Economy. Finansinspektionen (FI) takes the alarm about the deficiencies in Nordea’s cash reserve seriously, according to Director General Hans-Ole Jochumsen. At the same tone he down reports that the shortage could be as high as 80 billion.
After the Swedish newspaper Svenska Dagbladet on Wednesday published the secret FI memo that describes how Nordea systematically underestimated the risks in their business lending was Erik Thedéen a flash summoned press conference.
– this is one of several indicating that this is an issue we should examine carefully, for it suggests that there are deficiencies in Nordea’s calculations of its capital, he said.
– it was just why, long before there was media attention, began a formal investigation by Nordea.
FI boss emphasize that the analysis in the memorandum is not incorrect, but it is made on the basis of incomplete data. Later calculations FI has made indicate that the amount of capital requirement for Nordea may increase with considerably lower.
– But it’s serious enough to do a survey, it consists, says Hans-Ole Jochumsen.
He would not give any figures on what “substantially lower” means the crowns.
HH: Underestimating Nordea risks in their business lending?
– We are not prepared to say something about it.
Nordea has strongly rejected the information contained in the memorandum. SvD’s disclosure on Monday has affected the share price of Nordea and aroused great hullabaloo.
Nordea’s President and CEO Casper von Koskull claimed the day after the bank does not need to draw in new capital in a rights issue. He stated capital requirement of the bank will be increased by approximately SEK 6 billion, but that Nordea has already taken the height of it.
FI-examination by Nordea will be ready in September.