Clarification on Swedbank's exposure to Icelandic banks.
Owing to certain circumstances Swedbank repeats its exposure towards Icelandic banks and Nordic banks with Icelandic owners.
Swedbank has no exposure (SEK 0) towards Icelandic banks on Iceland.
Swedbank has no reason to make any provisions due to exposures towards Nordic banks with Icelandic owners. These exposures are of good quality.
Swedbank has a total exposure of SEK 564 million towards FIH, a Danish bank which has previously been owned by Swedbank and now has Icelandic owners. FIH is embraced by the rules and regulations for banks in Denmark and is under supervision by Danish authorities. The exposure is covered by the political agreement for financial stability in Denmark. The exposure is of low risk.
Swedbank’s other exposures constitute of a covered bond of SEK 140 million issued by BN Boligkreditt, a Norwegian bank, and a leasing agreement of SEK 17 million with a Swedish bank, both with Icelandic owners. They are embraced of respective country’s rules and regulations for banks and are supervised by respective country’s authorities. The exposures are of low risk.
For further information:
Anna Sundblad, Press Manager, Swedbank, phone: +46 70 321 39 95