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Sydbank A/S announces increase of solvency need after Danish FSA inspection


Friday, 31 Jan 2014 03:04am EST 

Sydbank A/S:Says it has received the Danish FSA statement on the inspection of the credit area etc conducted in Nov. 2013 and Dec. 2013.Says that the inspection showed, as previously disclosed, a need for Sydbank to increase its impairment charges for credit exposures and to increase its solvency need.Says that the increase of the impairment charges has been implemented and is within the expected total level of impairment charges for 2013.Says that the bank’s solvency need at Sept. 30, 2013 has been changed from 9.5 percent to 10.4 percent.Says that the increase was prompted by the assessment that the bank’s governance was not acceptable for a bank of Sydbank’s size and that special credit risks in respect of weak exposures had not been taken into account.Says Sydbank’s actual solvency ratio represented 16.9 percent at Sept. 30, 2013.Says the Danish FSA has ordered the bank to improve conditions within the mentioned areas and Sydbank has already implemented measures to improve the conditions as pointed out by the Danish FSA. 

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