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Annual Report 2002 Annual Engpdf.Qxd 30.06.03 16:31 Side 2 Annual_ENGpdf.qxd 30.06.03 16:31 Side 1 Annual Report 2002 Annual_ENGpdf.qxd 30.06.03 16:31 Side 2 KREDITTILSYNET’S ANNUAL REPORT 2002 Organisation chart THE BOARD Finn Hvistendahl Chairman DIRECTOR GENERAL Bjørn Skogstad Aamo STAFF Chief Legal Adviser Marius Ryel Head of Information Kjetil Karsrud International Coordinator Nina Moss Senior Legal Adviser Rune Grundekjøn Executive Secretary Signe Sørensen ADMINISTRATION DEPARTMENT FINANCE AND CAPITAL MARKETS DEPARTMENT ACCOUNTING AND Deputy Director General INSURANCE DEPARTMENT Deputy Director General AUDITING DEPARTMENT Gun Margareth Moy Deputy Director General Eirik Bunæs Deputy Director General Sven-Henning Kjelsrud Anne Merethe Bellamy STRATEGY AND FINANCE LICENSING, LAWS AND REGULATIONS SECURITIES MARKETS REGULATORY ISSUES Ass. Director General Head of Unit Head of Unit Ass. Director General Nils Johan Korsvik Kjell Arne Aasgaarden Eystein Kleven Tore Johan Berg RECORDS DIVISION ACCOUNTING REGULATIONS Head of Records Else M. Skarheim SUPERVISION OF AUDITORS OFF-SITE SUPERVISION MARKET CONDUCT AND EXTERNAL ACCOUNTANTS IT (internal) AND ANALYSIS Head of Unit Special Adviser Head of IT Head of Unit Geir Holen Steinar Nyhus Per Sverre Frederichsen Emil R. Steffensen IT SUPERVISION PERSONNEL AND ORGANISATION Special Adviser Head of Human Resources Frank Robert Berg Bjørn Drevlo ON-SITE INSPECTIONS ESTATE AGENCIES AND BROKERS, Head of Unit DEBT COLLECTION FIRMS Per Jostein Brekke Head of Unit Wilhelm Mohn Grøstad INSURANCE- AND PENSION-SPECIFIC ISSUES Head of Unit Hanne Myre Per 10.01.2003 Annual_ENGpdf.qxd 30.06.03 16:31 Side 1 KREDITTILSYNET’S ANNUAL REPORT 2002 Contents Organisation chart Contents 1 Preface 2 Functions and objectives 4 Important events in 2002 5 Organisational set-up and resource use 8 Key figures and data on supervisory activities 14 Reports from supervised sectors • Securities market 16 • Banking, finance and insurance 24 • Auditing 40 • External accounting services 44 • Estate agency 46 • Debt collection 50 • Other measures 54 Kredittilsynet’s international activities 56 Why regulate and supervise the financial system? 61 Kredittilsynet is responsible for the supervision of banks, finance companies, mortgage companies, insurance companies, pension funds, investment firms, securities fund management and market conduct in the securities market, stock exchanges and authorised market places, settlement centres and securities registers, estate agencies, debt collection agencies, external accountants and auditors. «Kredittilsynet shall ensure that the institutions it supervises operate in an appropriate and proper manner in accordance with law and provisions issued pursuant to law and with the intentions underlying the establishment of the institution, its purpose and articles of association.» (Financial Supervision Act, section 3) 1 Annual_ENGpdf.qxd 30.06.03 16:32 Side 2 KREDITTILSYNET’S ANNUAL REPORT 2002 Preface 2002 was the third successive year of falling share valu- ant to Kredittilsynet’s revised strategy that was adopted es. The fall affected several of Kredittilsynet’s areas of by its Board in November 2002. supervision, especially life insurance and securities management. The Accounting Law Commission is due to present recommendations in 2003 on how EU’s implementation Alongside poor corporate financial profits, the fall is due of international accounting standards should be enforced to waning public confidence in many listed companies, in by Norwegian authorities. The issue of auditors’ independ- the first instance in the United States. The boards and ence was the starting point for Kredittilsynet’s broad- management teams of the companies in question had based thematic inspections of the major auditing com- failed to provide correct and complete financial informa- panies in 2002. The inspections revealed a need to clarify tion, and auditors had been insufficiently critical and and improve the rules governing the counselling services independent. offered by the investigated auditors. Kredittilsynet will in the spring of 2003 give its recommendation on how this Many investors had entered the share market with unre- work should be taken forward. alistic expectations, and the pendulum now seems to have swung in the opposite direction. Properly function- Experience and analysis show that long-term investment ing, confidence-inspiring securities markets are essential in shares can be profitable. This said, ordinary investors for savers, firms and for capital supply and economic need good information about the risks they face if they growth alike. are to be in a position to make well-informed choices. This was the backdrop to Kredittilsynet’s proposal for It is primarily up to firms and the business sector itself to new information-disclosure requirements for vendors of restore confidence by practising sound principles of cor- units in securities funds to the consumer. porate governance and management and by ensuring correct and complete information disclosure. The share market slump has had limited direct effects on Norwegian banks. Investment firms and management Improving the quality of accounts and ensuring auditors’ companies have in general also managed satisfactorily independence is central to the strategy put forward by although their revenues are significantly reduced. the EU to secure confidence in, and to develop, a single European financial market. These goals are also import- 2 Annual_ENGpdf.qxd 30.06.03 16:32 Side 3 KREDITTILSYNET’S ANNUAL REPORT 2002 Although most Norwegian life insurance companies terms of liquidity, financial strength and the quality of reduced their shareholdings prior to the slump in their banking. Hence there is little reason to fear a September-October, the fall in the share market means repeat in 2003 of the generalised banking crisis experi- they are unable to give their policyholders more than the enced at the start of the 1990s. A number of banks will, guaranteed return. Moreover, life insurance companies’ however, need close monitoring by Kredittilsynet in the buffer capital was very low at the start of 2003. With period ahead. low shareholdings and low interest rates in the medium term, it will be difficult to build up buffer capital via Kredittilsynet conducted a comprehensive review of its operations in the years immediately ahead. Hence life strategy in 2002. The revised strategy gives some emphasis insurance companies and their policyholders will benefit to explaining why regulation and supervision is needed little from a market recovery. If life insurance companies for the financial market to fill its role and contribute to are to play an active role in any increase in private pen- economic growth and development. It also gives added sion saving, a critical review of the current rules will be focus to institutions, markets and users of financial needed. The Banking Law Commission’s proposal is a services. New tasks will emerge and existing ones will valuable contribution to a new framework for the expand in several areas. Kredittilsynet will maintain a Norwegian life insurance industry. transparent and predictable supervisory regime and will act efficiently and soundly in the best interest of the Via its inspections and other channels, Kredittilsynet has businesses and individuals who are the end users of in recent years warned small and medium-size banks financial institutions’ services. against excessive growth in lending, especially to the commercial sector. Developments have shown that the warnings were well-founded. Many banks are experien- Oslo, 22 January 2003 cing a marked increase in losses on loans to the commer- cial sector. Several need to review and improve their credit processes in light of the Finance Credit affair. A number of banks should also improve their liquidity and liquidity- risk management. This said, the great majority of Norwegian banks are now in a sound position. The larg- Finn Hvistendahl Bjørn Skogstad Aamo est Norwegian banks in particular are well placed in Chairman of the Board Director General 3 Annual_ENGpdf.qxd 30.06.03 16:32 Side 4 KREDITTILSYNET’S ANNUAL REPORT 2002 Functions and objectives Kredittilsynet will strive to ensure that financial institutions and markets function securely and efficiently in the best interest of society and users of financial services, and that service providers are afforded an appropriate framework for their operations. Kredittilsynet is an independent government agency that orderly market conditions and to instil confidence that builds on laws and decisions emanating from the financial contracts will be honoured and services per- Parliament (Stortinget), the Government and the Ministry formed as intended. In addition to its preventative work, of Finance and on international standards for financial Kredittilsynet maintains a preparedness for dealing with supervision and regulation. concrete problems that may arise. Kredittilsynet’s premi- se is that Norwegian enterprises must be afforded com- Through its supervision of enterprises and markets, petitive conditions which all in all are in line with those Kredittilsynet strives to promote financial stability and enjoyed by institutions in other EEA countries. Kredittilsynet will apply the following approach to attain its overarching goals: Institutions Users of financial services Kredittilsynet’s premise is that responsibility for busi- Kredittilsynet will in its dealings with institutions, ness operations rests with the board and management markets and market places promote the interests
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