Inspection of BankNordik by the Danish FSA

Announcement no. 21/2022

BankNordik has received the Danish FSA’s report following the FSA’s routine inspection of the Bank’s operations conducted in September 2021.

 

The inspection led the FSA to issue certain orders which the Bank has taken note of and has already taken steps to comply with. In that respect, BankNordik wishes to emphasise the following:

 

• According to the inspection, BankNordik shall take additional impairment charges of DKK 2.5 million relating to a single curtomer. These impairment charges are included in the Bank’s Q3 2022 interim report.
  
  
• BankNordik shall increase its solvency requirement by 0.7 percentage points to 10.4% as a consequence of increased operational risk related to e.g. changes in management and the need to enhance competencies within specific areas. The increased solvency requirement is already implemented in the Bank’s Q3 2020 interim report.
  
  
• Furthermore, the FSA has issued a few orders of formal character, e.g. related to  adjustments of policies and expansion of certain reports and registrations.

 

The Bank is satisfied that the FSA inspection shows that there is no need to take substantial additional loan impairment charges. This shows that the Bank has a fundamentally sound and balanced credit portfolio in the markets in which it operates.

For additional information, please contact:

Árni Ellefsen, CEO, tel. (+298) 230 348