Hello, I would just like to add that I'm currently helping a customer with 2013 SP4 with the same problem. The customer is local admin, I've tried uninstalling and cleaning the registry at least once but no luck. The customer now wants to reinstall the computer completely, we have tried most options, also repairing Office 2010. Most likely, this will fix the issue, if not there will be a lot less software installed so it might be easier to pin point what is causing this. I will update if I ever find the cause.
I've run into the exact same problem with some of our users, and have tried to fix the issue without luck! I'm hoping an upgrade to SP5.0 will resolve this, but nothing else so far has seemed to do the trick, including uninstalling and reinstalling SW as well as manually replacing the swVBAserver file using a file copied from another user who doesn't experience the problem (thinking that the file was corrupt). Some research suggested the issue was related to the specific user and their associated registry on the machine, but I've tried to have different users on the same machine, and had the same problem.