Finansiel Stabilitet exercises control over Københavns Andelskasse

13 September 2018

The Danish Financial Supervisory Authority has notified Finansiel Stabilitet that Københavns Andelskasse is likely to fail and that there is no prospect of a private sector solution to Københavns Andelskasse's lack of capital. It is Finansiel Stabilitet's opinion that the conditions for resolution set out in the Danish Act on Restructuring and Resolution of Certain Financial Businesses are met.

Finansiel Stabilitet has therefore decided to exercise control over Københavns Andelskasse with immediate effect. This decision implies that Københavns Andelskasse will be carried on as a financial institution for the present, and that Finansiel Stabilitet will make decisions on behalf of the members and the board of directors.

The board of directors and the executive board of Københavns Andelskasse have been removed with immediate effect and cannot enter into any commitments on behalf of Københavns Andelskasse.

At the end of 2017, Københavns Andelskasse had a balance sheet total of app. DKK 370 million and 13 full-time employees.

Over the last years, Københavns Andelskasse has been facing substantial orders from the Danish Financial Supervisory Authority.

Københavns Andelskasse will still be able to provide services to its customers from Friday morning, but the situation in Københavns Andelskasse at the time of the exercise of control will affect customer services.

Finansiel Stabilitet will Thursday evening implement the measures required to resolve Københavns Andelskasse and issue a press release in that regard. So far, Financial Stability has been compelled to arrange for Københavns Andelskasse's online bank and mobile bank to be temporarily shut down.

Transactions made after Thursday, 13 September 2018 at 20:00, when Financial Stability has assumed control of Københavns Andelskasse, will be carried out in the context of "Andelskassen under kontrol" (subject to Finansiel Stabilitet's control).

Further information:
CEO Henrik Bjerre-Nielsen, tel. +45 21 14 21 11
Or press contact at tel. +45 24 76 35 90