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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.

Growing market for Kommuninvest’s loans

In 2014, the local government debt market grew by SEK 33 billion to SEK 501 billion (468)1. This growth was primarily the result of an increasing pace of investment within local government authorities and municipal companies. 44 (44) percent of the total local government debt was financed through Kommuninvest.

During the five-year period 2010–2014, the local government sector’s total external borrowing increased nominally by about SEK 125 billion. The increase was primarily due to an increasing pace of investment by local government authorities and municipal companies. Investments encompass many of the areas for which local government authorities are responsible, with the emphasis being on infrastructure, housing and energy supply. The increase in borrowing primarily takes place in growing municipalities. In 2013, 39 percent of the municipal groups amortised on their debt. At the end of 2014, the local government authorities’ borrowing debt is estimated to amount to 13.4 percent of Sweden’s GDP, compared with 11.0 percent in 2010.

Local government sector borrowing and forms of funding, 2004–2014

Kommunsektorns upplåning under den senaste tioårsperioden karakteriseras av en ökad andel upplåning via Kommuninvest och egna marknadsprogram, samt en minskning av upplåning via banksektorn.

Swedish local government sector’s largest lender

The portion of the local government sector’s borrowing that is conducted via Kommuninvest has increased substantially since 2000. The primary reason is the large number of new members of the Society, which has given an increasing number of local government authorities and municipal companies access to credit from the Company. At the same time, the competitiveness of the banks has gradually weakened in the wake of new financial regulations, primarily benefiting Kommuninvest but also borrowing via the capital market, which is mainly an alternative for the larger local government borrowers. Based on the Company’s assessment of the local government borrowing market in 2014, Kommuninvest accounted for 44 (44) percent at the end of the year. Borrowing via the bank sector accounted for 30 (32) percent and direct borrowing via the capital market through the authorities’ own bond and commercial paper programmes accounted for 26 (24) percent.

1) Forecast based on Kommuninvest’s ongoing follow-up of debt and investment trends within the local government sector. At the time of publication of this annual report, neither the complete data for 2014, nor the municipalities’ and county councils/regions’ own annual reports were available. Comparison figures relating to the income statement refer to the preceding year (1 January–31 December 2013), unless otherwise stated. Comparative balance sheet and risk- and capital-related figures relate to 31 December 2013, unless otherwise indicated. Comments to the Income statement and Balance sheet as well as Changes in equity are found in the financial statements section, see pages 43, 45 and 47 in the Kommuninvest annual report 2014.

Forms of local government borrowing

Swedish municipalities and county councils/regions have access to three main sources of loan financing:

borrowing via Kommuninvest
borrowing via the bank sector or other bilateral parties
borrowing via the money and bond markets.

	Borrowing via Kommuninvest, SEK bn	Bank funding, SEK bn	Proprietary funding programs, SEK bn	\|Local government sector borrowing in relation to GDP, %
2004	51	222.34	36.33	11.2
2005	56	220.35	41.43	11.1
2006	66	206.47	49.55	10.7
2007	77	217.64	41.07	10.7
2008	103	208.22	36.2	10.5
2009	120	195.61	44.61	10.7
2010	131	189.89	55.4	11
2011	166	167.99	79.31	11.8
2012	198	142	103	12.1
2013	206.4	148.1	114	13
2014	218.4	149.9	132.9	13.4

Disclaimer

Cookies

Google Analytics

How to avoid cookies

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

Personal data that is being managed

Transcript from register and the rectification of errors

Growing market for Kommuninvest’s loans

Swedish local government sector’s largest lender

Forms of local government borrowing

Annual Report 2014

Operations

Employees & Sustainability

Financials

Disclaimer

Cookies

Google Analytics

How to avoid cookies

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

Personal data that is being managed

Transcript from register and the rectification of errors

Growing market for Kommuninvest’s loans

Swedish local government sector’s largest lender

Forms of local government ­borrowing

Annual Report 2014

Operations

Employees & Sustainability

Financials

Forms of local government borrowing