In connection with the Finance Credit affair, Sparebanken Rogaland brought action against an insurance syndicate within Lloyds with a view to achieving settlement under the bank's crime insurance policy. Today Sparebanken Rogaland reached a compromise with Lloyds covering all claims advanced by the bank under this policy. The compromise also involves Sparebanken Midt-Norge, Bank 1 Oslo AS and Sparebanken Vest. Under the terms of the compromise approx. NOK 38.5 million will be paid to Sparebanken Rogaland in December 2005, with equivalent result effect.

 

In conjunction with the compromise, Bank 1 Oslo, Sparebanken Midt-Norge, Sparebanken Rogaland and Sparebanken Vest have also agreed to waive any further claims between them resulting from these banks' joint lending to the Finance Credit system.

 

See also the stock exchange notice and press release of 26 September 2005 summarising the compromise reached with KPMG in relation to the Finance Credit affair.

 

Stavanger, 28 November 2005

 

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