Terminated guarantees and loans

The Debt Office managed the Swedish government's part of a revolving credit facility to airline group SAS between December 2012 and March 2014. SAS cancelled the credit facility on March 4, 2014.

The Government decided in December 2012 after approval from the Riksdag to participate in the credit facility together with a number of banks, the Knut and Alice Wallenberg foundation and the Danish and Norwegian governments. The credit facility initially gave SAS the right to borrow up to SEK 3.5 billion given that certain terms were met. The Debt Office's share was 21.4 percent.

The size of the credit facility was reduced successively as SAS sold assets. By December 31, 2013, it had decreased to SEK 1.8 billion. SAS never utilized the credit facility, which would have matured on March 31, 2015.

In December 2010, the Debt Office signed an agreement with Volvo Car Corporation concerning a government credit guarantee for a development credit in the European Investment Bank. The guarantee ended when Volvo repaid the loan to the EIB in December 2012.

In connection with the financial crisis of 2008, the EIB's mandate to contribute to the financing of the European automotive industry was extended. The Swedish Government's aim with the guarantee to Volvo was to strengthen research, development and production in Sweden in the long term.

Volvo's loan commitment facilitated a maximum loan of SEK 3.55 billion in the EIB. The loan was to be paid out during the period 2011 – 2013 and be completely repaid by 2017. When the company redeemed the loan, SEK 2.62 billion had been paid out.

Volvo made an early repayment of the loan to the EIB, having entered a new loan agreement with China Development Bank.

Swedavia AB, a government-owned group that owns, operates and develops airports, had loans with the Debt Office up until 28 March 2013.

The loans were originally provided to the Swedish Civil Aviation Administration. When the administration's airport operations were corporatised on 1 April 2010, the loans were transferred to Swedavia. At this point, the Government decided that the group would pay back the loans in stages, over a three-year period, or convert them to loans on the open market.

All Swedavia's loans with the Debt Office were repaid by 28 March 2013.

In 2012, Botniabanan AB was dissolved and the Swedish Transport Administration took over the company's loans with the Debt Office.

At this time, the loan commitment was SEK 16.5 billion.

The Debt Office issued the loan commitment to Botniabanan in 2001 on the Government's instruction. Before this, we guaranteed the government-owned company's lending via credit guarantees.

In 1996, the Debt Office issued a credit guarantee to the Russian company A/O Dom Shvetsii.

A/O Dom Shvetsii manages the property 'Sweden House' in St Petersburg, Russia. The company is co-owned by CA Fastigheter, the Swedish government and the city of St Petersburg. The credit guarantee refers to the company's loan from Svensk Exportkredit AB to finance investments to the property.

To start with, the credit guarantee amounted to SEK 100 million. As the company amortises the underlying loans, the guaranteed amount decreases. On 30 June 2015, the amount was SEK 5,3 million. The loan matures in the beginning of 2016.

Sweden sometimes grants loans directly to individual countries. The Government may assign the Debt Office to handle these loans, after authorisation by the Riksdag (the Swedish Parliament).

The Debt Office is currently in administering one such loan, to Ireland. Recently we also administered a loan to Iceland, and in 2010 and 2011 we administered a loan facility agreement with Latvia, which the country did not make use of.

Loan to Ireland

In May 2012 Sweden and Ireland signed an agreement on a loan of a maximum of EUR 600 million. The Government approved the loan after authorisation from the Riksdag, and instructed us to disburse and administer the loan. 

Sweden's loan to Ireland is granted on condition that the country follows the programme set up by the International Monetary Fund and the EU in connection with its financial assistance programme for Ireland. The United Kingdom and Denmark are also lending money to Ireland on condition that the country complies with the financial assistance programme.

Four-tranche loan

The loan to Ireland was disbursed in four tranches, each of EUR 150 million. The disbursements were made in 2012 and 2013, after approval of the relevant reviews of Ireland's financial assistance programme by the International Monetary Fund and the EU. The loan from Sweden is to be completely repaid by the end of 2022.

Loan to Iceland

The Debt Office disbursed the first tranche of a loan to Iceland in late 2009. Earlier the same year the Riksdag had authorised the Government to approve a loan from Sweden to Iceland. The loan was a supplement to the International Monetary Fund's coordinated action to support the Icelandic economy.

The loan from Sweden was granted jointly with loans from Norway, Denmark and Finland. Disbursements of the loans from the Nordic countries were to be made on condition that Iceland met the requirements set up by the International Monetary Fund under the programme. The Faroe Islands and Poland also granted loans to Iceland.

Iceland repaid the loans from the Nordic lenders in full in July 2014.

Four-tranche loan

The loan agreement of EUR 495 million between the Swedish and Icelandic governments was signed in July 2009. The Debt Office was instructed to issue and administer the loan, which was to be disbursed in four tranches.

Under the original agreement Iceland could request disbursement of the loan up to the end of 2010. In August 2011 the parties agreed to extend the availability period to the end of 2011. By the end of 2011 the entire loan amount had been disbursed. The loan was to be completely repaid at the end of 2021.

Early repayment

In the first half of 2012 Iceland made two early repayments on the loan from Sweden, of EUR 102 million and EUR 188 million respectively. Iceland repaid the remaining outstanding loan amount in July 2014, following a successful public issuance of euro-denominated bonds.

Loan to Latvia

The Nordic countries and Estonia undertook to jointly extend credit to Latvia in 2010, totalling EUR 1.9 billion. Sweden's share of the loan was a maximum of EUR 720 million. When the agreement lapsed in December 2011 Latvia had not utilised any of the credit facility.

The Ministry of Finance also provides information on Sweden's lending to other countries.