amount. 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firm). 3 Individual Pillar 2 requirement of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA SREP. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital - that is 4.5 percent, 1.5 percent. and 2 percent) and after the Pillar 2 requirements ( 3.67 percent). 5 On September 29, 2021, the Swedish FSA notified SEK, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement.
Schedule of leverage ratio	December 31, 2022 December 31, 2021 Leverage ratio 1 Skr mn Skr mn On-balance sheet exposures 241,239 209,889 Off-balance sheet exposures 7,357 5,309 Total exposure measure 248,596 215,198 Leverage ratio 2 8.4 % 9.3 % 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. 2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure. December 31, 2022 December 31, 2021 Total Leverage ratio requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent 7,458 3.0 6,456 3.0 Pillar 2 guidance 2 373 0.2 323 0.2 Total capital requirement relating to leverage ratio 7,831 3.2 6,779 3.2 1 Expressed as a percentage of total exposure amount. 2 On September 29, 2021, the Swedish FSA notified SEK, within the latest SREP, that SEK should hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement.
Schedule of own funds	Parent Company Dec 31, Dec 31, Skr mn 2022 2021 Share capital 1 3,990 3,990 Retained earnings 16,133 15,518 Accumulated other comprehensive income and other reserves 212 323 Independently reviewed profit net of any foreseeable charge or dividend 1,009 601 Common Equity Tier 1 (CET1) capital before regulatory adjustments 21,344 20,432 Additional value adjustments due to prudent valuation -474 -395 Intangible assets -44 -99 Fair value reserves related to gains or losses on cash flow hedges 97 — Gains or losses on liabilities valued at fair value resulting from changes in own credit standing 9 98 Negative amounts resulting from the calculation of expected loss amounts -94 -111 Total regulatory adjustments to Common Equity Tier 1 capital -506 -507 Total Common Equity Tier 1 capital 20,838 19,925 Total Own funds 20,838 19,925 1 For a detailed description of the instruments constituting share capital, see Note 22.
Schedule of minimum capital requirements exclusive of buffers	Parent Company December 31, 2022 December 31, 2021 Risk Min. Risk Min. exposure capital exposure capital Skr mn EAD 1 amount requirement EAD 1 amount requirement Credit risk, standardized approach Corporates 3,012 2,987 239 2,990 2,990 239 Default exposures 102 102 8 74 74 6 Total credit risk, standardized approach 3,114 3,089 247 3,064 3,064 245 Credit risk, IRB approach Central governments 242,609 11,018 882 196,606 9,673 774 Financial institutions 2 33,299 6,356 508 41,082 8,843 707 Corporates 3 136,849 72,779 5,822 115,412 62,988 5,039 Non-credit-obligation assets 351 351 28 372 372 30 Total credit risk IRB approach 413,108 90,504 7,240 353,472 81,876 6,550 Credit valuation adjustment risk n.a. 2,565 205 n.a. 2,922 233 Foreign exchange risk n.a. 800 64 n.a. 645 52 Commodity risk n.a. 19 2 n.a. 11 1 Operational risk n.a. 3,949 316 n.a. 3,622 290 Total 416,222 100,926 8,074 356,536 92,140 7,371 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivative contracts: EAD Skr 6,355 million (year-end 2021: Skr 5,975 million), Risk exposure amount of Skr 2,022 million (year-end 2021: Skr 2,000 million) and Capital requirement of Skr 162 million (year-end 2021: Skr 160 million). 3 Of which related to Specialized lending: EAD Skr 6,112 million (year-end 2021 Skr 5,224 million), Risk exposure amount of Skr 4,412 million (year-end 2021: Skr 3,589 million) and Capital requirement of Skr 353 million (year-end 2021: Skr 287 million).
Schedule of credit risk by PD grade	December 31, 2022 December 31, 2021 AAA A+ A+ BBB+ to AA- to A– BBB+ BB+ to B– CCC to D AAA to AA- to A– to BBB– BB+ to B– CCC to D 0.003% – 0.02 – to BBB– 0.45 – 38.28 – 0.003% – 0.02 – 0.12 – 0.54 – 44.36 – Skr mn 0.01% 0.06% 0.10 – 0.27% 7.69% 100% 0.01% 0.07% 0.32% 6.80% 100% Central governments EAD 238,038 4,556 — 15 — 191,669 4,587 — — — Average PD in % 0.003 0.04 — 2.0 — 0.004 0.05 — — — Average LGD in % 45.0 45.0 — 45.0 — 45.0 45.0 — — — Average risk weight in % 4.3 17.4 — 122.5 — 4.6 20.3 — — — December 31, 2022 December 31, 2021 A+ A+ AAA to A– BBB+ BB+ to B– CCC to D AAA to A– BBB+ BB+ to B– CCC to D to AA- 0.01% - 0.06 – to BBB– 0.50 – 28.91 – to AA- 0.06 – to BBB– 0.50 – 28.91 – Skr mn 0.04% 0.11% 0.16 – 0.32% 8.27% 100% 0.01% – 0.04% 0.11% 0.16 – 0.32% 8.27% 100% Financial institutions EAD 12,662 19,471 1,089 77 — 18,176 21,637 1,225 43 — Average PD in % 0.04 0.07 0.27 1.18 — 0.04 0.07 0.25 1.16 — Average LGD in % 34.9 30.8 45.0 45.0 — 35.7 32.8 45.0 45.0 — Average risk weight in % 17.2 19.8 71.1 130.4 — 17.6 22.0 67.9 129.3 — Corporates EAD 3,374 25,955 71,615 29,774 18 2,562 16,286 67,509 23,810 22 Average PD in % 0.03 0.09 0.24 0.74 88.4 0.04 0.09 0.24 0.74 89.43 Average LGD in % 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 Average risk weight in % 13.2 25.8 50.4 84.3 42.9 19.2 30.0 49.9 85.4 39.2
Schedule of internally assessed capital adequacy	Skr mn Dec 31, 2022 Dec 31, 2021 Credit risk 7,202 6,038 Operational risk 311 225 Market risk 1,466 1,247 Other risks 205 234 Capital planning buffer 2,697 1,610 Total 11,881 9,354
Schedule of liquidity coverage	Skr bn, 12 month average Dec 31, 2022 Dec 31, 2021 Total liquid assets 58.4 56.1 Net liquidity outflows 1 10.9 10.1 Liquidity outflows 25.0 21.2 Liquidity inflows 15.7 12.2 Liquidity Coverage Ratio 784 % 695 %
Schedule of net stable funding	Skr bn Dec 31, 2022 Dec 31, 2021 Available stable funding 235.2 245.9 Requiring stable funding 198.2 176.4 Net Stable Funding Ratio 119 % 139 %

Risk information (Tables)

Risk information (Tables)	12 Months Ended
Risk information (Tables)	Dec. 31, 2022
Risk information
Schedule of credit risk exposure	December 31, 2022 Maximum credit risk exposure Assets at fair value through Amortized Skr mn profit or loss costs Cash and cash equivalents — 4,060 Treasuries/government bonds 15,049 — Other interest-bearing securities except loans 57,226 — Loans in the form of interest-bearing securities — 54,528 Loans to credit institutions — 20,374 Loans to the public — 280,620 Derivatives 10,304 — Total financial assets 82,579 359,582 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, 2022 Adjustment to carrying Multilateral Carrying amount from Central Regional development Public sector Financial Skr bn amount exposure governments governments banks entity institutions Corporates Cash and cash equivalents 4.1 — 3.0 — — — 1.1 0.0 Treasuries/government bonds 15.0 — 15.0 — — — — — Other interest-bearing securities except loans 57.1 -0.1 15.0 20.2 5.3 2.1 14.6 — Loans in the form of interest-bearing securities 54.3 -0.2 3.0 — — — — 51.5 Loans to credit institutions including cash and cash equivalents 1 22.1 10.7 5.9 1.5 — — 3.3 0.7 Loans to the public 207.7 -1.3 120.2 0.7 0.8 — 7.1 80.2 Derivatives 10.3 3.9 — — — — 6.4 0.0 Other assets 0.3 0.3 — — — — — — Total financial assets 370.9 13.3 162.1 22.4 6.1 2.1 32.5 132.4 Contingent liabilities and commitments 2 80.3 -0.3 65.2 0.9 0.4 — 1.1 13.0 Total 451.2 13.0 227.3 23.3 6.5 2.1 33.6 145.4 December 31, 2021 Adjustment to carrying Multilateral Carrying amount from Central Regional development Public sector Financial Skr bn amount exposure governments governments banks entity institutions Corporates Cash and cash equivalents 11.1 0.1 2.0 0.0 0.0 0.0 9.0 0.0 Treasuries/government bonds 10.9 0.0 10.9 0.0 0.0 0.0 0.0 0.0 Other interest-bearing securities except loans 45.9 4.6 6.7 11.6 2.6 5.4 11.9 3.1 Loans in the form of interest-bearing securities 46.6 -0.1 3.0 0.0 0.0 0.0 0.0 43.7 Loans to credit institutions including cash and cash 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 1 Skr 10.7 billion (2021: Skr 10.4 billion) of the book value for Loans to credit institutions is cash collateral under the CSAs for derivative contracts. 2 Contingent liabilities and commitments, except cash collateral. Interest-bearing securities Committed undisbursed loans, and lending derivatives, etc. Total Skr bn Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021 Exposure class Amount % Amount % Amount % Amount % Amount % Amount % Central governments 162.3 46.2 136.1 44.4 65.0 75.0 49.4 74.8 227.3 51.9 185.5 49.8 Regional governments 22.5 6.4 14.3 4.7 0.8 0.9 1.0 1.5 23.3 5.3 15.3 4.1 Multilateral development banks 6.1 1.7 3.0 1.0 0.4 0.5 — — 6.5 1.5 3.0 0.8 Public sector entity 2.1 0.6 5.4 1.7 — — — — 2.1 0.5 5.4 1.4 Financial institutions 26.1 7.4 34.9 11.4 7.5 8.6 6.3 9.5 33.6 7.6 41.2 11.1 Corporates 132.4 37.7 112.7 36.8 13.0 15.0 9.4 14.2 145.4 33.2 122.1 32.8 Total 351.5 100.0 306.4 100.0 86.7 100.0 66.1 100.0 438.2 100.0 372.5 100.0 December 31, 2022 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America America Sweden Sweden Europe Total Central governments 27.7 3.2 2.4 — 42.5 6.7 24.2 — 106.7 Regional governments 1.5 — — — — 16.3 4.1 — 21.9 Multilateral development banks — 0.3 — 1.1 — — 3.9 — 5.3 Public sector entity — — — — — — 2.1 — 2.1 Financial institutions — — 0.0 0.8 — 16.4 10.0 6.8 34.0 Corporates 18.2 3.9 — 75.8 12.5 118.4 35.8 3.6 268.2 Total 47.4 7.4 2.4 77.7 55.0 157.8 80.1 10.4 438.2 December 31, 2021 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America America Sweden Sweden Europe Total Central governments 25.9 3.3 1.9 1.3 42.2 6.6 10.1 — 91.3 Regional governments 1.6 — — — — 10.4 0.0 — 12.0 Multilateral development banks — — — — — — 2.6 — 2.6 Public sector entity — — — — — — 5.4 — 5.4 Financial institutions — — 2.3 3.9 — 17.5 15.3 0.1 39.1 Corporates 13.2 4.4 1.2 56.5 8.8 99.8 34.0 4.2 222.1 Total 40.7 7.7 5.4 61.7 51.0 134.3 67.4 4.3 372.5 Geographical breakdown of net exposures by exposure class December 31, 2022 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America America Sweden Sweden Europe Total Central governments 0.0 0.3 2.4 0.8 — 191.3 30.3 2.2 227.3 Regional governments — — — — — 19.2 4.1 — 23.3 Multilateral development banks — 0.3 — 1.1 — — 5.1 — 6.5 Public sector entity — — — — — — 2.1 — 2.1 Financial institutions 0.1 — 0.2 1.3 — 16.0 15.9 0.1 33.6 Corporates 0.2 1.0 1.3 6.5 3.8 97.0 34.4 1.2 145.4 Total 0.3 1.6 3.9 9.7 3.8 323.5 91.9 3.5 438.2 December 31, 2021 Middle East/ Western Central and Africa/ Asia excl. North Latin Europe excl. Eastern Skr bn Turkey Japan Japan America America Sweden Sweden Europe Total Central governments — 0.4 2.0 2.0 — 161.5 17.0 2.6 185.5 Regional governments — — — — — 15.3 0.0 — 15.3 Multilateral development banks — — — — — — 3.0 — 3.0 Public sector entity — — — — — — 5.4 — 5.4 Financial institutions 0.0 — 2.4 4.9 — 15.1 18.6 0.2 41.2 Corporates 1.4 1.2 3.3 5.7 3.3 82.7 23.1 1.4 122.1 Total 1.4 1.6 7.7 12.6 3.3 274.6 67.1 4.2 372.5 Gross exposures Europe, excluding Sweden, breakdown by exposure class December 31, 2022 Central Regional Multilateral Public sector Financial Skr bn governments governments development banks entity institutions Corporates Total Finland 0.0 4.1 — — 0.2 9.3 13.6 United Kingdom 4.1 — — — 0.2 8.0 12.3 Germany 7.3 — — 2.1 0.6 0.1 10.1 France 5.6 — — — 2.5 1.9 10.0 Poland — — — — 6.7 2.4 9.1 Norway — — — — 0.1 6.6 6.7 Austria 5.9 — — — — — 5.9 Denmark 0.6 — — — 2.6 2.1 5.3 Spain — — — — 0.8 3.3 4.1 Netherlands 0.6 — — — 2.8 0.6 4.0 Luxembourg — — 3.8 — 0.0 — 3.8 Italy — — — — — 2.0 2.0 Portugal — — — — — 1.0 1.0 Ireland — — — — 0.3 0.3 0.6 Serbia — — — — — 0.5 0.5 Belgium — — — — — 0.5 0.5 Lithuania — — — — — 0.2 0.2 Czech Republic — — — — — 0.2 0.2 Russian Federation — — — — — 0.1 0.1 Estonia — — — — — 0.1 0.1 Latvia — — — — 0.1 — 0.1 Iceland — — — — — 0.1 0.1 Slovakia — — — — — 0.1 0.1 Total 24.1 4.1 3.8 2.1 16.9 39.4 90.4 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 Net exposures Europe, excluding Sweden, breakdown by exposure class December 31, 2022 Multilateral Central Regional development Public sector Financial Skr bn governments governments banks entity institution Corporates Total France 8.9 — — — 3.4 3.9 16.2 Germany 7.9 — — 2.1 1.8 1.3 13.1 Finland 0.7 4.1 — — 0.3 6.5 11.6 Luxembourg — — 5.1 — 0.0 5.5 10.6 United Kingdom 4.1 — — — 2.0 4.4 10.5 Austria 5.9 — — — — — 5.9 Denmark 1.4 — — — 2.6 1.6 5.6 Norway 0.6 — — — 0.1 4.7 5.4 Netherlands 0.8 — — — 2.9 0.3 4.0 Belgium — — — — 0.9 2.3 3.2 Poland 2.2 — — — — 0.1 2.3 Spain — — — — 1.6 0.7 2.3 Ireland — — — — 0.1 1.4 1.5 Portugal — — — — — 1.0 1.0 Switzerland — — — — 0.1 0.5 0.6 Serbia — — — — — 0.5 0.5 Lithuania — — — — — 0.2 0.2 Italy — — — — — 0.2 0.2 Czech Republic — — — — — 0.2 0.2 Estonia — — — — — 0.1 0.1 Latvia — — — — 0.1 — 0.1 Iceland — — — — — 0.1 0.1 Slovakia — — — — — 0.1 0.1 Total 32.5 4.1 5.1 2.1 15.9 35.6 95.3 December 31, 2021 Multilateral Central Regional development Public sector Financial Skr bn governments governments banks entity institution Corporates Total Germany 3.7 — — 5.2 1.1 0.3 10.3 Finland 1.5 0.0 — — 0.4 6.3 8.2 France 4.5 — — — 1.9 1.4 7.8 United Kingdom 0.0 — — — 3.0 4.0 7.0 Norway 0.6 — — — 1.9 4.3 6.8 Austria 4.3 — — — 1.7 — 6.0 Denmark 0.2 — — 0.2 3.2 1.8 5.4 Luxembourg 0.7 — 3.0 — — 0.6 4.3 Netherlands 0.3 — — — 3.4 0.3 4.0 Belgium 1.2 — — — 0.8 0.9 2.9 Poland 2.6 — — — — 0.2 2.8 Spain — — — — 1.3 1.0 2.3 Portugal — — — — — 1.0 1.0 Ireland — — — — — 0.6 0.6 Serbia — — — — — 0.4 0.4 Switzerland — — — — 0.0 0.4 0.4 Lithuania — — — — — 0.3 0.3 Czech Republic — — — — — 0.2 0.2 Estonia — — — — — 0.1 0.1 Iceland — — — — — 0.1 0.1 Italy — — — — 0.0 0.1 0.1 Latvia — — — — 0.1 — 0.1 Slovakia — — — — — 0.1 0.1 Total 19.6 0.0 3.0 5.4 18.8 24.4 71.2 Corporate exposures, broken down by industry 1 December 31, 2022 December 31, 2021 Skr bn Gross exposure Net exposure Gross exposure Net exposure IT and telecom 94.6 16.6 76.2 14.8 Industrials 62.4 49.6 44.7 41.6 Consumer goods 32.7 26.4 32.3 27.5 Utilities 30.7 14.7 19.5 9.2 Materials 27.4 15.8 23.4 16.1 Finance 13.3 19.1 21.8 10.1 Energy 4.1 0.7 1.2 0.1 Healthcare 2.8 2.3 2.8 2.5 Other 0.2 0.2 0.2 0.2 Total 268.2 145.4 222.1 122.1 1 In accordance with the reporting standard (GICS).
Schedule of credit quality	December 31, 2022 Skr mn AAA AA+ to A- BBB+ to BBB- BB+ to B- CCC to D Carrying amount Cash and cash equivalents 3,000 1,060 — — — 4,060 Treasuries/government bonds 1,106 13,942 — — — 15,048 Other interest-bearing securities except loans 29,922 27,222 — — — 57,144 Loans in the form of interest-bearing securities 3,031 16,949 30,238 4,039 — 54,257 Loans to credit institutions 6,434 13,115 2,480 116 — 22,145 Loans to the public 113,495 27,062 39,597 27,468 115 207,737 Derivatives — 10,257 47 — — 10,304 Total financial assets 156,988 109,607 72,362 31,623 115 370,695 Committed undisbursed loans 66,058 1,389 5,284 2,638 — 75,369 December 31, 2021 Skr mn AAA AA+ to A- BBB+ to BBB- BB+ to B- CCC to D Carrying amount Cash and cash equivalents 11,128 — — — — 11,128 Treasuries/government bonds 2,493 8,379 — — — 10,872 Other interest-bearing securities except loans 23,669 21,412 — 800 — 45,881 Loans in the form of interest-bearing securities 2,982 10,783 3,365 29,448 — 46,578 Loans to credit institutions 4,122 14,573 115 1,965 — 20,775 Loans to the public 101,245 20,206 20,983 37,758 96 180,288 Derivatives — 7,427 — 992 — 8,419 Total financial assets 145,639 82,780 24,463 70,963 96 323,941 Committed undisbursed loans 48,633 852 1,423 2,963 — 53,871
Schedule of impact of credit risk hedges	Impact of credit risk hedges Gross exposures by exposure class December 31, 2022 whereof subject Multilateral to the write-down Central Regional development Public Financial requirement in Skr bn government governments banks Sector Entity institutions Corporates Total IFRS9 1 Amounts related to hedges issued by: Central governments 72.7 1.5 — — 8.2 113.1 195.5 195.5 of which, guarantees issued by the EKN 72.3 1.5 — — 6.7 101.3 181.8 181.8 of which, guarantees issued by other export credit agencies 0.4 — — — — 6.8 7.2 7.2 of which, other guarantees — — — — 1.5 5.0 6.5 6.5 Regional governments — — — — — 1.3 1.3 1.3 Multilateral development banks — — — — — 1.2 1.2 1.2 Financial institutions 0.1 — — — — 7.7 7.8 7.8 of which, credit default swaps — — — — — — — — of which, guarantees 0.1 — — — — 7.7 7.8 7.8 Corporates 0.6 — — — — 14.3 14.9 14.9 of which, credit insurance from insurance companies 0.6 — — — — 11.5 12.1 12.1 of which, other guarantees — — — — — 2.8 2.8 2.8 Total hedged exposures 73.4 1.5 — — 8.2 137.6 220.7 220.7 Unhedged exposures 2 33.3 20.4 5.3 2.1 25.8 130.6 217.5 145.3 Total 106.7 21.9 5.3 2.1 34.0 268.2 438.2 366.0 December 31, 2021 whereof subject Multilateral to the write-down Central Regional development Public Financial requirement in Skr bn government governments banks Sector Entity institutions Corporates Total 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 1 Assets valued at accrued acquisition value, which are subject to the write-down requirements in IFRS 9. 2 Exposures whereby the hedge issuer belongs to the same group as the counterparty in the unhedged exposure have been reported as “Unhedged exposures.” The amounts for these were Skr 24.5 billion (2021: Skr 22.8 billion) for corporates, Skr 0.0 billion (2021: Skr 0.0 billion) for financial institutions and Skr 0.0 billion (2021: Skr 0.0 billion) for central governments.
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 tenors which are not swapped to three month tenors. Other risks (equity, commodity and volatility risks) Equity risk, equity volatility risk, commodity risk, commodity volatility risk, FX volatility risk and interest rate volatility risk all measures unrealized gains or losses and are calculated by stress tests of underlying indices or volatilities. SEK’s interest rate volatility risk is mainly attributable to interest rate floors in lending transactions, while equity and commodity risks, as well as FX volatility risks, only arise from structured borrowing. Although all structured cash flows are matched through a hedging swap, there could be an impact on SEK’s result. These risks are low, and arise because valuation of the bond, but not the swap, takes SEK’s own credit spread into account.
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 percent). 2022 2021 of which, financial instruments of which, financial instruments measured at fair measured at fair value through profit or value Skr mn Total loss Total through profit or loss Foreign currency -101 167 -268 162 Swedish kronor -351 18 -109 121 Total -452 185 -377 283 Change in value should the market interest rate decline by one percentage point Impact on the value of assets and liabilities, including derivatives, should the market interest rate decline by one percentage point (-1 percent). 2022 2021 of which, financial instruments of which, financial instruments measured at fair measured at fair value through profit or value Skr mn Total loss Total through profit or loss Foreign currency 129 -179 579 -165 Swedish kronor 437 -15 256 -115 Total 566 -194 835 -280
Schedule of assets and liabilities denominated in foreign currency	December 31, 2022 December 31, 2021 Share at Share at Exchange year end Currency positions Exchange year end Currency positions Currency rate (%) at year end (Skr mn) rate (%) at year end (Skr mn) EUR 11.1122 1 -178 10.2431 1 -242 USD 10.4055 1 -133 9.0356 0 -50 JPY 0.0788 0 24 0.0785 0 9 GBP 12.5567 0 -63 12.2119 0 -51 MXN 0.5360 1 -121 0.4408 1 -105 THB 0.3011 0 3 0.2709 0 -4 Other — 0 107 — 0 -19 Total foreign currency position 3 -361 2 -462 In accordance with SEK’s strategy for risk management, currency positions attributable to unrealized changes in fair value are not hedged. Currency positions excluding unrealized changes in fair value amounted to Skr 13 million (year-end 2021: Skr 5 million) at year end. Assets and liabilities denominated in foreign currency are included in the total volumes of assets and liabilities in the following amounts. Skr mn December 31, 2022 December 31, 2021 Total assets 375,474 333,647 of which, denominated in foreign currencies 291,952 262,056 Total liabilities 353,899 312,839 of which, denominated in foreign currencies 292,313 262,518
Summary of liquidity reserve	December 31, 2022 Skr bn Total SKR EUR USD Other Securities issued or guaranteed by sovereigns, central banks or multilateral development banks 30.1 4.7 7.2 18.1 0.1 Securities issued or guaranteed by municipalities or other public entities 27.9 10.1 1.6 16.2 — Covered bonds issued by other institutions 12.0 12.0 — — — Balances with National Debt Office 3.0 3.0 — — — Total liquidity reserve 73.0 29.8 8.8 34.3 0.1 December 31, 2021 Skr bn Total SKR EUR USD Other Securities issued or guaranteed by sovereigns, central banks or multilateral development banks 23.0 4.4 4.8 13.7 0.1 Securities issued or guaranteed by municipalities or other public entities 15.8 8.0 1.6 6.2 — Covered bonds issued by other institutions 12.9 12.9 — — — Balances with National Debt Office 2.0 2.0 — — — Total liquidity reserve 53.7 27.3 6.4 19.9 0.1 1 The liquidity reserve is a part of SEK’s liquidity investments.
Schedule of liquidity investments by remaining maturity	Percent Dec 31, 2022 Dec 31, 2021 M ≤ 1 year 90 84 1 year < M ≤ 3 years 10 16 M > 3 years — —
Schedule of key figures for liquidity risk	Key figures for liquidity risk Percent Dec 31, 2022 Dec 31, 2021 LCR under EU Commission’s delegated act 311 463 NFSR 119 139
Summary of liquidity investments by exposure type and region	Liquidity investments by exposure type Percent Dec 31, 2022 Dec 31, 2021 States and multilateral development banks 46 40 Local governments 37 23 Covered bonds 16 19 Financial institutions 1 15 Corporates — 3
Schedule of contractual flows	December 31, 2022 Due Due Due Due Due 1 month < 3 3 months < 1 1 year < 3 3 years < 5 Due > 5 Discounting Carrying Skr mn < 1 month months year years years years Total cash flow effect amount Financial assets Cash and cash equivalents 4,053 — — — — — 4,053 7 4,060 Treasuries/government bonds 4,149 8,749 2,223 — — — 15,121 -73 15,048 Other interest-bearing securities except loans 12,983 17,791 19,706 7,685 — — 58,165 -1,021 57,144 Loans in the form of interestbearing securities 368 317 9,257 22,498 14,449 17,893 64,782 -10,525 54,257 Loans to credit institutions 10,824 271 2,485 2,389 1,970 5,285 23,224 -1,079 22,145 Loans to the public 6,020 12,350 34,214 84,867 45,683 52,149 235,283 -27,546 207,737 Derivatives 1,035 2,700 3,485 1,066 1,065 2,682 12,033 -1,729 10,304 of which cash inflow in currency derivatives 5,461 17,826 43,773 14,767 6,076 6,012 93,915 of which cash outflow in currency derivatives -4,544 -15,538 -40,380 -14,257 -5,250 -5,288 -85,257 Total 39,432 42,178 71,370 118,505 63,167 78,009 412,661 -41,966 370,695 of which derivatives in hedge relationship -16 59 130 257 608 1,079 2,117 -531 1,586 December 31, 2022 Due Due Due Due Due 1 month < 3 months 1 year < 3 3 years < 5 Due > 5 Discounting Carrying Skr mn < 1 month 3 months < 1 year years years years Total cash flow effect amount Financial liabilities Borrowings from credit institutions -7,153 — — — — — -7,153 0 -7,153 Borrowings from the public — — — — — — — — — Debt securities issued -12,894 -31,803 -105,290 -121,741 -42,690 -49,181 -363,599 44,482 -319,117 Derivatives -1,398 -3,467 -4,440 -3,407 632 673 -11,407 -1,780 -13,187 of which cash inflow in currency derivatives 881 10,948 15,660 25,532 4,782 3,793 61,596 of which cash outflow in currency derivatives -1,064 -13,306 -17,293 -28,734 -5,069 -4,582 -70,048 Total -21,445 -35,270 -109,730 -125,148 -42,058 -48,508 -382,159 42,702 -339,457 of which derivatives in hedge relationship -426 -967 -5,642 -5,083 -546 -513 -13,177 943 -12,234 Commitments Committed undisbursed loans -4,871 -860 -26,663 -16,224 201 48,415 Liquidity surplus (+)/ deficit (-) 13,116 6,048 -65,023 -22,867 21,310 77,916 30,500 Accumulated liquidity surplus (+)/deficit (-) 13,116 19,164 -45,859 -68,726 -47,416 30,500 30,500 December 31, 2021 Due Due Due Due Due 1 month < 3 months 1 year < 3 3 years < 5 Due Discounting Carrying Skr mn < 1 month 3 months < 1 year years years > 5 years Total cash flow effect amount Financial assets Cash and cash equivalents 11,129 — — — — — 11,129 -1 11,128 Treasuries/government bonds 1,822 4,131 4,144 785 — — 10,882 -10 10,872 Other interest-bearing securities except loans 7,647 10,909 17,511 9,913 — — 45,980 -99 45,881 Loans in the form of interest-bearing securities 77 1,532 7,529 14,427 15,220 11,329 50,114 -3,536 46,578 Loans to credit institutions 11,673 110 2,417 2,581 1,218 3,581 21,580 -805 20,775 Loans to the public 5,182 7,229 37,218 62,116 43,375 50,887 206,007 -25,719 180,288 Derivatives 497 1,336 2,154 2,470 691 2,486 9,634 -1,215 8,419 of which cash inflow in currency derivatives 912 13,274 21,973 41,766 5,075 4,071 87,071 of which cash outflow in currency derivatives -896 -12,596 -20,645 -39,925 -4,786 -3,373 -82,221 Total 38,027 25,247 70,973 92,292 60,504 68,283 355,326 -31,385 323,941 of which derivatives in hedge relationship -7 205 374 688 222 1,597 3,079 -418 2,661 December 31, 2021 Due Due Due Due Due 1 month < 3 months 1 year < 3 3 years < 5 Due > 5 Discounting Carrying Skr mn < 1 month 3 months < 1 year years years years Total cash flow effect amount Financial liabilities Borrowings from credit institutions -5,230 — — — — — -5,230 — -5,230 Borrowings from the public — -9,998 — — — — -9,998 -2 -10,000 Debt securities issued -13,587 -26,300 -52,343 -128,316 -42,130 -41,864 -304,540 24,770 -279,770 Derivatives -358 101 -206 -4,139 -1,637 -4,210 -10,449 -4,280 -14,729 of which cash inflow in currency derivatives 888 16,122 10,459 8,188 8,942 5,107 49,706 of which cash outflow in currency derivatives -952 -17,618 -10,981 -8,886 -8,964 -5,454 -52,855 Total -19,175 -36,197 -52,549 -132,455 -43,767 -46,074 -330,217 20,488 -309,729 of which derivatives in hedge relationship 41 201 -61 -1,864 -345 -830 -2,858 -688 -3,546 Commitments Committed undisbursed loans -238 -1,938 -14,890 -22,498 970 38,594 Liquidity surplus (+)/ deficit (-) 18,614 -12,888 3,534 -62,661 17,707 60,803 25,109 Accumulated liquidity surplus (+)/deficit (-) 18,614 5,726 9,260 -53,401 -35,694 25,109 25,109

Transactions with related par_2

Transactions with related parties (Tables)	12 Months Ended
Transactions with related parties (Tables)	Dec. 31, 2022
Transactions with related parties
Schedule of consolidated Group's transactions with its related parties	2022 Companies and organizations controlled The shareholder, through a common owner, the Swedish government the Swedish government Total Interest Interest Interest income/ income/ income/ Assets/ interest Assets/ interest Assets/ interest Skr mn liabilities expense liabilities expense liabilities expense Cash 3,000 20 — — 3,000 20 Treasuries/government bonds — 2 — — — 2 Other interest-bearing securities except loans 3,499 24 2,185 11 5,684 35 Loans in the form of interest-bearing securities — — 5,349 64 5,349 64 Loans to credit institutions — — 2,417 54 2,417 54 Loans to the public — — 691 24 691 24 Settlement claim against the State 1 17 — — — 17 — Total 6,516 46 10,642 153 17,158 199 Borrowing from the public — — — — — — Other liabilities — 2 — — — 2 Settlement debt against the State 1 8,509 — — — 8,509 — Total 8,509 2 — — 8,509 2 2021 Companies and organizations -controlled The shareholder, through a common owner, the Swedish government the Swedish government Total Interest Interest Interest income/ income/ income/ Assets/ interest Assets/ interest Assets/ interest Skr mn liabilities expense liabilities expense liabilities expense Cash 2,000 — — — 2,000 — Treasuries/government bonds 1,250 -7 — — 1,250 -7 Other interest-bearing securities except loans — — 5,175 0 5,175 0 Loans in the form of interest-bearing securities — — 2,600 33 2,600 33 Loans to credit institutions — — 1,719 23 1,719 23 Loans to the public — — 1,419 9 1,419 9 Settlement claim against the 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 — Settlement debt against the State 1 — — — — — — Total 10,147 — — 4 10,147 4 1 For information about settlement claim or debt against the State, see Note 16,Note 19 and Note 24 .

Risk and capital management (Ta

Risk and capital management (Tables)	12 Months Ended
Risk and capital management (Tables)	Dec. 31, 2022
Risk and capital management
Schedule of division of responsibility for risk, liquidity and capital management
Schedule of detailed risk statement	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, credit insurance, netting agreements and other types of collateral. Furthermore, SEK’s lending is guided by the use of a normative credit policy, specifying principles for risk levels and lending terms. Concentrations that occur naturally as a result of the Company’s mission are accepted, but the Company continuously works towards reducing the risk of concentration where this is possible. SEK’s lending portfolio is of a high credit quality. The Company’s mission naturally entails certain concentration risks, such as geographical concentration risk in Sweden. The net risk is principally limited to counterparties with high creditworthiness, such as export credit agencies (ECAs), major Swedish exporters, banks and insurers. SEK invests its liquidity in high credit quality securities, primarily with short maturities. Moderate (SEK’s risk appetite for credit risk is higher than other risks.) 60.6% Liquidity risk Liquidity and refinancing risk is the risk, within a defined period of time, of the Company not being able to refinance its existing assets or being unable to meet the need for increased liquidity. Liquidity risk also includes the risk of having to borrow funds at unfavorable interest rates or needing to sell assets at unfavorable prices in order to meet payment commitments. Liquidity risk encompasses refinancing risk and market liquidity risk. SEK shall have diversified funding to ensure that funding is available through maturity for all credit commitments — credits outstanding as well as agreed but undisbursed credits. The size of SEK’s liquidity investments must ensure that new lending can take place even during times of financial stress. SEK has secured its funding for all its credit commitments, including those agreed but not yet disbursed. In addition, the size of SEK’s liquidity investments allow new lending to continue at a normal pace, even during times of stress. As a consequence of SEK having secured its funding for all its credit commitments, the remaining term to maturity for available funding is longer than the remaining term to maturity for lending. Low — Market risk Market risk is the risk of loss or changes in future earnings due to changes in, for example, interest rates, exchange rates, commodity prices or share prices. A distinction is made between market risk of non-market valued assets and liabilities and fair valued assets and liabilities. Market risk includes price risk in connection with sales of assets or the closing of exposures. SEK conducts no active trading. The core of SEK’s market risk strategy is to borrow funds in the form of bonds which, regardless of the market risk exposures in the bonds, are hedged by being swapped to a floating interest rate. Borrowed funds are used either immediately for lending, mainly at a floating rate of interest, or swapped to a floating rate, or to ensure that SEK has sufficient liquidity. The aim is to hold assets and liabilities to maturity. SEK’s business model leads to exposures towards market movements, mainly to interest rates, basis spreads, credit spreads and foreign exchange rates. Low 12.3% 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 2.6% Compliance risk Compliance risk is the risk of failure to meet obligations pursuant on the one hand to legislation, ordinances and other regulations, and on the other hand, to internal rules. SEK works continuously to develop tools and knowledge to help identify the Company’s compliance risks. The Company analyses and monitors compliance risks with the intention of continuously reducing the risk of non-compliance with regulations. SEK’s operations lead to exposure to the risk of failing to comply with current regulatory requirements and ordinances in markets in which the Company operates. Low - Business and strategic risk Business risk is the risk of an unexpected decline in revenue resulting from, for example, changes to competitive conditions with a decrease in volumes and/or falling margins. Strategic risk is the risk of lower revenue because strategic initiatives fail to achieve the pursued results, inefficient organizational changes, improper implementation of decisions, unwanted effects from outsourcing, or the lack of adequate response to changes in the regulatory and business environment. Strategic risk focuses on large-scale and structural risk factors. SEK’s executive management is responsible for identifying and managing the strategic risks and monitoring the external business environment and developments in the markets in which SEK conducts operations and for proposing the strategic direction to the Board. A risk analysis in the form of a self-assessment concerning strategic risk is to be conducted each year. SEK’s strategic risks mainly arise through changes in the external operating environment, such as market conditions, which could result in limited lending opportunities for SEK, and regulatory reforms from two perspectives: (1) the impact of these reforms on SEK’s business model; and (2) the requirements on the organization resulting from increased regulatory complexity. Low to moderate - Risk class Risk management Risk profile Risk appetite Proportion of Economic capital Sustainability risk and ESG factors Sustainability risk ESG factors Sustainability risks are managed according to a risk-based approach. In cases of heightened sustainability risk, a detailed sustainability review is performed and measures could be required in order to mitigate environmental and social risks. Requirements are based on national and international regulations and guidelines within the areas of environment and climate, anti-corruption, human rights including labor conditions and business ethics including tax. ESG factors have been integrated into SEK’s assessment of counterparties’ creditworthiness and the Company will also start work to review the potential impact of the ESG factors on other types of risks. SEK is indirectly exposed to sustainability risks in connection to its lending activities. High sustainability risks could occur in financing of large projects or businesses in countries with high risk of corruption or human rights violations. Low to moderate -

Corporate and mandatory infor_2

Corporate and mandatory information (Details)	Dec. 31, 2022 kr / shares shares
Corporate and mandatory information
Number of shares \| shares	3,990,000
Par value per share \| kr / shares	kr 1,000

Significant accounting polici_3

Significant accounting policies - Segment reporting (Details)	12 Months Ended
	Dec. 31, 2022 segment
Significant accounting policies
Number of reportable segments	1

Significant accounting polici_4

Significant accounting policies - Financial instruments (Details)	12 Months Ended
	Dec. 31, 2022 item
Significant accounting policies
Minimum difference between original and new remaining cash flows for terms to be deemed substantially different	10%
Number of scenarios prepared for each PD curve	3
Number of credit conversion factors	2

Significant accounting polici_5

Significant accounting policies - Taxes (Details)	12 Months Ended
Significant accounting policies - Taxes (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant accounting policies
Expected tax rate for calculation of deferred tax	20.60%	20.60%	21.40%

Significant accounting polici_6

Significant accounting policies - Fair value measurement (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of fair value measurement of assets
Financial assets at fair value	kr 367,723	kr 331,720
Financial liabilities at fair value	339,240	310,253
Level 3 \| Maximum
Disclosure of fair value measurement of assets
Effect of changing the non-observable parameters	155	122
Level 3 \| Minimum
Disclosure of fair value measurement of assets
Effect of changing the non-observable parameters	(155)	(122)
Fair value \| Level 2
Disclosure of fair value measurement of assets
Financial assets at fair value	59,000	32,000
Financial liabilities at fair value	kr 11,000	kr 19,000
Percentage of total financial assets	16%	10%
Percentage of total financial liabilities	3%	6%
Fair value \| Level 3
Disclosure of fair value measurement of assets
Financial assets at fair value	kr 0	kr 0
Financial liabilities at fair value	kr 31,000	kr 35,000
Percentage of total financial assets	0%	0%
Percentage of total financial liabilities	9%	11%

Significant accounting polici_7

Significant accounting policies - Provisions for expected credit losses (Details) kr in Millions	12 Months Ended
	Dec. 31, 2022 SEK (kr) item	Dec. 31, 2021 SEK (kr)	Dec. 31, 2020 SEK (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 15	kr 1
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%
Increase (decrease) in impairment of financial instruments if downturn scenario weighted 100 percent	kr 42	5
Weight of upturn scenario for sensitivity analysis	100%
Increase (decrease) in impairment of financial instruments if upturn scenario weighted 100 percent	kr (79)	(5)
Increase in future cash flows for sensitivity analysis	10%
Increase (decrease) in operating profit due to increase in future cash flows	kr 22	16
Increase (decrease) in equity due to increase in future cash flows	kr 18	13
Decrease in future cash flows for sensitivity analysis	10%
Increase (decrease) in operating profit due to decrease in future cash flows	kr (22)	(16)
Increase (decrease) in equity due to decrease in future cash flows	(18)	(13)
Gross carrying amount
Sensitivity analysis
Lending including off-balance	353,829	297,529	kr 294,423
Accumulated impairment
Sensitivity analysis
Lending including off-balance	kr (223)	kr (164)	kr (249)

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income were related to:
Interest income	kr 6,729	kr 2,719	kr 4,108
Interest expenses
Interest expenses excl. resolution fee	(4,353)	(724)	(2,076)
Resolution fee	(88)	(88)	(86)
Risk tax	(109)
Total interest expenses	(4,550)	(812)	(2,162)
Net interest income	2,179	1,907	1,946
Financial liabilities at fair value through profit or loss
Interest expenses
Total interest expenses	1,346	530	725
Derivative used for hedge accounting, liabilities
Interest expenses
Total interest expenses	(1,405)	2,146	1,904
Financial liabilities at amortized cost
Interest expenses
Total interest expenses	(4,454)	(3,415)	(4,731)
Financial assets at fair value through profit or loss.
Interest income were related to:
Interest income	(32)	(1,750)	(1,070)
Interest expenses
Total interest expenses	(37)	(73)	(60)
Derivatives used for hedge accounting, assets
Interest income were related to:
Interest income	(183)	(439)	(396)
Financial assets at amortized cost
Interest income were related to:
Interest income	6,944	4,908	5,574
Interest expenses
Total interest expenses	0	0	0
Loans to credit institutions
Interest income were related to:
Interest income	506	131	236
Loans to the public
Interest income were related to:
Interest income	5,106	3,782	4,210
Loans in the form of interest-bearing securities
Interest income were related to:
Interest income	1,114	776	897
Interest-bearing securities excluding loans in the form of interest-bearing securities
Interest income were related to:
Interest income	535	50	242
Derivatives
Interest income were related to:
Interest income	(797)	(2,239)	(1,708)
Administrative remuneration -CIRR-system
Interest income were related to:
Interest income	237	198	197
Administrative remuneration for concessionary loans	1	1
Other assets
Interest income were related to:
Interest income	kr 28	kr 21	kr 34

Net interest income - Geographi

Net interest income - Geographical areas and product group (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net interest income
Interest income	kr 6,729	kr 2,719	kr 4,108
Lending to Swedish exporters
Net interest income
Interest income	2,714	1,596	1,921
Lending to exporters' customers
Net interest income
Interest income	1,782	932	1,229
Remuneration from the CIRR-system	236	197
Liquidity
Net interest income
Interest income	2,233	191	958
Sweden
Net interest income
Interest income	1,907	863	1,223
Europe except Sweden
Net interest income
Interest income	1,071	(944)	(166)
Countries outside of Europe
Net interest income
Interest income	kr 3,751	kr 2,800	kr 3,051

Net fee and commissions expen_3

Net fee and commissions expense (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fee and commissions earned were -related to:
Lending	kr 3	kr 2	kr 1
Total fee and commissions earned	3	2	1
Commissions incurred were -related to:
Custodian-and bank fees	(10)	(9)	(10)
Brokerage	(2)	(2)	(4)
Other commissions incurred	(22)	(20)	(29)
Total fee and commission expenses	(34)	(31)	(43)
Net fee and commissions expense	(31)	(29)	kr (42)
Commissions income (expense) on financial assets and liabilities not measured at fair value through profit or loss	kr (29)	kr (27)

Net results of financial tran_3

Net results of financial transactions (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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 (9)	kr (2)	kr 5
Total net results of financial -transactions	69	56	83
Fair-value hedges
Net results of financial transactions
Net results of the hedging instrument	(7,976)	(3,397)	1,277
Net results of the hedged item	8,064	3,409	(1,191)
Cash-flow hedges
Net results of financial transactions
Net results of the hedging instrument	(122)
Net results of the hedged item	126
Designated upon initial recognition (FVO)
Net results of financial transactions
Financial assets or liabilities at fair value through profit or loss	2,004	(569)	(488)
Mandatorily measured at fair value
Net results of financial transactions
Financial assets or liabilities at fair value through profit or loss	(2,023)	582	466
Financial assets at amortized cost
Net results of financial transactions
Derecognition of financial instruments not measured at fair value through profit or loss	kr 9	kr 33	kr 14

Personnel expenses (Details)

Personnel expenses (Details) kr in Millions	12 Months Ended
Personnel expenses (Details) kr in Millions	Dec. 31, 2022 SEK (kr)	Dec. 31, 2021 SEK (kr)	Dec. 31, 2020 SEK (kr)
Personnel expenses
Pensions	kr (72)	kr (66)	kr (64)
Social insurance	(78)	(70)	(68)
Other personnel expenses	(19)	(17)	(15)
Total personnel expenses	kr (402)	kr (359)	(347)
Salary ratio of CEO to median employee	8.75	8.75
Percentage of increase of salary ratio of CEO to median employee	0%
Board of Directors and the Chief Executive Officer
Personnel expenses
Salaries and remuneration	kr (8)	kr (8)	(7)
Senior Executives
Personnel expenses
Salaries and remuneration	(24)	(25)	(25)
Remuneration excluding benefits	23	25
Pensionable remuneration	24	25
Other employees
Personnel expenses
Salaries and remuneration	(201)	(173)	kr (168)
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Lennart Jacobsen, from March 24, 2022
Personnel expenses
Fee, includes committee fee	kr (470)
Total	(470)
Lars Linder Aronson, resigned March 24, 2022
Personnel expenses
Fee, includes committee fee	(154)	kr (609)	kr (588)
Total	(154)	(609)	(588)
Lennart Jacobsen, from March 24, 2021
Personnel expenses
Fee, includes committee fee	(79)	(238)
Total	(79)	(238)
Reinhold Geijer
Personnel expenses
Fee, includes committee fee	(348)	(318)	(288)
Total	(348)	(318)	(288)
Eva Nilsagard
Personnel expenses
Fee, includes committee fee	(335)	(334)	(297)
Total	(335)	(334)	(297)
Hans Larsson, resigned March 24, 2022
Personnel expenses
Fee, includes committee fee	(85)	(334)	(302)
Total	(85)	(334)	(302)
Hkan Berg, from March 24, 2022
Personnel expenses
Fee, includes committee fee	(276)
Total	(276)
Paula da Silva, from March 24, 2022
Personnel expenses
Fee, includes committee fee	(266)
Total	(266)
Katarina Ljungqvist, from March 24, 2022
Personnel expenses
Fee, includes committee fee	(266)
Total	(266)
Cecilia Ardstrm, resigned March 24, 2021
Personnel expenses
Fee, includes committee fee		(83)	(322)
Total		(83)	(322)
Ulla Nilsson, resigned March 24, 2021
Personnel expenses
Fee, includes committee fee		(84)	(322)
Total		(84)	(322)
Catrin Fransson, Chief Executive Officer (CEO), resigned July 15, 2021
Personnel expenses
Fixed remuneration		(3,130)	(5,234)
Other benefits		(15)	(33)
Pension fee		(896)	(1,536)
Total		kr (4,041)	kr (6,803)
Retirement age		65 years	65 years
Pension fee on fixed salary (in percent)		30%	30%
Magnus Montan, Chief Executive Officer (CEO), from July 16, 2021
Personnel expenses
Fixed remuneration	(5,434)	kr (2,459)
Other benefits	(19)	(8)
Pension fee	(1,668)	(837)
Total	kr (7,121)	kr (3,304)
Retirement age	65 years	65 years
Pension fee on fixed salary (in percent)	30%	30%
Per Akerlind, Deputy Chief Executive Officer, resigned June 30, 2022
Personnel expenses
Fixed remuneration	kr (1,772)	kr (3,544)	kr (3,527)
Other benefits	(17)	(20)	(31)
Pension fee	(652)	(1,266)	(1,257)
Total	(2,441)	(4,830)	(4,815)
Karl Johan Bernerfalk, General Counsel, Head of Legal and Procurement
Personnel expenses
Fixed remuneration	(1,802)	(1,643)	(1,576)
Other benefits	(34)	(35)	(31)
Pension fee	(668)	(574)	(552)
Total	(2,504)	(2,252)	(2,159)
Andreas Ericson, Head of International Finance, resigned March 31, 2022
Personnel expenses
Fixed remuneration	(509)	(2,020)	(2,024)
Other benefits	(9)	(34)	(32)
Pension fee	(175)	(646)	(631)
Total	(693)	(2,700)	(2,687)
Pontus Davidsson, Head of International Finance, from September 8, 2022
Personnel expenses
Fixed remuneration	(981)
Other benefits	(5)
Pension fee	(196)
Total	(1,182)
Stefan Friberg, Chief Financial Officer (CFO)
Personnel expenses
Fixed remuneration	(3,018)	(3,007)	(2,964)
Other benefits	(17)	(16)	(18)
Pension fee	(608)	(532)	(515)
Total	(3,643)	(3,555)	(3,497)
Teresa Hamilton Burman, Chief Credit Officer (CCO)
Personnel expenses
Fixed remuneration	(2,465)	(2,459)	(2,389)
Other benefits	(37)	(30)	(18)
Pension fee	(604)	(529)	(524)
Total	(3,106)	(3,018)	(2,931)
Jens Hedar, Head of Client Relationship Management
Personnel expenses
Fixed remuneration	(2,454)	(2,485)	(2,316)
Other benefits	(18)	(17)	(18)
Pension fee	(803)	(721)	(635)
Total	(3,275)	(3,223)	(2,969)
Petra Knberg, Head of Marketing and Communications, resigned November 30, 2021
Personnel expenses
Fixed remuneration		(1,219)	(1,286)
Other benefits		(31)	(34)
Pension fee		(427)	(428)
Total		(1,677)	(1,748)
Peter Svensen, Chief Risk Officer (CRO), resigned December 11, 2022
Personnel expenses
Fixed remuneration	(2,525)	(2,624)	(2,597)
Other benefits	(30)	(26)	(26)
Pension fee	(593)	(555)	(569)
Total	(3,148)	(3,205)	(3,192)
Anna-Lena Sderlund, Chief Risk Officer (CRO), from December 12, 2022
Personnel expenses
Fixed remuneration	(89)
Other benefits	(1)
Pension fee	(38)
Total	(128)
Sirpa Rusanen, Chief Human Resources (CHRO), resigned September 15, 2022
Personnel expenses
Fixed remuneration	(1,254)	(1,749)	(1,719)
Other benefits	(17)	(24)	(22)
Pension fee	(479)	(687)	(675)
Total	(1,750)	(2,460)	(2,416)
Jenny Lilja Lagercrantz, Chief Human Resources Officer (CHRO), from September 16, 2022
Personnel expenses
Fixed remuneration	(613)
Other benefits	(4)
Pension fee	(169)
Total	(786)
Susanna Rystedt, Head of Strategy, Business Development and Communications
Personnel expenses
Fixed remuneration	(2,532)	(2,552)	(2,501)
Other benefits	(28)	(16)	(16)
Pension fee	(839)	(804)	(788)
Total	(3,399)	(3,372)	(3,305)
Maria Simonson, Chief Sustainability Officer (CSO), from April 1, 2022
Personnel expenses
Fixed remuneration	(1,575)
Other benefits	(12)
Pension fee	(433)
Total	(2,020)
Madeleine Widaeus, Chief Information Officer (CIO), resigned January 31, 2022
Personnel expenses
Fixed remuneration	(144)	(1,749)	(1,671)
Other benefits	(1)	(16)	(16)
Pension fee	(54)	(520)	(493)
Total	(199)	(2,285)	(2,180)
Pia Melke, Chief Information Officer (CIO), from February 1, 2022, resigned April 30, 2022
Personnel expenses
Fixed remuneration	(310)
Other benefits	(3)
Pension fee	(93)
Total	(406)
Tomas Nygrd, Chief Information Officer (CIO), from May 1, 2022
Personnel expenses
Fixed remuneration	(1,272)
Other benefits	(11)
Pension fee	(348)
Total	(1,631)
Board of Directors and Senior Executives
Personnel expenses
Fee, includes committee fee	(2,279)	(2,000)	(2,119)
Fixed remuneration	(28,749)	(30,640)	(29,804)
Other benefits	(263)	(288)	(295)
Pension fee	(8,420)	(8,994)	(8,603)
Total	kr (39,711)	kr (41,922)	kr (40,821)

Personnel expenses - Total expe

Personnel expenses - Total expenditure on remuneration (Details)		12 Months Ended
	Jan. 01, 2022	Dec. 31, 2022 EUR (€) Y employee item
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%
Disbursement percentage under employee incentive scheme subsequent years		20%
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
Additional employer contribution to occupational pension	2%
Holiday pay supplement exchanged for additional contribution of employer	1.45%
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%
Senior Executives
Personnel Expenses
Retirement age		65 years
Pension fee percentage on fixed salary		30%

Personnel expenses - Pension (D

Personnel expenses - Pension (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of net defined benefit liability (asset)
Service cost	kr (5)	kr (7)	kr (5)
Regulation of pension obligations	0	0	0
Interest cost, net	(1)	(1)	(1)
Pension cost for defined benefit pensions, incl. payroll tax	(6)	(8)	(6)
Pension cost for defined contribution pension cost incl. payroll tax	(66)	(58)	(58)
Pension cost recognized in personnel costs	(72)	(66)	(64)
Revaluation of defined benefit plans	43	24	1
Provision for pensions	8	57	82	kr 83
Present value of defined benefit obligation
Disclosure of net defined benefit liability (asset)
Revaluation of defined benefit plans	92	23	(2)
Provision for pensions	167	258	277	272
Plan assets
Disclosure of net defined benefit liability (asset)
Revaluation of defined benefit plans	(28)	1	3
Provision for pensions	(180)	kr (201)	kr (195)	kr (189)
Effect of asset ceiling
Disclosure of net defined benefit liability (asset)
Revaluation of defined benefit plans	(21)
Provision for pensions	kr 21

Personnel expenses - Defined be

Personnel expenses - Defined benefit pension (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of net defined benefit liability (asset)
Balance at beginning of the period	kr 57	kr 82	kr 83
Contributions by the employer	(10)	(8)	(7)
Pension Payments incl. special payroll tax / Benefits paid	(2)	(1)	(1)
Balance at end of the period	8	57	82
Present value of defined benefit obligation
Disclosure of net defined benefit liability (asset)
Balance at beginning of the period	258	277	272
Service cost	5	7	6
Interest cost / Expected return on plan assets	4	3	5
Pension Payments incl. special payroll tax / Benefits paid	(8)	(7)	(9)
Actuarial (gains) and losses, effect due to changed demographic assumptions		(2)
Actuarial (gains) and losses, effect due to changed financial assumptions	(98)	(24)	12
Actuarial (gains) and losses, effect due to experience based outcome	6	4	(9)
Balance at end of the period	167	258	277
Plan assets
Disclosure of net defined benefit liability (asset)
Balance at beginning of the period	(201)	(195)	(189)
Interest cost / Expected return on plan assets	(4)	(2)	(3)
Contributions by the employer	(10)	(9)	(7)
Pension Payments incl. special payroll tax / Benefits paid	7	6	8
Return on plan assets excluding interest income	28	(1)	(4)
Balance at end of the period	(180)	(201)	kr (195)
Expected contribution from the employer	6	6
Expected compensation paid	kr 8	kr 7

Personnel expenses - Plan asset

Personnel expenses - Plan assets (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of net defined benefit liability (asset)
Other Investments	kr 48	kr 44	kr 33
Properties	29	26	23
Plan assets	180	201	195
Mortgage bonds
Disclosure of net defined benefit liability (asset)
Debt instruments	39	57	53
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	29	34	41
Sweden \| Loans to the public
Disclosure of net defined benefit liability (asset)
Debt instruments	9	12	18
Foreign countries
Disclosure of net defined benefit liability (asset)
Equity investments	kr 22	kr 24	kr 23

Personnel expenses - Actuarial

Personnel expenses - Actuarial assumptions (Details)	12 Months Ended
Personnel expenses - Actuarial assumptions (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Personnel expense
Discount rate	4%	1.80%	1.25%
Assumption of early pension withdrawal	20%	20%	20%
Expected salary increase	2%	2%	2%
Expected inflation	2%	2%	1.80%
Expected lifetime	DUS21	DUS21	DUS14
Expected turnover	5%	5%	5%

Personnel expenses - Sensitivit

Personnel expenses - Sensitivity analysis of essential assumptions (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Discount rate
Disclosure of sensitivity analysis for actuarial assumptions
Increase in actuarial assumption (as a percent)	1%	1%	1%
Decrease in actuarial assumption (as a percent)	1%	1%	1%
Defined benefit obligation after reasonable increase in actuarial assumption	kr 151	kr 206	kr 218
Defined benefit obligation after reasonable decrease in actuarial assumption	227	329	358
Service cost after reasonable increase in actuarial assumption	3	4	5
Service cost after reasonable decrease in actuarial assumption	4	7	9
Interest cost on defined benefit obligation after reasonable increase in actuarial assumption	7	6	5
Interest cost on defined benefit obligation after reasonable decrease in actuarial assumption	kr 6	kr 2	kr 1
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 193	kr 270	kr 291
Defined benefit obligation after reasonable decrease in actuarial assumption	176	245	264
Service cost after reasonable increase in actuarial assumption	3	5	7
Service cost after reasonable decrease in actuarial assumption	3	5	7
Interest cost on defined benefit obligation after reasonable increase in actuarial assumption	7	5	4
Interest cost on defined benefit obligation after reasonable decrease in actuarial assumption	kr 6	kr 4	kr 3

Personnel expenses - Reconcilia

Personnel expenses - Reconciliation of pension liabilities (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Personnel expense
Balance at beginning of the period	kr 57	kr 82	kr 83
Net periodic pension cost	6	8	8
Contributions by the employer	(10)	(8)	(7)
Net pension payments	(2)	(1)	(1)
Revaluations recognized in other comprehensive income	(43)	(24)	(1)
Balance at end of the period	kr 8	kr 57	kr 82

Personnel expenses - Pensions (

Personnel expenses - Pensions (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Personnel expense
Pension expense	kr 6	kr 8	kr 6
Expected weighted average remaining service time for active employees	11 years 8 months 4 days	12 years 9 months 18 days
Expected weighted average duration for the present value	15 years 9 months	19 years 10 days
Average salary for active employees	kr 0.9	kr 0.9
Percentage of employees early retirement	20%
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Personnel expense
Average number employees, women	132	127	123
Average number employees, men	134	129	125
Total average number of employees	266	256	248

Personnel expenses - Number of

Personnel expenses - Number of employees at year-end (Details)	Dec. 31, 2022 employee item	Dec. 31, 2021 employee item	Dec. 31, 2020 employee
Personnel expense
Number of women employees	137	132	125
Number of men employees	146	132	128
Number of employees	283	264	253
Number of full time employees	267	259	247
Percentage of allocation of women in full-time employees	48%	49%	49%
Percentage of allocation of men in full-time employees	52%	51%	51%
Number of part time employees	5	5	6
Percentage of allocation of women in part-time employees	80%	80%	83%
Percentage of allocation of men in part-time employees	20%	20%	17%
Number of permanent employees	281	263	253
Percentage of allocation of women in permanent employees	48%	50%	49%
Percentage of allocation of men in permanent employees	52%	50%	51%
Number of temporary employees	2	1	0
Percentage of allocation of women in temporary employees	50%	0%	0%
Percentage of allocation of men in temporary employees	50%	100%	0%
Number of hourly employees	11
Percentage of allocation of women in hourly employees	55%
Percentage of allocation of men in hourly employees	45%
Number of managers	31	33	31
Number of non-management employees	252	231	222
Number of consultants \| item	72	73

Personnel expenses - Employees

Personnel expenses - Employees by age distribution (Details) - employee	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Personnel expense
Number of employees	283	264	253
Percentage of employees under age of 30 years	9%	4%	5%
Percentage of employees between ages 30 and 50 years	45%	50%	48%
Percentage of employees over age of 50 years	46%	46%	47%

Personnel expenses - Employee t

Personnel expenses - Employee turnover (Details) - employee	12 Months Ended
Personnel expenses - Employee turnover (Details) - employee	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Personnel expense
Number of employees who left employment	38	20	16
Number of women employees who left employment	19	7	8
Number of men employees who left employment	19	13	8
Number of employees who left employment under the age of 30 years	2	1	0
Number of employees who left employment between 30 and 50 years	19	9	12
Number of employees who left employment over 50 years	17	10	4

Personnel expenses - Employee_2

Personnel expenses - Employees by health percentage (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Personnel expense
Percentage of employees absence due to sickness	2.90%	3.50%	2.10%

Personnel expenses - Employee e

Personnel expenses - Employee equality and diversity (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Personnel expense
Percentage of allocation of women on the Board of Directors	63%	43%	62%
Percentage of allocation of men on the Board of Directors	37%	57%	38%
Percentage of allocation of women in executive management	45%	36%	50%
Percentage of allocation of men in executive management	55%	64%	50%
Percentage of allocation of women in management positions	52%	45%	48%
Percentage of allocation of men in management positions	48%	55%	52%
Percentage of allocation of women employees in total	48%	50%	49%
Percentage of allocation of men employees in total	52%	50%	51%

Other administrative expenses_2

Other administrative expenses (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other administrative expenses
Travel expenses and marketing	kr (9)	kr (3)	kr (3)
IT and information system (fees incl.)	(163)	(167)	(140)
Other fees	(33)	(44)	(38)
Premises	(7)	(11)	(10)
Other	(4)	(6)	(7)
Total other administrative expenses	kr (216)	kr (231)	kr (198)

Other administrative expenses -

Other administrative expenses - Remuneration to auditors (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Auditor's remuneration details
Audit fees	kr (9)	kr (8)	kr (9)
Other fees	(2)	(3)	(3)
Total	kr (11)	kr (11)	kr (12)

Tangible and intangible asset_2

Tangible and intangible assets (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tangible and intangible assets
Tangible assets	kr 42	kr 40	kr 22
Right-of-use assets	144	152	25
Intangible assets	121	139	98
Total net book value	307	331	145
Depreciation and impairment during the year according to the Consolidated Statement of Comprehensive Income	kr (94)	kr (80)	kr (51)
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, 2022	Dec. 31, 2021
Leasing
Potential future cash flows related to lease extension options	kr 88	kr 80
Period of lease extension options	3 years
Right-of-use asset, opening balance	kr 152	25
Depreciation	(24)	(30)
Addition	16	157
Right-of-use asset, closing balance	kr 144	kr 152

Leasing - Accounted for in prof

Leasing - Accounted for in profit or loss (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leasing
Depreciation charge on right-of-use assets	kr (24)	kr (30)
Interest expenses on lease liability	(1)	(1)
Expenses relating to short-term leases	0	0
Expenses relating to low-value leases	(1)	(1)
Variable lease fees	(3)	(6)
Total amount accounted for in profit or loss	kr (29)	kr (38)

Leasing - Lease liability (Deta

Leasing - Lease liability (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease liabilities
Lease liabilities, opening balance	kr 153	kr 19
Interest expense accrued	1	1
Payments of lease liability	(23)	(24)	kr (27)
Additions	16	157
Lease liabilities, closing balance	kr 147	kr 153	kr 19

Leasing - Contractual flows of

Leasing - Contractual flows of lease liability and costs (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases
Discounting effect	kr (3)	kr (3)
Lease liabilities	147	153	kr 19
Cash outflow	27	31
Within 1 year
Leases
Undiscounted lease payments	28	21
Between 1 and 5 years
Leases
Undiscounted lease payments	kr 122	122
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, 2022	Dec. 31, 2021
Leasing
Gross investment	kr 287	kr 238
Present value of minimum lease payments	256	216
Unearned finance income	32	21
Within 1 year
Leasing
Gross investment	109	111
Present value of minimum lease payments	106	108
Between 1 and 5 years
Leasing
Gross investment	118	83
Present value of minimum lease payments	104	74
More than 5 years
Leasing
Gross investment	60	44
Present value of minimum lease payments	kr 46	kr 34

Impairments (Details)

Impairments (Details) - SEK (kr) kr in Millions	12 Months Ended
Impairments (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in allowance account for credit losses of financial assets
Established credit losses	kr 0	kr (52)	kr (20)
Reserves applied to cover established credit losses		49	20
Recovered credit losses	13	1
Net credit losses	(34)	41	(153)
Loans in the form of interest-bearing securities
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	(5)	13	(17)
Loans to credit institutions
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	1	2	(6)
Loans to the public
Reconciliation of changes in allowance account for credit losses of financial assets
Established credit losses		(52)	(20)
Reserves applied to cover established credit losses		49	20
Recovered credit losses	12	1
Net credit losses	(26)	25	(125)
Off balance
Reconciliation of changes in allowance account for credit losses of financial assets
Recovered credit losses	1
Net credit losses	(4)	1	(5)
12-month expected credit losses
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	(38)	60	(98)
12-month expected credit losses \| Loans in the form of interest-bearing securities
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	(9)	7	(6)
12-month expected credit losses \| Loans to credit institutions
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	1	2	(6)
12-month expected credit losses \| Loans to the public
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	(26)	50	(81)
12-month expected credit losses \| Off balance
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	(4)	1	(5)
Lifetime expected credit losses \| Financial instruments not credit-impaired
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	6	29	(48)
Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans in the form of interest-bearing securities
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	4	6	(11)
Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans to credit institutions
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	0	0	0
Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans to the public
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	3	23	(37)
Lifetime expected credit losses \| Financial instruments not credit-impaired \| Off balance
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	(1)	0	0
Lifetime expected credit losses \| Financial instruments credit-impaired
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	(15)	(46)	(7)
Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans to the public
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	(15)	(46)	(7)
Lifetime expected credit losses \| Financial instruments credit-impaired \| Off balance
Reconciliation of changes in allowance account for credit losses of financial assets
Net credit losses	kr 0	kr 0	kr 0

Impairments - Loss Allowance (D

Impairments - Loss Allowance (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans and off balance
Provision ratio	0.06%	0.06%
12-month expected credit losses
Loans and off balance
Provision ratio	0.05%	0.04%
Lifetime expected credit losses \| Financial instruments not credit-impaired
Loans and off balance
Provision ratio	0.04%	0.04%
Lifetime expected credit losses \| Financial instruments credit-impaired
Loans and off balance
Provision ratio	0.58%	2.01%
Gross carrying amount
Loans and off balance
Loans and off balance	kr 353,829	kr 297,529	kr 294,423
Of which guaranteed	68.90%	70.30%
Gross carrying amount \| Loans
Loans and off balance
Loans and off balance	kr 273,658	kr 237,381
Gross carrying amount \| Loans in the form of interest-bearing securities
Loans and off balance
Loans and off balance	54,283	46,599
Gross carrying amount \| Loans to credit institutions
Loans and off balance
Loans and off balance	11,457	10,362
Gross carrying amount \| Loans to the public
Loans and off balance
Loans and off balance	207,918	180,420
Gross carrying amount \| Off balance
Loans and off balance
Loans and off balance	80,171	60,148
Gross carrying amount \| Guarantees
Loans and off balance
Loans and off balance	4,802	4,767
Gross carrying amount \| Committed undisbursed loans
Loans and off balance
Loans and off balance	75,369	55,381
Gross carrying amount \| 12-month expected credit losses
Loans and off balance
Loans and off balance	kr 283,296	kr 228,489	226,456
Of which guaranteed	62.90%	63.70%
Gross carrying amount \| 12-month expected credit losses \| Loans
Loans and off balance
Loans and off balance	kr 229,902	kr 196,912
Gross carrying amount \| 12-month expected credit losses \| Loans in the form of interest-bearing securities
Loans and off balance
Loans and off balance	51,401	42,827
Gross carrying amount \| 12-month expected credit losses \| Loans to credit institutions
Loans and off balance
Loans and off balance	11,147	6,948
Gross carrying amount \| 12-month expected credit losses \| Loans to the public
Loans and off balance
Loans and off balance	167,354	147,137
Gross carrying amount \| 12-month expected credit losses \| Off balance
Loans and off balance
Loans and off balance	53,394	31,577
Gross carrying amount \| 12-month expected credit losses \| Guarantees
Loans and off balance
Loans and off balance	3,902	4,767
Gross carrying amount \| 12-month expected credit losses \| Committed undisbursed loans
Loans and off balance
Loans and off balance	49,492	26,810
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired
Loans and off balance
Loans and off balance	kr 58,563	kr 66,651	66,485
Of which guaranteed	92.60%	93.20%
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans
Loans and off balance
Loans and off balance	kr 37,043	kr 38,185
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	2,882	3,772
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans to credit institutions
Loans and off balance
Loans and off balance	310	3,414
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans to the public
Loans and off balance
Loans and off balance	33,851	30,999
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Off balance
Loans and off balance
Loans and off balance	21,520	28,466
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Guarantees
Loans and off balance
Loans and off balance	900
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Committed undisbursed loans
Loans and off balance
Loans and off balance	20,620	28,466
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired
Loans and off balance
Loans and off balance	kr 11,970	kr 2,389	1,482
Of which guaranteed	98.70%	95.70%
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans
Loans and off balance
Loans and off balance	kr 6,713	kr 2,284
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans to the public
Loans and off balance
Loans and off balance	6,713	2,284
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Off balance
Loans and off balance
Loans and off balance	5,257	105
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Committed undisbursed loans
Loans and off balance
Loans and off balance	5,257	105
Accumulated impairment
Loans and off balance
Loans and off balance	(223)	(164)	(249)
Accumulated impairment \| Loans
Loans and off balance
Loans and off balance	(210)	(157)
Accumulated impairment \| Loans in the form of interest-bearing securities
Loans and off balance
Loans and off balance	(26)	(21)
Accumulated impairment \| Loans to credit institutions
Loans and off balance
Loans and off balance	(2)	(4)
Accumulated impairment \| Loans to the public
Loans and off balance
Loans and off balance	(182)	(132)
Accumulated impairment \| Off balance
Loans and off balance
Loans and off balance	(13)	(7)
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	(13)	(7)
Accumulated impairment \| 12-month expected credit losses
Loans and off balance
Loans and off balance	(130)	(88)	(147)
Accumulated impairment \| 12-month expected credit losses \| Loans
Loans and off balance
Loans and off balance	(118)	(82)
Accumulated impairment \| 12-month expected credit losses \| Loans in the form of interest-bearing securities
Loans and off balance
Loans and off balance	(23)	(14)
Accumulated impairment \| 12-month expected credit losses \| Loans to credit institutions
Loans and off balance
Loans and off balance	(2)	(4)
Accumulated impairment \| 12-month expected credit losses \| Loans to the public
Loans and off balance
Loans and off balance	(93)	(64)
Accumulated impairment \| 12-month expected credit losses \| Off balance
Loans and off balance
Loans and off balance	(12)	(6)
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	(12)	(6)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments not credit-impaired
Loans and off balance
Loans and off balance	(23)	(28)	(56)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans
Loans and off balance
Loans and off balance	(22)	(27)
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	(3)	(7)
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	(19)	(20)
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	(70)	(48)	kr (46)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans
Loans and off balance
Loans and off balance	(70)	(48)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans to the public
Loans and off balance
Loans and off balance	(70)	(48)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Off balance
Loans and off balance
Loans and off balance	0	0
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Committed undisbursed loans
Loans and off balance
Loans and off balance	kr 0	kr 0

Impairments - Reconciliations (

Impairments - Reconciliations (Details) kr in Millions	12 Months Ended
Impairments - Reconciliations (Details) kr in Millions	Dec. 31, 2022 SEK (kr) item	Dec. 31, 2021 SEK (kr)
Changes in loss allowance
Number of scenarios prepared for each PD curve \| item	3
Weight of upturn scenario	0%
Minimum
Changes in loss allowance
Business cycle parameters for base scenario for PD segments	(0.8)
Weight of base scenario	40%
Weight of downturn scenario	10%
Maximum
Changes in loss allowance
Business cycle parameters for base scenario for PD segments	(0.2)
Weight of base scenario	90%
Weight of downturn scenario	60%
Gross carrying amount
Changes in loss allowance
Loans and off balance at beginning of period	kr 297,529	kr 294,423
Increase due to origination and acquisition	133,147	87,470
Transfer to stage 1	(2,010)	(62)
Transfer to stage 2	(602)	(453)
Transfer to stage 3	(1,203)	(108)
Decrease due to derecognition	(73,032)	(83,741)
Loans and off balance at end of period	353,829	297,529
Gross carrying amount \| 12-month expected credit losses
Changes in loss allowance
Loans and off balance at beginning of period	228,489	226,456
Increase due to origination and acquisition	125,243	79,856
Transfer to stage 1	5,788	1,240
Transfer to stage 2	(4,447)	(4,676)
Transfer to stage 3	(7,980)	(105)
Decrease due to derecognition	(63,797)	(74,282)
Loans and off balance at end of period	283,296	228,489
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired
Changes in loss allowance
Loans and off balance at beginning of period	66,651	66,485
Increase due to origination and acquisition	5,451	7,380
Transfer to stage 1	(7,798)	(1,302)
Transfer to stage 2	3,845	4,223
Transfer to stage 3	(725)	(948)
Decrease due to derecognition	(8,861)	(9,187)
Loans and off balance at end of period	58,563	66,651
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired
Changes in loss allowance
Loans and off balance at beginning of period	2,389	1,482
Increase due to origination and acquisition	2,453	234
Transfer to stage 3	7,502	945
Decrease due to derecognition	(374)	(272)
Loans and off balance at end of period	11,970	2,389
Accumulated impairment
Changes in loss allowance
Loans and off balance at beginning of period	(164)	(249)
Increase due to origination and acquisition	(70)	(65)
Net remeasurement of loss allowance	23	21
Transfer to stage 1	6	0
Transfer to stage 2	(11)	(4)
Transfer to stage 3	(19)	(19)
Decrease due to derecognition	24	110
Decrease in allowance account due to write-offs		49
Exchange-rate differences	(12)	(7)
Loans and off balance at end of period	(223)	(164)
Accumulated impairment \| 12-month expected credit losses
Changes in loss allowance
Loans and off balance at beginning of period	(88)	(147)
Increase due to origination and acquisition	(67)	(40)
Net remeasurement of loss allowance	5	51
Transfer to stage 1	(1)	0
Transfer to stage 2	1	2
Transfer to stage 3	1	0
Decrease due to derecognition	22	47
Exchange-rate differences	(3)	(1)
Loans and off balance at end of period	(130)	(88)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments not credit-impaired
Changes in loss allowance
Loans and off balance at beginning of period	(28)	(56)
Increase due to origination and acquisition	(3)	0
Net remeasurement of loss allowance	9	13
Transfer to stage 1	7	0
Transfer to stage 2	(12)	(6)
Transfer to stage 3	3	2
Decrease due to derecognition	2	20
Exchange-rate differences	(1)	(1)
Loans and off balance at end of period	(23)	(28)
Accumulated impairment \| Lifetime expected credit losses \| Financial instruments credit-impaired
Changes in loss allowance
Loans and off balance at beginning of period	(48)	(46)
Increase due to origination and acquisition	0	(25)
Net remeasurement of loss allowance	9	(43)
Transfer to stage 3	(23)	(21)
Decrease due to derecognition	0	43
Decrease in allowance account due to write-offs		49
Exchange-rate differences	(8)	(5)
Loans and off balance at end of period	kr (70)	kr (48)

Impairments - Loan credit quali

Impairments - Loan credit quality (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of credit risk exposure
Financial assets.	kr 370,695	kr 323,941
AAA
Disclosure of credit risk exposure
Financial assets.	156,988	145,639
AA+ to A-
Disclosure of credit risk exposure
Financial assets.	109,607	82,780
BBB+ to BBB-
Disclosure of credit risk exposure
Financial assets.	72,362	24,463
CCC to D
Disclosure of credit risk exposure
Financial assets.	115	96
Gross carrying amount \| Loans
Disclosure of credit risk exposure
Financial assets.	273,658	237,381
Gross carrying amount \| Loans \| AA+ to A-
Disclosure of credit risk exposure
Financial assets.	28,382	25,815
Gross carrying amount \| Loans \| BBB+ to BBB-
Disclosure of credit risk exposure
Financial assets.	153,526	133,772
Gross carrying amount \| Loans \| BB+ to BB-
Disclosure of credit risk exposure
Financial assets.	63,832	57,290
Gross carrying amount \| Loans \| B+ to B-
Disclosure of credit risk exposure
Financial assets.	19,059	12,158
Gross carrying amount \| Loans \| CCC to D
Disclosure of credit risk exposure
Financial assets.	8,859	8,346
Gross carrying amount \| 12-month expected credit losses \| Loans
Disclosure of credit risk exposure
Financial assets.	229,902	196,912
Gross carrying amount \| 12-month expected credit losses \| Loans \| AA+ to A-
Disclosure of credit risk exposure
Financial assets.	28,382	25,815
Gross carrying amount \| 12-month expected credit losses \| Loans \| BBB+ to BBB-
Disclosure of credit risk exposure
Financial assets.	150,441	131,514
Gross carrying amount \| 12-month expected credit losses \| Loans \| BB+ to BB-
Disclosure of credit risk exposure
Financial assets.	38,523	32,247
Gross carrying amount \| 12-month expected credit losses \| Loans \| B+ to B-
Disclosure of credit risk exposure
Financial assets.	12,396	6,697
Gross carrying amount \| 12-month expected credit losses \| Loans \| CCC to D
Disclosure of credit risk exposure
Financial assets.	160	639
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans
Disclosure of credit risk exposure
Financial assets.	37,043	38,185
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans \| BBB+ to BBB-
Disclosure of credit risk exposure
Financial assets.	3,085	2,258
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans \| BB+ to BB-
Disclosure of credit risk exposure
Financial assets.	25,309	25,043
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans \| B+ to B-
Disclosure of credit risk exposure
Financial assets.	6,663	5,461
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Loans \| CCC to D
Disclosure of credit risk exposure
Financial assets.	1,986	5,423
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans
Disclosure of credit risk exposure
Financial assets.	6,713	2,284
Gross carrying amount \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Loans \| CCC to D
Disclosure of credit risk exposure
Financial assets.	kr 6,713	kr 2,284

Taxes (Details)

Taxes (Details) - SEK (kr) kr in Millions	12 Months Ended
Taxes (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Taxes
Adjustment previous year	kr 0	kr 0	kr (4)
Current tax	(304)	(272)	(266)
Deferred tax	(1)	1	0
Total income tax	(305)	(271)	(270)
Income tax related to other comprehensive income
Tax on items to be reclassified to profit or loss - Deferred tax	25
Tax on items not to be reclassified to profit or loss - Current tax	(20)	5	(4)
Tax on items not to be reclassified to profit or loss - Deferred tax	(10)	(5)	(1)
Income tax related to other comprehensive income	kr (5)	kr 0	kr (5)

Taxes - Reconciliation of effec

Taxes - Reconciliation of effective tax rate (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of effective tax rate
The Swedish corporate tax rate (percent)	20.60%	20.60%	21.40%
Profit before taxes	kr 1,471	kr 1,305	kr 1,238
National tax based on profit before taxes	(303)	(269)	(265)
Tax effects of: Non-taxable income	0	0	0
Tax effects of: Non-deductible expenses	(2)	(3)	(1)
Tax effect of the tax credit for investments in equipment		1
Tax effects of: Other			(4)
Total income tax	kr (305)	kr (271)	kr (270)
Effective tax expense (percent)	20.70%	20.80%	21.80%

Taxes - Deferred tax assets and

Taxes - Deferred tax assets and liabilities (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets and liabilities net
Deferred tax assets	kr 25	kr 11
Deductible loss carry forwards	0	0
Pensions
Deferred tax assets and liabilities net
Deferred tax assets	0	10
Tax credit for investment in equipment
Deferred tax assets and liabilities net
Deferred tax assets		kr 1
Cash-flow hedges
Deferred tax assets and liabilities net
Deferred tax assets	kr 25

Taxes - Change in deferred taxe

Taxes - Change in deferred taxes (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Taxes
Opening balance	kr 11	kr 15
Change through profit or loss	(1)	1	kr 0
Change in other comprehensive income	15	(5)
Closing balance	kr 25	kr 11	kr 15

Loans and liquidity investmen_3

Loans and liquidity investments (Details) - SEK (kr) kr in Millions	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020	[1]	Dec. 31, 2019
Loans:
Loans in the form of interest-bearing securities	kr 54,257		kr 46,578
Loans to credit institutions	22,145		20,775
Loans to the public	207,737		180,288
Cash collateral under the security agreements for derivative contracts	(10,691)		(10,417)
Total lending portfolio	273,448		237,224
Liquidity investments:
Cash and cash equivalents	4,060	[1]	11,128	[1]	kr 3,362		kr 1,362
Treasuries/government bonds	15,048		10,872
Other interest-bearing securities except loans	57,144		45,881
Total liquidity investments	76,252		67,881
issued by public authorities	kr 19,014		kr 16,584

[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, 2022	Dec. 31, 2021
Difference between book value and amount required to be paid at maturity
Sum of amounts exceeding nominal	kr 87	kr 243
Sum of amounts falling below nominal	kr (479)	kr (9)

Loans and liquidity investmen_5

Loans and liquidity investments - Volume Development, Lending (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Volume Development, Lending
Offers of long-term loans accepted	kr 133,181	kr 76,988
Undisbursed loans at year end	75,369	53,871
Loans outstanding at year-end	273,448	237,224
Concessionary loans outstanding	361	315
CIRR-System
Volume Development, Lending
Offers of long-term loans accepted	29,481	11,797
Undisbursed loans at year end	56,265	39,084
Loans outstanding at year-end	kr 94,241	kr 87,872

Loans and liquidity investmen_6

Loans and liquidity investments - Outstanding loans as per business area (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Outstanding loans as per product type
Total lending portfolio	kr 273,448	kr 237,224
Concessionary loans outstanding	361	315
CIRR-System
Outstanding loans as per product type
Total lending portfolio	94,241	87,872
Lending to Swedish exporters
Outstanding loans as per product type
Total lending portfolio	128,399	109,281
Lending to exporters' customers
Outstanding loans as per product type
Total lending portfolio	145,049	127,943
Lending to exporters' customers \| CIRR-System
Outstanding loans as per product type
Total lending portfolio	kr 94,241	kr 87,872

Classification of financial a_3

Classification of financial assets and liabilities - Financial assets (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial assets at fair value through profit or loss
Mandatorily	kr 80,910	kr 62,517
Derivatives used for hedge accounting	1,586	2,655
Amortized cost	288,199	258,769
Total financial assets	370,695	323,941
Cash and cash equivalents
Financial assets at fair value through profit or loss
Amortized cost	4,060	11,128
Total financial assets	4,060	11,128
Treasuries/government bonds
Financial assets at fair value through profit or loss
Mandatorily	15,048	10,872
Total financial assets	15,048	10,872
Other interest-bearing securities except loans
Financial assets at fair value through profit or loss
Mandatorily	57,144	45,881
Total financial assets	57,144	45,881
Loans in the form of interest-bearing securities
Financial assets at fair value through profit or loss
Amortized cost	54,257	46,578
Total financial assets	54,257	46,578
Loans to credit institutions
Financial assets at fair value through profit or loss
Amortized cost	22,145	20,775
Total financial assets	22,145	20,775
Loans to the public
Financial assets at fair value through profit or loss
Amortized cost	207,737	180,288
Total financial assets	207,737	180,288
Derivatives
Financial assets at fair value through profit or loss
Mandatorily	8,718	5,764
Derivatives used for hedge accounting	1,586	2,655
Total financial assets	kr 10,304	kr 8,419

Classification of financial a_4

Classification of financial assets and liabilities - Financial liabilities (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial liabilities at fair value through profit or loss
Mandatorily measured at fair value through profit or loss	kr 953	kr 11,185
Designated upon initial recognition (FVO)	28,788	39,316
Derivatives used for hedge accounting	12,234	3,544
Amortized cost	297,482	255,684
Total financial liabilities	339,457	309,729
Borrowing from credit institutions
Financial liabilities at fair value through profit or loss
Amortized cost	7,153	5,230
Total financial liabilities	7,153	5,230
Borrowing from the public
Financial liabilities at fair value through profit or loss
Amortized cost		10,000
Total financial liabilities		10,000
Debt securities issued
Financial liabilities at fair value through profit or loss
Mandatorily measured at fair value through profit or loss	0
Designated upon initial recognition (FVO)	28,788	39,316
Amortized cost	290,329	240,454
Total financial liabilities	319,117	279,770
Derivatives
Financial liabilities at fair value through profit or loss
Mandatorily measured at fair value through profit or loss	953	11,185
Derivatives used for hedge accounting	12,234	3,544
Total financial liabilities	kr 13,187	kr 14,729

Financial assets and liabilit_3

Financial assets and liabilities at fair value (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments
Book value of financial assets	kr 370,695	kr 323,941
Book value of financial liabilities	339,457	309,729
Fair value of financial assets	367,723	331,720
Fair value of financial liabilities	339,240	310,253
Surplus value (+) /Deficit value (-), financial assets	(2,972)	7,779
Surplus value (+) /Deficit value (-) financial liabilities	(217)	524
Borrowing from credit institutions
Disclosure of detailed information about financial instruments
Book value of financial liabilities	7,153	5,230
Fair value of financial liabilities	7,153	5,230
Borrowing from the public
Disclosure of detailed information about financial instruments
Book value of financial liabilities		10,000
Fair value of financial liabilities		10,000
Debt securities issued
Disclosure of detailed information about financial instruments
Book value of financial liabilities	319,117	279,770
Fair value of financial liabilities	318,900	280,294
Surplus value (+) /Deficit value (-) financial liabilities	(217)	524
Derivatives
Disclosure of detailed information about financial instruments
Book value of financial liabilities	13,187	14,729
Fair value of financial liabilities	13,187	14,729
Cash and cash equivalents
Disclosure of detailed information about financial instruments
Book value of financial assets	4,060	11,128
Fair value of financial assets	4,060	11,128
Treasuries/government bonds
Disclosure of detailed information about financial instruments
Book value of financial assets	15,048	10,872
Fair value of financial assets	15,048	10,872
Other interest-bearing securities except loans
Disclosure of detailed information about financial instruments
Book value of financial assets	57,144	45,881
Fair value of financial assets	57,144	45,881
Loans in the form of interest-bearing securities
Disclosure of detailed information about financial instruments
Book value of financial assets	54,257	46,578
Fair value of financial assets	54,877	47,991
Surplus value (+) /Deficit value (-), financial assets	620	1,413
Loans to credit institutions
Disclosure of detailed information about financial instruments
Book value of financial assets	22,145	20,775
Fair value of financial assets	21,747	20,993
Surplus value (+) /Deficit value (-), financial assets	(398)	218
Loans to the public
Disclosure of detailed information about financial instruments
Book value of financial assets	207,737	180,288
Fair value of financial assets	204,543	186,436
Surplus value (+) /Deficit value (-), financial assets	(3,194)	6,148
Derivatives
Disclosure of detailed information about financial instruments
Book value of financial assets	10,304	8,419
Fair value of financial assets	kr 10,304	kr 8,419

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments
Fair value of financial assets	kr 367,723	kr 331,720
Book value of financial assets	370,695	323,941
Fair value of financial liabilities	339,240	310,253
Book value of financial liabilities	339,457	309,729
Borrowing from credit institutions
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	7,153	5,230
Book value of financial liabilities	7,153	5,230
Borrowing from the public
Disclosure of detailed information about financial instruments
Fair value of financial liabilities		10,000
Book value of financial liabilities		10,000
Debt securities issued
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	318,900	280,294
Book value of financial liabilities	319,117	279,770
Debt securities issued \| Level 3
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	26,536	32,555	kr 41,198
Financial liabilities at amortized cost
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	297,265	256,209
Book value of financial liabilities	297,482	255,684
Financial liabilities at amortized cost \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	297,265	256,209
Financial liabilities at amortized cost \| Borrowing from credit institutions
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	7,153	5,230
Book value of financial liabilities	7,153	5,230
Financial liabilities at amortized cost \| Borrowing from credit institutions \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	7,153	5,230
Financial liabilities at amortized cost \| Borrowing from the public
Disclosure of detailed information about financial instruments
Fair value of financial liabilities		10,000
Book value of financial liabilities		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
Financial liabilities at amortized cost \| Debt securities issued
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	290,112	240,979
Book value of financial liabilities	290,329	240,454
Financial liabilities at amortized cost \| Debt securities issued \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial liabilities	290,112	240,979
Financial assets at amortized cost
Disclosure of detailed information about financial instruments
Fair value of financial assets	285,227	266,548
Book value of financial assets	288,199	258,769
Financial assets at amortized cost \| Level 1
Disclosure of detailed information about financial instruments
Fair value of financial assets	5,506	13,098
Financial assets at amortized cost \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	279,721	253,450
Cash and cash equivalents
Disclosure of detailed information about financial instruments
Fair value of financial assets	4,060	11,128
Book value of financial assets	4,060	11,128
Cash and cash equivalents \| Financial assets at amortized cost
Disclosure of detailed information about financial instruments
Fair value of financial assets	4,060	11,128
Book value of financial assets	4,060	11,128
Cash and cash equivalents \| Financial assets at amortized cost \| Level 1
Disclosure of detailed information about financial instruments
Fair value of financial assets	4,060	11,128
Loans in the form of interest-bearing securities
Disclosure of detailed information about financial instruments
Fair value of financial assets	54,877	47,991
Book value of financial assets	54,257	46,578
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	54,877	47,991
Book value of financial assets	54,257	46,578
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	1,446	1,970
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	53,431	46,021
Loans to credit institutions
Disclosure of detailed information about financial instruments
Fair value of financial assets	21,747	20,993
Book value of financial assets	22,145	20,775
Loans to credit institutions \| Financial assets at amortized cost
Disclosure of detailed information about financial instruments
Fair value of financial assets	21,747	20,993
Book value of financial assets	22,145	20,775
Loans to credit institutions \| Financial assets at amortized cost \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	21,747	20,993
Loans to the public
Disclosure of detailed information about financial instruments
Fair value of financial assets	204,543	186,436
Book value of financial assets	207,737	180,288
Loans to the public \| Financial assets at amortized cost
Disclosure of detailed information about financial instruments
Fair value of financial assets	204,543	186,436
Book value of financial assets	207,737	180,288
Loans to the public \| Financial assets at amortized cost \| Level 2
Disclosure of detailed information about financial instruments
Fair value of financial assets	kr 204,543	kr 186,436

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments
Financial assets at fair value	kr 367,723	kr 331,720
Financial liabilities at fair value	339,240	310,253
Debt securities issued
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	318,900	280,294
Debt securities issued \| Level 3
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	26,536	32,555	kr 41,198
Derivatives
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	13,187	14,729
Financial liabilities at fair value through profit or loss
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	41,975	54,045
Financial liabilities at fair value through profit or loss \| Level 2
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	10,820	18,967
Financial liabilities at fair value through profit or loss \| Level 3
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	31,155	35,078
Financial liabilities at fair value through profit or loss \| Debt securities issued
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	28,788	39,316
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	2,252	6,761
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	26,536	32,555
Financial liabilities at fair value through profit or loss \| Derivatives
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	13,187	14,729
Financial liabilities at fair value through profit or loss \| Derivatives \| Level 2
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	8,568	12,206
Financial liabilities at fair value through profit or loss \| Derivatives \| Level 3
Disclosure of detailed information about financial instruments
Financial liabilities at fair value	4,619	2,523
Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Financial assets at fair value	82,496	65,172
Financial assets at fair value through profit or loss. \| Level 1
Disclosure of detailed information about financial instruments
Financial assets at fair value	23,708	32,187
Financial assets at fair value through profit or loss. \| Level 2
Disclosure of detailed information about financial instruments
Financial assets at fair value	58,685	32,499
Financial assets at fair value through profit or loss. \| Level 3
Disclosure of detailed information about financial instruments
Financial assets at fair value	103	486
Treasuries/government bonds
Disclosure of detailed information about financial instruments
Financial assets at fair value	15,048	10,872
Treasuries/government bonds \| Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Financial assets at fair value	15,048	10,872
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	2,366	5,638
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	12,682	5,234
Other interest-bearing securities except loans
Disclosure of detailed information about financial instruments
Financial assets at fair value	57,144	45,881
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	57,144	45,881
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	21,342	26,549
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	35,802	19,332
Derivatives
Disclosure of detailed information about financial instruments
Financial assets at fair value	10,304	8,419
Derivatives \| Financial assets at fair value through profit or loss.
Disclosure of detailed information about financial instruments
Financial assets at fair value	10,304	8,419
Derivatives \| Financial assets at fair value through profit or loss. \| Level 2
Disclosure of detailed information about financial instruments
Financial assets at fair value	10,201	7,933
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 103	kr 486

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, 2022	Dec. 31, 2021
Derivatives
Disclosure of detailed information about financial instruments
Transfers to level 3	kr 0	kr (1)

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, 2022	Dec. 31, 2021
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period	kr (310,253)
Financial liabilities at end of period	(339,240)	kr (310,253)
Financial assets and liabilities at fair value in level 3
Unrealized fair value changes	2,024	594
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	(34,592)	(41,461)
Purchases	(4,267)	(10,367)
Settlements & sales	10,476	18,738
Transfers to level 3		(1)
Gains (+) and losses (-) through profit or loss	2,025	607
Gains (+) and losses (-) in other comprehensive income	(52)	(36)
Currency exchange-rate effects assets and liabilities	(4,642)	(2,072)
Financial assets and liabilities at fair value in level 3, at the end of period	(31,052)	(34,592)
Debt securities issued
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period	(280,294)
Financial liabilities at end of period	(318,900)	(280,294)
Debt securities issued \| Level 3
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period	(32,555)	(41,198)
Purchases	(4,267)	(10,372)
Settlements & sales	10,255	19,337
Gains (+) and losses (-) through profit or loss	2,641	196
Gains (+) and losses (-) in other comprehensive income	(52)	(36)
Currency exchange-rate effects liabilities	(2,558)	(482)
Financial liabilities at end of period	(26,536)	(32,555)
Derivatives
Reconciliation of changes in fair value measurement, liabilities
Financial liabilities at beginning of period	(14,729)
Transfers to level 3	0	(1)
Financial liabilities at end of period	(13,187)	(14,729)
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	(2,037)	(263)
Purchases	0	5
Settlements & sales	221	(599)
Transfers to level 3		(1)
Gains (+) and losses (-) through profit or loss	(616)	411
Currency exchange-rate effects assets and liabilities	(2,084)	(1,590)
Financial assets and liabilities at fair value in level 3, at the end of period	kr (4,516)	kr (2,037)

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, 2022 SEK (kr)	Dec. 31, 2021 SEK (kr)	Dec. 31, 2020 SEK (kr)
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity, correlations maximum positive relationship	1
Sensitivity, correlations maximum negative relationship	(1)
Financial liabilities at fair value	kr (339,240)	kr (310,253)
Correlation input
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity, input appreciation, assets	0.12
Sensitivity, input depreciation, assets	0.12
Sensitivity, input appreciation, liabilities	0.12
Sensitivity, input depreciation, liabilities	0.12
Credit spread input
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity, input appreciation, assets	0.10%
Sensitivity, input depreciation, assets	0.10%
Sensitivity, input appreciation, liabilities	0.10%
Sensitivity, input depreciation, liabilities	0.10%
Level 3
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (31,052)	(34,592)	kr (41,461)
Level 3 \| Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	155	122
Level 3 \| Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	(155)	(122)
Level 3 \| Derivatives
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	(4,516)	(2,037)
Level 3 \| Derivatives \| Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	(47)	(59)
Level 3 \| Derivatives \| Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	47	59
Level 3 \| Derivatives \| Equity risk
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (2,890)	kr (892)
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 (13)	kr (3)
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 13	kr 3
Level 3 \| Derivatives \| Interest rate
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr 13	kr (1)
Level 3 \| Derivatives \| Interest rate \| Option Model \| Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	0.12	0.12
Sensitivity impact on total comprehensive income		kr 0
Level 3 \| Derivatives \| Interest rate \| Option Model \| Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Correlation	(0.12)	(0.12)
Sensitivity impact on total comprehensive income		kr 0
Level 3 \| Derivatives \| Currency risk
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (1,528)	kr (1,038)
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 (34)	kr (56)
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 34	kr 56
Level 3 \| Derivatives \| Other
Disclosure of significant unobservable inputs used in fair value measurement of assets
Net assets (liabilities)	kr (111)	kr (106)
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
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
Level 3 \| Debt securities issued
Disclosure of significant unobservable inputs used in fair value measurement of assets
Financial liabilities at fair value	kr (26,536)	(32,555)
Level 3 \| Debt securities issued \| Maximum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	202	181
Level 3 \| Debt securities issued \| Minimum
Disclosure of significant unobservable inputs used in fair value measurement of assets
Sensitivity impact on total comprehensive income	(202)	(181)
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 (10,797)	kr (9,283)
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 14	kr 10
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 (14)	kr (10)
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 13	kr 3
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 (13)	kr (3)
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 (8,817)	kr (11,900)
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 102	kr 58
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 (102)	kr (58)
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
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
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 (6,750)	kr (11,235)
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 36	kr 50
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 (36)	kr (50)
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 36	kr 59
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 (36)	kr (59)
Level 3 \| Debt securities issued \| Other
Disclosure of significant unobservable inputs used in fair value measurement of assets
Financial liabilities at fair value	kr (172)	kr (137)
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
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

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, 2022	Dec. 31, 2021
Net CVA/DVA
Fair value related to credit risk
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease)	kr (51)	kr (14)
The period's change in fair value originating from credit risk (+ income/ - loss)	(37)	3
OCA
Fair value related to credit risk
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease)	(32)	(132)
The period's change in fair value originating from credit risk (+ income/ - loss)	kr 100	kr (24)

Derivatives and hedge account_3

Derivatives and hedge accounting - Categories (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Sub-classifications of financial information
Assets Fair value	kr 10,304	kr 8,419
Liabilities Fair value	13,187	14,729
Derivatives
Sub-classifications of financial information
Nominal amounts	627,799	531,844
Interest rate-related contracts
Sub-classifications of financial information
Assets Fair value	2,396	3,192
Liabilities Fair value	2,119	9,464
Interest rate-related contracts \| Fair-value hedges
Sub-classifications of financial information
Assets Fair value	560	1,256
Liabilities Fair value	8,282	2,104
Interest rate-related contracts \| Cash-flow hedges
Sub-classifications of financial information
Liabilities Fair value	123
Interest rate-related contracts \| Derivatives
Sub-classifications of financial information
Nominal amounts	423,124	361,160
Interest rate-related contracts \| Derivatives \| Fair-value hedges
Sub-classifications of financial information
Nominal amounts	247,039	211,285
Interest rate-related contracts \| Derivatives \| Cash-flow hedges
Sub-classifications of financial information
Nominal amounts	5,000
Currency-related contracts
Sub-classifications of financial information
Assets Fair value	7,897	5,218
Liabilities Fair value	8,056	3,518
Currency-related contracts \| Fair-value hedges
Sub-classifications of financial information
Assets Fair value	1,026	1,399
Liabilities Fair value	3,829	1,440
Currency-related contracts \| Derivatives
Sub-classifications of financial information
Nominal amounts	189,323	157,362
Currency-related contracts \| Derivatives \| Fair-value hedges
Sub-classifications of financial information
Nominal amounts	29,479	30,902
Equity-related contracts
Sub-classifications of financial information
Assets Fair value	11	2
Liabilities Fair value	2,901	895
Equity-related contracts \| Derivatives
Sub-classifications of financial information
Nominal amounts	12,022	9,801
Contracts related to commodities, credit risk, etc.
Sub-classifications of financial information
Assets Fair value		7
Liabilities Fair value	111	852
Contracts related to commodities, credit risk, etc. \| Derivatives
Sub-classifications of financial information
Nominal amounts	kr 3,330	kr 3,521

Derivatives and hedge account_4

Derivatives and hedge accounting - Maturity analysis (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Interest rate-related contracts \| Hedge of fixed rate assets
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	1,033	20,638
Interest rate-related contracts \| Hedge of fixed rate assets \| Within 1 year
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	1	1,228
Interest rate-related contracts \| Hedge of fixed rate assets \| Between 1 and 5 years
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	111	12,070
Interest rate-related contracts \| Hedge of fixed rate assets \| More than 5 years
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	921	7,340
Interest rate-related contracts \| Hedge of fixed rate liabilities
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	246,006	192,000
Interest rate-related contracts \| Hedge of fixed rate liabilities \| Within 1 year
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	88,652	55,039
Interest rate-related contracts \| Hedge of fixed rate liabilities \| Between 1 and 5 years
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	136,730	131,655
Interest rate-related contracts \| Hedge of fixed rate liabilities \| More than 5 years
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	20,624	5,306
Interest rate-related contracts \| Hedge of floating rate assets
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	5,000
Interest rate-related contracts \| Hedge of floating rate assets \| Between 1 and 5 years
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	5,000
Currency-related contracts \| Hedge of fixed rate assets
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	8,824	5,088
Currency-related contracts \| Hedge of fixed rate assets \| Within 1 year
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	3,824	1,879
Currency-related contracts \| Hedge of fixed rate assets \| Between 1 and 5 years
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	4,442	2,976
Currency-related contracts \| Hedge of fixed rate assets \| More than 5 years
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	558	233
Currency-related contracts \| Hedge of fixed rate liabilities
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	20,655	25,202
Currency-related contracts \| Hedge of fixed rate liabilities \| Within 1 year
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	5,160	6,943
Currency-related contracts \| Hedge of fixed rate liabilities \| Between 1 and 5 years
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	12,908	15,669
Currency-related contracts \| Hedge of fixed rate liabilities \| More than 5 years
Derivatives used as fair-value hedge
Nominal amounts of hedging instruments	2,587	2,590

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, 2022	Dec. 31, 2021
Carrying amounts of hedge items
Book value assets	kr 28,116	kr 26,923
Fair value hedge adjustments, assets	(1,648)	782
Book value liabilities	235,370	216,242
Fair value hedge adjustments, liabilities	(9,312)	1,183
Loans in the form of interest-bearing securities
Carrying amounts of hedge items
Book value assets	12,757	11,035
Fair value hedge adjustments, assets	(1,089)	278
Loans to credit institutions
Carrying amounts of hedge items
Book value assets	988	1,019
Fair value hedge adjustments, assets	(45)	(23)
Loans to the public
Carrying amounts of hedge items
Book value assets	14,371	14,869
Fair value hedge adjustments, assets	(514)	527
Debt securities issued
Carrying amounts of hedge items
Book value liabilities	235,370	216,242
Fair value hedge adjustments, liabilities	kr (9,312)	kr 1,183

Derivatives and hedge account_6

Derivatives and hedge accounting - Hedge ineffectiveness (Details) kr in Millions	12 Months Ended
	Dec. 31, 2022 SEK (kr)
Hedge ineffectiveness
Hedging gain or losses recognized in other comprehensive income	kr (122)
Cash-flow hedges
Hedge ineffectiveness
Changes in fair value of hedging instruments	(122)
Changes in value of hedged items used as a basis for recognizing hedge ineffectiveness	126
Hedging gain or losses recognized in other comprehensive income	kr (122)

Derivatives and hedge account_7

Derivatives and hedge accounting - Cash flow hedge reserve (Details) - SEK (kr) kr in Millions		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Carrying amounts of hedge items
Balance at the beginning of the year		kr 20,808	[1]	kr 20,064	[1]	kr 19,082
Other comprehensive income, net of tax		15		0		14
Total comprehensive income	[2]	1,181		1,034		982
Balance at the end of the year	[1]	21,575		kr 20,808		kr 20,064
Hedge reserve
Carrying amounts of hedge items
Valuation gains and losses		(137)
Tax on valuation gains and losses		28
Transferred to the income statement		15
Tax on transfers to the income statement		(3)
Other comprehensive income, net of tax		(97)
Total comprehensive income		(97)
Balance at the end of the year	[1]	(97)
of which relates to continuing hedges for which hedge accounting is applied		kr (97)

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

Derivatives and hedge account_8

Derivatives and hedge accounting - Offsetting (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements
Gross amounts of recognized financial assets	kr 19,557	kr 10,059
Amounts offset in the Statement of Financial Position	(9,253)	(1,640)
Net amounts of financial assets presented in the Statement of Financial Position	10,304	8,419
Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to:
Financial instruments	(3,749)	(3,262)
Cash collateral received	(6,539)	(3,500)
Net amount	16	1,657
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements
Gross amounts of recognized financial liabilities	22,440	16,369
Amounts offset in the Statement of Financial Position	(9,253)	(1,640)
Net amounts of financial liabilities presented in the Statement of Financial Position	13,187	14,729
Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to:
Financial instruments	(3,749)	(3,262)
Cash collateral paid	(9,186)	(9,528)
Net amount	kr 252	kr 1,939

Shares (Details)

Shares (Details) - SEK (kr) kr in Thousands	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2018
Shares
Share capital	kr 3,990,000	kr 3,990,000
Number of shares	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, 2022	Dec. 31, 2021
Other assets.
Claim against the State for CIRR loans and concessionary loans	kr 17	kr 7,208
Cash receivables, funding operations	201	191
Other	67	52
Total	kr 285	kr 7,451

Prepaid expenses and accrued _3

Prepaid expenses and accrued revenues (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Prepaid expenses and accrued revenues
Interest income accrued	kr 4,121	kr 1,876
Prepaid expenses and other accrued revenues	41	37
Total	kr 4,162	kr 1,913

Debt (Details)

Debt (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt
Debt excl. debt securities issued	kr 7,153	kr 15,230
Debt securities issued	319,117	279,770
Total	326,270	295,000
SKR
Debt
Total	13,656	24,672
USD
Debt
Total	238,055	202,158
JPY
Debt
Total	17,596	20,852
EUR
Debt
Total	32,664	19,841
Other currencies
Debt
Total	24,299	27,477
Exchange-rate related contracts
Debt
Debt securities issued	8,714	25,112
Total	8,714	25,112
Interest rate related contracts
Debt
Debt excl. debt securities issued	7,153	15,230
Debt securities issued	299,240	254,298
Total	306,393	269,528
Equity related contracts
Debt
Debt securities issued	10,797	223
Total	10,797	223
Contracts related to raw materials, credit risk etc.
Debt
Debt securities issued	366	137
Total	kr 366	kr 137

Debt - borrowing programs (Deta

Debt - borrowing programs (Details) kr in Millions	Dec. 31, 2022 SEK (kr)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 SEK (kr)
Unlimited Euro Medium-Term Note Program
Debt
Value outstanding	kr 96,474		kr 107,597
Unlimited SEC-registered U.S. Medium-Term Note Program
Debt
Value outstanding	186,138		159,393
Unlimited Swedish Medium-Term Note Program
Debt
Value outstanding	452		429
Unlimited MTN/STN AUD Debt Issuance Program
Debt
Value outstanding	4,297		4,417
USD 3,000,000,000 U.S.Commercial Paper Program
Debt
Value outstanding	19,412		1,806
Principal amount \| $		$ 3,000,000,000
USD 4,000,000,000 Euro-Commercial Paper Program
Debt
Value outstanding	kr 6,283		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, 2022	Dec. 31, 2021
Liabilities in financing activities
Liabilities in financing activities at beginning of year	kr 301,463	kr 305,313
Changes in liabilities arising from financing activities
Cash flow	20,540	(12,505)
Exchange rate difference	25,484	14,999
Unrealized changes in fair value	(18,188)	(6,345)
Accrued interest	1	1
Liabilities in financing activities at end of year	329,300	301,463
Senior debt
Liabilities in financing activities
Liabilities in financing activities at beginning of year	295,000	287,462
Changes in liabilities arising from financing activities
Cash flow	10,793	(10,958)
Exchange rate difference	33,075	22,588
Unrealized changes in fair value	(12,598)	(4,092)
Liabilities in financing activities at end of year	326,270	295,000
Lease liability
Liabilities in financing activities
Liabilities in financing activities at beginning of year	153	19
Changes in liabilities arising from financing activities
Cash flow	(23)	(24)
Exchange rate difference	0
Unrealized changes in fair value	16	157
Accrued interest	1	1
Liabilities in financing activities at end of year	147	153
Derivatives, net
Liabilities in financing activities
Liabilities in financing activities at beginning of year	6,310	17,832
Changes in liabilities arising from financing activities
Cash flow	9,770	(1,523)
Exchange rate difference	(7,591)	(7,589)
Unrealized changes in fair value	(5,606)	(2,410)
Liabilities in financing activities at end of year	kr 2,883	kr 6,310

Other liabilities (Details)

Other liabilities (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Other liabilities
Liability against the State for CIRR loans and concessionary loans	kr 8,509
Cash payables, debt -purchases	982	kr 725
Other	751	442
Total	kr 10,242	kr 1,167

Accrued expenses and prepaid _3

Accrued expenses and prepaid revenues (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Accrued expenses and prepaid revenues
Interest expenses accrued	kr 4,110	kr 1,793
Other accrued expenses and prepaid revenues	62	82
Total	kr 4,172	kr 1,875

Provisions (Details)

Provisions (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Provisions
Pension liabilities	kr 8	kr 57	kr 82	kr 83
Long term employee benefit	7	4
Off balance, expected credit losses	13	7
Total	kr 28	kr 68

Equity - Components of Equity (

Equity - Components of Equity (Details)	Dec. 31, 2022 kr / shares shares
Equity
Number of shares \| shares	3,990,000
Par value \| kr / shares	kr 1,000

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, 2022	Dec. 31, 2021
Equity
Proposed dividend, percentage of period profit	20%
Dividend policy, minimum percentage of profit	20%
Dividend policy, maximum percentage of profit	40%
At the disposal of the Annual General Meeting	kr 17,278
Proposed dividends	233	kr 414
Remaining disposable funds to be carried forward	kr 17,045
Proposed dividends per share	kr 58.45

Pledged assets and contingent_3

Pledged assets and contingent liabilities (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Collateral provided
Cash collateral under the security agreements for derivative contracts	kr 10,691	kr 10,417
Contingent liabilities
Guarantee commitments	4,802	4,767
Commitments
Committed undisbursed loans	kr 75,369	53,871
Binding offers		kr 1,510

CIRR-system - Subclassification

CIRR-system - Subclassifications of financial information (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Sub-classifications of financial information
Concessionary loans outstanding	kr 361		kr 315
Operating result of previous concessionary credit program	(19)		(21)
Administrative remuneration for concessionary loans	1		1
Comprehensive income
Interest income	6,729		2,719		kr 4,108
Interest expenses	(4,550)		(812)		(2,162)
Foreign exchange effects	(9)		(2)		5
Financial position for CIRR-system
Cash and cash equivalents	4,060	[1]	11,128	[1]	kr 3,362	[1]	kr 1,362
Derivatives	10,304		8,419
Other assets	285		7,451
Prepaid expenses and accrued revenues	4,162		1,913
Total assets	375,474		333,647
Derivatives	13,187		14,729
Accrued expenses and prepaid revenues	4,172		1,875
Total liabilities and equity	375,474		333,647
Committed undisbursed loans	75,369		53,871
Binding offers			1,510
CIRR-System
Comprehensive income
Interest income	2,231		2,105
Interest expenses	(2,012)		(2,061)
Interest compensation	2		7
Foreign exchange effects	3		(1)
Profit before compensation to SEK	224		50
Administrative remuneration to SEK	(236)		(197)
Operating profit CIRR-system	(12)		(147)
Reimbursement to (-) / from (+) the State	12		147
Financial position for CIRR-system
Cash and cash equivalents	1		8
Loans	94,241		87,872
Derivatives	8,571		36
Other assets	218		7,359
Prepaid expenses and accrued revenues	1,597		470
Total assets	104,628		95,745
Liabilities	103,336		88,092
Derivatives			7,060
Accrued expenses and prepaid revenues	1,292		593
Total liabilities and equity	104,628		95,745
Committed undisbursed loans	kr 56,265		39,084
Binding offers			kr 1,510

[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, 2022	Dec. 31, 2021
Capital adequacy
Common Equity Tier 1 capital ratio	20.60%	21.60%
Tier 1 capital ratio	20.60%	21.60%
Total capital ratio	20.60%	21.60%
Capital base requirement of 8 percent	kr 8,074	kr 7,371
of which Tier 1 requirement of 6 percent	6,056	5,528
of which minimum requirement of 4.5 percent	4,542	4,146
Pillar 2 capital requirements	3,704	3,382
Common Equity Tier 1 capital available to meet buffer requirements	9,013	9,149
Capital buffer requirements	3,330	2,333
of which Capital conservation buffer	2,523	2,303
of which Countercyclical buffer	807	30
Pillar 2 guidance	1,514	1,382
Total risk-based capital requirement	kr 16,622	kr 14,468
Capital base requirement of 8 percent	8%	8%
of which Tier 1 requirement of 6 percent	6%	6%
of which minimum requirement of 4.5 percent	4.50%	4.50%
Pillar 2 capital requirements	3.70%	3.70%
Common Equity Tier 1 capital available to meet buffer requirements	8.90%	9.90%
Capital buffer requirements	3.30%	2.50%
of which Capital conservation buffer	2.50%	2.50%
of which Countercyclical buffer	0.80%	0%
Pillar 2 guidance	1.50%	1.50%
Total risk-based capital requirement	16.50%	15.70%
Individual Pillar 2 requirement	3.67%
Minimum capital requirement one	4.50%
Minimum capital requirement two	1.50%
Minimum capital requirement three	2%
Additional capital - Pillar 2 guidance	1.50%

Capital adequacy - Leverage rat

Capital adequacy - Leverage ratio (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Capital adequacy
On-balance sheet exposures	kr 241,239	kr 209,889
Off-balance sheet exposures	7,357	5,309
Total exposure measure	kr 248,596	kr 215,198
Leverage ratio	8.40%	9.30%
Capital base requirement of 3 percent	kr 7,458	kr 6,456
Pillar 2 guidance	373	323
Total capital requirement relating to leverage ratio	kr 7,831	kr 6,779
Capital base requirement of 3 percent	3%	3%
Pillar 2 guidance	0.20%	0.20%
Total capital requirement relating to leverage ratio	3.20%	3.20%
Leverage ratio requirement	3%
Additional capital (pillar 2 guidance) of total leverage ratio exposure	0.15%

Capital adequacy - Own funds (D

Capital adequacy - Own funds (Details) - Parent Company - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of objectives, policies and processes for managing capital
Common Equity Tier 1 (CET1) capital before regulatory adjustments	kr 21,344	kr 20,432
Regulatory adjustments to Common Equity Tier 1 capital	(506)	(507)
Total Common Equity Tier-1 capital	20,838	19,925
Own funds	20,838	19,925
Share capital
Disclosure of objectives, policies and processes for managing capital
Common Equity Tier 1 (CET1) capital before regulatory adjustments	3,990	3,990
Retained earnings
Disclosure of objectives, policies and processes for managing capital
Common Equity Tier 1 (CET1) capital before regulatory adjustments	16,133	15,518
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	212	323
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	1,009	601
Additional value adjustments due to prudent valuation
Disclosure of objectives, policies and processes for managing capital
Regulatory adjustments to Common Equity Tier 1 capital	(474)	(395)
Intangible assets
Disclosure of objectives, policies and processes for managing capital
Regulatory adjustments to Common Equity Tier 1 capital	(44)	(99)
Fair value reserves related to gains or losses on cash flow hedges
Disclosure of objectives, policies and processes for managing capital
Regulatory adjustments to Common Equity Tier 1 capital	97
Own credit risk
Disclosure of objectives, policies and processes for managing capital
Regulatory adjustments to Common Equity Tier 1 capital	9	98
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 (94)	kr (111)

Capital adequacy - Minimum capi

Capital adequacy - Minimum capital requirements exclusive of buffers (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of credit risk exposure
Minimum capital requirements	kr 8,074	kr 7,371
Parent Company
Disclosure of credit risk exposure
EAD	416,222	356,536
Risk exposure amount	100,926	92,140
Minimum capital requirements	8,074	7,371
Parent Company \| Credit risk \| Standardized approach
Disclosure of credit risk exposure
EAD	3,114	3,064
Risk exposure amount	3,089	3,064
Minimum capital requirements	247	245
Parent Company \| Credit risk \| Standardized approach \| Corporates
Disclosure of credit risk exposure
EAD	3,012	2,990
Risk exposure amount	2,987	2,990
Minimum capital requirements	239	239
Parent Company \| Credit risk \| Standardized approach \| Default exposures
Disclosure of credit risk exposure
EAD	102	74
Risk exposure amount	102	74
Minimum capital requirements	8	6
Parent Company \| Credit risk \| IRB approach
Disclosure of credit risk exposure
EAD	413,108	353,472
Risk exposure amount	90,504	81,876
Minimum capital requirements	7,240	6,550
Parent Company \| Credit risk \| IRB approach \| Central governments
Disclosure of credit risk exposure
EAD	242,609	196,606
Risk exposure amount	11,018	9,673
Minimum capital requirements	882	774
Parent Company \| Credit risk \| IRB approach \| Financial institutions
Disclosure of credit risk exposure
EAD	33,299	41,082
Risk exposure amount	6,356	8,843
Minimum capital requirements	508	707
Parent Company \| Credit risk \| IRB approach \| Corporates
Disclosure of credit risk exposure
EAD	136,849	115,412
Risk exposure amount	72,779	62,988
Minimum capital requirements	5,822	5,039
Parent Company \| Credit risk \| IRB approach \| Non-credit-obligation assets
Disclosure of credit risk exposure
EAD	351	372
Risk exposure amount	351	372
Minimum capital requirements	28	30
Parent Company \| Counterparty risk in derivatives \| IRB approach \| Financial institutions
Disclosure of credit risk exposure
EAD	6,355	5,975
Risk exposure amount	2,022	2,000
Minimum capital requirements	162	160
Parent Company \| Specialized lending \| IRB approach \| Corporates
Disclosure of credit risk exposure
EAD	6,112	5,224
Risk exposure amount	4,412	3,589
Minimum capital requirements	353	287
Parent Company \| Credit valuation adjustment risk
Disclosure of credit risk exposure
Risk exposure amount	2,565	2,922
Minimum capital requirements	205	233
Parent Company \| Currency risk
Disclosure of credit risk exposure
Risk exposure amount	800	645
Minimum capital requirements	64	52
Parent Company \| Commodities risk
Disclosure of credit risk exposure
Risk exposure amount	19	11
Minimum capital requirements	2	1
Parent Company \| Operational risk
Disclosure of credit risk exposure
Risk exposure amount	3,949	3,622
Minimum capital requirements	kr 316	kr 290

Capital adequacy - Credit risk

Capital adequacy - Credit risk by PD grade (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Jun. 23, 2023	Sep. 29, 2022	Sep. 28, 2022	Dec. 31, 2021
Disclosure of credit risk exposure
Capital conservation buffer	2.50%				2.50%
Countercyclical buffer	0.80%				0%
Capital base requirement	3%
Leverage ratio	8.40%				9.30%
AAA to AA- \| Central governments
Disclosure of credit risk exposure
EAD	kr 238,038				kr 191,669
AAA to AA- \| Financial institutions
Disclosure of credit risk exposure
EAD	12,662				18,176
AAA to AA- \| Corporates
Disclosure of credit risk exposure
EAD	3,374				2,562
A+ to A- \| Central governments
Disclosure of credit risk exposure
EAD	4,556				4,587
A+ to A- \| Financial institutions
Disclosure of credit risk exposure
EAD	19,471				21,637
A+ to A- \| Corporates
Disclosure of credit risk exposure
EAD	25,955				16,286
BBB+ to BBB- \| Financial institutions
Disclosure of credit risk exposure
EAD	1,089				1,225
BBB+ to BBB- \| Corporates
Disclosure of credit risk exposure
EAD	71,615				67,509
BB+ to B- \| Central governments
Disclosure of credit risk exposure
EAD	15
BB+ to B- \| Financial institutions
Disclosure of credit risk exposure
EAD	77				43
BB+ to B- \| Corporates
Disclosure of credit risk exposure
EAD	29,774				23,810
CCC to D \| Corporates
Disclosure of credit risk exposure
EAD	kr 18				kr 22
Sweden
Disclosure of credit risk exposure
Countercyclical buffer		2%	1%	0%
Capital requirement exposure	71%				68%
Foreign countries
Disclosure of credit risk exposure
Countercyclical buffer	0.09%				0.03%
Standardized approach \| Operational risk
Disclosure of credit risk exposure
Fiscal years for each business area to calculate income indicators	3 years
Minimum \| AAA to AA- \| Central governments
Disclosure of credit risk exposure
PD in %	0.003%				0.003%
Minimum \| AAA to AA- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.01%				0.01%
Minimum \| A+ to A- \| Central governments
Disclosure of credit risk exposure
PD in %	0.02%				0.02%
Minimum \| A+ to A- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.06%				0.06%
Minimum \| BBB+ to BBB- \| Central governments
Disclosure of credit risk exposure
PD in %	0.10%				0.12%
Minimum \| BBB+ to BBB- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.16%				0.16%
Minimum \| BB+ to B- \| Central governments
Disclosure of credit risk exposure
PD in %	0.45%				0.54%
Minimum \| BB+ to B- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.50%				0.50%
Minimum \| CCC to D \| Central governments
Disclosure of credit risk exposure
PD in %	38.28%				44.36%
Minimum \| CCC to D \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	28.91%				28.91%
Minimum \| Standardized approach \| Operational risk
Disclosure of credit risk exposure
Capital requirement multiple factor	15%
Maximum \| AAA to AA- \| Central governments
Disclosure of credit risk exposure
PD in %	0.01%				0.01%
Maximum \| AAA to AA- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.04%				0.04%
Maximum \| A+ to A- \| Central governments
Disclosure of credit risk exposure
PD in %	0.06%				0.07%
Maximum \| A+ to A- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.11%				0.11%
Maximum \| BBB+ to BBB- \| Central governments
Disclosure of credit risk exposure
PD in %	0.27%				0.32%
Maximum \| BBB+ to BBB- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	0.32%				0.32%
Maximum \| BB+ to B- \| Central governments
Disclosure of credit risk exposure
PD in %	7.69%				6.80%
Maximum \| BB+ to B- \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	8.27%				8.27%
Maximum \| CCC to D \| Central governments
Disclosure of credit risk exposure
PD in %	100%				100%
Maximum \| CCC to D \| Financial institutions and corporates
Disclosure of credit risk exposure
PD in %	100%				100%
Maximum \| Standardized approach \| Operational risk
Disclosure of credit risk exposure
Capital requirement multiple factor	18%
Average \| AAA to AA- \| Central governments
Disclosure of credit risk exposure
PD in %	0.003%				0.004%
Average LGD in %	45%				45%
Average risk weight in %	4.30%				4.60%
Average \| AAA to AA- \| Financial institutions
Disclosure of credit risk exposure
PD in %	0.04%				0.04%
Average LGD in %	34.90%				35.70%
Average risk weight in %	17.20%				17.60%
Average \| AAA to AA- \| Corporates
Disclosure of credit risk exposure
PD in %	0.03%				0.04%
Average LGD in %	45%				45%
Average risk weight in %	13.20%				19.20%
Average \| A+ to A- \| Central governments
Disclosure of credit risk exposure
PD in %	0.04%				0.05%
Average LGD in %	45%				45%
Average risk weight in %	17.40%				20.30%
Average \| A+ to A- \| Financial institutions
Disclosure of credit risk exposure
PD in %	0.07%				0.07%
Average LGD in %	30.80%				32.80%
Average risk weight in %	19.80%				22%
Average \| A+ to A- \| Corporates
Disclosure of credit risk exposure
PD in %	0.09%				0.09%
Average LGD in %	45%				45%
Average risk weight in %	25.80%				30%
Average \| BBB+ to BBB- \| Financial institutions
Disclosure of credit risk exposure
PD in %	0.27%				0.25%
Average LGD in %	45%				45%
Average risk weight in %	71.10%				67.90%
Average \| BBB+ to BBB- \| Corporates
Disclosure of credit risk exposure
PD in %	0.24%				0.24%
Average LGD in %	45%				45%
Average risk weight in %	50.40%				49.90%
Average \| BB+ to B- \| Central governments
Disclosure of credit risk exposure
PD in %	2%
Average LGD in %	45%
Average risk weight in %	122.50%
Average \| BB+ to B- \| Financial institutions
Disclosure of credit risk exposure
PD in %	1.18%				1.16%
Average LGD in %	45%				45%
Average risk weight in %	130.40%				129.30%
Average \| BB+ to B- \| Corporates
Disclosure of credit risk exposure
PD in %	0.74%				0.74%
Average LGD in %	45%				45%
Average risk weight in %	84.30%				85.40%
Average \| CCC to D \| Corporates
Disclosure of credit risk exposure
PD in %	88.40%				89.43%
Average LGD in %	45%				45%
Average risk weight in %	42.90%				39.20%

Capital adequacy - Internally a

Capital adequacy - Internally assessed economic capital excl. buffer (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of credit risk exposure
Total liquid assets	kr 58,400	kr 56,100
Net liquidity outflows	10,900	10,100
Liquidity outflows	25,000	21,200
Liquidity inflows	kr 15,700	kr 12,200
Liquidity Coverage Ratio	784%	695%
Available stable funding	kr 235,200	kr 245,900
Requiring stable funding	kr 198,200	kr 176,400
Net Stable Funding Ratio	119%	139%
Internal credit grades
Disclosure of credit risk exposure
Capital requirements	kr 11,881	kr 9,354
Credit risk \| Internal credit grades
Disclosure of credit risk exposure
Capital requirements	7,202	6,038
Operational risk \| Internal credit grades
Disclosure of credit risk exposure
Capital requirements	311	225
Market risk \| Internal credit grades
Disclosure of credit risk exposure
Capital requirements	1,466	1,247
Other \| Internal credit grades
Disclosure of credit risk exposure
Capital requirements	205	234
Capital planning buffer \| Internal credit grades
Disclosure of credit risk exposure
Capital requirements	kr 2,697	kr 1,610

Risk information - Maximum expo

Risk information - Maximum exposure to credit risk (Details) € in Millions, kr in Millions	12 Months Ended
	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 SEK (kr)	Dec. 31, 2021 SEK (kr)
Risk information
Risk weight for standardized approach when no external rating is available		100%
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 82,579	kr 65,262
Financial assets at amortized cost
Risk information
Maximum exposure to credit risk		359,582	309,354
Cash and cash equivalents \| Financial assets at amortized cost
Risk information
Maximum exposure to credit risk		4,060	11,128
Treasuries/government bonds \| Financial assets at fair value through profit or loss.
Risk information
Maximum exposure to credit risk		15,049	10,884
Other interest-bearing securities except loans \| Financial assets at fair value through profit or loss.
Risk information
Maximum exposure to credit risk		57,226	45,959
Loans in the form of interest-bearing securities \| Financial assets at amortized cost
Risk information
Maximum exposure to credit risk		54,528	46,736
Loans to credit institutions \| Financial assets at amortized cost
Risk information
Maximum exposure to credit risk		20,374	12,891
Loans to the public \| Financial assets at amortized cost
Risk information
Maximum exposure to credit risk		280,620	238,599
Derivatives \| Financial assets at fair value through profit or loss.
Risk information
Maximum exposure to credit risk		kr 10,304	kr 8,419

Risk information - Credit expos

Risk information - Credit exposure (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Risk information
Financial assets	kr 370,695	kr 323,941
Committed undisbursed loans	75,369	53,871
AAA
Risk information
Financial assets	156,988	145,639
Committed undisbursed loans	66,058	48,633
AA+ to A-
Risk information
Financial assets	109,607	82,780
Committed undisbursed loans	1,389	852
BBB+ to BBB-
Risk information
Financial assets	72,362	24,463
Committed undisbursed loans	5,284	1,423
BB+ to B-
Risk information
Financial assets	31,623	70,963
Committed undisbursed loans	2,638	2,963
CCC to D
Risk information
Financial assets	115	96
Cash and cash equivalents
Risk information
Financial assets	4,060	11,128
Cash and cash equivalents \| AAA
Risk information
Financial assets	3,000	11,128
Cash and cash equivalents \| AA+ to A-
Risk information
Financial assets	1,060
Treasuries/government bonds
Risk information
Financial assets	15,048	10,872
Treasuries/government bonds \| AAA
Risk information
Financial assets	1,106	2,493
Treasuries/government bonds \| AA+ to A-
Risk information
Financial assets	13,942	8,379
Other interest-bearing securities except loans
Risk information
Financial assets	57,144	45,881
Other interest-bearing securities except loans \| AAA
Risk information
Financial assets	29,922	23,669
Other interest-bearing securities except loans \| AA+ to A-
Risk information
Financial assets	27,222	21,412
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	54,257	46,578
Loans in the form of interest-bearing securities \| AAA
Risk information
Financial assets	3,031	2,982
Loans in the form of interest-bearing securities \| AA+ to A-
Risk information
Financial assets	16,949	10,783
Loans in the form of interest-bearing securities \| BBB+ to BBB-
Risk information
Financial assets	30,238	3,365
Loans in the form of interest-bearing securities \| BB+ to B-
Risk information
Financial assets	4,039	29,448
Loans to credit institutions
Risk information
Financial assets	22,145	20,775
Loans to credit institutions \| AAA
Risk information
Financial assets	6,434	4,122
Loans to credit institutions \| AA+ to A-
Risk information
Financial assets	13,115	14,573
Loans to credit institutions \| BBB+ to BBB-
Risk information
Financial assets	2,480	115
Loans to credit institutions \| BB+ to B-
Risk information
Financial assets	116	1,965
Loans to the public
Risk information
Financial assets	207,737	180,288
Loans to the public \| AAA
Risk information
Financial assets	113,495	101,245
Loans to the public \| AA+ to A-
Risk information
Financial assets	27,062	20,206
Loans to the public \| BBB+ to BBB-
Risk information
Financial assets	39,597	20,983
Loans to the public \| BB+ to B-
Risk information
Financial assets	27,468	37,758
Loans to the public \| CCC to D
Risk information
Financial assets	115	96
Derivatives
Risk information
Financial assets	10,304	8,419
Derivatives \| AA+ to A-
Risk information
Financial assets	10,257	7,427
Derivatives \| BBB+ to BBB-
Risk information
Financial assets	kr 47
Derivatives \| BB+ to B-
Risk information
Financial assets		kr 992

Risk information - Net exposure

Risk information - Net exposure (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Sub-classifications of financial information
Carrying amount of financial assets	kr 370,695	kr 323,941
Cash collateral under the security agreements for derivative contracts	10,691	10,417
Cash and cash equivalents
Sub-classifications of financial information
Carrying amount of financial assets	4,060	11,128
Treasuries/government bonds
Sub-classifications of financial information
Carrying amount of financial assets	15,048	10,872
Other interest-bearing securities except loans
Sub-classifications of financial information
Carrying amount of financial assets	57,144	45,881
Loans in the form of interest-bearing securities
Sub-classifications of financial information
Carrying amount of financial assets	54,257	46,578
Loans to credit institutions
Sub-classifications of financial information
Carrying amount of financial assets	22,145	20,775
Loans to the public
Sub-classifications of financial information
Carrying amount of financial assets	207,737	180,288
Derivatives
Sub-classifications of financial information
Carrying amount of financial assets	10,304	8,419
Credit risk
Sub-classifications of financial information
Net exposure	438,200	372,500
Adjustment to carrying amount from exposure	13,000	19,100
Carrying amount	451,200	391,600
Derivative exposure after netting	6,400	6,000
Credit risk \| Central governments
Sub-classifications of financial information
Net exposure	227,300	185,500
Credit risk \| Regional governments
Sub-classifications of financial information
Net exposure	23,300	15,300
Credit risk \| Multilateral development banks
Sub-classifications of financial information
Net exposure	6,500	3,000
Credit risk \| Public sector entity
Sub-classifications of financial information
Net exposure	2,100	5,400
Credit risk \| Financial institutions
Sub-classifications of financial information
Net exposure	33,600	41,200
Credit risk \| Corporates
Sub-classifications of financial information
Net exposure	145,400	122,100
Credit risk \| Financial assets
Sub-classifications of financial information
Adjustment to carrying amount from exposure	13,300	25,100
Carrying amount of financial assets	370,900	331,500
Credit risk \| Financial assets \| Central governments
Sub-classifications of financial information
Net exposure	162,100	136,100
Credit risk \| Financial assets \| Regional governments
Sub-classifications of financial information
Net exposure	22,400	14,300
Credit risk \| Financial assets \| Multilateral development banks
Sub-classifications of financial information
Net exposure	6,100	3,000
Credit risk \| Financial assets \| Public sector entity
Sub-classifications of financial information
Net exposure	2,100	5,400
Credit risk \| Financial assets \| Financial institutions
Sub-classifications of financial information
Net exposure	32,500	34,900
Credit risk \| Financial assets \| Corporates
Sub-classifications of financial information
Net exposure	132,400	112,700
Credit risk \| Cash and cash equivalents
Sub-classifications of financial information
Adjustment to carrying amount from exposure		100
Carrying amount of financial assets	4,100	11,100
Credit risk \| Cash and cash equivalents \| Central governments
Sub-classifications of financial information
Net exposure	3,000	2,000
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	1,100	9,000
Credit risk \| Cash and cash equivalents \| Corporates
Sub-classifications of financial information
Net exposure	0	0
Credit risk \| Treasuries/government bonds
Sub-classifications of financial information
Adjustment to carrying amount from exposure		0
Carrying amount of financial assets	15,000	10,900
Credit risk \| Treasuries/government bonds \| Central governments
Sub-classifications of financial information
Net exposure	15,000	10,900
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	(100)	4,600
Carrying amount of financial assets	57,100	45,900
Credit risk \| Other interest-bearing securities except loans \| Central governments
Sub-classifications of financial information
Net exposure	15,000	6,700
Credit risk \| Other interest-bearing securities except loans \| Regional governments
Sub-classifications of financial information
Net exposure	20,200	11,600
Credit risk \| Other interest-bearing securities except loans \| Multilateral development banks
Sub-classifications of financial information
Net exposure	5,300	2,600
Credit risk \| Other interest-bearing securities except loans \| Public sector entity
Sub-classifications of financial information
Net exposure	2,100	5,400
Credit risk \| Other interest-bearing securities except loans \| Financial institutions
Sub-classifications of financial information
Net exposure	14,600	11,900
Credit risk \| Other interest-bearing securities except loans \| Corporates
Sub-classifications of financial information
Net exposure		3,100
Credit risk \| Loans in the form of interest-bearing securities
Sub-classifications of financial information
Adjustment to carrying amount from exposure	(200)	(100)
Carrying amount of financial assets	54,300	46,600
Credit risk \| Loans in the form of interest-bearing securities \| Central governments
Sub-classifications of financial information
Net exposure	3,000	3,000
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
Credit risk \| Loans in the form of interest-bearing securities \| Corporates
Sub-classifications of financial information
Net exposure	51,500	43,700
Credit risk \| Loans to credit institutions
Sub-classifications of financial information
Adjustment to carrying amount from exposure	10,700	11,600
Carrying amount of financial assets	22,100	20,800
Cash collateral under the security agreements for derivative contracts	10,700	10,400
Credit risk \| Loans to credit institutions \| Central governments
Sub-classifications of financial information
Net exposure	5,900	3,600
Credit risk \| Loans to credit institutions \| Regional governments
Sub-classifications of financial information
Net exposure	1,500	2,400
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	3,300	2,500
Credit risk \| Loans to credit institutions \| Corporates
Sub-classifications of financial information
Net exposure	700	700
Credit risk \| Loans to the public
Sub-classifications of financial information
Adjustment to carrying amount from exposure	(1,300)	(1,000)
Carrying amount of financial assets	207,700	180,300
Credit risk \| Loans to the public \| Central governments
Sub-classifications of financial information
Net exposure	120,200	109,900
Credit risk \| Loans to the public \| Regional governments
Sub-classifications of financial information
Net exposure	700	300
Credit risk \| Loans to the public \| Multilateral development banks
Sub-classifications of financial information
Net exposure	800	400
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	7,100	5,500
Credit risk \| Loans to the public \| Corporates
Sub-classifications of financial information
Net exposure	80,200	65,200
Credit risk \| Derivatives
Sub-classifications of financial information
Adjustment to carrying amount from exposure	3,900	2,400
Carrying amount of financial assets	10,300	8,400
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	6,400	6,000
Credit risk \| Derivatives \| Corporates
Sub-classifications of financial information
Net exposure	0	0
Credit risk \| Other assets
Sub-classifications of financial information
Adjustment to carrying amount from exposure	300	7,500
Carrying amount of financial assets	300	7,500
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	(300)	(6,000)
Contingent liabilities and commitments	80,300	60,100
Credit risk \| Contingent liabilities and commitments \| Central governments
Sub-classifications of financial information
Net exposure	65,200	49,400
Credit risk \| Contingent liabilities and commitments \| Regional governments
Sub-classifications of financial information
Net exposure	900	1,000
Credit risk \| Contingent liabilities and commitments \| Multilateral development banks
Sub-classifications of financial information
Net exposure	400	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	1,100	6,300
Credit risk \| Contingent liabilities and commitments \| Corporates
Sub-classifications of financial information
Net exposure	kr 13,000	kr 9,400

Risk information - Total net ex

Risk information - Total net exposures (Details) - Credit risk - SEK (kr) kr in Billions	Dec. 31, 2022	Dec. 31, 2021
Sub-classifications of financial information
Net exposure	kr 438.2	kr 372.5
Percentage of net exposures	100%	100%
Central governments
Sub-classifications of financial information
Net exposure	kr 227.3	kr 185.5
Percentage of net exposures	51.90%	49.80%
Regional governments
Sub-classifications of financial information
Net exposure	kr 23.3	kr 15.3
Percentage of net exposures	5.30%	4.10%
Multilateral development banks
Sub-classifications of financial information
Net exposure	kr 6.5	kr 3
Percentage of net exposures	1.50%	0.80%
Public sector entity
Sub-classifications of financial information
Net exposure	kr 2.1	kr 5.4
Percentage of net exposures	0.50%	1.40%
Financial institutions
Sub-classifications of financial information
Net exposure	kr 33.6	kr 41.2
Percentage of net exposures	7.60%	11.10%
Corporates
Sub-classifications of financial information
Net exposure	kr 145.4	kr 122.1
Percentage of net exposures	33.20%	32.80%
Interest-bearing securities and lending
Sub-classifications of financial information
Net exposure	kr 351.5	kr 306.4
Percentage of net exposures	100%	100%
Interest-bearing securities and lending \| Central governments
Sub-classifications of financial information
Net exposure	kr 162.3	kr 136.1
Percentage of net exposures	46.20%	44.40%
Interest-bearing securities and lending \| Regional governments
Sub-classifications of financial information
Net exposure	kr 22.5	kr 14.3
Percentage of net exposures	6.40%	4.70%
Interest-bearing securities and lending \| Multilateral development banks
Sub-classifications of financial information
Net exposure	kr 6.1	kr 3
Percentage of net exposures	1.70%	1%
Interest-bearing securities and lending \| Public sector entity
Sub-classifications of financial information
Net exposure	kr 2.1	kr 5.4
Percentage of net exposures	0.60%	1.70%
Interest-bearing securities and lending \| Financial institutions
Sub-classifications of financial information
Net exposure	kr 26.1	kr 34.9
Percentage of net exposures	7.40%	11.40%
Interest-bearing securities and lending \| Corporates
Sub-classifications of financial information
Net exposure	kr 132.4	kr 112.7
Percentage of net exposures	37.70%	36.80%
Committed undisbursed loans, derivatives, etc.
Sub-classifications of financial information
Net exposure	kr 86.7	kr 66.1
Percentage of net exposures	100%	100%
Committed undisbursed loans, derivatives, etc. \| Central governments
Sub-classifications of financial information
Net exposure	kr 65	kr 49.4
Percentage of net exposures	75%	74.80%
Committed undisbursed loans, derivatives, etc. \| Regional governments
Sub-classifications of financial information
Net exposure	kr 0.8	kr 1
Percentage of net exposures	0.90%	1.50%
Committed undisbursed loans, derivatives, etc. \| Multilateral development banks
Sub-classifications of financial information
Net exposure	kr 0.4
Percentage of net exposures	0.50%
Committed undisbursed loans, derivatives, etc. \| Financial institutions
Sub-classifications of financial information
Net exposure	kr 7.5	kr 6.3
Percentage of net exposures	8.60%	9.50%
Committed undisbursed loans, derivatives, etc. \| Corporates
Sub-classifications of financial information
Net exposure	kr 13	kr 9.4
Percentage of net exposures	15%	14.20%

Risk information - Gross exposu

Risk information - Gross exposure by region and class (Details) - Credit risk - SEK (kr) kr in Billions	Dec. 31, 2022	Dec. 31, 2021
Risk information
Gross exposure	kr 438.2	kr 372.5
Central governments
Risk information
Gross exposure	106.7	91.3
Regional governments
Risk information
Gross exposure	21.9	12
Multilateral development banks
Risk information
Gross exposure	5.3	2.6
Public sector entity
Risk information
Gross exposure	2.1	5.4
Financial institutions
Risk information
Gross exposure	34	39.1
Corporates
Risk information
Gross exposure	268.2	222.1
Middle East/ Africa/Turkey
Risk information
Gross exposure	47.4	40.7
Middle East/ Africa/Turkey \| Central governments
Risk information
Gross exposure	27.7	25.9
Middle East/ Africa/Turkey \| Regional governments
Risk information
Gross exposure	1.5	1.6
Middle East/ Africa/Turkey \| Corporates
Risk information
Gross exposure	18.2	13.2
Asia excl. Japan
Risk information
Gross exposure	7.4	7.7
Asia excl. Japan \| Central governments
Risk information
Gross exposure	3.2	3.3
Asia excl. Japan \| Multilateral development banks
Risk information
Gross exposure	0.3
Asia excl. Japan \| Corporates
Risk information
Gross exposure	3.9	4.4
Japan
Risk information
Gross exposure	2.4	5.4
Japan \| Central governments
Risk information
Gross exposure	2.4	1.9
Japan \| Financial institutions
Risk information
Gross exposure	0	2.3
Japan \| Corporates
Risk information
Gross exposure		1.2
North America
Risk information
Gross exposure	77.7	61.7
North America \| Central governments
Risk information
Gross exposure		1.3
North America \| Multilateral development banks
Risk information
Gross exposure	1.1
North America \| Financial institutions
Risk information
Gross exposure	0.8	3.9
North America \| Corporates
Risk information
Gross exposure	75.8	56.5
Latin America
Risk information
Gross exposure	55	51
Latin America \| Central governments
Risk information
Gross exposure	42.5	42.2
Latin America \| Corporates
Risk information
Gross exposure	12.5	8.8
Sweden
Risk information
Gross exposure	157.8	134.3
Sweden \| Central governments
Risk information
Gross exposure	6.7	6.6
Sweden \| Regional governments
Risk information
Gross exposure	16.3	10.4
Sweden \| Financial institutions
Risk information
Gross exposure	16.4	17.5
Sweden \| Corporates
Risk information
Gross exposure	118.4	99.8
West European countries excl. Sweden
Risk information
Gross exposure	80.1	67.4
West European countries excl. Sweden \| Central governments
Risk information
Gross exposure	24.2	10.1
West European countries excl. Sweden \| Regional governments
Risk information
Gross exposure	4.1	0
West European countries excl. Sweden \| Multilateral development banks
Risk information
Gross exposure	3.9	2.6
West European countries excl. Sweden \| Public sector entity
Risk information
Gross exposure	2.1	5.4
West European countries excl. Sweden \| Financial institutions
Risk information
Gross exposure	10	15.3
West European countries excl. Sweden \| Corporates
Risk information
Gross exposure	35.8	34
Central-East European countries
Risk information
Gross exposure	10.4	4.3
Central-East European countries \| Financial institutions
Risk information
Gross exposure	6.8	0.1
Central-East European countries \| Corporates
Risk information
Gross exposure	kr 3.6	kr 4.2

Risk information - Net exposu_2

Risk information - Net exposure by region and class (Details) - Credit risk - SEK (kr) kr in Billions	Dec. 31, 2022	Dec. 31, 2021
Risk information
Net exposure	kr 438.2	kr 372.5
Central governments
Risk information
Net exposure	227.3	185.5
Regional governments
Risk information
Net exposure	23.3	15.3
Multilateral development banks
Risk information
Net exposure	6.5	3
Public sector entity
Risk information
Net exposure	2.1	5.4
Financial institutions
Risk information
Net exposure	33.6	41.2
Corporates
Risk information
Net exposure	145.4	122.1
Middle East/ Africa/Turkey
Risk information
Net exposure	0.3	1.4
Middle East/ Africa/Turkey \| Central governments
Risk information
Net exposure	0
Middle East/ Africa/Turkey \| Financial institutions
Risk information
Net exposure	0.1	0
Middle East/ Africa/Turkey \| Corporates
Risk information
Net exposure	0.2	1.4
Asia excl. Japan
Risk information
Net exposure	1.6	1.6
Asia excl. Japan \| Central governments
Risk information
Net exposure	0.3	0.4
Asia excl. Japan \| Multilateral development banks
Risk information
Net exposure	0.3
Asia excl. Japan \| Corporates
Risk information
Net exposure	1	1.2
Japan
Risk information
Net exposure	3.9	7.7
Japan \| Central governments
Risk information
Net exposure	2.4	2
Japan \| Financial institutions
Risk information
Net exposure	0.2	2.4
Japan \| Corporates
Risk information
Net exposure	1.3	3.3
North America
Risk information
Net exposure	9.7	12.6
North America \| Central governments
Risk information
Net exposure	0.8	2
North America \| Multilateral development banks
Risk information
Net exposure	1.1
North America \| Financial institutions
Risk information
Net exposure	1.3	4.9
North America \| Corporates
Risk information
Net exposure	6.5	5.7
Latin America
Risk information
Net exposure	3.8	3.3
Latin America \| Corporates
Risk information
Net exposure	3.8	3.3
Sweden
Risk information
Net exposure	323.5	274.6
Sweden \| Central governments
Risk information
Net exposure	191.3	161.5
Sweden \| Regional governments
Risk information
Net exposure	19.2	15.3
Sweden \| Financial institutions
Risk information
Net exposure	16	15.1
Sweden \| Corporates
Risk information
Net exposure	97	82.7
West European countries excl. Sweden
Risk information
Net exposure	91.9	67.1
West European countries excl. Sweden \| Central governments
Risk information
Net exposure	30.3	17
West European countries excl. Sweden \| Regional governments
Risk information
Net exposure	4.1	0
West European countries excl. Sweden \| Multilateral development banks
Risk information
Net exposure	5.1	3
West European countries excl. Sweden \| Public sector entity
Risk information
Net exposure	2.1	5.4
West European countries excl. Sweden \| Financial institutions
Risk information
Net exposure	15.9	18.6
West European countries excl. Sweden \| Corporates
Risk information
Net exposure	34.4	23.1
Central-East European countries
Risk information
Net exposure	3.5	4.2
Central-East European countries \| Central governments
Risk information
Net exposure	2.2	2.6
Central-East European countries \| Financial institutions
Risk information
Net exposure	0.1	0.2
Central-East European countries \| Corporates
Risk information
Net exposure	kr 1.2	kr 1.4

Risk information - Effect of cr

Risk information - Effect of credit risk mitigation (Details) - Credit risk - SEK (kr) kr in Billions	Dec. 31, 2022	Dec. 31, 2021
Risk information
Hedged exposures	kr 220.7	kr 180.6
Unhedged exposures	217.5	191.9
Gross exposure	438.2	372.5
Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	220.7	180.6
Unhedged exposures	145.3	124.3
Gross exposure	366	304.9
Central governments
Risk information
Hedged exposures	195.5	165.6
Unhedged exposures - hedge issuer in same group as counterparty	0	0
Central governments \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	195.5	165.6
Central governments \| Guarantee \| Guarantees by the Swedish Export Credit Agency
Risk information
Hedged exposures	181.8	154.6
Central governments \| Guarantee \| Guarantees by the Swedish Export Credit Agency \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	181.8	154.6
Central governments \| Guarantee \| Guarantees by other export credit agencies
Risk information
Hedged exposures	7.2	7.5
Central governments \| Guarantee \| Guarantees by other export credit agencies \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	7.2	7.5
Central governments \| Guarantee \| Other guarantees
Risk information
Hedged exposures	6.5	3.5
Central governments \| Guarantee \| Other guarantees \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	6.5	3.5
Regional governments
Risk information
Hedged exposures	1.3	3.6
Regional governments \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	1.3	3.6
Multilateral development banks
Risk information
Hedged exposures	1.2	0.4
Multilateral development banks \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	1.2	0.4
Financial institutions
Risk information
Hedged exposures	7.8	5.8
Unhedged exposures - hedge issuer in same group as counterparty	0	0
Financial institutions \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	7.8	5.8
Financial institutions \| Guarantee
Risk information
Hedged exposures	7.8	5.8
Financial institutions \| Guarantee \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	7.8	5.8
Corporates
Risk information
Hedged exposures	14.9	5.2
Unhedged exposures - hedge issuer in same group as counterparty	24.5	22.8
Corporates \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	14.9	5.2
Corporates \| Credit insurance from insurance companies
Risk information
Hedged exposures	12.1	0.7
Corporates \| Credit insurance from insurance companies \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	12.1	0.7
Corporates \| Guarantee \| Other guarantees
Risk information
Hedged exposures	2.8	4.5
Corporates \| Guarantee \| Other guarantees \| Subject to the write-down requirement in IFRS 9
Risk information
Hedged exposures	2.8	4.5
Central governments
Risk information
Hedged exposures	73.4	71.3
Unhedged exposures	33.3	20
Gross exposure	106.7	91.3
Central governments \| Central governments
Risk information
Hedged exposures	72.7	70.9
Central governments \| Central governments \| Guarantee \| Guarantees by the Swedish Export Credit Agency
Risk information
Hedged exposures	72.3	70.4
Central governments \| Central governments \| Guarantee \| Guarantees by other export credit agencies
Risk information
Hedged exposures	0.4
Central governments \| Central governments \| Guarantee \| Other guarantees
Risk information
Hedged exposures		0.5
Central governments \| Financial institutions
Risk information
Hedged exposures	0.1	0.1
Central governments \| Financial institutions \| Guarantee
Risk information
Hedged exposures	0.1	0.1
Central governments \| Corporates
Risk information
Hedged exposures	0.6	0.3
Central governments \| Corporates \| Credit insurance from insurance companies
Risk information
Hedged exposures	0.6
Central governments \| Corporates \| Guarantee \| Other guarantees
Risk information
Hedged exposures		0.3
Regional governments
Risk information
Hedged exposures	1.5	1.6
Unhedged exposures	20.4	10.4
Gross exposure	21.9	12
Regional governments \| Central governments
Risk information
Hedged exposures	1.5	1.6
Regional governments \| Central governments \| Guarantee \| Guarantees by the Swedish Export Credit Agency
Risk information
Hedged exposures	1.5	1.6
Multilateral development banks
Risk information
Unhedged exposures	5.3	2.6
Gross exposure	5.3	2.6
Public sector entity
Risk information
Unhedged exposures	2.1	5.4
Gross exposure	2.1	5.4
Financial institutions
Risk information
Hedged exposures	8.2	2.5
Unhedged exposures	25.8	36.6
Gross exposure	34	39.1
Financial institutions \| Central governments
Risk information
Hedged exposures	8.2
Financial institutions \| Central governments \| Guarantee \| Guarantees by the Swedish Export Credit Agency
Risk information
Hedged exposures	6.7
Financial institutions \| Central governments \| Guarantee \| Other guarantees
Risk information
Hedged exposures	1.5
Financial institutions \| Regional governments
Risk information
Hedged exposures		2.4
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	137.6	105.2
Unhedged exposures	130.6	116.9
Gross exposure	268.2	222.1
Corporates \| Central governments
Risk information
Hedged exposures	113.1	93.1
Corporates \| Central governments \| Guarantee \| Guarantees by the Swedish Export Credit Agency
Risk information
Hedged exposures	101.3	82.6
Corporates \| Central governments \| Guarantee \| Guarantees by other export credit agencies
Risk information
Hedged exposures	6.8	7.5
Corporates \| Central governments \| Guarantee \| Other guarantees
Risk information
Hedged exposures	5	3
Corporates \| Regional governments
Risk information
Hedged exposures	1.3	1.2
Corporates \| Multilateral development banks
Risk information
Hedged exposures	1.2	0.4
Corporates \| Financial institutions
Risk information
Hedged exposures	7.7	5.6
Corporates \| Financial institutions \| Guarantee
Risk information
Hedged exposures	7.7	5.6
Corporates \| Corporates
Risk information
Hedged exposures	14.3	4.9
Corporates \| Corporates \| Credit insurance from insurance companies
Risk information
Hedged exposures	11.5	0.7
Corporates \| Corporates \| Guarantee \| Other guarantees
Risk information
Hedged exposures	kr 2.8	kr 4.2

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, 2022	Dec. 31, 2021
Risk information
Gross exposure	kr 438.2	kr 372.5
Finland
Risk information
Gross exposure	13.6	10.3
United Kingdom
Risk information
Gross exposure	12.3	9.4
Germany
Risk information
Gross exposure	10.1	8.8
France
Risk information
Gross exposure	10	3.8
Poland
Risk information
Gross exposure	9.1	2.8
Norway
Risk information
Gross exposure	6.7	6.6
Austria
Risk information
Gross exposure	5.9	6.1
Denmark
Risk information
Gross exposure	5.3	5.1
Spain
Risk information
Gross exposure	4.1	5
Netherlands
Risk information
Gross exposure	4	3.9
Luxembourg
Risk information
Gross exposure	3.8	3.2
Italy
Risk information
Gross exposure	2	2.4
Portugal
Risk information
Gross exposure	1	0.9
Ireland
Risk information
Gross exposure	0.6	0.4
Serbia
Risk information
Gross exposure	0.5	0.4
Belgium
Risk information
Gross exposure	0.5	1.5
Lithuania
Risk information
Gross exposure	0.2	0.3
Czech Republic
Risk information
Gross exposure	0.2	0.2
Russian Federation
Risk information
Gross exposure	0.1	0.2
Estonia
Risk information
Gross exposure	0.1	0.1
Latvia
Risk information
Gross exposure	0.1	0.1
Iceland
Risk information
Gross exposure	0.1	0.1
Slovakia
Risk information
Gross exposure	0.1	0.1
Europe except Sweden
Risk information
Gross exposure	90.4	71.7
Central governments
Risk information
Gross exposure	106.7	91.3
Central governments \| Finland
Risk information
Gross exposure	0	1
Central governments \| United Kingdom
Risk information
Gross exposure	4.1
Central governments \| Germany
Risk information
Gross exposure	7.3	3.1
Central governments \| France
Risk information
Gross exposure	5.6
Central governments \| Austria
Risk information
Gross exposure	5.9	4.3
Central governments \| Denmark
Risk information
Gross exposure	0.6
Central governments \| Netherlands
Risk information
Gross exposure	0.6
Central governments \| Luxembourg
Risk information
Gross exposure		0.6
Central governments \| Belgium
Risk information
Gross exposure		1.2
Central governments \| Europe except Sweden
Risk information
Gross exposure	24.1	10.2
Regional governments
Risk information
Gross exposure	21.9	12
Regional governments \| Finland
Risk information
Gross exposure	4.1	0
Regional governments \| Europe except Sweden
Risk information
Gross exposure	4.1	0
Multilateral development banks
Risk information
Gross exposure	5.3	2.6
Multilateral development banks \| Luxembourg
Risk information
Gross exposure	3.8	2.6
Multilateral development banks \| Europe except Sweden
Risk information
Gross exposure	3.8	2.6
Public sector entity
Risk information
Gross exposure	2.1	5.4
Public sector entity \| Germany
Risk information
Gross exposure	2.1	5.2
Public sector entity \| Denmark
Risk information
Gross exposure		0.2
Public sector entity \| Europe except Sweden
Risk information
Gross exposure	2.1	5.4
Financial institutions
Risk information
Gross exposure	34	39.1
Financial institutions \| Finland
Risk information
Gross exposure	0.2	0.3
Financial institutions \| United Kingdom
Risk information
Gross exposure	0.2	2
Financial institutions \| Germany
Risk information
Gross exposure	0.6	0.3
Financial institutions \| France
Risk information
Gross exposure	2.5	2
Financial institutions \| Poland
Risk information
Gross exposure	6.7
Financial institutions \| Norway
Risk information
Gross exposure	0.1	1.9
Financial institutions \| Austria
Risk information
Gross exposure		1.8
Financial institutions \| Denmark
Risk information
Gross exposure	2.6	3.1
Financial institutions \| Spain
Risk information
Gross exposure	0.8	0.5
Financial institutions \| Netherlands
Risk information
Gross exposure	2.8	3.3
Financial institutions \| Luxembourg
Risk information
Gross exposure	0
Financial institutions \| Italy
Risk information
Gross exposure		0
Financial institutions \| Ireland
Risk information
Gross exposure	0.3	0.1
Financial institutions \| Latvia
Risk information
Gross exposure	0.1	0.1
Financial institutions \| Europe except Sweden
Risk information
Gross exposure	16.9	15.4
Corporates
Risk information
Gross exposure	268.2	222.1
Corporates \| Finland
Risk information
Gross exposure	9.3	9
Corporates \| United Kingdom
Risk information
Gross exposure	8	7.4
Corporates \| Germany
Risk information
Gross exposure	0.1	0.2
Corporates \| France
Risk information
Gross exposure	1.9	1.8
Corporates \| Poland
Risk information
Gross exposure	2.4	2.8
Corporates \| Norway
Risk information
Gross exposure	6.6	4.7
Corporates \| Denmark
Risk information
Gross exposure	2.1	1.8
Corporates \| Spain
Risk information
Gross exposure	3.3	4.5
Corporates \| Netherlands
Risk information
Gross exposure	0.6	0.6
Corporates \| Italy
Risk information
Gross exposure	2	2.4
Corporates \| Portugal
Risk information
Gross exposure	1	0.9
Corporates \| Ireland
Risk information
Gross exposure	0.3	0.3
Corporates \| Serbia
Risk information
Gross exposure	0.5	0.4
Corporates \| Belgium
Risk information
Gross exposure	0.5	0.3
Corporates \| Lithuania
Risk information
Gross exposure	0.2	0.3
Corporates \| Czech Republic
Risk information
Gross exposure	0.2	0.2
Corporates \| Russian Federation
Risk information
Gross exposure	0.1	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	0.1
Corporates \| Europe except Sweden
Risk information
Gross exposure	kr 39.4	kr 38.1

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, 2022	Dec. 31, 2021
Risk information
Net exposure	kr 438.2	kr 372.5
France
Risk information
Net exposure	16.2	7.8
Germany
Risk information
Net exposure	13.1	10.3
Finland
Risk information
Net exposure	11.6	8.2
Luxembourg
Risk information
Net exposure	10.6	4.3
United Kingdom
Risk information
Net exposure	10.5	7
Austria
Risk information
Net exposure	5.9	6
Denmark
Risk information
Net exposure	5.6	5.4
Norway
Risk information
Net exposure	5.4	6.8
Netherlands
Risk information
Net exposure	4	4
Belgium
Risk information
Net exposure	3.2	2.9
Poland
Risk information
Net exposure	2.3	2.8
Spain
Risk information
Net exposure	2.3	2.3
Ireland
Risk information
Net exposure	1.5	0.6
Portugal
Risk information
Net exposure	1	1
Switzerland
Risk information
Net exposure	0.6	0.4
Serbia
Risk information
Net exposure	0.5	0.4
Lithuania
Risk information
Net exposure	0.2	0.3
Italy
Risk information
Net exposure	0.2	0.1
Czech Republic
Risk information
Net exposure	0.2	0.2
Estonia
Risk information
Net exposure	0.1	0.1
Latvia
Risk information
Net exposure	0.1	0.1
Iceland
Risk information
Net exposure	0.1	0.1
Slovakia
Risk information
Net exposure	0.1	0.1
Europe except Sweden
Risk information
Net exposure	95.3	71.2
Central governments
Risk information
Net exposure	227.3	185.5
Central governments \| France
Risk information
Net exposure	8.9	4.5
Central governments \| Germany
Risk information
Net exposure	7.9	3.7
Central governments \| Finland
Risk information
Net exposure	0.7	1.5
Central governments \| Luxembourg
Risk information
Net exposure		0.7
Central governments \| United Kingdom
Risk information
Net exposure	4.1	0
Central governments \| Austria
Risk information
Net exposure	5.9	4.3
Central governments \| Denmark
Risk information
Net exposure	1.4	0.2
Central governments \| Norway
Risk information
Net exposure	0.6	0.6
Central governments \| Netherlands
Risk information
Net exposure	0.8	0.3
Central governments \| Belgium
Risk information
Net exposure		1.2
Central governments \| Poland
Risk information
Net exposure	2.2	2.6
Central governments \| Europe except Sweden
Risk information
Net exposure	32.5	19.6
Regional governments
Risk information
Net exposure	23.3	15.3
Regional governments \| Finland
Risk information
Net exposure	4.1	0
Regional governments \| Europe except Sweden
Risk information
Net exposure	4.1	0
Multilateral development banks
Risk information
Net exposure	6.5	3
Multilateral development banks \| Luxembourg
Risk information
Net exposure	5.1	3
Multilateral development banks \| Europe except Sweden
Risk information
Net exposure	5.1	3
Public sector entity
Risk information
Net exposure	2.1	5.4
Public sector entity \| Germany
Risk information
Net exposure	2.1	5.2
Public sector entity \| Denmark
Risk information
Net exposure		0.2
Public sector entity \| Europe except Sweden
Risk information
Net exposure	2.1	5.4
Financial institutions
Risk information
Net exposure	33.6	41.2
Financial institutions \| France
Risk information
Net exposure	3.4	1.9
Financial institutions \| Germany
Risk information
Net exposure	1.8	1.1
Financial institutions \| Finland
Risk information
Net exposure	0.3	0.4
Financial institutions \| Luxembourg
Risk information
Net exposure	0
Financial institutions \| United Kingdom
Risk information
Net exposure	2	3
Financial institutions \| Austria
Risk information
Net exposure		1.7
Financial institutions \| Denmark
Risk information
Net exposure	2.6	3.2
Financial institutions \| Norway
Risk information
Net exposure	0.1	1.9
Financial institutions \| Netherlands
Risk information
Net exposure	2.9	3.4
Financial institutions \| Belgium
Risk information
Net exposure	0.9	0.8
Financial institutions \| Spain
Risk information
Net exposure	1.6	1.3
Financial institutions \| Ireland
Risk information
Net exposure	0.1
Financial institutions \| Switzerland
Risk information
Net exposure	0.1	0
Financial institutions \| Italy
Risk information
Net exposure		0
Financial institutions \| Latvia
Risk information
Net exposure	0.1	0.1
Financial institutions \| Europe except Sweden
Risk information
Net exposure	15.9	18.8
Corporates
Risk information
Net exposure	145.4	122.1
Corporates \| France
Risk information
Net exposure	3.9	1.4
Corporates \| Germany
Risk information
Net exposure	1.3	0.3
Corporates \| Finland
Risk information
Net exposure	6.5	6.3
Corporates \| Luxembourg
Risk information
Net exposure	5.5	0.6
Corporates \| United Kingdom
Risk information
Net exposure	4.4	4
Corporates \| Denmark
Risk information
Net exposure	1.6	1.8
Corporates \| Norway
Risk information
Net exposure	4.7	4.3
Corporates \| Netherlands
Risk information
Net exposure	0.3	0.3
Corporates \| Belgium
Risk information
Net exposure	2.3	0.9
Corporates \| Poland
Risk information
Net exposure	0.1	0.2
Corporates \| Spain
Risk information
Net exposure	0.7	1
Corporates \| Ireland
Risk information
Net exposure	1.4	0.6
Corporates \| Portugal
Risk information
Net exposure	1	1
Corporates \| Switzerland
Risk information
Net exposure	0.5	0.4
Corporates \| Serbia
Risk information
Net exposure	0.5	0.4
Corporates \| Lithuania
Risk information
Net exposure	0.2	0.3
Corporates \| Italy
Risk information
Net exposure	0.2	0.1
Corporates \| Czech Republic
Risk information
Net exposure	0.2	0.2
Corporates \| Estonia
Risk information
Net exposure	0.1	0.1
Corporates \| Iceland
Risk information
Net exposure	0.1	0.1
Corporates \| Slovakia
Risk information
Net exposure	0.1	0.1
Corporates \| Europe except Sweden
Risk information
Net exposure	kr 35.6	kr 24.4

Risk information - Corporate ex

Risk information - Corporate exposures by industry (GICS) (Details) - Credit risk - SEK (kr) kr in Billions	Dec. 31, 2022	Dec. 31, 2021
Risk information
Gross exposure	kr 438.2	kr 372.5
Net exposure	438.2	372.5
Corporates
Risk information
Gross exposure	268.2	222.1
Net exposure	145.4	122.1
Corporates \| IT and telecom
Risk information
Gross exposure	94.6	76.2
Net exposure	16.6	14.8
Corporates \| Industrials
Risk information
Gross exposure	62.4	44.7
Net exposure	49.6	41.6
Corporates \| Consumer goods
Risk information
Gross exposure	32.7	32.3
Net exposure	26.4	27.5
Corporates \| Utilities
Risk information
Gross exposure	30.7	19.5
Net exposure	14.7	9.2
Corporates \| Materials
Risk information
Gross exposure	27.4	23.4
Net exposure	15.8	16.1
Corporates \| Finance
Risk information
Gross exposure	13.3	21.8
Net exposure	19.1	10.1
Corporates \| Energy
Risk information
Gross exposure	4.1	1.2
Net exposure	0.7	0.1
Corporates \| Healthcare
Risk information
Gross exposure	2.8	2.8
Net exposure	2.3	2.5
Corporates \| Other
Risk information
Gross exposure	0.2	0.2
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, 2022 SEK (kr)	Dec. 31, 2021 SEK (kr)
NII risk together with risk to NII from cross-currency basis spreads
Risk information
Market risk amount	kr 201	kr 200
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 83	kr 124
VAR horizon period (in years)	1 year
Confidence level for VAR calculation	99%
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%
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, 2022	Dec. 31, 2021
Risk information
Percentage of increase in market interest rate	1%	1%
Impact from one percentage point increase in market interest rate	kr (452)	kr (377)
Impact from one percentage point increase in market interest rate for instruments measured at fair value through profit or loss	kr 185	kr 283
Percentage of decrease in market interest rate	1%	1%
Impact from one percentage point decrease in market interest rate	kr 566	kr 835
Impact from one percentage point decrease in market interest rate for instruments measured at fair value through profit or loss	(194)	(280)
Foreign currencies
Risk information
Impact from one percentage point increase in market interest rate	(101)	(268)
Impact from one percentage point increase in market interest rate for instruments measured at fair value through profit or loss	167	162
Impact from one percentage point decrease in market interest rate	129	579
Impact from one percentage point decrease in market interest rate for instruments measured at fair value through profit or loss	(179)	(165)
SKR
Risk information
Impact from one percentage point increase in market interest rate	(351)	(109)
Impact from one percentage point increase in market interest rate for instruments measured at fair value through profit or loss	18	121
Impact from one percentage point decrease in market interest rate	437	256
Impact from one percentage point decrease in market interest rate for instruments measured at fair value through profit or loss	kr (15)	kr (115)

Risk information - Foreign curr

Risk information - Foreign currency position (Details) - Currency risk kr in Millions	Dec. 31, 2022 SEK (kr) $ / kr $ / kr ¥ / kr ฿ / kr € / kr £ / kr	Dec. 31, 2021 SEK (kr) £ / kr € / kr $ / kr $ / kr ฿ / kr ¥ / kr
EUR
Risk information
Exchange rate \| € / kr	11.1122	10.2431
Share at year-end (as a %)	1%	1%
Currency position	kr (178)	kr (242)
USD
Risk information
Exchange rate \| $ / kr	10.4055	9.0356
Share at year-end (as a %)	1%	0%
Currency position	kr (133)	kr (50)
JPY
Risk information
Exchange rate \| ¥ / kr	0.0788	0.0785
Share at year-end (as a %)	0%	0%
Currency position	kr 24	kr 9
GBP
Risk information
Exchange rate \| £ / kr	12.5567	12.2119
Share at year-end (as a %)	0%	0%
Currency position	kr (63)	kr (51)
MXN
Risk information
Exchange rate \| $ / kr	0.5360	0.4408
Share at year-end (as a %)	1%	1%
Currency position	kr (121)	kr (105)
THB
Risk information
Exchange rate \| ฿ / kr	0.3011	0.2709
Share at year-end (as a %)	0%	0%
Currency position	kr 3	kr (4)
Other currencies
Risk information
Share at year-end (as a %)	0%	0%
Currency position	kr 107	kr (19)
Foreign currencies
Risk information
Share at year-end (as a %)	3%	2%
Currency position	kr (361)	kr (462)
Currency positions excluding unrealized changes in fair value	kr 13	kr 5

Risk information - Assets and l

Risk information - Assets and liabilities in foreign currencies (Details) - SEK (kr) kr in Millions	Dec. 31, 2022	Dec. 31, 2021
Risk information
Assets	kr 375,474	kr 333,647
Liabilities	353,899	312,839
Currency risk
Risk information
Assets	375,474	333,647
Liabilities	353,899	312,839
Currency risk \| Foreign currencies
Risk information
Assets	291,952	262,056
Liabilities	kr 292,313	kr 262,518

Risk information - Liquidity re

Risk information - Liquidity reserve (Details) - Liquidity risk - SEK (kr) kr in Billions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Risk information
New lending capacity, target	60 days
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 73	kr 53.7
SKR
Risk information
Liquidity Reserve	29.8	27.3
EUR
Risk information
Liquidity Reserve	8.8	6.4
USD
Risk information
Liquidity Reserve	34.3	19.9
Other currencies
Risk information
Liquidity Reserve	0.1	0.1
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks
Risk information
Liquidity Reserve	30.1	23
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks \| SKR
Risk information
Liquidity Reserve	4.7	4.4
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks \| EUR
Risk information
Liquidity Reserve	7.2	4.8
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks \| USD
Risk information
Liquidity Reserve	18.1	13.7
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks \| Other currencies
Risk information
Liquidity Reserve	0.1	0.1
Securities issued or guaranteed by municipalities or other public entities
Risk information
Liquidity Reserve	27.9	15.8
Securities issued or guaranteed by municipalities or other public entities \| SKR
Risk information
Liquidity Reserve	10.1	8
Securities issued or guaranteed by municipalities or other public entities \| EUR
Risk information
Liquidity Reserve	1.6	1.6
Securities issued or guaranteed by municipalities or other public entities \| USD
Risk information
Liquidity Reserve	16.2	6.2
Covered bonds issued by other institutions
Risk information
Liquidity Reserve	12	12.9
Covered bonds issued by other institutions \| SKR
Risk information
Liquidity Reserve	12	12.9
Balances with National Debt Office
Risk information
Liquidity Reserve	3	2
Balances with National Debt Office \| SKR
Risk information
Liquidity Reserve	kr 3	kr 2

Risk information - Liquidity in

Risk information - Liquidity investments - Remaining maturity (Details) - Liquidity risk	Dec. 31, 2022	Dec. 31, 2021
Within 1 year
Risk information
Percentage of liquidity investments	90%	84%
Later than one year and not later than three years
Risk information
Percentage of liquidity investments	10%	16%

Risk information - Key figures

Risk information - Key figures for liquidity risk (Details)	Dec. 31, 2022	Dec. 31, 2021
Risk information
LCR under EU Commission's delegated act	311%	463%
NSFR	119%	139%
Liquidity risk
Risk information
LCR under EU Commission's delegated act	311%	463%
NSFR	119%	139%

Risk Information - Liquidity _2

Risk Information - Liquidity investments - By exposure type (Details) - Liquidity risk	Dec. 31, 2022	Dec. 31, 2021
States and Multilateral development banks
Risk information
Percentage of liquidity investments	46%	40%
Local governments
Risk information
Percentage of liquidity investments	37%	23%
Covered bonds
Risk information
Percentage of liquidity investments	16%	19%
Financial institutions
Risk information
Percentage of liquidity investments	1%	15%
Corporates
Risk information
Percentage of liquidity investments		3%

Risk information - Contractual

Risk information - Contractual flows (Details) - SEK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Risk information
Total financial assets	kr 370,695	kr 323,941
Financial liabilities	(339,457)	(309,729)
Binding offers		1,510
Liquidity risk
Risk information
Financial assets, cash flow	412,661	355,326
Financial assets, discounting effect	(41,966)	(31,385)
Total financial assets	370,695	323,941
Financial liabilities, cash flow	(382,159)	(330,217)
Financial liabilities, discounting effect	42,702	20,488
Financial liabilities	(339,457)	(309,729)
Liquidity surplus (+) / deficit (-)	30,500	25,109
Binding offers	kr 200	1,500
Liquidity risk \| Minimum
Risk information
Maturity of cash flow in deficit (in months)	1 month
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
Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	kr 39,432	38,027
Financial liabilities, cash flow	(21,445)	(19,175)
Committed undisbursed loans cash flows	(4,871)	(238)
Liquidity surplus (+) / deficit (-)	13,116	18,614
Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	42,178	25,247
Financial liabilities, cash flow	(35,270)	(36,197)
Committed undisbursed loans cash flows	(860)	(1,938)
Liquidity surplus (+) / deficit (-)	6,048	(12,888)
Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	71,370	70,973
Financial liabilities, cash flow	(109,730)	(52,549)
Committed undisbursed loans cash flows	(26,663)	(14,890)
Liquidity surplus (+) / deficit (-)	(65,023)	3,534
Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	118,505	92,292
Financial liabilities, cash flow	(125,148)	(132,455)
Committed undisbursed loans cash flows	(16,224)	(22,498)
Liquidity surplus (+) / deficit (-)	(22,867)	(62,661)
Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	63,167	60,504
Financial liabilities, cash flow	(42,058)	(43,767)
Committed undisbursed loans cash flows	201	970
Liquidity surplus (+) / deficit (-)	21,310	17,707
More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	78,009	68,283
Financial liabilities, cash flow	(48,508)	(46,074)
Committed undisbursed loans cash flows	48,415	38,594
Liquidity surplus (+) / deficit (-)	77,916	60,803
Not later than 3 months / 90 days \| Liquidity risk
Risk information
Liquidity surplus (+) / deficit (-)	19,164	5,726
Within 1 year \| Liquidity risk
Risk information
Liquidity surplus (+) / deficit (-)	(45,859)	9,260
Not later than three years \| Liquidity risk
Risk information
Liquidity surplus (+) / deficit (-)	(68,726)	(53,401)
Not later than five years \| Liquidity risk
Risk information
Liquidity surplus (+) / deficit (-)	(47,416)	(35,694)
Borrowing from credit institutions
Risk information
Financial liabilities	(7,153)	(5,230)
Borrowing from credit institutions \| Liquidity risk
Risk information
Financial liabilities, cash flow	(7,153)	(5,230)
Financial liabilities, discounting effect	0
Financial liabilities	(7,153)	(5,230)
Borrowing from credit institutions \| Not later than one month \| Liquidity risk
Risk information
Financial liabilities, cash flow	(7,153)	(5,230)
Borrowing from the public
Risk information
Financial liabilities		(10,000)
Borrowing from the public \| Liquidity risk
Risk information
Financial liabilities, cash flow		(9,998)
Financial liabilities, discounting effect		(2)
Financial liabilities		(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)
Debt securities issued
Risk information
Financial liabilities	(319,117)	(279,770)
Debt securities issued \| Liquidity risk
Risk information
Financial liabilities, cash flow	(363,599)	(304,540)
Financial liabilities, discounting effect	44,482	24,770
Financial liabilities	(319,117)	(279,770)
Debt securities issued \| Not later than one month \| Liquidity risk
Risk information
Financial liabilities, cash flow	(12,894)	(13,587)
Debt securities issued \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial liabilities, cash flow	(31,803)	(26,300)
Debt securities issued \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial liabilities, cash flow	(105,290)	(52,343)
Debt securities issued \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(121,741)	(128,316)
Debt securities issued \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(42,690)	(42,130)
Debt securities issued \| More than 5 years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(49,181)	(41,864)
Derivatives
Risk information
Financial liabilities	(13,187)	(14,729)
Derivatives \| Liquidity risk
Risk information
Financial liabilities, cash flow	(11,407)	(10,449)
Financial liabilities, discounting effect	(1,780)	(4,280)
Financial liabilities	(13,187)	(14,729)
Derivatives \| Not later than one month \| Liquidity risk
Risk information
Financial liabilities, cash flow	(1,398)	(358)
Derivatives \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial liabilities, cash flow	(3,467)	101
Derivatives \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial liabilities, cash flow	(4,440)	(206)
Derivatives \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(3,407)	(4,139)
Derivatives \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial liabilities, cash flow	632	(1,637)
Derivatives \| More than 5 years \| Liquidity risk
Risk information
Financial liabilities, cash flow	673	(4,210)
Derivatives \| Hedging instrument \| Liquidity risk
Risk information
Financial liabilities, cash flow	(13,177)	(2,858)
Financial liabilities, discounting effect	943	(688)
Financial liabilities	(12,234)	(3,546)
Derivatives \| Hedging instrument \| Not later than one month \| Liquidity risk
Risk information
Financial liabilities, cash flow	(426)	41
Derivatives \| Hedging instrument \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial liabilities, cash flow	(967)	201
Derivatives \| Hedging instrument \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial liabilities, cash flow	(5,642)	(61)
Derivatives \| Hedging instrument \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(5,083)	(1,864)
Derivatives \| Hedging instrument \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(546)	(345)
Derivatives \| Hedging instrument \| More than 5 years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(513)	(830)
of which cash inflow in currency derivatives \| Liquidity risk
Risk information
Financial liabilities, cash flow	61,596	49,706
of which cash inflow in currency derivatives \| Not later than one month \| Liquidity risk
Risk information
Financial liabilities, cash flow	881	888
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	10,948	16,122
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	15,660	10,459
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	25,532	8,188
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	4,782	8,942
of which cash inflow in currency derivatives \| More than 5 years \| Liquidity risk
Risk information
Financial liabilities, cash flow	3,793	5,107
of which cash outflow in currency derivatives \| Liquidity risk
Risk information
Financial liabilities, cash flow	(70,048)	(52,855)
of which cash outflow in currency derivatives \| Not later than one month \| Liquidity risk
Risk information
Financial liabilities, cash flow	(1,064)	(952)
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	(13,306)	(17,618)
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	(17,293)	(10,981)
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	(28,734)	(8,886)
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	(5,069)	(8,964)
of which cash outflow in currency derivatives \| More than 5 years \| Liquidity risk
Risk information
Financial liabilities, cash flow	(4,582)	(5,454)
Cash and cash equivalents
Risk information
Total financial assets	4,060	11,128
Cash and cash equivalents \| Liquidity risk
Risk information
Financial assets, cash flow	4,053	11,129
Financial assets, discounting effect	7	(1)
Total financial assets	4,060	11,128
Cash and cash equivalents \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	4,053	11,129
Treasuries/government bonds
Risk information
Total financial assets	15,048	10,872
Treasuries/government bonds \| Liquidity risk
Risk information
Financial assets, cash flow	15,121	10,882
Financial assets, discounting effect	(73)	(10)
Total financial assets	15,048	10,872
Treasuries/government bonds \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	4,149	1,822
Treasuries/government bonds \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	8,749	4,131
Treasuries/government bonds \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	2,223	4,144
Treasuries/government bonds \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow		785
Other interest-bearing securities except loans
Risk information
Total financial assets	57,144	45,881
Other interest-bearing securities except loans \| Liquidity risk
Risk information
Financial assets, cash flow	58,165	45,980
Financial assets, discounting effect	(1,021)	(99)
Total financial assets	57,144	45,881
Other interest-bearing securities except loans \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	12,983	7,647
Other interest-bearing securities except loans \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	17,791	10,909
Other interest-bearing securities except loans \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	19,706	17,511
Other interest-bearing securities except loans \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	7,685	9,913
Loans in the form of interest-bearing securities
Risk information
Total financial assets	54,257	46,578
Loans in the form of interest-bearing securities \| Liquidity risk
Risk information
Financial assets, cash flow	64,782	50,114
Financial assets, discounting effect	(10,525)	(3,536)
Total financial assets	54,257	46,578
Loans in the form of interest-bearing securities \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	368	77
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	317	1,532
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	9,257	7,529
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	22,498	14,427
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	14,449	15,220
Loans in the form of interest-bearing securities \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	17,893	11,329
Loans to credit institutions
Risk information
Total financial assets	22,145	20,775
Loans to credit institutions \| Liquidity risk
Risk information
Financial assets, cash flow	23,224	21,580
Financial assets, discounting effect	(1,079)	(805)
Total financial assets	22,145	20,775
Loans to credit institutions \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	10,824	11,673
Loans to credit institutions \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	271	110
Loans to credit institutions \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	2,485	2,417
Loans to credit institutions \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	2,389	2,581
Loans to credit institutions \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	1,970	1,218
Loans to credit institutions \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	5,285	3,581
Loans to the public
Risk information
Total financial assets	207,737	180,288
Loans to the public \| Liquidity risk
Risk information
Financial assets, cash flow	235,283	206,007
Financial assets, discounting effect	(27,546)	(25,719)
Total financial assets	207,737	180,288
Loans to the public \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	6,020	5,182
Loans to the public \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	12,350	7,229
Loans to the public \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	34,214	37,218
Loans to the public \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	84,867	62,116
Loans to the public \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	45,683	43,375
Loans to the public \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	52,149	50,887
Derivatives
Risk information
Total financial assets	10,304	8,419
Derivatives \| Liquidity risk
Risk information
Financial assets, cash flow	12,033	9,634
Financial assets, discounting effect	(1,729)	(1,215)
Total financial assets	10,304	8,419
Derivatives \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	1,035	497
Derivatives \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	2,700	1,336
Derivatives \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	3,485	2,154
Derivatives \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	1,066	2,470
Derivatives \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	1,065	691
Derivatives \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	2,682	2,486
Derivatives \| Hedging instrument \| Liquidity risk
Risk information
Financial assets, cash flow	2,117	3,079
Financial assets, discounting effect	(531)	(418)
Total financial assets	1,586	2,661
Derivatives \| Hedging instrument \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	(16)	(7)
Derivatives \| Hedging instrument \| Later than one month and not later than three months \| Liquidity risk
Risk information
Financial assets, cash flow	59	205
Derivatives \| Hedging instrument \| Later than three months and not later than one year \| Liquidity risk
Risk information
Financial assets, cash flow	130	374
Derivatives \| Hedging instrument \| Later than one year and not later than three years \| Liquidity risk
Risk information
Financial assets, cash flow	257	688
Derivatives \| Hedging instrument \| Later than three years and not later than five years \| Liquidity risk
Risk information
Financial assets, cash flow	608	222
Derivatives \| Hedging instrument \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	1,079	1,597
of which cash inflow in currency derivatives \| Liquidity risk
Risk information
Financial assets, cash flow	93,915	87,071
of which cash inflow in currency derivatives \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	5,461	912
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	17,826	13,274
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	43,773	21,973
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	14,767	41,766
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	6,076	5,075
of which cash inflow in currency derivatives \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	6,012	4,071
of which cash outflow in currency derivatives \| Liquidity risk
Risk information
Financial assets, cash flow	(85,257)	(82,221)
of which cash outflow in currency derivatives \| Not later than one month \| Liquidity risk
Risk information
Financial assets, cash flow	(4,544)	(896)
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	(15,538)	(12,596)
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	(40,380)	(20,645)
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	(14,257)	(39,925)
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	(5,250)	(4,786)
of which cash outflow in currency derivatives \| More than 5 years \| Liquidity risk
Risk information
Financial assets, cash flow	kr (5,288)	kr (3,373)

Transactions with related par_3

Transactions with related parties (Details) - SEK (kr) kr in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2023
Transactions with related parties
Repayments of debt		kr 149,831	kr 97,435	kr 119,143
Swedish government
Transactions with related parties
Ownership interest in reporting company		100%
Percentage of company's outstanding loan guaranteed		43%	44%
EKN
Transactions with related parties
Remuneration to EKN for the guarantees paid		kr 46	kr 45
Credit facility with the Swedish National Debt Office \| Swedish National Debt Office
Transactions with related parties
Credit facility, granted by the government		175,000	200,000		kr 175,000
Loans covered by CIRR-system, limit for credit facility		162,000	185,000
Commercial export financing, limit for credit facility		kr 13,000	kr 15,000		kr 35,000
Repayments of debt	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, 2022	Dec. 31, 2021
Transactions with related parties
Assets	kr 17,158	kr 21,372
Liabilities	8,509	10,147
Interest income	199	58
Interest expense	2	4
Swedish government
Transactions with related parties
Assets	6,516	10,459
Liabilities	8,509	10,147
Interest income	46	(7)
Interest expense	2
Companies and organizations that are controlled through a common owner
Transactions with related parties
Assets	10,642	10,913
Interest income	153	65
Interest expense		4
Borrowing from the public
Transactions with related parties
Liabilities		10,000
Interest expense		4
Borrowing from the public \| Swedish government
Transactions with related parties
Liabilities		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
Interest expense	2
Other liabilities \| Swedish government
Transactions with related parties
Liabilities		147
Interest expense	2
Settlement debt against the State
Transactions with related parties
Liabilities	8,509
Settlement debt against the State \| Swedish government
Transactions with related parties
Liabilities	8,509
Cash
Transactions with related parties
Assets	3,000	2,000
Interest income	20
Cash \| Swedish government
Transactions with related parties
Assets	3,000	2,000
Interest income	20
Treasuries/government bonds
Transactions with related parties
Assets		1,250
Interest income	2	(7)
Treasuries/government bonds \| Swedish government
Transactions with related parties
Assets		1,250
Interest income	2	(7)
Other interest-bearing securities except loans
Transactions with related parties
Assets	5,684	5,175
Interest income	35	0
Other interest-bearing securities except loans \| Swedish government
Transactions with related parties
Assets	3,499
Interest income	24
Other interest-bearing securities except loans \| Companies and organizations that are controlled through a common owner
Transactions with related parties
Assets	2,185	5,175
Interest income	11	0
Loans in the form of interest-bearing securities
Transactions with related parties
Assets	5,349	2,600
Interest income	64	33
Loans in the form of interest-bearing securities \| Companies and organizations that are controlled through a common owner
Transactions with related parties
Assets	5,349	2,600
Interest income	64	33
Loans to credit institutions
Transactions with related parties
Assets	2,417	1,719
Interest income	54	23
Loans to credit institutions \| Companies and organizations that are controlled through a common owner
Transactions with related parties
Assets	2,417	1,719
Interest income	54	23
Loans to the public
Transactions with related parties
Assets	691	1,419
Interest income	24	9
Loans to the public \| Companies and organizations that are controlled through a common owner
Transactions with related parties
Assets	691	1,419
Interest income	24	9
Settlement claim against the State
Transactions with related parties
Assets	17	7,209
Settlement claim against the State \| Swedish government
Transactions with related parties
Assets	kr 17	kr 7,209

Reference interest rate reform

Reference interest rate reform (Details) kr in Millions, $ in Millions	Dec. 31, 2022 SEK (kr)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 SEK (kr)
Reference interest rate reform
Nominal amount of the hedging instruments	kr 81,590		kr 105,440
Lending contracts \| USD LIBOR \| After 30 June 2023
Reference interest rate reform
Nominal amounts		$ 1,682	1,870
Derivatives \| USD LIBOR \| After 30 June 2023
Reference interest rate reform
Nominal amounts		$ 19,063	kr 19,284

Risk and capital management (De

Risk and capital management (Details) kr in Millions	12 Months Ended
Risk and capital management (Details) kr in Millions	Dec. 31, 2023 SEK (kr)	Dec. 31, 2022 SEK (kr) item	Dec. 31, 2021 SEK (kr)	Dec. 31, 2020 SEK (kr)
Risk and capital management
Established credit losses		kr 0	kr 52	kr 20
Capital ratio		20.60%	21.60%
Tier 1 capital ratio		20.60%	21.60%
Common Equity Tier 1 capital ratio		20.60%	21.60%
Leverage ratio		8.40%	9.30%
Subordinated eligible debt to be issued	kr 12,000
New lending capacity		96 days	125 days
LCR		311%	463%
NSFR		119%	139%
Additional capital - Pillar 2 guidance		1.50%
Additional capital (pillar 2 guidance) of total leverage ratio exposure		0.15%
Total risk-based capital requirement		16.50%	15.70%
CET1 ratio requirements inclusive Pillar 2 guidance		11.40%	10.60%
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%
Minimum
Risk and capital management
Total capital ratio excess over capital adequacy requirement, target		2%
Common Equity Tier I ratio excess over capital adequacy requirement, target		4%
Credit risk
Risk and capital management
Risk amount		kr 7,200	kr 6,000
Market risk
Risk and capital management
Risk amount		1,500	1,200
Operational risk
Risk and capital management
Risk amount		kr 300	kr 200

Risk and capital management - R

Risk and capital management - Risk descriptions (Details)	Dec. 31, 2022
Credit risk
Risk and capital management
Proportion of economic capital	60.60%
Market risk
Risk and capital management
Proportion of economic capital	12.30%
Operational risk
Risk and capital management
Proportion of economic capital	2.60%