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
Kommuninvest has high ambitions regarding openness, traceability and transparency. At the same time, the company complies with regulations aimed at protecting the individual and its integrity. Much of the information pertaining to an individual is referred to as personal data. Personal data are defined as follows:
Any information directly or indirectly attributable to a human being who is in life is regarded as personal data. Even images (photos) and sound recordings on individuals treated by computer can be personal data even if no names are mentioned. Encrypted data and various types of electronic identities, such as IP numbers, are counted as personal data if they can be linked to a physical person.
This information describes Kommuninvest's considerations and regulations regarding the company's handling of personal information when you visit our websites or have other contacts with us.
Kommuninvest i Sverige AB (“Kommuninvest”) is responsible for all personal data that is processed within the entire organization. Below is a brief description of what personal data is processed, the reason why it is processed, and your individual right of access to all data that is held about you.
By visiting our site, you agree to these privacy principles. If you do not agree to these data protection principles, stop using this site and refrain from phone contacts. We refer instead to mail correspondence, which is handled through the registrations department.
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 to be able to fulfil its legal obligations. Kommuninvest processes personal data that is provided voluntarily when visiting the Kommuninvest website, when entering contracts, or when data is otherwise recorded about the preparation or administration of a contract (for example, about a lending or borrowing agreement). When matters are dealt with on the telephone, personal data is also processed by recording the call. 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 Protection Authority.
Kommuninvest may occasionally collect anonymous information about the use of its websites to improve the site and the services provided. These usage data may apply among others:
the number of visits to the site and their length;
the user's geographical position;
usage rate of the site different sections;
which technique is used;
disturbances in the business.
The data is not reviewed at an individual level without your express permission.
When Kommuninvest collects identifiable data, we strive to inform you as to the purpose for which the information is requested. Normally, this information is requested to answer your questions.
Kommuninvest may share this type of information within the Group for the purposes mentioned in this information.
Kommuninvest uses subcontractors to offer digital services. We may need to share your personal information with these for them to provide us with their services. Our subcontractors may not use this kind of personal data for any other purpose and we assume that their services are covered by privacy. Kommuninvest does not sell and does not exchange personal data with other companies for marketing purposes.
Kommuninvest may contact you to complete customer satisfaction and market research.
In an application or request relating to an employment advertised on our website or in any other medium, you may need to provide Kommuninvest personal information, such as your resume. Kommuninvest can use this information on all its units when making employment decisions or for purpose of the request. Kommuninvest can save the data for future use, unless you have prohibited this.
Subcontractors in information management
In some situations, Kommuninvest uses subcontractors who collects, evaluates and otherwise handles data on our behalf. Kommuninvest's principle is that subcontractors commit to our data protection regulations. Normally this is governed by an agreement between Kommuninvest and our suppliers.
The accuracy of your personal data
This site may not be used to publish or disseminate data protected by copyright or other equivalent rights without the permission of the proprietor, or otherwise in a way that is adversely, offensive or harmful to Kommuninvest or third parties. By submitting this type of information through the Website, you grant Kommuninvest the right to use, develop, produce, distribute, publish or transmit the information you send in whole or in part, and / or add the data sent from you without obligation and liability to other material or other products or services.
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.
Comments on Kommuninvest's actions
You are welcome to contact Kommuninvest's complaint manager who takes care of your comments. Describe what you are not happy with and who you previously have had contact with.
Kommuninvest i Sverige AB
701 42 Örebro
The Swedish economy continues to develop strongly, with increased numbers of people in employment and increased payroll totals. This benefits Swedish local governments, which, despite increased expenses, have been able to show very good economic results in a historic perspective. Given the major investment needs faced by the sector as a result of increased population and increased numbers of children and elderly, solid financial management remains the top priority.
Many municipalities are currently undergoing rapid growth, with high investment rates and rising borrowing needs. During the period, Kommuninvest strengthened its position as the sector’s largest lender, and demand for credit was high. Activities to strengthen our debt office role in the group of larger municipalities also contributed.
It is also pleasing that Kommuninvest Cooperative Society continues to attract new members. Since the beginning of 2016, Kommuninvest has welcomed eight new members, including several county councils/regions and some of Sweden’s largest municipalities.
Financial performance for the period indicates a continued stable trend. As usual, the outcome has been affected by market valuation effects, which are neutralised over time but were highly positive in the first half of the year.
Demand for Green Loans enabled us to issue our third green bond during the spring. In a short space of time, Kommuninvest has become Sweden’s largest green bond issuer, which is very stimulating and reflects the extensive environmental efforts of the local government sector.
Over the period, advocacy efforts continued regarding the EU Commission’s leverage ratio proposal – this issue being a long-term strategic priority for Kommuninvest. The proposal entails certain public sector financial players possibly being subject to special capital requirements, designed to take into account the public mission of those institutions. However, the proposal is not final and a negotiation process is in progress.
For several years, in preparation for the changed capital requirements related to the leverage ratio, Kommuninvest has been reinforcing its capital, supported by the members of Kommuninvest Cooperative Society. The decisions taken at the 2017 Annual General Meeting of the Society show that the members seek to support Kommuninvest over the long term with the capital necessary for the cooperation to continue to provide the Swedish local government sector with efficient and secure investment financing.
Among other things, the Articles of Association were adapted in view of the fact that the capital structure implemented by the Society was achieved faster than expected, so that the Society should have similar opportunities as previously to request member contributions if that should be necessary to comply with financial legislation.
President and CEO
Interim report 2017
Kommuninvest is a municipal cooperation for efficient and sustainable financing of housing, infrastructure, schools, hospitals etc. Together, we get better loan terms than each one individually. Since its inception in 1986, the Kommuninvest collaboration has helped lower the local government sector’s borrowing costs by many billion kronor. Currently, 273 municipalities and 9 counties/regions are members of this voluntary cooperation. With total assets of around SEK 370 billion (USD ~43 billion), Kommuninvest is the largest lender to the local government sector and the sixth largest credit institution in Sweden. The head office is located in Örebro.