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Nordea Capital and Risk Management Report 2019-Updated Version

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Nordea Capital and Risk Management Report 2019-Updated Version Capital and Risk Management Report 2019 Provided by Nordea Bank Abp on the basis of its consolidated situation Updated version including amendments to table 67 on page 148 Nordea Board of Directors’ risk statement Nordea’s business model is well-diversified with the largest risks being credit and liquidity risks. Nordea Group appetite statement is defined in terms of credit risk The Nordea Group is the largest financial services concentration (limits for single names, specific industries institution in the Nordic region and a major European bank and geographies), long-term credit quality (expected loss), with a market capitalisation of approximately EUR 29.3bn, short-term forward-looking credit quality (loan losses under total assets of EUR 555bn and a Common Equity Tier 1 plausible stress scenarios), non-performing loan ratio in line (CET1) capital ratio of 16.3%. The Nordea Group is a with regulatory definition and limits addressing specific sub- prominent Nordic retail bank, number one wholesale bank portfolios and financing structures. Furthermore, the and the largest private banking, asset management and life principles in Nordea’s sustainability policy guide the choices and pension provider in the Nordic region. of customers and transactions to finance. Nordea has the largest distribution network and Internal Ratings-Based (IRB) corporate and retail customer base in the Nordic region with approximately 9.3 exposures currently represent 44.9% and 25.0% million household customers, 530,000 small and medium- respectively of Nordea’s total REA. The housing markets sized corporate customers, and 2,650 large corporate and overall as well as the general portfolio quality of the institutional customers. corporate segments are currently stable, and loan losses remain at a low level in all of Nordea’s markets. However, Risk Appetite there are downside risks considering world economic Nordea has the following capital ratios: CET1 capital ratio developments, such as BREXIT, and some remaining risks on of 16.3%, Tier 1 capital ratio of 18.3% and own funds ratio of the escalation of the trade war. 20.8% at the end of 2019. Risk capacity is set on an annual Operational risk is present across all Nordea’s activities. basis as the maximum level of risk Nordea is deemed able to Capital held for operational risk represents 10% of total REA. assume given its capital (own funds), its risk management During 2019, total losses due to operational risks were and control capabilities, and its regulatory constraints. The approximately EUR 131m (including a provision of EUR 95m risk appetite within Nordea is defined as the aggregate level for a potential Anti-Money Laundering fine) compared to and types of risk Nordea is willing to assume within its risk REA of EUR 15.7bn attributed to operational risk at the end capacity in line with its business model, to achieve its of Q4 2019. The risk appetite statement for operational risk strategic objectives. On-going monitoring and reporting of is expressed in terms of (1) residual risk level in breach of risk risk exposures against the risk limits is carried out to ensure appetite and requirements for mitigating actions for risks that risk taking activities remain within risk appetite. and (2) total loss amounting from incidents and Key risks in Nordea’s operations requirements for management of incidents. A risk strategy has been developed to support strategic Nordea’s trading book gives rise to a range of market initiatives while ensuring a strong risk culture and control related risks. In addition, market factors may influence the mechanisms across the Group. The overall goal is to support value of the banking book assets and affect future income. business momentum and structural cost reduction by being Market risk is one of Nordea’s smallest contributors to focused on our strategic priorities that lead to measurable regulatory capital requirements, representing 3% of total risk and compliance improvements. REA, with additional capital held for banking book market Nordea has a well-diversified business model. Risks are risk within Nordea’s Pillar 2 framework. Income derived spread across a number of countries, industries and from market risk positions counterbalanced and reflected customer types. Material risks to the Group derive from the risks taken in 2019. Market risks are governed in the risk business activities spread across banking, trading, insurance appetite framework by limits on (1) Value at Risk (VaR), (2) and asset management activities. economic value, (3) stressed losses on trading and banking Nordea is an active lender to wholesale and institutional books, (4) structural foreign exchange (SFX), and (5) the customers, through its business area “Large Corporates & maximum reported market risk loss within one year in a Institutions”, small and medium-sized entities, through severe but plausible stress events which model CET1 “Business Banking”, and households and individuals, movements driven by FX impacts on translation from local through “Personal Banking”. This gives rise to credit risk, to reporting currency. which is Nordea’s primary financial risk, representing The primary risk not mitigated with capital and, hence, approximately 86% of total risk exposure amount (REA). not measured in REA terms is liquidity risk, which represents Credit risk losses during 2019 were approximately EUR one of Nordea’s largest risks. Nordea adheres to a liquidity 536m (including EUR 282m on items affecting risk appetite whereby there must be sufficient liquidity to comparability; relating to subdued outlook in certain sectors ensure that Nordea can meet its cash flow obligations at all following dialogues with the European Central Bank and the times, including on an intraday basis and across market impact from reviewing the collective provisioning models) cycles, including during periods of stress. Liquidity risk limits compared to REA of EUR 129.6bn attributed to credit risk at and triggers are set to ensure that the liquidity risk profile of the end of Q4 2019. Nordea strives to maintain a well- the Group and its subsidiaries and branches remain within diversified credit portfolio adapted to the structure of the liquidity risk appetite. Specifically, the liquidity risk Nordea’s home markets and economies. The credit risk appetite requires that Nordea holds a liquidity buffer (1) to 2 survive at least 90 days under a combined institution- specific and market-wide liquidity stress; (2) which is sufficient to ensure a Liquidity Stress Coverage ratio based on internal stress tests of at least 105% under a combined scenario; (3) which is sufficient to ensure the Liquidity Coverage Ratio (LCR) of at least 115%; and (4) denominated in currencies that can be readily converted to meet regulatory LCR net cash outflows in all significant currencies. Throughout 2019, Nordea maintained a strong liquidity position with all metrics remaining well above risk appetite limits. The Net Stable Funding Ratio will also enter Nordea’s risk appetite limits from 1 January 2020. Material transactions A number of external transactions took place in 2019. While each transaction was a part of achieving Nordea’s on- going strategy, none were assessed as materially impacting the risk profile of the Group. This assessment took into account the set of material risks before and after the transaction, the size of the transaction, and whether the portfolio of risks before and after had changed materially. In each case, it has been assessed that no material change took place. Board of Directors’ approval of the risk statement Nordea Board of Directors has approved this risk statement and acknowledges that Nordea Group’s risk management arrangement is adequate and well adopted to Nordea Group’s business model, risk appetite and capital position. 3 Key risks: Distribution of exposure, REA, capital requirement and Economic Capital (EC) in Business Areas EURbn Exposure % REA CAR % EC % 1 Credit risk 467.3 100% 129.6 10.4 86% 17.23 67% Market risk 4.9 0.4 3% 0.99 4% Total Nordea Group Operational risk 15.7 1.3 10% 2.84 11% Nordea Life & Pension 1.40 5% 2 Other 3.26 13% Total 467.3 100% 150.2 12.0 100% 25.7 100% 1 Credit risk 172.4 100% 40.0 3.2 87% 5.7 71% Market risk 0.0 0.0 0.1 1% Personal Banking Operational risk 5.9 0.5 13% 1.0 12% Nordea Life & Pension 0.3 4% 2 Other 0.9 11% Total 172.4 37% 45.9 3.7 31% 8.0 31% 1 Credit risk 97.8 100% 38.8 3.1 91% 4.8 68% Market risk 0.0 0.0 0.0 1% Business Banking Operational risk 3.9 0.3 9% 0.6 9% Nordea Life & Pension 0.1 1% 2 Other 1.5 22% Total 97.8 21% 42.7 3.4 28% 7.0 27% 1 Credit risk 84.0 100% 35.5 2.8 81% 4.9 66% Large Corporates & Market risk 4.9 0.4 11% 0.7 10% Institutions Operational risk 3.6 0.3 8% 0.6 8% Nordea Life & Pension 0.0 0% 2 Other 1.2 16% Total 84.0 18% 44.1 3.5 29% 7.4 29% 1 Credit risk 11.2 100% 4.1 0.3 74% 0.3 18% Asset & Wealth Market risk 0.0 0.0 0.0 1% Management Operational risk 1.4 0.1 26% 0.2 13% Nordea Life & Pension 1.0 57% 2 Other 0.2 10% Total 11.2 2% 5.6 0.4 4% 1.8 7% 1 Credit risk 102.0 100% 11.1 0.9 92% 1.5 102% Group Functions, Market risk 0.0 0.0 0% 0.1 7% Other & Eliminations Operational risk 0.9 0.1 8% 0.4 26% Nordea Life & Pension 0.0 0% 2 Other -0.5 -36% Total 102.0 22% 12.0 1.0 8% 1.5 6% 1 Includes securitisation positions and other credit risk adjustments 2 Capital deductions and internal allocations 4 # Introduction 5 Executive summary The macroeconomic development in the Nordics was steady in 2019, with modest growth in all four Nordic countries.
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