Member countries, structure and capital

NIB was established on 4 December 1975 through an intergovernmental treaty between Denmark, Finland, Iceland, Norway and Sweden. On 1 January 2005, Estonia, Latvia and Lithuania became members of the Bank.
As an international financial institution, the Bank is governed by constituent documents adopted by the member countries. The structure of NIB's Board of Governors, Board of Directors and Control Committee reflects the Bank's ownership.

Constituent documents 

NIB is governed by its constituent documents, namely the Agreement between its member countries and the Statutes, as well as the Host Country Agreement concluded between NIB and the government of Finland. These establish that NIB is the member countries' common international financial institution (linked to Glossary), which has the same status as other legal persons conducting similar operations within and outside the member countries.

Furthermore, the constituent documents stipulate that NIB has the status of an international legal person with full legal capacity, define the immunities and privileges of the Bank and its personnel, and set out the structure for the governance of the Bank.

 

Agreement on NIB, Statutes, and Host Country Agreement

 

Authorised capital

NIB's authorised capital amounts to approximately EUR 6,142 million. NIB’s member countries have subscribed the authorised capital according to a distribution key based on the eight member countries' gross national income.

The authorised capital consists of paid-in capital and callable capital. About 6.82% of the subscribed authorised capital stock is paid in. The remainder of the authorised capital consists of callable capital, which is subject to call if the Board of Directors deems it necessary. In addition to the paid-in and callable capital, the Bank has various reserves.

The Bank may make loans and issue guarantees up to a total amount equivalent to 250% of the authorised capital stock and accumulated general reserves. In addition to these limits, the Bank has special lending facilities guaranteed by the member countries.

Member country

Rating*
Authorised capital
Country's share
Denmark Aaa/AAA 1,293,922,083 € 21.1%
Estonia A1/AA- 56,254,434 € 0.9%
Finland Aa1/AA+ 1,088,148,207 € 17.7%
Iceland A3/A 58,075,722 € 0.9%
Latvia A3/A 82,072,738 € 1.3%
Lithuania A3/A 119,795,914 € 2.0%
Norway Aaa/AAA 1,320,805,204 € 21.5%
Sweden Aaa/AAA 2,122,828,784 € 34.6%
Total   6,141,903,086 € 100.0%

* Credit ratings by Moody's and Standard & Poor's as of 1 March 2018

 

 

 

Structure and management

Each member country designates a governor for the Bank's Board of Governors, which is the supreme decision-making body. The Control Committee is the Bank's supervisory body. The Board of Directors makes policy decisions concerning the operations and approves the financial transactions proposed by NIB's President. NIB's President is responsible for the conduct of the current operations of the Bank. The President is assisted in his or her work by the Executive Committee, the Asset and Liability Committee, the Credit Committee, the Finance Committee, and the Business and Technology Committee.

Structure and management 

 

Board of Governors

Each member country is represented on NIB's Board of Governors by a government minister.

Read more
 

Control Committee

The Control Committee ensures that NIB's operations are conducted in accordance with the Statutes.

Read more
 

Board of Directors

The Board of Directors is composed of eight directors and eight alternates appointed by each member country

Read more
 
 

President

Henrik Normann (Denmark) was appointed NIB's President and Chief Executive Officer on 1 April 2012.

Read more
 

Organisation

Click below to see the structure of NIB's organisation.

Read more