Danske Bank appeals to the Company Appeals Board against orders
Danske Bank has today appealed against three of the Danish Financial Supervisory Authority’s (the FSA’s) four orders of 17 June 2013. The orders concern Danske Bank’s use of the internal ratings-based approach (the IRB approach) in capital adequacy calculations. The orders are described in detail in Danske Bank’s company announcement No. 9 dated 17 June 2013.
“We respect the FSA’s orders and are in the process of implementing the required measures,” says Chief Financial Officer Henrik Ramlau-Hansen. “But this is an important matter of principle for Danske Bank, and we believe that it is proper to submit the decision to another body. We have therefore decided to appeal against the decision.”
The Bank has not appealed against the order to set aside additional capital in its solvency need calculations with effect from 30 June 2013 to cover risks deriving from exposures to other institutions, since the Bank had informed the FSA, before it received the FSA’s order, that it would comply with the contents of order No. 3.
The FSA’s decision and Danske Bank’s company announcement No. 9 can be found at www.danskebank.com/ir.
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