Debt Office updates resolution plan and MREL for Swedish Export Credit Corporation
Press release 20 kesäkuuta 2023
The Swedish National Debt Office does not consider there to be grounds for managing Swedish Export Credit Corporation (SEK) through resolution. The Debt Office has therefore decided on a new resolution plan and that MREL is to be limited to a loss absorption amount, i.e. the sum of the firm’s Pillar 1 and Pillar 2 requirements.
This decision is the result of an in-depth review of how SEK should be managed in the event of a crisis. The previously announced review has been conducted in order to ensure that SEK's resolution plan and the associated requirements are suited to the bank's particular operations and assignment.
The decision entails a change to the Debt Office's previous assessment. The Debt Office does not see a need to manage SEK through resolution given that the operations SEK conducts are of a relatively limited scope and there are good conditions for other actors to be able to maintain these functions. The Debt Office also does not consider that, if SEK were to default, its failure would precipitate significant contagion effects in the financial system.
The Debt Office's operations shall be characterized by an openness to the public and the media. The right of access to official business is a cornerstone of Swedish democracy.
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