Terminated guarantees and loans

When a loan has been repaid, this also marks the termination of the Debt Office’s commitment. The Riksdag and the Government may also decide to close an ongoing guarantee programme.

Terminated loans and guarantees

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.