swedbank debt investor presentation
TRANSCRIPT
Swedbank Debt Investor Presentation November 2011
2
Table of contents 1. This is Swedbank 3
2. The Swedish economy 7
3. Swedish housing and mortgage market 13
4. Financial performance 23
5. Liquidity and funding 36
6. Swedbank’s cover pool 46
7. Appendix 55
1. This is Swedbank
3
The Bank for the many people, households and businesses
4
Latvia Population 2.2m Private customers 1.0m Corporate customers 70 000 Branches 59 ATMs 376 Cards 0.9m Employees 1 763
Lithuania Population 3.3m Private customers 3.3m Corporate customers 103 000 Branches 93 ATMs 467 Cards 1.8m Employees 2 239
Estonia Population 1.3m Private customers 1.3m Corporate customers 112 000 Branches 63 ATMs 535 Cards 1.1m Employees 2 577
Sweden Population 9.3m Private customers 4.1m Corporate customers 262 000 Organisations 66 000 Branches 319 ATMs 658 Cards 3.8m Employees 8 329
This is Swedbank
Source: Swedbank Fact book Q3, 2011
0
10
20
30
40
50
60
Sweden Estonia Latvia Lithuania
Mortgage lendingCorporate lending
0
10
20
30
40
50
60
Sweden Estonia Latvia Lithuania
Deposits Private
Deposits Corporate
Market leading retail franchise in all home markets
5
% %
Source: Source Sweden: Statistics Sweden (SCB) Source Estonia: Estonian Central Bank Sources Latvia: Association of Commercial Banks of Latvia (ACBL) & The Financial and Capital Market Commission (FCMC) Source Lithuania: Association of Lithuanian Banks (LBA)
This is Swedbank
Market shares, Deposits Aug 2011
• Largest retail bank and fund manager in Sweden
Market shares, Lending Aug 2011
0 200 400 600 800 1000 1200
Other* 3.1%
Lithuania 2.5%
Latvia 2.5%
Estonia 4.0%
Sweden 87.9%
Mortgage loans (private+corp)
Other corporate (incl. LC&I, Sweden)
Credit institutions
Sweden – the dominating home market • Total lending amounts to SEK 1,387bn (as per Q3 2011), out of which around 88% is
originated in Sweden
• Estonia makes up 44% of total lending in the Baltics
6
Source: Swedbank Fact book Q3 2011
This is Swedbank
* Russia & Ukraine, Norway, Finland and NY Branch
Total lending distributed by business area (Q3 2011)
SEK 1 219bn
2. The Swedish economy
7
A balance sheet in favourable condition • Sweden’s financial assets continue to exceed its liabilities
8
General government net financial liabilities % of nominal GDP
The Swedish economy
Source: OECD Economic outlook 89 (table 33), June 6, 2011
-40
-20
0
20
40
60
80
100
120
2010 2011F 2012F
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2005 2006 2007 2008 2009 2010 Sep-11 2011F 2012F 2013F
• Kingdom of Sweden rated Aaa/AAA/AAA • GDP growth 4.9% in Q2 2011 • Balanced budget FY 2010
9
Continued strong fiscal position
Source: OECD Economic outlook 89, May 25, 2011
Swedish government debt
The Swedish economy
SEKbn
Maastricht definition* of general government gross public debt as a percentage of nominal GDP
Source: Swedish National Debt Office, Feb 2, 2011 and Statistics Sweden
Source: Swedish National Debt Office, Oct 2011
0
10
20
30
40
50
60
70
80
90
100
Sweden
Denmark
United Kingdom
Germany
France
Euro area
*General government gross debt according to the convergence criteria set out in the Maastricht Treaty comprises currency, bills and short- term bonds, other short- term loans and other medium- and long- term loans and bonds, defined according to ESA 95.
• CPI/CPIF 3.2%/1.5% (Sep Y/Y)
0123456789
10
0
20 000
40 000
60 000
80 000
100 000
120 000Imports
Exports
Positive macro trend sustained
10
The Swedish economy
Unemployment rate 2000 – Sep 2011, %
Source: Statistics Sweden, Oct, 2011
Exports and imports trend per month, SEKm
Source: Statistics Sweden, Sep, 2011
Data up to and including August 2011
0
10
20
30
40
50
60
70
80
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Continued recovery of foreign trade
11
The Swedish economy
0%
2%
4%
6%
8%
10%
12%
45%
13%
12%
11%
11%
8%EngineeringChemistryOther goodsForestryMineralsEnergy
Export – distribution by important commodity groups
Source: Statistics Sweden, Feb 28, 2011
Top 10 export countries 2010 Current account balance as % of GDP
-8
-6
-4
-2
0
2
4
6
8
10
12
2006 2007 2008 2009 2010 2011F 2012F
SwedenGermanyDenmarkFinlandCanadaUKFranceItalyUS
Source: OECD – Economic outlook 89, May 25, 2010
Current account net, Sweden, SEKbn
Source: Statistics Sweden , Aug 31 2011
Sweden has shown resilience through turbulent times
12
5 year Sovereign CDS
The Swedish economy
Source: Bloomberg, Oct 20, 2011
0
50
100
150
200
250
300
350
400
450
500
550
Italy
France
United Kingdom
Germany
Sweden
3. Swedish housing and mortgage market
13
14
Swedish household financial assets and liabilities
Healthy household balance sheets Swedish housing and mortgage market
Source: Statistics Sweden “Hushållens ställning och transaktioner“ Q2 2011
SE
Kbn
0
1 000
2 000
3 000
4 000
5 000
6 000
Total household debt Total financial assets excl property assets
Structural interest rate decline key to affordability
15
Household debt and interest expenses after tax as percentage of disposable income
Source: Riksbanken, Financial Stability Report (2:7), May 31, 2011
Swedish housing and mortgage market
% %
0
2
4
6
8
10
12
14
16
18
20
22
0
20
40
60
80
100
120
140
160
180
200
220
82 85 88 91 94 97 00 03 06 09 12 15
Debt ratio (left scale) Interest ratio (right scale)
16
Housing investments at a conservative level • New household formations have between 1995 and 2008 exceeded the actual new
dwellings produced by 80,000 units
Housing completions, apartments in Multi-family dwellings and Single-family houses in Sweden
Housing investments as a percentage of GDP
Swedish housing and mortgage market
Number of apartments
Source: Statistics Sweden, Dec 31, 2010
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Apartment buildings Single-family dwellings
Source: Reuters Ecowin, Mar 7, 2011
Source: Statistics Sweden, Mar 3, 2011
0
1
2
3
4
5
6
7
8
9
10
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
SpainEurozoneSwedenUKUSADenmark
Population growth far exceeds housing unit growth
17
Source: Statistics Sweden October 2011
Swedish housing and mortgage market
Number of Population growth and housing starts
010 00020 00030 00040 00050 00060 00070 00080 00090 000
Population increase New housing units
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
0
5 000
10 000
15 000
20 000
25 000
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008
Average production cost per sqm for a single family house, SEK (LHS)Average price for a single family house, SEKth (RHS)
House prices are moving in tandem with production costs
18
Average house production cost & average house price development 1980-2008
Source: “Bostads- och byggnadsstatistisk årsbok 2010”, published Feb 15, 2010 by Statistics Sweden; page 128 and 156
SEK SEK, thousands
Swedish housing and mortgage market
Pace of household borrowing declines
19
Swedish housing and mortgage market
Source: Riksbanken stability report 2011:1
0
2
4
6
8
10
12
14
16
18
20
03 04 05 06 07 08 09 10 11
Monthly change on an annual rate in borrowing %Annual percentage change %
20
• Mortgage LTV- cap of 85% in Sweden
• Higher interest rates
• Small decline development during the last 12 months with some regional variations
Single-family housing - a selection of counties in Sweden
Price development of single-family houses
Source: www.maklarstatistik.se, Oct 2011
Swedish housing and mortgage market
Jul-Sep 2011* 12 months PP/ATVWhole of Sweden -2% -2% 1,56
AB Stockholm county -3% -1% 1,51
O Västra Götaland county (Gothenbourg) -3% -2% 1,55
M Skåne county (Malmoe) -2% -3% 1,53
Z Jämtlands county 9% 9% 1,92
E Östergötland county -2% -3% 1,52
Y Västernorrlands county -2% -2% 1,69
C Uppsala county -3% 1% 1,62
D Södermanlands county -2% -3% 1,48
U Västmanland county -1% -1% 1,46
T Örebro county -3% -2% 1,54
H Kalmar county -6% -9% 1,65
*compared to Apr-Jun 2011
PP/ATV = Purchase price / Assessed Tax Value
21
Tenant owner rights – a selection of counties in Sweden
Price development of tenant-owned apartments • Mortgage LTV- cap of 85% in Sweden
• Higher interest rates
• Country-wide slow down during Q3 2011 with some regional variations
Swedish housing and mortgage market
Source: www.maklarstatistik.se, Oct 2011
Jul-Sep 2011* 12 months SEK per Sq. meter
Whole of Sweden -1% -1% 21 480
AB Stockholm county -1% 1% 34 159
O Västra Götaland county (Gothenbourg) 0% 3% 18 130
M Skåne county (Malmoe) 1% -3% 15 463
D Södermanlands county -5% -1% 8 874
C Uppsala county 9% 6% 23 437
Z Jämtlands county -12% 5% 12 978
T Örebro county 3% 5% 8 009
E Östergötland county 6% 9% 11 404
Y Västernorrlands county -3% 0% 5 662
H Kalmar county -19% -17% 7 863
U Västmanland county -7% -4% 7 981
*compared to Apr-Jun 2011
Swedish mortgage market • No securitization (on balance sheet)
• No sub-prime market
• No 3rd party origination
• No buy-to-let market
• 70% home ownership1
• Rental market is regulated – First hand contracts difficult to obtain – Rents need to be negotiated with the Swedish Union of Tenants
• Transparent credit information (credit information agency, www.uc.se) – Publicly available information regarding income, debt, payment track record etc
• Consumer credit legislation requires affordability calculations including stress test of higher interest rate
• Very limited debt forgiveness possibilities (full recourse)
• Strong social security and generous unemployment benefit system
22
Swedish housing and mortgage market
1 Source: Boverket, , 2009
4. Financial performance
23
Stable result but increased macro uncertainty • Net profit of SEK 3 475m
• Core Tier 1 capital ratio of 15.1 per cent
• Return on equity of 14.4 per cent in Q3
• Pause in buy-backs
24
Financial performance
Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
Profit for the period
Well prepared to meet increased uncertainty • Increased macro uncertainty – lower growth
• Income pressure likely – Interest rates – Lower activity
• Intensified cost focus
• Strong position capital and liquidity
25
Financial performance
Increased cost of doing banking • Lower leverage
– Governments, banks, businesses and households
• Reshaping of savings market
• Long-term regulatory changes – Demarcation line tax payers/shareholders – Cost of senior funding – Ring fencing of certain banking activities – Increased cost for cross border banking
• Increased cost of doing banking will affect all stakeholders
26
Potential long-term effects
Solid performance • Improved NII
• Stable asset quality
• Good cost control
• High interest rate sensitivity
• Transaction to relation (T2R)
27
Retail
SEKm Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
Net interest income 2 499 2 752 2 925 3 026 3 143
Net commission income 1 019 1 132 1 073 1 051 1 089
Total income 3 981 4 349 4 395 4 593 4 683
Total expenses 2 100 2 223 2 193 2 237 2 082
Profit bef impairments 1 881 2 126 2 202 2 356 2 601
Total impairments -3 136 5 5 106
C/I ratio 0.53
0.51
0.50
0.49
0.44
0
400
800
1 200
1 600
2 000
2 400
2 800
Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
Profit before impairmentsSEKm
Turbulent market conditions
• Poor capital markets income
• Strong customer related income
• Continued re-pricing
• Increased volumes
28
Large Corporates & Institutions
SEKm Q1 11* Q2 11 Q3 11
Net interest income 850 884 778
of which LC & FI** 450 485 557
of which Capital markets 370 378 184
Commission income 505 412 399
of which LC & FI** 289 202 225
of which Capital markets 215 211 174
Total income LC&I 1 755 1 344 1 311
of which LC & FI** 781 731 827
of which Capital markets 943 589 415
Total expenses, excl variable pay 776 778 772
Variable staff costs 83 50 6
Profit bef impairments 896 516 533
of which LC & FI** 514 473 594
of which Capital markets 364 31 -127
Credit impairments -105 -19 -66
C/I ratio 0.49 0.62 0.59
* Excluding Lehman one-off ,**Large corporates and Financial institutions
-100
300
700
1 100
Q3 10 Q4 10 Q1 11* Q2 11 Q3 11
Profit before impairmentsSEKm
Stable development • Slowing deleveraging
• Continued recoveries
• Increased activity
• High interest rate sensitivity
29
Baltic Banking
SEKm Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
Net interest income 919 1 168 997 1 017 994
Net commission income 386 383 317 365 392
Total income 1 561 1 632 1 472 1 568 1 606
Total expenses 624 697 658 653 649
Profit bef impairments 937 935 814 915 957
C/I ratio 0.40 0.43 0.45 0.42 0.40
0
200
400
600
800
1 000
Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
Profit before impairmentsSEKm
Solid core development • Lower asset management and
corporate finance fees
• Negative funding related valuation effects in Treasury
• Good cost control – One-off cost of SEK 100m
in Ukraine – Cost increase in Ektornet
• Deposit growth
30
Group results
SEKm 9M 10 9M 11 Q2 11 Q3 11
Net interest income 11 802 14 124 4 740 4 857
Net commission income 6 987 6 837 2 244 2 292
Net gains and losses 2 043 1 025 511 259
Other income 2 254 3 011 860 782
Total income 23 086 24 997 8 355 8 190
Total expenses 13 052 13 060 4 345 4 331
Profit before impairments 10 034 11 937 4 010 3 859
Total impairments 3 524 -1 733 - 309 - 454
Profit for the period 4 694 10 779 3 452 3 475 Return on equity, % 6.9 15.0 14.4 14.4
Cost-income ratio 0.57 0.52 0.52 0.53
Core Tier 1 capital ratio, %* 13.4 15.1 14.8 15.1
Risk-weighted assets, SEKbn* 560 497 509 497
Deposits and borrowings from the public 524 555 529 555
* Basel 2
Uncertain regulatory demand – Swedbank well positioned • Still large regulatory uncertainty
regarding minimum CT1 ratio and different buffers
• Basel 3 – CT1 ratio impact 100bp – LCR 212% – NSFR 92%
31
Capital management – Core Tier 1 ratio
13%
Risk appetite (ICAAP buffer, SEK 14.9bn)
Minimum requirement (SEK 34.8bn)
Excess capital (SEK 10.4bn)
10%
7%
Extra buffer due to prevailing circumstances (SEK 14.9bn)
15.1%
Improvement but increased macro uncertainty • Improved asset quality
– Decreased impaired loans – Continued recoveries – Positive rating migration – Improved loan-to-value developments in Estonia, Latvia and Lithuania
• Increased macro economic uncertainty – World economy slowing – House market in Sweden slowing down
32
Risk highlights
Net recoveries of SEK 441m in Q3 • Continued recoveries in CEE
– Positive development in the Baltic corporate portfolio
– Mortgage provisions in Ukraine
• Solid Swedish performance
33
Asset quality
120
-483
-972
-324
-441
Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
Credit impairments, SEKm
Retail LC&I Baltic Banking Russia & Ukraine Other
Continues actions to ensure proactive risk management
• Review of potentially exposed sectors in Retail and LC&I – Proactive work – Ensure customers’ buffers
• Complementary stress tests shows strong resilience – Prudent mortgage lending in Sweden
• Ukrainian and Latvian mortgage books most exposed – Limited total impact
Asset quality
34
Focus on risk-weighted assets Risk-weighted assets
35
• Future focus areas – Review of small and mid-sized
corporates Sweden – Advanced IRB
• Potential regulatory development – Mortgages
4.8
-8.0
-4.8
-2.1
-2.2
509.3
497.1
495
500
505
510
515
2011Q2
Volume (EAD)
Def inition change*
Rating migration
Other credit risk
Marketrisk
2011Q3
SEKbn
RWA development
* Corporate size definition
5. Liquidity and funding
36
0
200
400
600
800
1 000
1 200
1 400
FY 2008 Q3 20110
200
400
600
800
1 000
1 200
1 400
FY 2008 Q3 2011 FY 201X
Significantly reduced risk level
37
Liabilities*
Source: Swedbank, Dec 31, 2008 and Sep 30, 2011 * Simplified balance sheet assets and liabilities
Liquidity and funding
Assets*
-116
-11
+88
-55
CEE lending Estonia
Other corporate lending, Sweden & other Nordic
Other private, Sweden
Swedish mortgage loans
Central bank + Government guaranteed
+11
+218
-218
+11
Senior
Covered bonds
Deposits
Core T1 Suppl. cap
Q3 2011 FY 2008 FY 201X Q3 2011 FY 2008
-46
0
50
100
150
200
250
300
350
Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Private Corporate
Positive trend in deposits as overall savings increase • Quarterly deposit growth in all home markets • Market leader in deposits in all home markets • Share of private deposits at 58%
38
Deposits from the public excluding repos Savings and investments, Swedbank Group, SEKbn
Source: Swedbank Fact book, Sep 30, 2011
Liquidity and funding
SEKbn SEKbn
644
471
29
724
492
27
677
543
230
100
200
300
400
500
600
700
800
Asset mgmt Deposits f rom the public, excl. repos
Retail bonds
Q3 2009
Q3 2010
Q3 2011
Covered bond strategy
39
*e.g. Registered covered bonds
Source: Swedbank, Sep 30, 2011, Nominal amounts
Liquidity and funding
Maturity, years
< 5Y 3-7Y > 7Y
Today: SEK ~325bn
Sweden: SEK 300-375bn
Today: SEK ~175bn
Today: SEK ~26bn
EUR/USD SEK 150-200bn
Other* SEK 50-85bn
Sweden SEK 300-375bn
>7Y
Funding development during Q3
40
Long-term debt issued in Q3 Outstanding short-term debt
• SEK 60bn of long-term debt issued in Q3, YTD SEK 210bn – full year maturities SEK 180bn
• Demand for Swedbank short-term paper continued
• USD-funding need covered for more than 12 months
0
10 000
20 000
30 000
40 000
50 000
60 000
Domestic CP ECP USCP Yankee CD
SEKmQ2 11Q3 11
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
Domestic CB
Euro CB USD CB (144A)
Other CB Senior unsecured
SEKm
Liquidity and funding
0
25
50
75
100
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
SEKbn
Term funding at a slower pace going forward
41
• Over SEK 600bn term funding issued since Q3 2009 • Significantly lengthened maturities • All government guaranteed debt pre-funded
Term funding issuance
Liquidity and funding
Average term funding issuance
Pre-funded term maturities
Average term funding need
-75,0
-25,0
25,0
75,0
125,0
175,0
225,0
-75
-50
-25
0
25
50
75
100
Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11
Nominal SEK 479bn term funding issued in 21 months…
42
• …with around SEK 238bn of maturities during the same period
• Issued around SEK 425bn in covered bonds • 7 EUR-denominated covered bond benchmark deals, EUR 8.0bn
• 3 USD-denominated covered bond benchmark deals, USD 3bn
• 12 CHF-denominated covered bond benchmark deals, CHF 2.3bn
• Increased domestic SEK covered bond outstanding, SEK 60bn
• 1 EUR-denominated senior unsecured benchmark deal, EUR 1.25bn
(nom
inal
SE
Kbn
)
Source: Swedbank, Sep 30, 2011
2010 Term funding Issued & matured as per Sep 2011 (LHS)
2011
Acc. Net funding (RHS)
Liquidity and funding
0
50
100
150
200
2011 2012 2013 2014 2015 2016 2017-
Senior unsecuredGuaranteed bonds
0
50
100
150
200
2011 2012 2013 2014 2015 2016 2017-
Covered bonds
43
Chosen term funding maturity profile taking shape
• Maturities for the remainder of 2011 amount to nominal SEK 69bn, of which SEK 42bn government guaranteed debt
• Total government guaranteed debt remaining of SEK 117bn
43
Liquidity and funding
Long-term funding maturity profile, SEKbn
0
50
100
150
200
250
300
350
Other pledgeable and/or liquid assetsAdditional liquidity reserve assetsCentral bank deposits
Next 12-month term funding maturities
Commercial papers/ Certificate of deposits and net interbank funding
Conservative liquidity levels • Short-term funding mainly a tool for cash management
• More than 15 months pre-funded
44
SEKbn
Source: Swedbank 30 Sep 2011
Liquidity and funding
Liquidity reserve*
45
Liquidity and funding
SEKm
AAA-rating**
**100% of the securities in the liquidity reserve per Q3 2011 are rated AAA
Cash and holdings in central banks 190 843Deposits in other banks available overnight 759Securities issued or guaranteed by sovereigns, central banks or multilateral development banks 32 854Securities issued or guaranteed by municipalities or Public sector entitiesCovered bonds 54 383 - Issued by other institutions 54 383 - Own issuedSecurities issued by non-financial corporatesSecurities issued by financial corporates (excl. covered bonds) 929Other
Total 279 768
*According to the template defined by the Swedish Bankers' Association
Additional liquid assets, Group 57 287Other, over-collateralisation in the cover pool 130 000
Total 467 055
6. Swedbank’s cover pool
46
47
Rating AAA/Aaa by S&P and Moody’s Total pool size SEK 660.9bn Geographic distribution Sweden 100% Current OC-level 24.5%
Weighted average seasoning 2 59 months Average LTV 3, 4 – WA LTV on property level (Max LTV) 57% Non-performing loans 5 None
Fixed /Floating interest loans 6
– Fixed 38% – Floating 62%
Repayment structure 7 – Amortising 53% – Interest only 47%
Average loan size SEK 425 807 Number of loans outstanding 1 565 019 Number of borrowers 1 148 388 Number of properties 750 429 Dynamic pool Yes
1 As per Sep 30, 2011
2 Public sector loans not included
3 Index valuation as per Sep 30, 2011 4 Maximum LTV: Residential 75%, Commercial 60%, Forest and Agriculture 70% 5 Past due loans > 60 days are not eligible for the cover pool 6 Floating interest loans < 365 days 7 Property level of cover pool
Cover pool data1
Source: Swedbank Fact book, Sep 30, 2011
Swedbank’s cover pool
Residentials91,2%
Public1,8%
Commercial0,1%
Forest & Agricultural
6,9%
Cover pool data
48
Source: Swedbank, Sep 30, 2011
Swedbank’s cover pool
* Excluding public sector loans
Loan size distribution by volume
14%
33%
20%9%
3% 2% 18%
0%5%
10%15%20%25%30%35%
SEK Thousands
Type of loans
North7%
Middle (incl. Stockholm)
32%
East16%
West (incl. Gothenburg
21%
South (incl. Malmoe)
24%
Geographical distribution*
Cover pool loan-to-value distribution
49
Swedbank’s cover pool
Source: Swedbank, Sep 30, 2011
*LTV distribution as defined by the Association of Swedish Covered Bond Issuers (www.ascb.se)
21% 19% 17%14%
12%9%
6% 1%0%
5%
10%
15%
20%
25%
30%
0-10% 10-20% 20-30% 30-40% 40-50% 50-60% 60-70% 70-75%
LTV distribution by volume*
Cover pool loan-to-value distribution by property type
50
Swedbank’s cover pool
Source: Swedbank, Sep 30, 2011 (excluding public sector loans)
*
0%
10%
20%
30%
40%
50%
60%
70%
Single-family homes
Tenant owner rights
Multi-family housing (incl. Tenant owner
ass.)
Commercial Forestry & Agricultural
Total all types
WA LTV per property type (property level)
House price sensitivity of the cover pool • Resilient LTV-structure with an approximate 2-to-1 relationship between house price
drops and cover pool size
51
Swedbank’s cover pool
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
House price drop
OC
Overcollaterlisation
Cover pool past due loans distribution • In total, past due loans represent approx. 0.13% of the assets in the cover pool
• 99% of total past due loans are past due 30 days or less
• Past due loans > 60 days are not eligible for the cover pool
52
Swedbank’s cover pool
Past due loans distribution by property type
Source: Swedbank, Mar 31, 2011
SEKm
0
200
400
600
800
1 000
1 200
Q1 09
Q1 10
Q1 11
Q1 09
Q1 10
Q1 11
Q1 09
Q1 10
Q1 11
Q1 09
Q1 10
Q1 11
Q1 09
Q1 10
Q1 11
Q1 09
Q1 10
Q1 11
Q1 09
Q1 10
Q1 11
Q1 09
Q1 10
Q1 11
Home owners
Tenant-owner rights
Tenant-owner ass.
Multi-family Commercial F&A Private F&A Corporate
Total all types
46 - 60 days
31 - 45 days
0- 30 days
53
Source: Swedbank
• Total accumulated losses since 1982 of SEK 7.3bn
• Main part incurred during the years of 1992 and 1993
• Less than 20% in the private segment
Insignificant historical loan losses in Swedbank Mortgage Swedbank’s cover pool
-0,10%
0,00%
0,10%
0,20%
0,30%
0,40%
0,50%
Residential Forest & Agriculture
• Total mortgage loan book of SEK 700bn
Turnover of Swedbank Mortgage AB’s total loan book
54
Swedbank’s cover pool
SEKbn
Source: Swedbank, Mar 31, 2011
Gross – Net changes in the total loan book
-100
-50
0
50
100
150
200
2007 2008 2009 2010 Q1 2011
New lendingPrepayment/RedemptionAmortisationExtra amortisationProvisions Net change
7. Appendix
55
Solid macro recovery
56
The Swedish economy
Source: Eurostat, Mar 8, 2011
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011F 2012F
European Union (27 countries) Sweden United States
Real GDP growth rate
Real estate prices – Sweden 2011
57
Swedish housing and mortgage market
Single-family homes Tenant owner rights
Purchase price / assessed tax value* 12M Δ Price (SEK) per Sqm* 12M Δ
Jan/11 1,58 1% 21 909 8%
Feb/11 1,59 1% 22 074 7%
Mar/11 1,59 0% 22 004 7%
Apr/11 1,6 0% 21 884 5%
May/11 1,6 -1% 21 584 4%
Jun/11 1,6 -1% 21 286 3%
Jul/11 1,58 -2% 21 196 1%
Aug/11 1,56 -2% 21 264 -1%
Sep/11 1,56 -2% 21 480 -1%
*3 months moving average
Source: Mäklarstatistik (www.maklarstatistik.se)
58
Real estate prices – Baltic countries
Source: Swedbank, Estonian Land Board
Source: Swedbank, State Enterprise Centre of Registers
Source: Swedbank
1 616
939
0200400600800
1 0001 2001 4001 6001 800
Jan-
05
May
-05
Sep
-05
Jan-
06
May
-06
Sep
-06
Jan-
07
May
-07
Sep
-07
Jan-
08
May
-08
Sep
-08
Jan-
09
May
-09
Sep
-09
Jan-
10
May
-10
Sep
-10
Jan-
11
May
-11
Sep
-11
Tallinn
Nr.of deals EUR/m2
1 762
598
0200400600800
1 0001 2001 4001 6001 8002 000
Jan-
05
Aug
-05
Mar
-06
Oct
-06
May
-07
Dec
-07
Jul-0
8
Feb-
09
Sep
-09
Apr
-10
Nov
-10
Jun-
11
Riga
Nr.of deals EUR/m2
1 731
1 068
0200400600800
1 0001 2001 4001 6001 8002 000
Jan-
05
Aug
-05
Mar
-06
Oct
-06
May
-07
Dec
-07
Jul-0
8
Feb-
09
Sep
-09
Apr
-10
Nov
-10
Jun-
11
Vilnius
Nr.of deals EUR/m2
Baltic housing market
Impaired loans decreasing
• Excluding FX effect down SEK 2.5bn in Q3
• Minor increase in Retail in Q3
59
Asset quality
29 657
6 113
4 362 1962 391 -4 088
-3 853
-3 031-1 078
-1 92629 657
35 770
40 132 40 32842 719 38 631
34 778
31 747
30 669 28 743
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
45 000
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
SEKm
1 704 400
4 532
9 079
5 810
1 378
5 840
Q3 11
Ukraine 63%
Russia 22%
Lithuania 15%
Lativa 23%
Estonia 7.9% LCI 0.12% Retail 0.19%
Share of impaired loans, gross
Credit impairments by category
60
Asset quality
120
- 483 - 972
- 324- 441
-1 500
-1 000
- 500
0
500
1 000
1 500
2 000
Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
SEKm
Portfolio provisions Individual provisions Recoveries Write-offs net
Provisions – well provided for • Individual provisioning rates maintained • Work-out portfolios slowly declining • Positive rating migrations
61
Asset quality
21 068
18 49416 598 15 952
14782
3 606
3 2972 769 2 436
2 409
1 4492 099 4 373
5 2046 306
63.9%
62.7%
61.0% 60.0% 59.8%
0
5 000
10 000
15 000
20 000
25 000
30 000
Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
SEKm
Individual provisions Portfolio provisions Write-of fs, gross, cum f rom 2010 Provision ratio
Provision ratios, % Q3 11
Retail 87
LC&I 103
Baltic Banking 54
Russia 62
Ukraine 67
Group 60
Repossessed assets
62
Asset quality
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
SEKm
Real Estate Residential Real Estate Commercial Passenger & Commercial Transport Shares Other
Loans past due 60 days – performance Q/Q
63
Asset quality
-150
-130
-110
-90
-70
-50
-30
-10
10
30
Q3
10Q
4 10
Q1
11Q
2 11
Q3
11
Q3
10Q
4 10
Q1
11Q
2 11
Q3
11
Q3
10Q
4 10
Q1
11Q
2 11
Q3
11
Q3
10Q
4 10
Q1
11Q
2 11
Q3
11
Q3
10Q
4 10
Q1
11Q
2 11
Q3
11
EURm
Estonia Latvia Lithuania RussiaUkraine
Scenario: “Eastern slowdown – Western standstill”
64
ICAAP 2011 – adverse scenario
• Chinese housing market collapses • The export led recovery in the US halts as
Asian demand dries up • US protectionism and US economic
pessimism turns world growth negative • US enters into a “Japanese” scenario • A weak EU is severely hit by falling
demand in China and the US
Sweden • Negative GDP for three consecutive years, 2012-
2014 (a drop of 7% relative 2011) • Unemployment rate rises from 8.4% in 2010 to
16.9% in 2014 • Residential real estate price drop of 33% until 2014 • Swedish krona strengthens 31% against the USD • Interest rates remain low (treasury bill rate of 0.3%)
Baltic countries • 30% devaluation in Latvia and Lithuania early 2012,
Estonia affected by contraction of external demand • Negative GDP growth in all three countries during
2011-2014 (drops of 9%-11% relative 2010) • Unemployment rates peak in 2013-2014: EE 19.5%,
LV 21.5%, LT 20.0% • Residential real estate price drops. Trough in 2014
EE -24%, LV -15%, LT -21%
Triggers Outcome
Adverse scenario 2011 - GDP development
GD
P in
dex
(201
0=10
0)
80
85
90
95
100
105
110
115
120
2010 2011 2012 2013 2014 2015 2016
Sweden, base caseSweden, adverseUS, base caseUS, adverseEU-27, base caseEU-27, adverse
Source: Swedbank, Jun 30, 2011 interim report
Scenario model results Income statement (SEKm) 2010F 2011F 2012F 2013F 2014F 2015F 2016F Total
2011-2016
Profit before impairments 12 485 13 233 13 766 7 666 7 287 7 150 7 610 56 712
Credit impairments 3 005 5 972 19 318 15 359 10 231 6 734 4 290 61 904 Profit for the year 7 084 5 033 -5 696 -7 694 -2 944 146 1 971 -9 184
(SEKm) 2010F 2011F 2012F 2013F 2014F 2015F 2016F Risk-weighted assets, full Basel 2 541 327 519 839 524 279 464 569 434 894 413 542 399 855
Core Tier 1 capital 75 470 77 815 69 084 55 936 52 981 53 069 54 043 Core Tier 1 capital ratio, % 13.94 14.97 13.18 12.04 12.18 12.83 13.52
65
ICAAP 2011 – adverse scenario
• Core Tier 1 capital ratio troughs in 2013
• Low interest rates combined with lending volume decline during the scenario period decrease NII and risk-weighted assets
NB: Not adjusted for the buy-back programme or any additional regulatory changes.
Source: Swedbank, Jun 30, 2011 interim report
Macroeconomic assumptions ICAAP 2011 – base scenario and adverse scenario
66
Sweden Baltic countries
80
90
100
110
120
2010 2011 2012 2013 2014 2015 2016
GDP growth
0%
5%
10%
15%
20%
2010 2011 2012 2013 2014 2015 2016
Unemployment
60
70
80
90
100
110
2010 2011 2012 2013 2014 2015 2016
Real estate price index
Sweden, base case Sweden, adverse
5%
10%
15%
20%
2010 2011 2012 2013 2014 2015 2016
Unemployment
708090
100110120130140150
2010 2011 2012 2013 2014 2015 2016
Real estate price index
Estonia, base case Estonia, adverseLatvia, base case Latvia, adverseLithuania, base case Lithuania, adverse
8090
100110120130140
2010 2011 2012 2013 2014 2015 2016
GDP growth
Source: Swedbank, Jun 30, 2011 interim report
Limited unsecured funding need
67
Liquidity and funding
Lending to the public, less deposits, covered bond pool and retail bonds
SEKbn
-100
-50
0
50
100
150
200
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
0
20
40
60
80
100
120
140
160
180
Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311
Short-term + interbank deposits Short-term, guaranteed
Stable short-term funding development • Replacement of government-guaranteed short-term paper
• Increased demand, especially in US short-term programs (USCP and Yankee CD), but also in the ECP program
– Total short-term program out standings increased from SEK92bn (Q2 2011) to approx. SEK 118bn(end September 2011)
Source: Swedbank
Liquidity and funding
68
SEKbn
Short-term funding - outstanding volumes 31 Dec 2009-30 Sep 2011
Structure of the Swedish domestic covered bond market • Benchmark system established in early 1990s
• Tap issuance enhances liquidity and reduces execution risk – Continuous daily issuance – Buy-backs against issuance of longer tenors – Total issue size often peak at SEK 40-60bn
• Market making at pre-set bid/offer spreads
69
Source: Swedbank
Liquidity and funding
70
Natural domestic wholesale funding market Liquidity and funding
Swedish households’ financial assets
Source: Statistics Sweden “Hushållens ställning och transaktioner“ Q2 2011
0%10%20%30%40%50%60%70%80%90%
100%
1980 1990 2000 2005 2010 Q2 2011
Deposits and retail bonds Equities
Pension savings and mutual funds Other f inancial assets
0
10
20
30
40
50
60
70
80
Dec 11 Jun 12 Jun 13 May 14 Mar 15 Sep 15 Jun 16 Mar 17 May 20
SPI 181 SPI 176 SPI 177 SPI 166 SPI 182 SPI 183 SPI 184 SPI 185 SPI 180
2009-12-31 2010-12-31 2011-09-30
Swedbank’s domestic covered bonds
71
Source: Swedbank, Sep 30, 2011
Liquidity and funding
SEKbn
0
200
400
600
800
1 000
1 200
1 400
Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211
Total SEK denominated outstandings
The Swedish covered bond market
72
Swedish Domestic Covered Bonds, in SEKbn Public debt projections 2010-2014, in SEKbn
Source: Government budget statement, Oct 25, 2011
• Domestic covered bonds represent approximately 1/3 of GDP and 1/2 of the total Swedish bond market
Source: www.ascb.se Oct 2011
Liquidity and funding
1168 11191189 1 151 1 086 1 061 1 032
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0
200
400
600
800
1 000
1 200
1 400
2007 2008 2009 2010 2011F 2012F 2013F
Government Debt 2007-2013F % of GDP
0
20
40
60
2011 2012 2013 2014
USDSEKEURCHFHKDJPY
73
Remaining government guaranteed debt • Exited the programme on 30 April 2010
• No issuance under the programme since summer 2009
• SEK 39bn of government guaranteed debt matured during the first nine months of 2011
• Maturities of SEK 41bn for the remainder of 2011
73
Liquidity and funding
Maturity profile as per Q3 2011, SEKbn
Funding sources
74
Swedbank AB Swedbank Mortgage AB*
*100% guaranteed from parent company - Irrevocable - Unconditional - Timely
100% owned
Program LimitLong Term
Global MTN USD 40bnDomestic MTN SEK 60bn
Short TermDomestic CP SEK 80bnEuropean CP/CD EUR 6bnUS CP USD 15bnYankee CD USD 10bnFrench CD EUR 4bnFinnish CD EUR 4bn
Source: Swedbank
Program LimitLong Term
Domestic Benchmark CB Unlimited*EMTN CB EUR 25bn144a US Covered bonds USD 15bnDomestic MTN CB SEK 150bnNorwegian Benchmark CB Unlimited*
Registered CB (stand alone doc.)
Short Term
Domestic CP SEK 50bnEuropean CP EUR 6bn
* Limited by cover pool size
Liquidity and funding
Origination process – mortgage loan application Customer
START of process
Application
Initial Risk analysis with
recommendation
Product incl. prel. pricing
Detailed evaluation of cost of living,
risk analysis etc
Detailed collateralpreparation
Collateral, property valuation,
recommendation
Final risk-adjusted pricing negotiation
Credit decision
Printout, order collateral, payment, compiling credit
file etc
Signing
Printout, order collateral, payment, compiling credit file
etc
Branch officer
"Credit System"
Decision making body
Back office
11
Price negotiation
Credit origination process - TIME
12
10
8
7
65
4
3
2
1
9
13
Scoring and assessment of internal and external
payment records, income. social data, credit
behaviour etc.
Swedbank’s lending process in Sweden
Source: Swedbank
Origination practices – summary • Assessment of customer
– Income is always verified • Direct access to tax authority filings
– UC AB (Upplysningscentralen) – Sweden’s largest credit information agency • Owned by the major Swedish banks. Supports more than 10 million credit- and commercial decisions
annually • The credit information agency also contains track record of delinquencies and defaults • Direct access to full tax authority filings
– Credit scoring • Is used on all customers with specific score cards for private individuals, SME’s large corporate etc.
– Affordability analysis carried out on all private individuals • 5Y fixed mortgage interest rate +300 bps, in addition 100bps in amortization of mortgage is applied • Minimum level of remaining cash-flow when all costs are included
• Assessment of collateral – Valuations of single-family houses and cooperative apartments are based on
market values. Value of a property is collected by an independent data provider and then affirmed by an internal or external appraiser
76
Swedbank’s lending process in Sweden
Source: Swedbank
• Customer contacts bank: Various channels
• Assessment of customer: See origination practices
• Application of loan promise: Written form, 6 month validity, size limit based on customer assessment
• Open tender offer process on property: Broker obliged to track offer process and provide list to property purchaser
• Purchase: Purchase agreement signed with bank, buyer, seller and broker; Confirmation of customer assessment and complete property valuation by bank; Down payment on property purchase by customer
• Effective date, access to property: i) Complete financing of purchase; ii) Mortgage deed, release and registration (lantmäteriet.se for houses and denotation to the condominium association for condominiums); iii) Signing of loan agreement with bank 1 loan agreement per interest rate fixing period, includes amount, borrower, mortgage deed owner, property details, appendix on mortgage deed describing collateral rights backing the loan and loan conditions; iv) Information of total loan size sent to UC
• Loan seasoning, contract renewal: Interest re-fixing: automatically renewed to same interval for variable rate mortgagees (3M); customer informed prior to reset date of fixed rate mortgages
• Loan pre payment: interest settlement on difference
77
Home loan purchase process – summary Swedbank’s lending process in Sweden
Day 0 •Credit overdraft or payment overdue
Reminder mail 1 (Day 10) •Automatic reminder mail to customer.
Reminder mail 2 (Day 20) •Automatic reminder mail to customer + collection unit mail to customer responsible.
Case selection •Decision on further customer contact.
Follow up •Follow up from collection unit to customer responsible for current status of customer contact.
Loan in arrears (Day 60) • (removed from
cover pool)
Loan is defaulted (Day 60) •Risk memo with recommendation for provisioning.
Provisioning booking •Portfolio provision at portfolio level, not individually assessed
Customer Credit law threshold •Once aggregate overdue amount > 5% of current loan balance the following steps against the customer may commence:
Debt demand (Day 30 after default) •Formal letter sent : If claim not paid within 30 days loan will be terminated
Loan is terminated (Day 60 after default) •Credit can not revert to performing unless decision is taken by credit committee.
Order to pay by enforcement authority (Day 60) •Voluntary or forced sale of property
Foreclosure process •approximately 6 months
Realized loss •Approx 3-6 months after completed foreclosure process
NPL process – performing to realized loss Swedbank’s lending process in Sweden
78
• Eligible: Minimum 480 hours of work in last 6 months
• Compensation: Income related compensation or base compensation: – Member of unemployment benefit fund > 12 months income related compensation, – Not a member of benefit fund or less than 12 months base compensation
• Details of compensation: – Monthly compensation for 5 day income week. – Maximum payout time: Unlimited – Income related compensation: 80% of previous income for first 200 days; 70% of income for
100 days; beyond 300 days at 65% of unemployment benefit income under first 300 days – Family considerations: Parent to child under 18: 200 days at 80% of income, 250 days at 70%
of income; beyond 450 days at 65% of unemployment benefit income under first 450 days – Maximum compensation is SEK 680 per day = income related compensation – Minimum compensation is SEK 320 per day = Base compensation – Grace period until first compensation payment: 7 business days after filing for unemployment,
45 business days if a voluntary resignation.
79
Social security – unemployment compensation Swedbank’s lending process in Sweden
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 105% 110%
Q1 2011
Q4 2009
SEK 621 bn (---SEK 583 bn)
Growth in mortgages primarily in LTV < 75% brackets
80
75% 80% 85% 90% 95% 100% 105% 110% 115%
Q1 2011Q4 2009
SEK 28bn (---SEK 30bn)
LTV
Exposure with LTV above 85% has decreased even in absolute numbers
• By Q1 2011 the portfolio had grown by SEK 38bn since Q4 2009 to SEK 621bn* • The portfolio with LTV above 75% has decreased from 5.1% to 4.5%
* Includes First mortgages in Swedbank Mortgage AB and Second mortgages in Swedbank AB
Souirce: Swedbank, March 31, 2011
Swedbank’s lending process in Sweden
The Covered Bond Act entered into force on July 1, 2004 and is over-sighted by the Swedish FSA. Its main characteristics are: Dual recourse to the issuer and cover pool Dynamic, regulated pool of assets – frequently monitored by the Swedish FSA via
appointment of an independent inspector Regulated valuation of cover pool assets
The cover pool may consist of certain mortgage credits, public credits and supplemental assets
Maximum LTVs: Residential 75%, Agricultural 70%, Commercial 60%
Maximum 10% commercial loans and 20% supplemental assets in cover pool
Regular monitoring of the property values (reviewed on a monthly basis by Swedbank)
The cover pool value shall always exceed the aggregate value of claims (including derivatives)
A sound balance in terms of FX, interest rates and maturities must be achieved. It is deemed to exist when the present value of the cover pool at all times exceed the present value of liabilities (including derivatives), even on a stressed basis
Non-performing assets in the cover pool which are more than 60 days overdue must be disregarded for the purposes of the matching tests
Holders of covered bonds and relevant derivative counterparties benefit from a priority claim over the cover pool should the institution be declared bankrupt
Holders of covered bonds and relevant derivative counterparties rank pari passu ahead of unsecured creditors and all other creditors of the Institution in respect of assets in the cover pool
The assets in the cover pool, the covered bonds and any relevant derivative contracts that have been entered into the Register are required to be maintained as a unit and kept segregated from other assets and liabilities of the bankruptcy estate of the Institution
The administrators-in-bankruptcy are then required to procure the continued timely service of payments due under the covered bonds and any relevant derivative contracts
Overview of the Swedish covered bond legislation
81
Swedish covered bond legislation
Loan-to-value Ratios and Other Limitations
Matching Requirements
Benefit of a priority right over the cover pool
Administration in event of bankruptcy
The Covered Bond Act
Source: www.ascb.se
Administration of the cover pool in the event of bankruptcy • Should an Institution be declared bankrupt, at least one administrator-in-bankruptcy would be appointed by the bankruptcy court and
one administrator-in-bankruptcy would be appointed by the Swedish FSA. The administrators-in-bankruptcy would take over the administration of the bankruptcy estate, including the Cover Pool.
• Provided that (and as long as) the Cover Pool meets the requirements of the Covered Bond Act (including the matching requirements), the assets in the Cover Pool, the covered bonds and any relevant derivative contracts that have been entered into the Register are required to be maintained as a unit and kept segregated from other assets and liabilities of the bankruptcy estate of the Institution. The administrators-in-bankruptcy are then required to procure the continued timely service of payments due under the covered bonds and any relevant derivative contracts. Consequently, the bankruptcy would not as such result in early repayment or suspension of payments to holders of covered bonds or to counterparties to derivative contracts, so long as the Cover Pool continues to meet the requirements of the Covered Bond Act.
• If, however, the Cover Pool ceases to meet the requirements of the Covered Bond Act, and the deviations are not just temporary and minor, the Cover Pool may no longer be maintained as a unit and the continuous payment under the terms and conditions of the covered bonds and derivative contracts will cease. The holders of covered bonds and counterparties to derivative contracts would in such case instead benefit from a priority claim over the proceeds of a sale of the assets in the Cover Pool in accordance with general bankruptcy rules. This could result in the holders of covered bonds receiving payment according to a schedule that is different from that contemplated by the terms and conditions of the covered bonds (with accelerations as well as delays) or that the holders of covered bonds are not paid in full. However, the holders of covered bonds and derivative counterparties would retain the benefit of the right of priority to the assets comprised in the Cover Pool. Any residual claims of the holders of covered bonds and derivative counterparties remain valid claims against the Institution, but will rank pari passu with other unsecured and unsubordinated claims.
82
Swedish covered bond legislation
Source: www.ascb.se
83
Swedbank – contacts and financial calendar
Jonas Erikson, Head of Group Treasury
[email protected] +46 767 6550 88
Gregori Karamouzis, Head of Debt Investor Relations
[email protected] +46 8 585 930 31
Peter Stenborn, Debt Investor Relations
[email protected] +46 8 585 909 30
Cecilia Mattsson, Debt Investor Relations
[email protected] +46 8 585 907 43
Ulf Jakobsson, Head of Funding
[email protected] +46 8 700 90 61
Martin Rydin, Head of Long-Term Funding
[email protected] +46 8 700 90 62
Ingela Saarinen-Kindbom, Money Markets and Short-Term Funding
[email protected] +46 8 700 98 10
Q4 Interim report 14 February 2012
AGM 30 March 2012
Q1 Interim report 25 April 2012
Q2 Interim report 18 July 2012
Q3 Interim report 23 October 2012
www.swedbank.com/investor-relations
Swedbank Group Treasury Regeringsgatan 13
SE-105 34 Stockholm, Sweden
Contact debt investor relations:
For further information, please contact: Financial calendar
Postal address: Visitors:
Appendix
83
84
Disclaimer
• Certain statements made in this presentation are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance, express or implied, by the forward looking statements. Factors that might cause forward looking statements to differ materially from actual results include, among other things, regulatory and economic factors. Swedbank AB assumes no responsibility to update any of the forward looking statements contained herein.
• No representation or warranty, express or implied, is made or given by or on behalf of Swedbank AB or its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of Swedbank AB or any of its directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.
• This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Swedbank AB, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.