The company refers to the announcement today by the Norwegian FSA regarding a review of certain aspects of the financial reporting of Norwegian Finans Holding ASA.
The review mainly concerned the company's calculation of individual and group
write-downs of loans and note information on credit risk in the annual accounts for 2017.
The bank has followed a loan evaluation policy that has been tailored for the characteristics of our loan portfolio.
The regulating authorities have over time provided Norwegian banks with guidance, which have been complied with.
The bank believes the excess loan loss provisions taken in 2017 do not materially deviate from the requirements of IAS 39, nor the guidance provided by the Norwegian FSA in their letter dated 21 December 2015. The loss provisions recognised are in accordance with the bank's evaluation of prudent loss provisions.
The matters raised by the Norwegian FSA have no impact on how the quality of the loan portfolios were assessed.
Furthermore, the report has no impact on submitted financial reporting for 2018.
For any questions please call:
CFO Pål Svenkerud; phone: +47 93403904
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Norwegian Finans Holding ASA via Globenewswire