Finansiel Stabilitet initiates measures to resolve Københavns Andelskasse under control

Thursday, 13 September 2018 at 20:00, Finansiel Stabilitet announced its assumption of control of Københavns Andelskasse.

Københavns Andelskasse will continue as a financial institution, but Finansiel Stabilitet has initiated a number of measures intended to secure an appropriate and controlled resolution of Københavns Andelskasse under control ("Andelskassen")

Finansiel Stabilitet has appointed new members of the board of directors and a new executive manager of Andelskassen. The board of directors now consists of Henrik Bjerre-Nielsen as chairman, Marianne Simonsen as vice chairman and Lise Gronø. The board of directors has appointed Jens Verner Andersen as new executive manager. The entire management team is already employed by Finansiel Stabilitet.

Finansiel Stabilitet has set up a new subsidiary, Broinstitut II A/S, which will take over the ownership of Andelskassen.

Finansiel Stabilitet has performed a provisional valuation of Andelskassen for the purpose of identifying and determining the extent of the loss in Andelskassen based on information received from Andelskassen before the assumption of control. Against this background, members, subordinated creditors, ordinary unsecured creditors and depositors with deposits not covered by the Danish Guarantee Scheme for Depositors and Investors (Garantiformuen) must all expect for the present that their claims against Andelskassen have been written down entirely and lost.

Customers with deposits up to EUR 100,000 (app. DKK 745,000) which are covered by the Danish Guarantee Scheme for Depositors and Investors (Garantiformuen) will be fully covered, see www.gii.dk.

Andelskassen will be able to attend to its customers from Friday morning, but the situation in Andelskassen at the time of assumption of control will affect customer services.

Finansiel Stabilitet will soon initiate a final valuation of Andelskassen. The final valuation will be carried out by an independent valuation accountant.

Once the final valuation is available, Finansiel Stabilitet may reassess the preliminary write-downs.

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