Financial assets and liabilities at fair value (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Sub-classifications of financial information |
|
| Schedule of financial assets and liabilities at fair value by class |
| | | | | | | | | June 30, 2025 | | | | | | | Surplus value (+)/ | Skr mn | | Book value | | Fair value | | Deficit value (–) | Cash and cash equivalents | | 5,589 | | 5,589 | | – | Treasuries/governments bonds | | 16,480 | | 16,480 | | – | Other interest-bearing securities except loans | | 51,693 | | 51,693 | | – | Loans in the form of interest-bearing securities | | 51,250 | | 52,255 | | 1,005 | Loans to credit institutions | | 21,201 | | 21,731 | | 530 | Loans to the public | | 207,479 | | 208,363 | | 884 | Derivatives | | 6,761 | | 6,761 | | – | Shares | | 6 | | 6 | | – | Total financial assets | | 360,459 | | 362,878 | | 2,419 | | | | | | | | Borrowing from credit institutions | | 4,316 | | 4,316 | | – | Debt securities issued | | 326,345 | | 326,566 | | 221 | Derivatives | | 9,279 | | 9,279 | | – | Total financial liabilities | | 339,940 | | 340,161 | | 221 |
| | | | | | | | | December 31, 2024 | | | | | | | Surplus value (+)/ | Skr mn | | Book value | | Fair value | | Deficit value (–) | Cash and cash equivalents | | 5,219 | | 5,219 | | – | Treasuries/governments bonds | | 4,150 | | 4,150 | | – | Other interest-bearing securities except loans | | 52,843 | | 52,843 | | – | Loans in the form of interest-bearing securities | | 48,726 | | 49,951 | | 1,225 | Loans to credit institutions | | 13,529 | | 13,863 | | 334 | Loans to the public | | 224,354 | | 223,945 | | -409 | Derivatives | | 10,643 | | 10,643 | | – | Shares | | 20 | | 20 | | – | Total financial assets | | 359,484 | | 360,634 | | 1,150 | | | | | | | | Borrowing from credit institutions | | 8,607 | | 8,607 | | – | Debt securities issued | | 316,388 | | 316,375 | | -13 | Derivatives | | 5,227 | | 5,227 | | – | Total financial liabilities | | 330,222 | | 330,209 | | -13 |
|
| Schedule of fair value measurement of assets |
| | | | | | | | | | | Financial assets at fair value | Skr mn | | Level 1 | | Level 2 | | Level 3 | | Total | Treasuries/governments bonds | | 668 | | 15,812 | | – | | 16,480 | Other interest-bearing securities except loans | | 23,758 | | 27,935 | | – | | 51,693 | Derivatives | | – | | 6,740 | | 21 | | 6,761 | Shares | | 6 | | – | | – | | 6 | Total, June 30, 2025 | | 24,432 | | 50,487 | | 21 | | 74,940 | Total, December 31, 2024 | | 22,648 | | 44,969 | | 39 | | 67,656 |
|
| Schedule of fair value measurement of liabilities |
| | | | | | | | | | | Financial liabilities at fair value | Skr mn | | Level 1 | | Level 2 | | Level 3 | | Total | Debt securities issued | | – | | 14,977 | | 2,990 | | 17,967 | Derivatives | | – | | 8,267 | | 1,012 | | 9,279 | Total, June 30, 2025 | | – | | 23,244 | | 4,002 | | 27,246 | Total, December 31, 2024 | | – | | 18,193 | | 4,942 | | 23,135 |
|
| Schedule of fair value related to credit risk |
| | | | | | | | | | | Fair value originating from credit risk | | The period’s change in fair value originating | | | (- liabilities increase/ + liabilities decrease) | | from credit risk (+ income/ - loss) | | | June 30, | | December 31, | | Jan-Jun | | Jan-Jun | Skr mn | | 2025 | | 2024 | | 2025 | | 2024 | CVA/DVA, net1 | | -16 | | -17 | | 1 | | 5 | OCA2 | | 320 | | 265 | | 55 | | 97 |
1 | Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties’ credit risk as well as SEK’s own credit rating affects the fair value of derivatives. |
2 | Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affect the fair value of financial liabilities measured at fair value through profit and loss. |
|
| Level 3 |
|
| Sub-classifications of financial information |
|
| Schedule of financial assets and liabilities at fair value |
Financial assets and liabilities at fair value in Level 3, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gains (+) and | | | | | | | | | | | | | | | | | Gains (+) and | | losses (–) in | | | | | | | | | | | | | | | Transfers | | losses (–) | | Other | | Exchange- | | | | | January 1, | | | | Settlements & | | Transfers | | from | | through profit | | comprehensive | | rate | | June 30, | Skr mn | | 2025 | | Purchases | | sales | | to Level 3 | | Level 3 | | or loss1 | | income | | differences | | 2025 | Debt securities issued | | -3,452 | | – | | 231 | | – | | – | | 35 | | -10 | | 206 | | -2,990 | Derivatives, net | | -1,451 | | – | | 94 | | – | | – | | -35 | | – | | 401 | | -991 | Net assets and liabilities | | -4,903 | | – | | 325 | | – | | – | | 0 | | -10 | | 607 | | -3,981 |
Financial assets and liabilities at fair value in Level 3, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gains (+) and | | | | | | | | | | | | | | | | | Gains (+) and | | losses (–) in | | | | | | | | | | | | | | | Transfers | | losses (–) | | Other | | Exchange- | | | | | January 1, | | | | Settlements & | | Transfers | | from | | through profit | | comprehensive | | rate | | December 31, | Skr mn | | 2024 | | Purchases | | sales | | to Level 3 | | Level 3 | | or loss1 | | income | | differences | | 2024 | Debt securities issued | | -8,271 | | – | | 4,870 | | – | | – | | -81 | | 3 | | 27 | | -3,452 | Derivatives, net | | -2,279 | | – | | 1,176 | | – | | – | | 92 | | – | | -440 | | -1,451 | Net assets and liabilities | | -10,550 | | – | | 6,046 | | – | | – | | 11 | | 3 | | -413 | | -4,903 |
1 | Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of June 30, 2025, amounted to a Skr 1 million gain (year-end 2024: Skr 1 million gain) and are reported as net results of financial transactions. |
|
| Schedule of sensitivity analysis - level 3 |
| | | | | | | | | | | | | Assets and liabilities | | June 30, 2025 | | | | | | | Range of estimates | | | | | | | | | | | Unobservable | | for unobservable | | | | Sensitivity | | Sensitivity | Skr mn | | Fair Value | | input | | input | | Valuation method | | max | | min | | | | | | | | | | | | | | Equity | | 0 | | Correlation | | 0.12 – (0.12) | | Option Model | | 0 | | 0 | Interest rate | | 0 | | Correlation | | 0.12 – (0.12) | | Option Model | | 0 | | 0 | FX | | -884 | | Correlation | | 0.12 – (0.12) | | Option Model | | -19 | | 19 | Other | | -107 | | Correlation | | 0.12 – (0.12) | | Option Model | | 0 | | 0 | Sum derivatives, net | | -991 | | | | | | | | -19 | | 19 | Equity | | 0 | | Correlation | | 0.12 – (0.12) | | Option Model | | 0 | | 0 | | | | | Credit spreads | | 10BP – (10BP) | | Discounted cash flow | | 0 | | 0 | Interest rate | | 0 | | Correlation | | 0.12 – (0.12) | | Option Model | | 0 | | 0 | | | | | Credit spreads | | 10BP – (10BP) | | Discounted cash flow | | 0 | | 0 | FX | | -2,889 | | Correlation | | 0.12 – (0.12) | | Option Model | | 19 | | -19 | | | | | Credit spreads | | 10BP – (10BP) | | Discounted cash flow | | 14 | | -14 | Other | | -101 | | Correlation | | 0.12 – (0.12) | | Option Model | | 0 | | 0 | | | | | Credit spreads | | 10BP – (10BP) | | Discounted cash flow | | 0 | | 0 | Sum debt securities issued | | -2,990 | | | | | | | | 33 | | -33 | Total effect on total comprehensive income | | | | | | | | | | 14 | | -14 | | | | | | | | | | | | | | Derivatives, net, December 31, 2024 | | -1,451 | | | | | | | | -18 | | 18 | Debt securities issued, December 31, 2024 | | -3,452 | | | | | | | | 34 | | -34 | Total effect on total comprehensive income, December 31, 2024 | | | | | | | | | | 16 | | -16 |
|