In connection with an ordinary inspection of BankNordik last year the Danish FSA chose to make a separate inspection of the recently acquired bank activities from Amagerbanken. This inspection was performed in March 2012 and the report has now been published on the Bank's website as well as on the website of the Danish FSA, www.ft-net.dk
The inspection was a credit inspection focusing on the exposures the bank acquired on 1 July 2011 from Amagerbanken in order to test whether the bank had reserved the necessary individual solvency requirement to cover the credit risks in the acquired loan portfolio.
The FSA concludes that in general the impairments and the solvency requirement are sufficient to cover the risks on the portfolio. The inspection did however lead to extra impairments of DKK 5.8 million on one single exposure. This impairment was already booked in the banks interim report for Q1 2012.
The banks individual solvency requirement at year end 2011 was 9.5 per cent. The Danish FSA concludes on the background of the inspection that the bank has reserved the necessary solvency requirement on the examined portfolio. The bank's solvency at year-end 2011 was 15.5 per cent.
"In connection with the acquisition of the healthy parts of Amagerbanken the Bank performed a thorough credit due diligence. The Danish FSA has now performed an examination of the acquired portfolio, and they conclude, that our impairments and solvency requirement are sufficient. This pleases me-, comments Janus Petersen, CEO of BankNordik. "The Bank has a comfortable solvency buffer of six percentage points, which we consider sufficient. Not least when considering that we have a well spread loan portfolio and an insignificant exposure to risky segments such as Danish property finance."
Janus Petersen, CEO, phone (+298) 230 340
Írni Ellefsen, CFO, phone (+298) 230 348
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