Note 22 (Consolidated) - Long-term and Short-Term Borrowings

Program		Charactaristics	Limit Currency	Limit	Utilized	Floating	Fixed	Average maturity	Limit	Utilized
Open-market financing programs
TeliaSonera's open-market financing (excluding debt derivatives) entails the following programs.
			December 31,
			2007						2006
			(in millions)					(years)	(in millions)
						Interest rate type
TeliaSonera AB	Euro Medium Term Note (EMTN)	Uncommitted International, Long-term	EUR	7,000	4,067	2,515	1,552	5.7	5,000	2,298
TeliaSonera AB	Euro Commercial Paper (ECP)	Uncommitted International, Short-term	EUR	1,000	-	-	-	-	1,000	-
TeliaSonera AB	Flexible Term Note (FTN)	Uncommitted Swedish domestic Short-term and long-term	SEK	12,000	992	-	992	0.2	12,000	800
TeliaSonera Finland Oyj	EMTN	Uncommitted International, Long-term Dormant	EUR	3,000	203	-	203	1.3	3,000	203
The TeliaSonera Finland Oyj EMTN program will not be used for any new financing or refinancing. The intention is that TeliaSonera AB will continue to refinance the outstanding TeliaSonera Finland debt.
Borrowings and interest rates
Long-term and short-term borrowings were distributed as follows.
			December 31,
			2007		2006
SEK in millions			Carrying value	Fair value	Carrying value	Fair value
Long-term borrowings
Open-market financing program borrowings			39,993	40,263	22,315	22,349
of which at amortized cost			20,343	20,544	7,699	7,733
of which in a fair value hedge relationship			13,856	13,856	14,616	14,616
of which hedging net investments			5,794	5,863	-	-
Other borrowings at amortized cost			699	699	990	990
Interest rate swaps designated as fair value hedges			188	188	470	470
Cross currency interest rate swaps held-for-trading			77	77	438	438
Subtotal (see Catagories - Note 27)			40,957	41,227	24,213	24,247
Finance lease agreements			73	73	98	98
Total long-term borrowings			41,030	41,300	24,311	24,345
Short-term borrowings
Utilized bank overdraft facilities at amortized cost			5	5	33	33
Open-market financing program borrowings			1,444	1,440	800	805
of which at amortized cost			1,444	1,440	300	305
of which in a fair value hedge relationship			-	-	500	500
Other borrowings at amortized cost			1,045	1,045	2,487	2,580
Interest rate swaps designated as cash flow hedges			-	-	8	8
Subtotal (see Catagories - Note 27)			2,494	2,490	3,328	3,426
Finance lease agreements			55	55	90	90
Total short-term borrowings			2,549	2,545	3,418	3,516
Bank overdraft facilities had a total limit of SEK 1,163 million in 2007 and SEK 1,072 million in 2006.
Normally, borrowings by TeliaSonera AB denominated in foreign currencies are swapped into SEK. The exceptions typically include funds borrowed to finance the Group's international ventures or selective hedging of net investments abroad. TeliaSonera AB's portfolio of interest rate swaps and cross currency interest rate swaps as of December 31, 2007 and 2006 had a nominal value of approximately SEK 37,600 million and SEK 19,100 million, respectively. As of December 31, 2007, the portfolio included interest rate swaps with a nominal value of approximately SEK 3,000 million related to the overall management of the funding portfolio structure and hence not included in hedge relationships.
Average interest rates, including relevant hedges, on outstanding long-term and short-term borrowings as per the balance sheet date was as follows.
				December 31,
Percent				2007	2006
TeliaSonera AB (SEK)
Long-term borrowings				4.89	3.84
Short-term borrowings				4.58	6.64
TeliaSonera Finland Oyj (EUR)
Long-term borrowings				4.63	4.63
Short-term borrowings				3.86	2.88

Annual Report 2007 - Financial StatementsNote 22 - Long-term and Short-Term Borrowings

Introduction

Company Description

TeliaSonera in Society

Financial Statements

Corporate Governance

Additional Information