Cash flow statement 1 January–31 December


EUR 1,000			Note	Jan–Dec 2010	Jan–Dec 2009
Cash flows from operating activities
	Profit/loss from operating activities			210,832	323,900

	Adjustments:
		Market value adjustment, trading portfolio		-26,871	-135,915
		Depreciation and write-down in value of tangible and intangible assets		4,735	5,074
		Change in accrued interest and fees (assets)		212	-5,699
		Change in accrued interest and fees (liabilities)		3,759	-42,364
		Impairment of loans		38,489	42,511
		Adjustment to hedge accounting		-5,029	-37,661
		Other adjustments to the year's profit		-39	-36
	Adjustments, total			15,257	-174,090

	Lending
		Disbursements of loans		-1,274,234	-1,953,924
		Repayments of loans		1,806,725	1,326,496
		Realised impairment losses on loans		-	16,630
		Capitalisations, redenominations, index adjustments, etc.		-237	-865
		Transfer of loans to other financial placements		-	8,584
		Transfer of loans to claims in other assets		-	64,423
		Exchange rate adjustments		-533,249	-204,805
	Lending, total			-996	-743,461

Cash flows from operating activities, total				225,093	-593,651

Cash flows from investing activities
	Placements and debt securities
		Purchase of debt securities		-3,253,162	-2,934,459
		Sold and matured debt securities		3,898,729	2,292,851
		Placements with credit institutions		-45,227	-3,182
		Other financial placements		-5,355	-9,369
		Exchange rate adjustments, etc.		-46,940	-2,580
	Placements and debt securities, total			548,045	-656,739

	Other items
		Acquisition of intangible assets		-1,197	-2,505
		Acquisition of tangible assets		-424	-807
		Change in other assets		1,774	-130,076
	Other items, total			154	-133,388

Cash flows from investing activities, total				548,199	-790,127

Cash flows from financing activities
	Debts evidenced by certificates
		Issues of new debt		4,120,271	4,136,814
		Redemptions		-4,444,943	-3,644,632
		Exchange rate adjustments		1,785,787	281,597
	Debts evidenced by certificates, total			1,461,116	773,780

	Other items
		Long-term placements from credit institutions		-56,922	121,945
		Change in swap receivables		-764,456	118,636
		Change in swap payables		-350,647	-487,173
		Change in other liabilities		-1,931	2,543
		Paid-in capital and reserves		12,478	13,798
	Other items, total			-1,161,479	-230,251

Cash flows from financing activities, total				299,636	543,529

CHANGE IN NET LIQUIDITY			(23)	1,072,929	-840,249

Opening balance for net liquidity				521,442	1,361,690
Closing balance for net liquidity				1,594,370	521,442

Additional information to the statement of cash flows
	Interest income received			429,867	597,339
	Interest expense paid			-192,240	-426,403

The cash flow statement has been prepared using the indirect method and cash flow items cannot be directly concluded from the statements of financial positions.

The Nordic Investment Bank's accounts are kept in euro.

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