kommuninvest-logo-staende

Disclaimer

The content of this section is intended for investors and for informational purposes only. The content is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Kommuninvest does not make representation or warranty (express or implied) of any nature or accept any responsibility or liability of any kind for accuracy or sufficiency of any information, statement, assumption or projection in this information, or for any loss or damage (whether direct, indirect, consequential or other) arising out of reliance upon this content. The reader of the information of this section is solely responsible for making its own independent appraisal of the contents herein.

Cookies

A ‘cookie’ is a small text file that a website asks to be saved on the visitor’s computer. Cookies are used on many websites to allow visitors to use various functions. Information contained in cookies can also be used to track the surfing of a user on websites that use the same cookie.

There are two kinds of cookie. One kind saves the file for a long time on the visitor’s computer; this cookie has an expiry date.When the expiry date has passed, the cookie is deleted when the user returns to the website that created it.The second kind of cookie is called a ‘session cookie’ and does not have an expiry date. This cookie is temporarily stored in the memory of a user’s computer while the user is surfing on a site, for example to keep track of which language the user has chosen. A session cookie is not stored in the user’s computer for a long period of time, but disappears when the user shuts down their web browser.

Google Analytics

Kommuninvest website uses Google Analytics, a web analytics service provided by Google. Google Analytics use cookies and the information generated by them, through your use of this website (including your IP address), will be transmitted to and stored by Google on servers in the United States. This information is used to evaluate visitor statistics. Kommuninvest, for example, use reports from the visits on the web site to improve content, navigation and structure.

Google may also transfer this information to third parties whenit is required by law or whenthird parties process the information on Google's behalf. Google will not associate IP addresses with any other data held by Google. You may refuse the use of cookies by selecting the appropriate settings in the browser (see below). By visiting Kommuninvest´s site, you agree that Google processes personal information in the manner and for the purposes described above.

How to avoid cookies

If you do not wish to accept cookies, your web browser can be set to automatically deny the storage of cookies or to inform you every time a website requests permission to store a cookie. Previously stored cookies can also be deleted via the web browser. Visit the web browser’s help pages for more information.

If you have any questions about this don’t hesitate to contact us.

Information regarding the treatment of personal data by Kommuninvest i Sverige AB

There are provisions contained within The Personal Data Act (“personuppgiftslagen” 1998:204) regarding the way in which personal data should be treated. The purpose of this legislation is to protect individuals from having their privacy violated via the processing of their personal data. The term “personal data” in this context refers to any information that can directly or indirectly be attributed to a living human being.

Kommuninvest i Sverige AB (“Kommuninvest”) is responsible for all personal data that is processed within the entire organisation. Below is a brief description of what personal data is processed, the reason why it is processed, and your individual right of access to any and all data that is held about you. Please feel free to get in touch with us if you need any further information about this by using the contact details below.

Personal data that is being managed

Kommuninvest processes personal data for the administration and execution of contracts that are in force, and also in order to be able to fulfil its legal obligations. Kommuninvest processes personal data that is provided voluntarily in connection with visits to the Kommuninvest website, when entering into contracts, or when data is otherwise recorded in connection with the preparation or administration of a contract (for example, in connection with a lending or borrowing agreement). When matters are dealt with on the telephone, personal data is also processed because such telephone calls are recorded. Kommuninvest may also supplement personal data by obtaining further information from public records.

Personal data may be disclosed in certain situations where Kommuninvest is obliged by law to provide information to an agency, for example the Swedish Financial Supervisory Authority, or the Swedish Data Inspection Board.

Transcript from register and the rectification of errors

Once a year you can, free of charge, request a transcript from Kommuninvest whereby you will receive information on the personal data about you that is being held, where this data came from, why it was obtained, the purpose for which it is being held, and to whom any data may be disclosed. If you would like to be sent such a transcript, please send a written request, signed by you, to the address you will find below. You can notify us at the same address if you no longer wish to receive information from Kommuninvest, or if you would like to request the correction of some erroneous or incomplete personal data.

Annual accounts 2014: Continued capital build-up ahead of leverage ratio

Kommuninvest reports stable results and a strengthening of capital, according to its annual accounts for 2014. Operating profit was SEK 729 (758) million and Kommuninvest increased its reported leverage ratio to 0.76 (0.57) percent. At 31 December 2014, lending amounted to SEK 223 (209) billion.

2014 in review

  • The local government sector’s funding needs continued to increase, with strong population growth, urbanisation and demographic changes driving investment needs. Kommuninvest’s lending rose to SEK 222,803.7 (208,644.0) million.
  • Kommuninvest maintained its position as the largest lender to Swedish municipalities and county councils/regions, with a market share of 44 (44) percent of the local government sector’s total borrowing.
  • Operating profit was SEK 729.4 (757.6) million, the second highest to date and reflecting the owners’ directive regarding the long-term build-up of capital.
  • The balance sheet total was SEK 312,052.1 (277,458.7) million and net interest income was SEK 915.2 (969.5) million.
  • Kommuninvest meets all of the requirements regarding risk-weighted capital adequacy. The core Tier 1 capital ratio was 34.6 (37.0) percent, the Tier 1 capital ratio was 34.6 (37.0) percent and the total capital ratio 49.3 (59.5) percent. Total equity increased to SEK 2,375.4 (1,727.6) million.
  • The leverage ratio, calculated according to the EU Capital Requirement Regulation CRR, was 0.76 (0.57) percent. Including the subordinated loan issued to Kommuninvest Cooperative Society, the leverage ratio was 1.09 (0.91) percent.[1]
  • Two (four) new members were added in the Kommuninvest Cooperative Society. Total membership at year-end was 280 (278) members, of which 272 (270) municipalities and 8 (8) county councils/regions.

Comments by Tomas Werngren, President and CEO

– Kommuninvest’s owners have a clear plan for meeting the future leverage ratio requirement, as demonstrated by both profit for the period and the capital measures taken in 2014.

Our lending growth shows that we continue to fulfil our mission: assisting Swedish municipalities and county councils to efficiently build up welfare in Sweden.

About Kommuninvest

Kommuninvest i Sverige AB is owned by Swedish municipalities and county councils with the purpose of supporting their financial operations through secure and cost-efficient financing, financing advice, skills development and cooperation. Kommuninvest is the largest supplier of credit to Swedish local governments.

Contact persons for enquiries

President & CEO Tomas Werngren, tel. +46 70 645 06 69

Deputy CEO Maria Viimne, tel. +46 70 333 69 02

Head of Media Relations Björn Bergstrand, tel. +46 70 886 94 76 or bjorn.bergstrand@kommuninvest.se


[1] The loan terms for the subordinated loan are such that the loan is not eligible for inclusion as Tier 1 capital according to CRR. Kommuninvest intends to replace the existing subordinated loan with a new one or with another capital form that is eligible for inclusion as Tier 1 capital well in advance of year-end 2017.