Swedbank has no outstanding tax liabilities

FöreningsSparbanken has no outstanding tax liabilities In an article in today's issue, the Swedish business daily Dagens Industri has reported that FöreningsSparbanken (Swedbank) has a debt to the public for taxes and tax surcharges. This is incorrect. In actuality, the money in question was allocated in the financial accounts for 1994 and was indeed paid out. If FöreningsSparbanken wins the legal proceedings now under way with regard to this matter, it would instead recover a portion of the amount it has allocated and paid. The background is as follows: In the early 1990's the Swedish Tax Authority rejected the deductions claimed for certain loan losses by the former Sparbankernas Bank and Sparbanken Sverige AB. The cost of the additional tax and tax surcharge related to these rejected deductions was charged to the financial accounts for 1994 of the then Sparbanken Sverige. As such, the liability in question was settled several years ago and, consequently, the bank has no outstanding tax liabilities. The bank did not accept the decision of the Tax Authority and appealed its case to the County Administrative Court and the Administrative Court of Appeal, though without success thus far. However, the banken has also filed an appeal with the Supreme Administrative Court. If the latter rules in favor of the bank, it will be able to recover the taxes it has already paid, which in that case would be reported as income when received. For further information, please contact: Staffan Salén, Vice President of Information and Investor Relations, +46 8 585 927 79, +46 705 310111 For further information, please contact: Staffan Salén, tel +46 8 5859 2779, +46 705 310 111 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/09/08/20000908BIT00730/bit0001.doc http://www.bit.se/bitonline/2000/09/08/20000908BIT00730/bit0002.pdf