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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.

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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.

Kommuninvest takes measures targeting forthcoming leverage ratio regulation

The Annual General Meeting for the Kommuninvest Cooperative Society, the Kommuninvest ownership association, was held on April 16 in Stockholm. At the AGM, a number of resolutions relating to the future capital build-up within the Kommuninvest Group (“Kommuninvest”) were formally resolved for the second time. On the same day, the Annual General Meeting was also held for the Society’s wholly-owned credit market company Kommuninvest i Sverige AB.

The collective aim of the resolutions is to prepare Kommuninvest ahead of the forthcoming introduction within the European Union of a new capital requirement, the Leverage Ratio, from 2018 (in accordance with the EU Capital Requirements Regulation and Capital Requirements Directive, CRR/CRD IV). A final decision on the design of the Leverage Ratio requirement is expected from the European Commission during 2016.

The resolutions concern changes to the articles of association for the Society, and were also resolved at the preceding AGM in 2014. The fact that the resolutions have been passed at two consecutive AGMs for the Society means that they now can become legally binding in accordance with Swedish law.

The resolutions are summarized below:

  1. A reformed system regarding contribution capital from the Society’s members
  • A higher level of initial capital contribution from new members, applicable as of 2014. A higher level of minimum capital contribution from existing members, applicable as of 2018. Possibility for members to make additional capital contributions, providing scope for members to keep all or part of the refund they can receive from the Society, without the subsequent requirement for annual capital contribution. A ceiling level for contribution capital per inhabitant is written into the Society’s articles of association. Adjustment for changes in population to be performed every ten years.
  1. New capital forms
  • Possibility to strengthen the capital base of the Society via two new capital forms: (i) voluntary participation capital (Swedish: “frivillig överinsats”) and (ii) a core capital instrument (Swedish: “förlagsinsats”). Voluntary participation capital can only be subscribed by members of Kommuninvest Cooperative Society. The core capital instrument (Swedish: “förlagsinsats”) is primarily to be offered to members of the Society, and, if the Society so desires, also to other parties.
  1. New solution for extraordinary capital situation
  • If so required to meet statutory requirements on minimum capital, the Society has the right to claim payment of contribution capital up to the ceiling level for members’ contribution capital.

Mr. Göran Färm, formerly Chairman of the Municipal Executive Board for the Norrköping Municipality and Member of the European Parliament, was elected as new Chairman for Kommuninvest Cooperative Society.

Ms. Ellen Bramness Arvidsson was reelected as Chairman for Kommuninvest i Sverige AB. Erik Langby, formerly Chairman of the Municipal Executive Board for the Nacka Municipality, was elected as a new member of the Board of Directors for Kommuninvest i Sverige AB.

450 elected officials and salaried employees from Kommuninvest’s owners participated at the Annual General Meeting, held at the Clarion Hotel Sign in Stockholm.

About the future EU requirement, the Leverage Ratio
Effective from 1 January 2018, a new capital requirement – the leverage ratio – will be introduced in the EU on the condition that the Council of the European Union (EU Council) and the European Parliament agree to this after having read the report to be issued by the European Commission by 31 December 2016. Reporting of the leverage ratio to the concerned authorities shall be made as of 2014, ahead of the introduction of the requirement on 1 January 2018.

Leverage ratio is a non-risk-weighted measure expressing the relation between a credit institute’s primary capital and total exposures in assets and commitments. The levels have yet to be set but may, according to an announcement by the EU Council, be differentiated depending on the institutes’ business models.

Kommuninvest’s owner directive prescribes a long-term build-up of capital to meet expected future requirements. Kommuninvest’s planning is based on being able to achieve a leverage ratio of 1.5 percent, a level that has been discussed within the European Parliament regarding low-risk credit institutions. Should a higher leverage ratio than 1.5 percent be established for Kommuninvest, additional capital measures are required, for example utilising such capital instruments mentioned in point 3 above.

About Kommuninvest
Kommuninvest i Sverige AB is owned by 280 Swedish municipalities and county councils with the purpose of supporting their financial operations through secure and cost-efficient financing, skills development and cooperation. With approx. USD 26 billion in lending, Kommuninvest is the largest lender to Swedish local governments.

For further information
Björn Bergstrand, Head of Media Relations, tel: +46 (0)10 470 87 31 alt. +46 (0) 70 886 94 76, e-mail: bjorn.bergstrand@kommuninvest.se