BankNordik P/F
Inspection of BankNordik by the Danish FSA

BankNordik P/F 

07.11.2014 07:59

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The Danish Financial Supervisory Authority ('FSA') conducted an ordinary
inspection of BankNordik in August and September. All material risk areas were
reviewed with the greatest emphasis being on areas involving the most risk. The
FSA's report on the inspection (in Danish) is posted on BankNordik's website,
and is also attatched as an annex. 

In the credit area, the inspection covered a total of 359 exposures, including
36 exposures each representing more than two percent of the bank's total
capital. The Danish FSA found that the Bank's largest exposures are of a better
quality than those of comparable banks and also found the total loan impairment
charges on major exposures to be sufficient. 

For smaller exposures, the FSA found that there was a need to increase
impairments by DKK 7.9 million, corresponding to less than 0.1% of the Bank's
loan portfolio. The loan impairment charges are recognised in the Bank's
interim report for the third quarter of 2014 released yesterday. 

The FSA's review also gave rise to various orders relating to the Bank's
policies, business procedures and in-house credit management. BankNordik has
duly taken note of these orders and has already begun to implement requisite
improvements. None of these are believed to involve material difficulties for
the Bank. 



For additional information, please contact:

Janus Petersen, CEO, tel. (+298) 330 340

Árni Ellefsen, CFO, tel. (+298) 330 348

Johnny í Grótinum, Investor Relations, tel. (+298) 230 380, ir@banknordik.fo



BankNordik has banking activities in Denmark, Greenland and the Faroe Islands
and insurance activities in the Faroe Islands and Iceland. Founded in the Faroe
Islands more than a century ago, the Group has 170,000 customers, total assets
of DKK 17bn and 500 employees. The Bank is subject to the supervision of the
Danish Financial Supervisory Authority and is listed on NASDAQ OMX.
www.banknordik.dk.
News Source: NASDAQ OMX



07.11.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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Language:     English
Company:      BankNordik P/F
              
               
              Faeroe Islands
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         FO0000000088
WKN:          
 
End of Announcement                             DGAP News-Service
 
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