CIRR-system

6 Months Ended

Jun. 30, 2026

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 include 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.

Statement of Comprehensive Income for the CIRR-system


Skr mn	Apr-Jun 2026	Jan-Mar 2026	Apr-Jun 2025	Jan-Jun 2026	Jan-Jun 2025	Jan-Dec 2025
Interest income	497	482	540	979	1,103	2,139
Interest expenses	-520	-516	-583	-1,037	-1,181	-2,346
Foreign exchange effects	0	0	1	0	2	2
Profit before compensation to SEK	-23	-34	-42	-57	-76	-205
Administrative remuneration to SEK	-52	-52	-59	-104	-130	-243
Operating profit CIRR-system	-75	-86	-101	-161	-206	-448
Reimbursement to (-) / from (+) the State	75	86	101	161	206	448

Statement of Financial Position for the CIRR-system


Skr mn	June 30, 2026	December 31, 2025
Cash and cash equivalents	0	0
Loans	83,053	85,643
Derivatives	2,701	3,231
Other assets	347	629
Prepaid expenses and accrued revenues	2,298	1,772
Total assets	88,400	91,275
Liabilities	86,259	89,590
Derivatives	262	194
Accrued expenses and prepaid revenues	1,879	1,490
Total liabilities	88,400	91,275
Commitments
Committed undisbursed loans	35,870	37,286