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Annual Report 2019

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Annual Report 2019 Translation Front page Annual Report 2019 Contents CONTENTS ▪ HIGHLIGHTS ▪ REVIEW AND RESULTS ▪ CORPORATE GOVERNANCE ▪ CORPORATE SOCIAL RESPONSIBILITY FINANCIAL STATEMENTS ▪ STATEMENTS ▪ BOARD OF DIRECTORS AND MANAGEMENT BOARD ▪ COMPANY DETAILS Contents Management’s review Highlights 3 Review and results 4 Corporate governance 24 Corporate social responsibility 28 Financial statements Income statement 31 Comprehensive income statement 31 Balance sheet 32 Statement of changes in equity 34 Cash flow statement 35 Notes to the parent company and consolidated financial statements 36 Statement by Management 76 Independent auditor’s report 77 Board of Directors 80 Management Board 81 Company details 82 Highlights CONTENTS ▪ HIGHLIGHTS ▪ REVIEW AND RESULTS ▪ CORPORATE GOVERNANCE ▪ CORPORATE SOCIAL RESPONSIBILITY FINANCIAL STATEMENTS ▪ STATEMENTS ▪ BOARD OF DIRECTORS AND MANAGEMENT BOARD ▪ COMPANY DETAILS Highlights Finansiel Stabilitet Group: Guarantee Fund: ▪ Surplus of DKK 1,068 million, mainly attributable to con- ▪ Surplus of DKK 114 million, which was mainly tributions to the Resolution Fund of DKK 724 million attributable to the overall surplus of FS Finans I-IV, in ▪ Total assets of DKK 21.8 billion which the Guarantee Fund has financial interests. ▪ Equity of DKK 20.7 billion ▪ Due to a legislative amendment, guarantees provided to the Restructuring Department have been reduced by Bank Package I-V activities: DKK 1 billion, resulting in a corresponding reduction of equity. ▪ Surplus of DKK 229 million, reflecting the result of ▪ Total assets of DKK 12.4 billion. the continuing resolution of the remaining activities. ▪ The assets of the Fund amounted to DKK 12.4 billion, Reversal of impairment losses on loans, advances and of which DKK 8.8 billion was attributable to the Banking receivables for the period amounted to DKK 128 million. Department. ▪ Decisions in the two actions for damages brought against the former managements of ebh bank and Løk- Resolution Fund: ken Sparekasse, respectively, reduced the 2019 results by a total of DKK 155 million, while the agreement with ▪ Surplus of DKK 725 million, mainly attributable to the management members of Amagerbanken found contributions to the Resolution Fund of DKK 724 million. liable had a DKK 155 million positive impact on the ▪ Total assets of DKK 3.3 billion. results. ▪ The assets of the Fund amounted to DKK 3.1 billion. ▪ In addition, the ruling of the European Commission in the FIH case resulted in the recognition of income of DKK 206 million in 2019. ▪ Total assets of DKK 7.0 billion. ▪ At 31 December 2019, loans and guarantees amounted to DKK 570 million, financial assets amounted to DKK 145 million and properties amounted to DKK 2 million. ▪ Equity of DKK 5.2 billion Finansiel Stabilitet Highlights │ Annual Report 2019 3 FinancialFinansielAKTIVITETER statementsSBERETNINGKoncernresultat stabilitet ForretningsenhederI 2016 at a glance CONTENTS ▪ HIGHLIGHTS ▪ REVIEW AND RESULTS ▪ CORPORATE GOVERNANCE ▪ CORPORATE SOCIAL RESPONSIBILITY FINANCIAL STATEMENTS ▪ STATEMENTS ▪ BOARD OF DIRECTORS AND MANAGEMENT BOARD ▪ COMPANY DETAILS FINANSIEL STABILITET AT A GLANCE ▪ GROUP PERFORMANCE 2019 ▪ BANK PACKAGE I-V ACTIVITIES ▪ GUARANTEE FUND ▪ RESOLUTION FUND ▪ PORTFOLIO MANAGEMENT ▪ SIGNIFICANT RISKS ▪ EVENTS AFTER THE BALANCE SHEET SHEET DATE ▪ OUTLOOK FOR 2020 Review and results Finansiel Stabilitet at a glance tions to the Resolution Fund. Overall, the Resolution Fund generated a surplus of DKK 725 million. The Bank Pack- Finansiel Stabilitet is an independent public company age I-V activities and the Guarantee Fund contributed owned by the Danish State through the Danish Ministry of DKK 229 million and DKK 114 million, respectively to the Industry, Business and Financial Affairs. result for the year. The objectives of Finansiel Stabilitet are to: The Group’s total assets at 31 December 2019 amounted to DKK 21.8 billion (2018: DKK 21.9 billion). Of this ▪ contribute to ensuring financial stability in Denmark; amount, the Bank Package I-V activities accounted for ▪ handle the responsibilities and powers assigned to it, DKK 7.0 billion, the Guarantee Fund accounted for DKK pursuant to the Act on Restructuring and Resolution of 12.4 billion, the Resolution Fund accounted for DKK 3.3 Certain Financial Enterprises; billion, while a negative amount of DKK 0.9 billion related ▪ handle its responsibilities and powers assigned to it, to an intra-group balance. pursuant to the Act on a Depositor and Investor Guar- antee Scheme; and Total equity stood at DKK 20.7 billion, of which DKK 12.4 ▪ handle any other responsibilities and powers assigned billion was attributable to the Guarantee Fund, DKK 5.2 to it, pursuant to legislation or by the Minister for Indus- billion to the Bank Package I-V activities and DKK 3.1 bil- try, Business and Financial Affairs. lion to the Resolution Fund. For a specification of the three segments’ income statement items, see the following Finansiel Stabilitet’s business areas comprise the remain- sections and notes 2 and 3 to the financial statements for ing Bank Package I-V activities, the Guarantee Fund and a more detailed account. the Resolution Fund, but with a statutory requirement for the separate management of the assets of the individual Resolution of activities segments. Finansiel Stabilitet is not liable for the Guaran- At 31 December 2019, the remaining loans and guaran- tee Fund or the Resolution Fund, and these are only liable tees, net amounted to DKK 0.6 billion (2018: DKK 1.0 for their own obligations and liabilities. billion), while the portfolio of financial assets amounted to DKK 9.7 billion (2018: DKK 5.9 billion), and properties amounted to DKK 2 million (2018: DKK 3 million). Group performance 2019 The significant increase in the portfolio of financial assets Finansiel Stabilitet posted a surplus of DKK 1,068 million was due to the new investment strategy in 2018, applied for 2019 (2018: DKK 757 million). The surplus was primar- to the assets of the Guarantee Fund and the Resolution ily attributable to payment of DKK 724 million in contribu- Fund, under which funds are invested in relatively liquid Segment performance 2019 Finansiel Stabilitet Result: DKK 1.1 billion Total assets: DKK 21.8 billion Equity: DKK 20.7 billion Bank Package I-V activities Guarantee Fund Resolution Fund Result: DKK 229 million Result: DKK 114 million Result: DKK 725 million Equity: DKK 5.2 billion Equity: DKK 12.4 billion Equity: DKK 3.1 billion 4 Annual Report 2019 │ Review and results Finansiel Stabilitet CONTENTS ▪ HIGHLIGHTS ▪ REVIEW AND RESULTS ▪ CORPORATE GOVERNANCE ▪ CORPORATE SOCIAL RESPONSIBILITY FINANCIAL STATEMENTS ▪ STATEMENTS ▪ BOARD OF DIRECTORS AND MANAGEMENT BOARD ▪ COMPANY DETAILS FINANSIEL STABILITET AT A GLANCE ▪ GROUP PERFORMANCE 2019 ▪ BANK PACKAGE I-V ACTIVITIES ▪ GUARANTEE FUND ▪ RESOLUTION FUND ▪ PORTFOLIO MANAGEMENT ▪ SIGNIFICANT RISKS ▪ EVENTS AFTER THE BALANCE SHEET SHEET DATE ▪ OUTLOOK FOR 2020 short-term mortgage bonds. The portfolio of related finan- The comprehensive financial issues were caused by over- cial assets at 31 December 2019 amounted to DKK 9.4 all developments – but also by unusual management deci- billion. These funds were previously placed on deposit in sions made in the individual banks subject to resolution. Finansiel Stabilitet’s account with Danmarks Nationalbank. As a result, it has been paramount to investigate and de- Other than that, financial assets consisted of capital cide whether the former managements may be held liable instruments, including sector shares and guarantee cer- for the losses caused by their failures. tificates and cooperative share certificates acquired as partial consideration for Bank Package I. These decisions will contribute to assigning liability and determining what is applicable law in a very important The majority of the remaining loans and guarantees area and thus create a foundation for assessing whether are related to the segment Bank Package I-V activities, the applicable rules ought to be revised. while a minor portion of loans relate to FS Finans V A/S (formerly Andelskassen J.A.K. Slagelse) and FS Finans VI This is the reason why Finansiel Stabilitet has instituted (formerly Københavns Andelskasse), which is wound up a number of liability lawsuits against, among others, the under the Resolution Fund. DKK 68 million of total loans former managements of nine of the failing banks taken and guarantees relate to FS Finans V and FS Finans VI. over. They are Roskilde Bank, ebh bank A/S, Løkken Sparekasse, Capinordic Bank, Amagerbanken, Eik Bank Other remaining exposures mainly consisted of receiva- Danmark, Eik Bank Færøerne, Andelskassen J.A.K. bles from estates in bankruptcy and guarantees. How fast Slagelse and Københavns Andelskasse. Finansiel Sta- the remaining loans will be wound up depends largely on bilitet institutes liability lawsuits when it is believed to be external factors such as the progress of, trustees’ estate more likely than not that a court of law will give a decision administration and the debt recovery process. Guarantees in favour of Finansiel Stabilitet. Bank managements hold will be gradually phased out as they mature. Finansiel fiduciary positions. When management fails to live up Stabilitet furthermore has the ongoing task of recovering to its responsibility and causes the bank to incur a loss, previously non-performing debts. In 2019, this resulted in Finansiel Stabilitet has a social responsibility to claim the recognition of approximately DKK 88 million
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