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

Open-market financing programs

TeliaSonera's open-market financing (excluding debt derivatives) entails the following programs.

				December 31,
				2008					2007
						Interest rate type
				Limit	Utilized	Floating	Fixed	Average maturity	Limit	Utilized
Program		Characteristics	Limit currency	(in millions)				(years)	(in millions)
TeliaSonera AB	Euro Medium Term Note (EMTN)	Uncommitted International Long-term	EUR	7,000	4,652	1,497	3,155	4.1	7,000	4,067
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	4,591	–	4,591	0.3	12,000	992
TeliaSonera Finland Oyj	EMTN	Uncommitted International Long-term Dormant	EUR	3,000	203	–	203	0.3	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,
	2008		2007
SEK in millions	Carrying value	Fair value	Carrying value	Fair value
Long-term borrowings
Open-market financing program borrowings	49,834	51,723	39,993	40,263
of which at amortized cost	24,563	25,700	20,343	20,544
of which in fair value hedge relationships	16,623	16,623	13,856	13,856
of which hedging net investments	8,648	9,400	5,794	5,863
Other borrowings at amortized cost	3,894	3,894	699	699
Interest rate swaps at fair value	375	375	188	188
of which designated as hedging instruments	288	288	188	188
of which held-for-trading	87	87	–	–
Cross currency interest rate swaps at fair value	20	20	77	77
of which designated as hedging instruments	20	20	–	–
of which held-for-trading	–	–	77	77
Subtotal (see Categories – Note 27)	54,123	56,012	40,957	41,227
Finance lease agreements	55	55	73	73
Total long-term borrowings	54,178	56,067	41,030	41,300
Short-term borrowings
Utilized bank overdraft facilities at amortized cost	7	7	5	5
Open-market financing program borrowings	9,550	9,590	1,444	1,440
of which at amortized cost	9,550	9,590	1,444	1,440
Other borrowings at amortized cost	2,030	2,030	1,045	1,045
Subtotal (see Categories – Note 27)	11,587	11,627	2,494	2,490
Finance lease agreements	34	34	55	55
Total short-term borrowings	11,621	11,661	2,549	2,545

Bank overdraft facilities had a total limit of SEK 1,204 million in 2008 and SEK 1,163 million in 2007.

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, 2008 and 2007 had a nominal value of approximately SEK 38,500 million and SEK 37,600 million, respectively. As of December 31, 2008, the portfolio included interest rate swaps with a nominal value of SEK 900 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	2008	2007
TeliaSonera AB (SEK)
Long-term borrowings	4.91	4.89
Short-term borrowings	5.30	4.58
TeliaSonera Finland Oyj (EUR)
Long-term borrowings	4.18	4.63
Short-term borrowings	4.63	3.86