Nordea (Denmark): Joint press release from Eksportfinans' four largest shareholders
The largest owners of Eksportfinans ASA aim to wind down the company in an
orderly manner in order to preserve the interests of all stakeholders. In our
capacity as shareholders, we presently view the company's financial status,
liquidity position and capitalization as adequate to achieve this.
With reference to Moody's downgrading of the rating in Eksportfinans ASA from
Aa3 to Ba1 today, the largest owners of the company will have the interests of
all stakeholders in focus, alongside own interests as shareholders.
No new loans will be granted from Eksportfinans going forward. Eksportfinans
will be managing Norway's export financing on behalf of the Kingdom of Norway
until the new permanent organization is in place, no later than July 1, 2012.
The company's funding and liquidity situation is assessed to be well matched to
its needs going forward.
Eksportfinans is considered to be adequately capitalised to manage the run-off
portfolio. The existing loan book, which is fully supported by government
guarantees (42.3%) or bank guarantees (57.7%) also going forward, is not
affected by recent developments and the downgrade from Moody's is not motivated
by asset quality concerns. The owners consequently plan to wind down the company
in an orderly manner with the aim of maintaining the equity in the company
DNB Bank ASA 40.0% ownership share
Nordea Bank Norge ASA 23.21% ownership share
The Norwegian Government 15.0% ownership share
Danske Bank A/S 8.09% ownership share
BjÃ¸rn Erik NÃ¦ss, DNB Bank ASA +47 4150 5201
Per Sagbakken, DNB Bank ASA +47 9066 1159
Sigurd Carlsen, Nordea Bank Norge ASA +47 9506 1606
Knut J. Utvik, Ministry of Trade and Industry (MIT) +47 4815 6219
Steen Blaafalk, Danske Bank A/S +45 2175 4647
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Source: Nordea (Denmark) via Thomson Reuters ONE