Regulatory releases

 

Nordic and Baltic ministers welcome NIB’s Covid-19 response – approve 2019 results, dividend

The Board of Governors of the Nordic Investment Bank (NIB) approved the annual report and audited financial statements of the Bank at its annual meeting on 26 May 2020. The Board of Governors consists of ministers of finance, industry, business and economic affairs in NIB’s Nordic and Baltic owner countries.
As the Bank’s capital base and financial performance remain strong, the Governors approved the payment of EUR 45 million in dividends to the member countries. However, next year the Board of Governors will consider not to pay any dividends.

NIB’s mission is to provide long-term loans for projects that improve productivity and benefit the environment. In 2019, NIB agreed 55 loans and invested in nine green bonds, amounting to a total of EUR 3,316 million (EUR 4,330 million in 2018). The profit for the year amounted to EUR 182 million.

On 27 March, the Governors urged NIB to support member states’ businesses to the widest extent possible to overcome the crisis. Since then, the Bank has substantially increased its lending and has thus far signed Covid-19 mitigation loans with the three Baltic countries. NIB is prepared to further increase lending to the Nordic-Baltic region and has issued a EUR 1 billion and a SEK 4 billion Response Bonds.

At the yearly meeting, the Governors also considered the recent developments concerning the coronavirus pandemic, and its effects on the economic outlook.

“NIB has responded swiftly in the corona crisis and to the invitation by the member countries to increase financing in these difficult circumstances. The reflection on not to pay any dividends next year if the crisis continues is part of our will to maximise the Bank’s response to the crisis and to show our strong support,” says Bjarni Benediktsson, Minister of Finance of Iceland and Chair of the Bank’s Board of Governors.

The Board of Governors appointed Vilius Šapoka, Minister of Finance of Lithuania and the Governor for Lithuania, as its Chair for the period between 1 June 2020 and 31 May 2021.

To learn more about NIB’s activities in 2019, please visit our year in brief.
Download the NIB Financial Report 2019 (PDF)

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside its member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Mr Henrik Normann, President & CEO, at +358 10 618 001, info@nib.int 
Mr Jukka Ahonen, Senior Director, Head of Communications, at +358 10 618 0295, jukka.ahonen@nib.int

 

Released on 27 May 2020 at 11:00 EET

 

Nordic Investment Bank (NIB) - increase of EMTN programme amount

NIB has authorised an increase of the principal amount of its Programme for the Issuance of Debt Instruments (the "EMTN Programme") from EUR 15,000,000,000 to EUR 20,000,000,000, outstanding at any one time - with effect from 6 April 2020.

Released 8 April 2020 at 10:00 EET

 

Nordic and Baltic ministers approve NIB's 2018 results and changes to Statutes

At its annual meeting on 24 May 2019, the Nordic Investment Bank's Board of Governors approved the Bank's annual accounts for 2018, and the payment of EUR 40 million as dividends to the member countries. The Board, which consists of ministers of finance, industry, business and economic affairs in NIB's Nordic and Baltic owner countries also approved amendments to NIB's Statutes, subject to the required national procedures.

Strong demand for long-term loans in NIB's member countries continued in 2018, with NIB disbursing a total of EUR 4,047 million in loans: the highest volume in its history. The Bank's lending activity benefited from a favourable investment climate in the member countries. The demand was particularly strong for financing projects that improve productivity. NIB also financed a substantial number of projects contributing to environmental benefits. The Board decided that of the EUR 173 million recorded as profit for the year, EUR 40 million will be paid out as dividends to the member countries.

"I see the NIB in a good position to meet the challenges of the future. NIB has been able to retain its relevance as a long-term lender in the member countries. The Bank's growth during the last three years has surpassed the average GDP growth, however, it varied significantly within the Nordic-Baltic region," says Jānis Reirs, Latvia's Minister of Finance and Chair of the Bank's Board of Governors.

The Board of Governors also approved amendments to the Statutes of NIB, which will be submitted to undergo the required national procedures.

The intent of the amendments is to modernise NIB's Statutes and to ensure continued adherence with sound banking principles. The proposed changes consist of:

  • Replacing the current statutory gearing limit with a risk-based comprehensive framework for capital and liquidity management in accordance with sound banking principles, and introducing minimum requirements for capital, liquidity and leverage.
  • Discontinuing the special loan facilities for Project Investment Loans (PIL) and Environmental Investment Loans (MIL). The outstanding amounts under the PIL and MIL facilities, as well as new lending of this type, would become part of NIB's ordinary lending.
  • Improving institutional governance, clarifying the role of the Control Committee and the external auditors and strengthening the role of the Chairmanship of the Bank's Control Committee.
  • With the unanimous pre-approval of the Board of Directors allowing for equity participations as a new form of financing for the Bank in addition to loans and guarantees.

For details, please read more about the proposed changes here.

In addition, more comprehensive provisions regarding capital and liquidity management would be included in a new document "Principles for Capital and Liquidity Management" approved by the Board of Governors. The Principles would provide a tool for NIB's owners through the Board of Governors, to fine tune the capital and liquidity management framework and limits introduced in the Statutes.

"The changes to the NIB Statutes represent implementation of improved management framework. The modernisation of the Statutes will further strengthen NIB to be more relevant in its activities, and thereby add more value to all stakeholders, be more effective in achieving the NIB mandate and would allow more efficient use of capital while supporting the highest possible AAA credit rating of the Bank," says Jānis Reirs, Latvia's Minister of Finance and Chair of the Bank's Board of Governors.

The Board of Governors appointed Bjarni Benediktsson, Minister of Finance of Iceland and the Governor for Iceland, as its Chair for the period 1 June 2019 to 31 May 2020.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor's and Moody's.

http://www.rns-pdf.londonstockexchange.com/rns/2147A_1-2019-5-27.pdf

For further information, please contact Mr Henrik Normann, President & CEO, at +358 10 618 001, info@nib.int

Mr Jukka Ahonen, Senior Director, Head of Communications, at +358 10 618 0295, jukka.ahonen@nib.int

Released on 28 May 2019 at 07:00

 

Buy back of Notes issued under NIB's Programme for the Issuance of Debt Instruments

The Nordic Investment Bank has for value 10 September 2018 bought back BRL 65,590,000 of its BRL 150,000,000 Zero Coupon Notes due 17 September 2023, ISIN No. XS0969741593, Common Code 096974159. The Notes are listed on the London Stock Exchange.

The purchased Notes will be cancelled, reducing the outstanding principal amount to BRL 84,410,000.

Released on 7 September 2018 at 10:42 EET

 

Buy back of Notes issued under NIB's Programme for the Issuance of Debt Instruments

The Nordic Investment Bank has for value 2 November 2017 bought back GBP 16,900,000 of its GBP 150,000,000 5.20 per cent. Notes due 7 June 2032, ISIN No. XS0125851286, Common Code 12585128. The Notes are listed on the London Stock Exchange.

The purchased Notes will be cancelled, reducing the outstanding principal amount to GBP 27,260,000.

Released on 30 October 2017 at 16:35 EET

 

Buy back of Notes issued under NIB's Global USD Medium-Term Note Program, Series C

The Nordic Investment Bank has bought back JPY 5,000,000,000 of its JPY 50,000,000,000 1.70 % Notes due April 27, 2017, ISIN No. US65562QAG01, Common Code 029826323 on August 12, 2011. The Notes are listed on the Luxembourg Stock Exchange.

The purchased Notes will be cancelled, reducing the outstanding principal amount to JPY 45,000,000,000.

Released on 10 August 2011 at 11:39 EET.

 

Member countries increase NIB's capital base

The Board of Governors of the Nordic Investment Bank has decided to increase the Bank's authorised capital by EUR 2 billion. The capital increase will be allocated to the callable, unpaid portion of the authorised capital stock. Following the subscription, the Bank's authorised capital will amount to EUR 6,142 million (currently EUR 4,142 million).
The capital increase and related amendments to the Statutes will enter into force once the necessary national procedures in the member countries have been completed. A table showing NIB's capital structure after the new subscription can be found here.
As a result of this capital increase, the Bank is expected to further enhance its focus on activities supporting its mandate.

The next assessment of the Bank's capital requirement is scheduled for 2015.

Released on 28 June 2010 at 13:20 EET. 

 

NIB chooses United Kingdom as Home State for Transparency Directive

NIB has chosen the United Kingdom as its Home State for the purposes of the Transparency Directive (2004/109/EC). The Bank has notified the UK Financial Services Authority (FSA) of its election.

NIB belongs to the category of issuers (public international body with at least one EU member state as a member) who are exempted from many of the key provisions of the Directive, such as the periodic reporting requirements.

A limited number of the Transparency Directive obligations do, however, apply to NIB. For that purpose and in order to be able to make any necessary announcements to the market, the Bank has entered into an agreement with Hugin, which is an approved Regulatory Information Service provider in the UK.

 

Notice of Election of Home State

The Nordic Investment Bank hereby gives notice pursuant to Rule 6.4.2R of the Disclosure and Transparency Rules of the United Kingdom Financial Services Authority that it has chosen the United Kingdom as its Home State in accordance with Article 2(1)(ii) of Directive 2004/109/EC (the "Transparency Directive"). The contents of this notice constitute regulated information. Words and expressions used in this notice have the meanings given to them by the Disclosure and Transparency Rules unless the context requires otherwise.

Released on 11 December 2008 at 13:45 EET.