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Note 15 – Financial instruments

Carrying amount and fair value of financial instruments

 Group 31 dec 2020
 Asset/Liabilities recognised at fair value through profit or loss    
SEK mHeld for tradingMandatorilyHedging instrumentAmortised costTotal carrying amountFair value
Cash00
Treasury bills and treasury bonds2,411 -2,411 2,411
Lending to credit institutions -2,526 2,526 2,526
Lending to the public -6
Acquired loan portfolios -21,075 21,075 21,945
Bonds and other securities4,082  -4,082 4,082
Derivatives27  2141)241 241
Other financial assets -492 492 492
Total27 6,493 214 24,099 30,833 31,703
       
Deposits from the public17,928 17,928 17,928
Derivatives43 43  43
Debt securities issued6,355 6,355  6,479
Subordinated debt821 821  744
Other financial liabilities1,185 1,185  1,185
Total43 26,289 26,332  26,379

1) Derivatives recognised as hedging instruments are valued at fair value through other comprehensive income.

 Group 31 dec 2019
 Asset/Liabilities recognised at fair value through profit or loss    
SEK mHeld for tradingMandatorilyHedging instrumentAmortised costTotal carrying amountFair value
Cash---000
Treasury bills and treasury bonds-2,729--2,7292,729
Lending to credit institutions---3,0753,0753,075
Lending to the public---101010
Acquired loan portfolios---24,30324,30325,820
Bonds and other securities-2,769--2,7692,769
Derivatives41-661)-107107
Other financial assets---367367367
Total415,4986627,75533,36034,877
Deposits from the public---21,43521,43521,435
Derivatives29-61)-3535
Debt securities issued---5,9005,9006,209
Subordinated debt---852852840
Other financial liabilities---896896896
Total29-629,08329,11829,415

1) Derivatives recognised as hedging instruments are valued at fair value through other comprehensive income.

 Parent Company 31 dec 2020
 Asset/Liabilities recognised at fair value through profit or loss    
SEK mHeld for tradingMandatorilyHedging instrumentAmortised costTotal carrying amountFair value
Cash ---0 0
Treasury bills and treasury bonds -2,411--2,411 2,411 
Lending to credit institutions ---1,6111,611 1,611 
Lending to the public ---6
Acquired loan portfolios ---6,7556,755 7,149 
Receivables, Group companies -10-14,39214,402 14,418 
Bonds and other securities -4,082--4,082 4,082 
Derivatives27-2141)-241 241 
Other financial assets ---205205 205 
Total 276,50321422,969 29,713 30,123 
Deposits from the public---17,928 17,928 17,928 
Derivatives43--43 43 
Debt securities issued---5,959 5,959 6,054 
Subordinated debt---821 821 744 
Other financial liabilities---909 909 909 
Total43--25,617 25,660 25,678 

1) Derivatives recognised as hedging instruments are valued at fair value through other comprehensive income.

 Parent Company 31 dec 2019
 Asset/Liabilities recognised at fair value through profit or loss    
SEK mHeld for tradingMandatorilyHedging instrumentAmortised costTotal carrying amountFair value
Cash---000
Treasury bills and treasury bonds-2,729--2,7292,729
Lending to credit institutions---1,4551,4551,455
Lending to the public---131313
Acquired loan portfolios---7,3947,3947,940
Receivables, Group companies-9-17,42317,43217,432
Bonds and other securities-2,769--2,7692,769
Derivatives41-661)-107107
Other financial assets---173173173
Total415,5076626,45832,07232,618
Deposits from the public---21,43521,43521,435
Derivatives29-61)-3535
Debt securities issued---5,4315,4315,703
Subordinated debt---852852840
Other financial liabilities---911911911
Total29-628,62928,66428,924

1) Derivatives recognised as hedging instruments are valued at fair value through other comprehensive income.

Fair value measurement

Group

The Group uses observable data to the greatest possible extent when determining the fair value of an asset or liability. Fair values are categorised in different levels based on the input data used in the measurement approach, as per the following:

Level 1) Quoted prices (unadjusted) on active markets for identical instruments.

Level 2) Based on directly or indirectly observable market inputs not included in Level 1. This category includes instruments valued based on quoted prices on active markets for similar instruments, quoted prices for identical or similar instruments traded on markets that are not active, or other valuation techniques in which all important input data is directly or indirectly observable in the market.

Level 3) According to inputs that are not based on observable market data. This category includes all instruments for which the valuation technique is based on data that is not observable and has a substantial impact on the valuation. Fair value of acquired loan portfolios is calculated by discounting cash flow forecasts at the average effective interest rate for purchased loan portfolios from the past 24 months in each jurisdiction.

Fair value measurement

 Group 31 Dec 2020Parent Company 31 Dec 2020
MSEKLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Treasury bills and treasury bonds2,411 --2,411 2,411 -- 2,411
Bonds and other securities- -21,94521,945 - -7,149 7,149
Aquired loan portfolios 4,082 -- 4,082 4,082 -- 4,082
Receivables, Group companies1) - -- - - -10 10
Derivatives - 241- 241 - 241- 241
Total assets 6,493 24121,945 28,679 6,493 2417,159 13,893
Derivatives - 43- 43 - 43- 43
Debt securities issued - 6,479- 6,479 - 6,054- 6,054
Subordinated debt - 744- 744 - 744- 744
Total liabilities - 7,266- 7,266 - 6,841- 6,841

1) Receivables from Group companies pertain junior notes issued by the subsidiary Marathon SPV S.r.l valued at fair value.

 Group 31 Dec 2019Parent Company 31 Dec 2019
SEK mLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Treasury bills and treasury bonds2,729--2,7292,729--2,729 
Bonds and other securities--25,82025,820--7,9407,940 
Aquired loan portfolios2,769--2,7692,769--2,769 
Receivables, Group companies1)------9
Derivatives-107-107-107-107 
Total assets5,49810725,82031,4255,4981077,94913,554 
Derivatives-35-35-35-35 
Debt securities issued-6,209-6,209-5,703-5,703 
Subordinated debt-840-840-840-840 
Total liabilities-7,084-7,084-6,578-6,578 

1) Receivables from Group companies pertain junior notes issued by the subsidiary Marathon SPV S.r.l valued at fair value.

For acquired loan portfolios, the valuation approach, key input data and valuation sensitivity to material changes are described in the Accounting Principles.

Derivatives used for hedging (see Note 16 “Derivatives”) were model-valued using interest and currency market rates as input data.

Treasury bills and treasury bonds, and bonds and other securities, are valued based on quoted rates.

The fair value of liabilities in the form of issued bonds and other subordinated debt was determined with reference to observable market prices quoted by external market players/places. In cases where more than one market price observation is available, fair value is determined at the arithmetic mean of the market prices. Since no observable market price is available for the junior notes their fair value has been calculated using the income approach.

Carrying amounts for accounts receivable and accounts payable are deemed approximations of fair value. The fair value of current loans corresponds to their carrying amount due to the limited impact of discounting.

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- Annual Report 2020 -
- Årsredovisning 2020 -