DOCSLIB.ORG

Annual Report 2007 Key Figures

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2007 Key Figures ANNUAL REPORT 2007 KEY FIGURES Total assets Operating income 66,000 2,400 EUR millions EUR millions 55,000 2,000 40,000 1,600 33,000 1,200 22,000 800 11,000 400 0 0 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Net earnings Return on equity (%) 1,200 45 EUR millions 1,000 38 800 30 600 23 400 15 200 8 0 0 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Equity Earnings per share 4,500 150 EUR millions ISK 3,750 125 3,000 100 2,250 75 1,500 50 750 25 0 0 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 KEY FIGURES EUR millions* 2007 2006 Change Income Statement Net interest income 913 595 53% Net fee and commission income 627 426 47% Net financial income 166 687 -76% Other income 186 194 -5% Operating income 1,891 1,902 -1% Operating expenses -897 -683 31% Impairment -70 -68 3% Income tax -112 -165 -32% Net earnings 812 986 -18% Attributable to: Shareholders of Kaupthing Bank 799 972 -18% Minority interest 13 14 -4% Net earnings 812 986 -18% Balance Sheet Assets Cash and cash balances with central banks 1,069 1,131 -5% Loans to credit institutions 6,420 5,130 25% Loans to customers 36,051 26,832 34% Financial assets 9,224 7,030 31% Intangible assets 729 722 1% Other assets 4,847 2,019 140% Total assets 58,339 42,864 36% Liabilities and equity Credit institutions and central banks 3,699 1,167 217% Deposits 15,072 7,934 90% Borrowings 28,540 25,367 13% Subordinated loans 2,916 2,283 28% Other liabilities and minority interest 4,342 2,693 61% Shareholders' equity 3,771 3,419 10% Total liabilities and equity 58,339 42,864 36% Key ratios 2007 2006 Cost / Income ratio 47.5% 35.9% Return on shareholders' equity 23.5% 42.4% Loan-loss ratio 0.2% 0.2% NPL / Loans to customers 0.98% 1.00% Total credit reserves 0.6% 0.6% CAD ratio 11.8% 15.0% Tier 1 ratio 9.6% 10.5% Earnings per share, ISK 95.2 127.1 *All amounts in the Annual Report are in ISK except on this page and where otherwise stated. OPERATIONS & ORGANISATION Kaupthing Bank is a Northern European bank operating in thirteen countries, including all the Nordic countries, Luxembourg, Belgium, Switzerland, the UK, Isle of Man, the US, United Arab Emirates (Dubai) and Qatar. Kaupthing Bank offers integrated financial services to companies, institutional investors and individuals. These services include Corporate Banking, Investment Banking, Capital Markets, Asset Management and comprehensive wealth management for Private Banking clients. In addition, the Bank operates a retail franchise in Iceland, where it is headquartered, and to a lesser extent in Norway and Sweden. The Bank employed 3,334 people at the end of 2007. The diagram below illustrates the services offered in each of the countries Kaupthing Bank operates in: Investment Capital Asset Mgmt & Banking Markets Treasury Banking Private Banking Iceland UK* Sweden Denmark Finland Luxembourg** Norway US Middle East * Operations in the Isle of Man report to the office in the UK ** Operations in Belgium and Switzerland report to the office in Luxembourg Through sound organic growth and a number of strategic acquisitions, such as the UK bank Singer & Friedlander in 2005 and FIH Erhvervsbank in Denmark in 2004, Kaupthing Bank has fortified its position to provide outstanding services to its clients. Even though the Bank’s focus remains on Northern Europe, Kaupthing recognises the need to be present in key markets such as the Middle East, Asia and the US to enable the Bank to better service its Northern European clients. Thanks to its strong cross-border platform, Kaupthing Bank is in an excellent position to meet clients’ local and international needs in financial services. Kaupthing Bank is listed on the OMX Nordic Exchange in Stockholm and Iceland and is currently among the seven largest banks in the Nordic region in terms of market capitalisation. The Bank focuses on shareholder value, meaning the expansion of the Group has not been achieved at the expense of profitability. The year 2007 has proven to be another successful period of solid organic growth and strong earnings. GLOBAL OPERATIONS Iceland Finland Norway Sweden Isle of Man Denmark UK Belgium Luxembourg Switzerland US Qatar UAE (Dubai) FINANCIAL CALENDAR 2008 2008 Annual General Meeting – 7 March Q1 2008 Results – 30 April Q2 2008 Results – 31 July Q3 2008 Results – 30 October 2008 Annual Results – 29 January 2009 Table of COntents The Times They Are A-Changin’ - Executive Chairman´s Address 2 Another Solid Year For Kaupthing Bank - CEO´s Address 5 Year in Review 8 Strategy & Strengths 10 Key Business Objectives 11 Risk Management 14 Credit Ratings 31 Corporate Governance 34 Shares in the Bank 42 Funding & Liquidity 48 Kaupthing Bank’s Results 54 Five-Year Summary 58 Operating Results of Business Segments 62 Banking 63 Capital Markets 68 Investment Banking 73 Treasury 80 Asset Management & Private Banking 83 Kaupthing Singer & Friedlander 90 FIH Erhvervsbank 92 Other Subsidiaries 94 Corporate Social Responsibility 100 Corporate Culture 102 Employees 104 Annual Accounts 112 Board of Directors 196 Senior Management 199 KAupthinG banK Annual report 2007 The Times They Are A-Changin’ Sigurdur Einarsson, Executive Chairman Kaupthing Bank delivered a strong performance in 2007. Our return on equity was 23.5% and all our core businesses gave solid returns. Our CAD ratio was 11.8% and our Tier 1 capital ratio was 9.6% and compare favour- ably with our peers. Our liquidity is strong; at the end of 2007 the Bank had secured liquidity for more than 440 days and our funding profile has never been longer. now when the global outlook in financial markets looks uncertain, Kaupthing occupies a strong position and is ready to take advantage of new opportunities arising from market disruptions. Flexible business model Kaupthing offers comprehensive investment and corporate banking services to small and medium-sized companies and entrepreneurs in northern Europe. Our focus is on providing our customers with a wide and ever-broadening range of services, through cross-selling rather than competing solely on execution or price. We aim to establish long-term relationships with our customers, and in fact many of our largest transac- tions are made on behalf of our increasing roster of repeat customers. A testament to this success is that our net fee and commission income rose by 47.6% in 2007 from the previous year. Sigurdur Einarsson, Our business model is robust and one of its key strengths is its flexibility. Even though Executive Chairman our principles remain the same, we have the flexibility to adapt our tactics and execution to changes in the environment. John Maynard Keynes was once reproached for chang- ing his mind. His reply was “When the facts change, I change my mind. What do you do, sir?” This year we see Kaupthing adapting its strategy in numerous ways. It was regrettable that we could not finalise the acquisition of nIBC, but both we and the seller acknowledged that circumstances had changed and agreed not to finalise the deal. I would like to say that all our negotiations with the sellers, led by JC Flowers, were cordial and enjoyable. In 2006 we changed our goals for secured liquidity from 180 days to at least 360 days and by the end of 2007 our secured liquidity was for more than 440 days. At the end of 2007 we had funded our acquisition of nIBC. When we decided not to complete that acquisition, our liquidity position became extremely strong. Kaupthing Capital Partners II We decided to decrease our limit for equity positions to no more than 35% of the Bank’s risk capital and at the end of 2007 our equity positions were 30.3% of risk capital. Another step we took to adapt our business model was establishing Kaupthing Capital Partners II, a private equity fund of approximately GBP 500 million. Kaupthing Capital Partners 2 3 ExecutivE Chairman´S Address II will have the first right of refusal on all private equity proposals offered to the Bank. This new structure enables us to continue to co-invest with our clients, who have invested in the fund, even though the Bank is reducing its exposure to equity. It also enables the Bank to lever its expertise and excellent track record in private equity and share in its returns through our GBP 200 million investment in the fund. Changed funding profile On the funding side, we have increased the share of Deposits to customer loans. In 2007 we set the goal of increasing Deposits from 29% of customer loans to 40%. By the end of the year we had reached 42%, a commendable effort from our dedicated team. This year we raised the bar yet again, and our goal is to increase the ratio of Deposits to customer loans to 50% by the end of the year. We also continued to diversify our funding last year. Kaupthing was the first nordic bank to issue public bonds in Mexico and we entered the Canadian market with an inaugural issue. We enhanced our northern European profile last year by launching our first global retail prod- uct - Kaupthing Edge. This is a part of the Bank’s long-term funding strategy, which has been in preparation since 2006 and is already beginning to bear fruit. The strategy is expected to change the profile of the Bank by catapulting its brand from a niche market into a retail brand.
Load more

Recommended publications
  • Kaupthing Bank Hf. Creditors' Report 5 February 2009 Update March 2009
    KAUPTHING BANK HF. CREDITORS' REPORT 5 FEBRUARY 2009 UPDATE MARCH 2009 Disclaimer This report (including all subsequent amendments and additions) was prepared by the Resolution Committee for the creditors of Kaupthing Bank hf. ("the Bank") for information purposes only. It should give creditors an overview of the background, the current situation and the potential steps going forward. The additions and amendments to this report since the previously published versions of this report are intended to give the creditors information on recent developments but are not necessarily and should not be regarded as an exhaustive list of all developments which creditors may consider material. In preparing and updating this report, the Bank has not taken account of the interest of any particular creditor or group of creditors. Where information in this report is based on information from third parties the Bank believes such sources to be reliable. The Bank however accepts no responsibility for the accuracy of its sources. Furthermore, without prejudice to liability for fraud, the Bank accepts no responsibility for the accuracy or completeness of any information contained in this report and, without limitation to the foregoing, disclaims any liability which may be based on the accuracy or completeness of this report. The Bank is under no obligation to make amendments or changes to this publication if errors are found or opinions or information change. The fact that the Bank has made certain additions and amendments does not create any obligation on the Bank to make amendments or changes to this publication in respect of any other developments, errors or changes in opinion or information, regardless of whether such development or changes occur after or before the date of publication of the revised report.
    [Show full text]
  • Doing Business the Eik Way
    xx Faroe Islands www.worldfinance.com January-February 2009 Eik Banki – the largest Faroese bank – has managed to establish itself firmly outside of the Faroe Islands and also holds the position as the largest internet bank in Denmark Doing business the Eik way During its 176 years of history, Eik Banki has kept the group acquired Kaupthing Bank’s Faroese operations. pace with the developments of the financial world, “What specially characterises Eik Banki Group’s Danish a necessity as the Faroe Islands is a modern society operations is that in addition to offering low price internet comparable to that of any Scandinavian country. banking services, Eik Bank Danmark also provides our Located in the middle of the North Atlantic, Eik Banki is customers with high quality tailor-made financial services an efficiently driven modern bank, which successfully has solutions. A concept, which is highly satisfying to our customers expanded its business to encompass various activities outside and financially viable to us,” says Eik Banki Group CEO, Marner the Faroe Islands. Jacobsen. Eik Banki follows a strategy of diversification and growth placing emphasis on expanding and diversifying its overseas Solid operations in a volatile market activities to increase income and spread risk. By gaining Eik Banki has an attractive market position today. Having a inspiration from its international experiences, which can market share of just above 50 percent of both the individual and be exploited to the benefit of its domestic customers, the the corporate business customers, the bank is one of two major management of Eik Banki believes that the chosen strategy full service banks on the Faroe Islands.
    [Show full text]
  • The Riksbank's Measures During the Global Financial Crisis 2007-2010
    The Riksbank’s measures during the global financial crisis 2007-2010 Riksbank Study, February 2020 KÄNSLIG THE RIKSBANK’S MEASURES DURING THE GLOBAL FINANCIAL CRISIS 2007-2010 3 Contents FOREWORD 4 INTRODUCTION 5 1. THE SWEDISH FINANCIAL SYSTEM WAS SENSITIVE TO GLOBAL ECONOMIC DEVELOPMENTS 7 2. THE CRISIS SPREAD TO SWEDEN 9 3. THE ROLE OF THE RIKSBANK IS TO MAINTAIN PRICE STABILITY, AND TO PROMOTE A SAFE AND EFFICIENT PAYMENT SYSTEM 12 4. THE RIKSBANK EMPLOYED SEVERAL TOOLS DURING THE CRISIS 14 Extraordinary liquidity provisioning 15 Emergency liquidity assistance to specific institutions 22 Swap lines to other central banks 25 5. LESSONS FROM THE CRISIS HAVE SERVED TO STRENGTHEN THE RIKSBANK’S CRISIS PREPAREDNESS 28 REFERENCES 32 ANNEX A. USD LENDING AUCTIONS 34 ANNEX B. SEK LENDING AUCTIONS 35 ANNEX C. PRESS RELEASES 38 4 THE RIKSBANK’S MEASURES DURING THE GLOBAL FINANCIAL CRISIS 2007-2010 Foreword This Riksbank Study describes the measures taken during the global financial crisis 2007- 2010, when the Riksbank provided the Swedish banking system with extraordinary loans, provided emergency liquidity assistance to specific institutions, and limited crisis contagion through swap lines to neighbouring countries. The study complements previously published work on how the Riksbank handled the crisis, by providing a chronological account of the series of events that unfolded in 2007- 2010 and the corresponding Riksbank action. The study also outlines the lessons that the Riksbank learned from the crisis, and how these have served to strengthen our crisis preparedness. The purpose of the study is to contribute to ongoing international initiatives to document case studies from actual financial crises.
    [Show full text]
  • Coping with a Banking Crisis – Rise, Fall and Rebirth of the Icelandic Banking System
    Coping with a banking crisis – Rise, fall and rebirth of the Icelandic banking system Second International Workshop on Managing Financial Instability in Capitalist Economies Reykjavik, Iceland September 23 - 25, 2010 Tryggvi Pálsson, Director Financial Stability Central Bank of Iceland SI-65698 Coping with a banking crisis The Rise 2 Iceland • In the 20th century Iceland went from being one of the poorest economies in Europe to a prosperous one – High but volatile growth, -mostly led by fisheries – From 2/3 of labour force in agriculture to 2/3 in services • In past decades: liberalization, deregulation and privatization • Member of the EEA in 1994 – Free movement of capital – European “passport” for financial institutions headquartered in any country within the area – Common legal and regulatory framework … – … but the safety net, e.g. deposit insurance and LOLR, and crisis management and resolution remained largely national (a poisonous coctail) 3 Banking system: - from sectoral and state owned to fully privatized (2003) - major acquisitions abroad 2004-2005 4 Kaupthing Bank Kaupthing began operations in Faroe Islands Stockholm branch opened Kaupthing Bank A new investment bank, New York office Commenced merged wtih Kaupthing Denmark, opens in was opened operations in London Bunadarbanki Islands Copenhagen Organic 2001 2002 2003 2004 2005 2006 2007 2008 Acquired the Stenghthens its Buy a 20% share in the Indian Finnish securities Norwegian operation by Acquired the British bank financial firm FiNoble Advisors Kaupthing acquired Acquired
    [Show full text]
  • Economic and Monetary Chronicle
    Economic and monetary chronicle January 2010 On 5 January, the president of Iceland refused to sign an act of law amending the Minister of Finance’s authorisation to grant a Treasury guarantee of loans taken by the Depositors’ and Investors’ Guarantee Fund (DIGF) due to Icesave deposit accounts. In so doing, the presi- dent referred the matter to a national referendum. Three days later, Parliament passed an act of law stipulating that the referendum should take place as soon as possible, and no later than 6 March. On 5 January, rating agency Standard and Poor’s announced an un- changed rating for the Republic of Iceland, citing the risk of isolation in credit markets and heavy pressure from abroad to resolve the Icesave dispute. On 5 January, rating agency Fitch Ratings announced a downgrade of Iceland’s sovereign credit ratings for domestic and foreign currency obligations. Iceland’s long-term foreign and domestic currency ratings are now BB+ and BBB+, and the short-term foreign currency rating is B. The country ceiling was lowered from BBB- to BB+. On 6 January, rating agency Moody’s announced that it was keeping Iceland’s sovereign rating unchanged for the present, in spite of the president’s veto of the Icesave guarantee legislation. The agency con- sidered it likely that domestic political instability and external pressure to resolve the Icesave dispute would result, both of which could have a negative effect on Iceland’s credit rating. On 7 January, the Financial Supervisory Authority (FME) granted ISB Holding ehf. permission to own a qualifying holding in Íslandsbanki on behalf of Glitnir Bank hf.
    [Show full text]
  • The Global Financial Crisis: Analysis and Policy Implications
    The Global Financial Crisis: Analysis and Policy Implications Dick K. Nanto, Coordinator Specialist in Industry and Trade July 2, 2009 Congressional Research Service 7-5700 www.crs.gov RL34742 CRS Report for Congress Prepared for Members and Committees of Congress The Global Financial Crisis: Analysis and Policy Implications Summary The world has entered a global recession that is causing widespread business contraction, increases in unemployment, and shrinking government revenues. Some of the largest and most venerable banks, investment houses, and insurance companies have either declared bankruptcy or have had to be rescued financially. Nearly all industrialized countries and many emerging and developing nations have announced economic stimulus and/or financial sector rescue packages, such as the American Recovery and Reinvestment Act of 2009 (P.L. 111-5). Several countries have resorted to borrowing from the International Monetary Fund as a last resort. The crisis has exposed fundamental weaknesses in financial systems worldwide, demonstrated how interconnected and interdependent economies are today, and has posed vexing policy dilemmas. The process for coping with the crisis by countries across the globe has been manifest in four basic phases. The first has been intervention to contain the contagion and restore confidence in the system. This has required extraordinary measures both in scope, cost, and extent of government reach. The second has been coping with the secondary effects of the crisis, particularly the global recession and flight of capital from countries in emerging markets and elsewhere that have been affected by the crisis. The third phase of this process is to make changes in the financial system to reduce risk and prevent future crises.
    [Show full text]
  • Kaupthing Bank
    Kaupthing Bank - COMPANY UPDATE - HOLD Rating Summary and Conclusions Equity value 223,7 bn.ISK Kaupthing Bank acquires FIH Price 407,9 Kaupthing Bank (KB banki) has reached an agreement with Forenings Sparbanken (Swedbank) to Closing price 23.06.2004 429,5 purchase FI Holding, the holding company of the Danish corporate bank FIH. The purchase price amounts to ISK 84 billion (EUR 1,000 million), in addition to which Swedbank will retain part of Contents FIH's own equity. The acquisition will be financed with the issue of new share capital to holders of pre-emptive rights, as well as through subordinated debt. The price-to-book ratio for the Summary and Conclusions.........................................................1 transaction is 1.6. Kaupthing Bank acquires FIH....................................................2 Payment..................................................................................2 FIH is the third-largest bank in Danmark, with total assets close to ISK 800 bn at the end of Q1. It Financing.........................................................................2 was established in 1954 by the Danish state to encourage growth and development of Danish FIH...............................................................................................2 industry. FIH's activities are almost exclusively corporate lending. It holds a 17% share of the Danish Effect on group operations and value...................................3 corporate market and has around 5,000 customers, half of whom have been dealing with the
    [Show full text]
  • Iceland's Financial Crisis
    Order Code RS22988 November 20, 2008 Iceland’s Financial Crisis James K. Jackson Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division Summary On November 19, 2008, Iceland and the International Monetary Fund (IMF) finalized an agreement on a $6 billion economic stabilization program supported by a $2.1 billion loan from the IMF. Following the IMF decision, Denmark, Finland, Norway, and Sweden agreed to provide an additional $2.5 billion. Iceland's banking system had collapsed as a culmination of a series of decisions the banks made that left them highly exposed to disruptions in financial markets. The collapse of the banks also raises questions for U.S. leaders and others about supervising banks that operate across national borders, especially as it becomes increasingly difficult to distinguish the limits of domestic financial markets. Such supervision is important for banks that are headquartered in small economies, but operate across national borders. If such banks become so overexposed in foreign markets that a financial disruption threatens the solvency of the banks, the collapse of the banks can overwhelm domestic credit markets and outstrip the ability of the central bank to serve as the lender of last resort. This report will be updated as warranted by events. Background Iceland1 is the smallest economy within the Organization for Economic Cooperation and Development (OECD) with a gross domestic product (GDP) in 2007 of about $11.8 billion, as indicated in Table 1. Historically, Iceland’s economy has been based on marine and energy resources. More recently, Iceland has developed a strong services sector, which accounts for two-thirds of the economic output.
    [Show full text]
  • The 2008 Icelandic Bank Collapse: Foreign Factors
    The 2008 Icelandic Bank Collapse: Foreign Factors A Report for the Ministry of Finance and Economic Affairs Centre for Political and Economic Research at the Social Science Research Institute University of Iceland Reykjavik 19 September 2018 1 Summary 1. An international financial crisis started in August 2007, greatly intensifying in 2008. 2. In early 2008, European central banks apparently reached a quiet consensus that the Icelandic banking sector was too big, that it threatened financial stability with its aggressive deposit collection and that it should not be rescued. An additional reason the Bank of England rejected a currency swap deal with the CBI was that it did not want a financial centre in Iceland. 3. While the US had protected and assisted Iceland in the Cold War, now she was no longer considered strategically important. In September, the US Fed refused a dollar swap deal to the CBI similar to what it had made with the three Scandinavian central banks. 4. Despite repeated warnings from the CBI, little was done to prepare for the possible failure of the banks, both because many hoped for the best and because public opinion in Iceland was strongly in favour of the banks and of businessmen controlling them. 5. Hedge funds were active in betting against the krona and the banks and probably also in spreading rumours about Iceland’s vulnerability. In late September 2008, when Glitnir Bank was in trouble, the government decided to inject capital into it. But Glitnir’s major shareholder, a media magnate, started a campaign against this trust-building measure, and a bank run started.
    [Show full text]
  • The Politics of Bank Bailouts
    The Politics of Bank Bailouts Raphael Reinke Thesis submitted for assessment with a view to obtaining the degree of Doctor of Political and Social Sciences of the European University Institute Florence, 11 November 2014 European University Institute Department of Political and Social Sciences The Politics of Bank Bailouts Raphael Reinke Thesis submitted for assessment with a view to obtaining the degree of Doctor of Political and Social Sciences of the European University Examining Board Prof. Pepper D. Culpepper, European University Institute (Supervisor) Prof. Mark Hallerberg, Hertie School of Governance Prof. Ellen M. Immergut, Humboldt-Universität zu Berlin Prof. Hanspeter Kriesi, European University Institute © Raphael Reinke, 2014 No part of this thesis may be copied, reproduced or transmitted without prior permission of the author. To Heribert, Marianna and Sarah Contents Acknowledgments xiii 1 Crisis, banks and business power 1 Das Bailout 1 Selling out to cronies 4 The argument 7 2 Banking and bailouts 15 Banking – in good times and in bad 15 Threat and urgency 19 Comparing bailouts 21 Bailouts during the recent crisis 26 Conclusion 38 3 Public money, public profit 39 Public money, private profit 41 Beyond private profits 47 Bailouts and voters 50 Evidence from the recent financial crisis 53 Analyzing bailouts quantitatively 55 Results 62 Conclusion 69 4 Structural power of banks and the state 73 Two dimensions of business power 75 Financial crisis as a test case 80 vii viii The British and the American bailouts 82 Bank power:
    [Show full text]
  • Annual Report 2008 23 November 2009
    Annual Report 2008 23 November 2009 Replaces Annual Report of 27 February 2009 www.eikbank.com 2 2 Eik Banki P/F Yviri við Strond 2 Tel : +298 348000 P. O. Box 34 Fax : +298 348800 FO-110 Tórshavn [email protected] Faroe Islands www.eikbank.com Registered address Tórshavn Established 24 August 1832 Registration No. 3293 VAT No. 516244 Reg No. (Danish banks) 9181 BIC/SWIFT EIKB FO TF Eik Banki Securities Share Stock Exchanges VMF Market on Nasdaq OMX Iceland Nasdaq OMX Copenhagen ISIN code FO0005702340 Bloomberg EIK IR / EIK DC Share Capital DKK 812,927,400 No. of Shares 8,129,274 Subordinated Debt Stock Exchange Nasdaq OMX Copenhagen ISIN code DK0030034426 Bloomberg FOROYA 5.385 Amount DKK 150,000,000 Interest 5.385 per cent Senior Debt Stock Exchange Nasdaq OMX Copenhagen ISIN DK0030152111 DK0030168380 Bloomberg FOROYA 3 Foroya 3.43 Amount DKK 666,000,000 DKK 300,000,000 Interest 3.00 per cent 3.43 per cent Investor Relations Finn Danberg, Director, Group CFO & Head of Investor Relations Tel: +298 548610 · e-mail: [email protected] 3 Management Eysturoy Norðoyggjar Marner Jacobsen, CEO Olaf Fríðheim Finn Baldvinsson Chief Managing Director Regin Gregersen Jógvan í Beiti [email protected] Álvur Hansen Jórun Gardar Leif Høj Jonhard Larsen Bjarni Olsen Alice Højsted Eliesar N. Lydersen Managing Director Oluffa Joensen Dánjal Jákup Meinertsson [email protected] Sofus D. Johannesen Frithleif Olsen Suðurstreymoy Board of Directors Eyðun Rasmussen Odd Arild Bjellvåg Frithleif Olsen Høgni á Reynatrøð Hans Johannes á Brúgv Chairman Debes Danberg Sandoy Hans Andrias Djurhuus Odd Arild Bjellvåg Poul Klementsen Bent Jacob Højgaard Hansen Deputy Chairman Elisabeth Myllhamar Jóhannes Martin Hansen Jonna Krog Poulsen Poul Gert Hansen Finnbogi Niclasen Kristoffer Poulsen Jákup Egil Jensen Rólant Vidtfeldt Jákup Martin Sørensen Jóan Pauli Joensen Mathea Hilduberg Rólant Vidtfeldt Líggjas Joensen Jákup Egil Jensen Olga Kallsberg Petur Hammer Vágoy Oddvá Nattestad Tórmund A.
    [Show full text]
  • The Faroe Islands November 2009
    INFORMATION MEMORANDUM 2009 1 THE FAROE ISLANDS NOVEMBER 2009 INFORMATION MEMORANDUM 2009 INFORMATION MEMORANDUM 2009 2 TABLE OF CONTENTS TABLE OF CONTENTS ..................................................................... 2 1. FACT SHEET ............................................................................. 3 2. GEOGRAPHY AND POPULATION..................................................... 7 3. THE POLITICAL SYSTEM.............................................................. 8 3.1 The Parliament and Government...................................................................................... 10 3.2 The Government Organization......................................................................................... 11 3.3 Foreign Relations .......................................................................................................... 12 4. THE ECONOMY ........................................................................ 14 4.1 The Economy in General................................................................................................. 14 4.2 Recent Economic Development........................................................................................ 14 4.3 Industries.................................................................................................................... 17 4.4 The Financial and Securities Market.................................................................................. 26 4.5 Labour Market .............................................................................................................
    [Show full text]