Capital adequacy and liquidity situation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Capital adequacy and liquidity situation |
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| Schedule of capital adequacy |
| | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | Capital ratios | | percent1 | | percent1 | Common Equity Tier 1 capital ratio | | 23.5 | | 22.2 | Tier 1 capital ratio | | 23.5 | | 22.2 | Total capital ratio | | 23.5 | | 22.2 |
1 | Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer. |
| | | | | | | | | | | June 30, 2025 | | December 31, 2024 | Total risk-based capital requirement | | Skr mn | | percent1 | | Skr mn | | percent1 | Capital base requirement of 8 percent2 | | 7,769 | | 8.0 | | 8,437 | | 8.0 | of which Tier 1 requirement of 6 percent | | 5,827 | | 6.0 | | 6,328 | | 6.0 | of which minimum requirement of 4.5 percent | | 4,370 | | 4.5 | | 4,746 | | 4.5 | Pillar 2 capital requirements3 | | 3,564 | | 3.7 | | 3,871 | | 3.7 | Common Equity Tier 1 capital available to meet buffer requirements4 | | 11,535 | | 11.9 | | 11,106 | | 10.5 | Capital buffer requirements | | 3,945 | | 4.0 | | 4,317 | | 4.1 | of which Capital conservation buffer | | 2,428 | | 2.5 | | 2,637 | | 2.5 | of which Countercyclical buffer | | 1,517 | | 1.5 | | 1,680 | | 1.6 | Pillar 2 guidance5 | | 1,457 | | 1.5 | | 1,582 | | 1.5 | Total risk-based capital requirement including Pillar 2 guidance | | 16,735 | | 17.2 | | 18,207 | | 17.3 |
1 | Expressed as a percentage of total risk exposure amount. |
2 | The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013, on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012). |
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 Supervisory Review and Evaluation Process (“SREP”) on September 29, 2021. |
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 | The Swedish FSA notified SEK on September 29, 2021, 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. |
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| Schedule of leverage ratio |
| | | | | | | June 30, 2025 | | December 31, 2024 | Leverage ratio1 | | Skr mn | | Skr mn | On-balance sheet exposures | | 227,318 | | 234,139 | Off-balance sheet exposures | | 6,571 | | 8,775 | Total exposure measure | | 233,889 | | 242,914 | Leverage ratio2 | | 9.8% | | 9.6% |
1 | The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. |
2 | Defined by CRR as the quotient of the Tier 1 capital and an exposure measure. |
| | | | | | | | | | | June 30, 2025 | | December 31, 2024 | Total Leverage ratio requirement | | Skr mn | | percent1 | | Skr mn | | percent1 | Capital base requirement of 3 percent | | 7,016 | | 3.0 | | 7,288 | | 3.0 | Pillar 2 guidance2 | | 351 | | 0.2 | | 365 | | 0.2 | Total capital requirement relating to Leverage ratio including Pillar 2 guidance | | 7,367 | | 3.2 | | 7,653 | | 3.2 |
1 | Expressed as a percentage of total exposure amount. |
2 | The Swedish FSA has on September 29, 2021, notified SEK, within the latest SREP, that SEK may hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement. |
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| Schedule of own funds |
Own funds – Adjusting items | | | | | | | June 30, | | December 31, | Skr mn | | 2025 | | 2024 | Share capital | | 3,990 | | 3,990 | Retained earnings | | 18,459 | | 18,413 | Accumulated other comprehensive income and other reserves | | 495 | | 241 | Independently reviewed profit net of any foreseeable charge or dividend | | 441 | | 1,255 | Common Equity Tier 1 (CET1) capital before regulatory adjustments | | 23,385 | | 23,899 | Additional value adjustments due to prudent valuation | | -95 | | -84 | Intangible assets | | -24 | | -22 | Fair value reserves related to gains or losses on cash flow hedges | | – | | 3 | Gains or losses on liabilities valued at fair value resulting from changes in own credit standing | | -260 | | -217 | Negative amounts resulting from the calculation of expected loss amounts | | -144 | | -180 | Insufficient coverage for non-performing exposures | | -2 | | -2 | Total regulatory adjustments to Common Equity Tier 1 capital | | -525 | | -502 | Total Common Equity Tier 1 capital | | 22,860 | | 23,397 | Total Own funds | | 22,860 | | 23,397 |
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| Schedule of minimum capital requirements exclusive of buffers |
| | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | | | | | Minimum | | | | | | Minimum | | | | | Risk exposure | | capital | | | | Risk exposure | | capital | Skr mn | | EAD1 | | amount | | requirement | | EAD1 | | amount | | requirement | Credit risk standardized method | | | | | | | | | | | | | Corporates | | 5,250 | | 5,224 | | 418 | | 5,532 | | 5,528 | | 442 | Equity exposures | | 5 | | 8 | | 1 | | 20 | | 30 | | 2 | Exposures in default | | 2 | | 2 | | 0 | | 6 | | 6 | | 1 | Total credit risk standardized method | | 5,257 | | 5,234 | | 419 | | 5,558 | | 5,564 | | 445 | Credit risk IRB method | | | | | | | | | | | | | Central Governments | | 222,570 | | 9,490 | | 759 | | 211,834 | | 9,159 | | 733 | Financial institutions2 | | 34,696 | | 6,790 | | 543 | | 34,067 | | 6,153 | | 492 | Corporates3 | | 152,042 | | 67,103 | | 5,368 | | 147,820 | | 75,541 | | 6,043 | Assets without counterparty | | 374 | | 374 | | 30 | | 213 | | 213 | | 17 | Total credit risk IRB method | | 409,682 | | 83,757 | | 6,700 | | 393,934 | | 91,066 | | 7,285 | Credit valuation adjustment risk | | n.a. | | 2,051 | | 164 | | n.a. | | 1,936 | | 154 | Foreign exchange risk | | n.a. | | 1,703 | | 136 | | n.a. | | 1,498 | | 120 | Commodities risk | | n.a. | | 8 | | 1 | | n.a. | | 7 | | 1 | Operational risk | | n.a. | | 4,362 | | 349 | | n.a. | | 5,395 | | 432 | Total | | 414,939 | | 97,115 | | 7,769 | | 399,492 | | 105,466 | | 8,437 |
1 | Exposure at default (EAD) shows the size of the outstanding exposure at default. |
2 | Of which counterparty risk in derivatives: EAD Skr 5,244 million (year-end 2024: Skr 5,899 million), Risk exposure amount of Skr 1,072 million (year-end 2024: Skr 1,513 million) and Capital requirement of Skr 86 million (year-end 2024: Skr 121 million). |
3 | Of which related to specialized lending: EAD Skr 7,347 million (year-end 2024: Skr 7,322 million), Risk exposure amount of Skr 5,247 million (year-end 2024: Skr 5,019 million) and Capital requirement of Skr 420 million (year-end 2024: Skr 402 million). |
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| Schedule of liquidity coverage ratio |
| | | | | | | June 30, | | December 31, | Skr bn, 12-month average | | 2025 | | 2024 | Total liquid assets | | 60.0 | | 64.1 | Net liquidity outflows1 | | 12.1 | | 14.9 | Liquidity outflows | | 24.5 | | 26.0 | Liquidity inflows | | 13.1 | | 11.2 | Liquidity Coverage Ratio | | 633% | | 518% |
1 | Net liquidity outflows are calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows are calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61. |
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| Schedule of net stable funding ratio |
| | | | | | | June 30, | | December 31, | Skr bn | | 2025 | | 2024 | Available stable funding | | 260.1 | | 272.5 | Requiring stable funding | | 204.8 | | 211.0 | Net Stable Funding Ratio | | 127% | | 129% |
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| Summary of liquidity reserve |
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | Skr bn | | Total | | Skr | | EUR | | USD | | Other | | Total | | Skr | | EUR | | USD | | Other | Securities issued or guaranteed by sovereigns, central banks or multilateral development banks | | 26.5 | | 7.0 | | 6.4 | | 13.1 | | – | | 25.3 | | 11.0 | | 8.0 | | 6.3 | | – | Securities issued or guaranteed by municipalities or other public entities | | 21.0 | | 4.8 | | 3.9 | | 12.3 | | – | | 18.3 | | 7.1 | | 3.8 | | 7.4 | | – | Covered bonds issued by other institutions | | 13.4 | | 12.6 | | 0.8 | | – | | – | | 13.1 | | 13.1 | | – | | – | | – | Balances with National Debt Office | | 2.5 | | 2.5 | | – | | – | | – | | 1.0 | | 1.0 | | – | | – | | – | Total liquidity reserve | | 63.4 | | 26.9 | | 11.1 | | 25.4 | | – | | 57.7 | | 32.2 | | 11.8 | | 13.7 | | – |
1 | The liquidity reserve is a part of SEK's liquidity investments. |
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