Finansiel Stabilitet releases H1 2019 interim financial statements

23 August 2019


Finansiel Stabilitet posted a surplus of DKK 487 million in H1 2019, against DKK 449 million in the same period of 2018.

The performance was substantially driven by payments of contributions to the Resolution Fund, of which DKK 362 million was included in the surplus for the period. Payments of contributions in H1 2019 totalled DKK 724 million. Furthermore, the continuing investing activities of the Guarantee Fund and the Resolution Fund, focusing on investment in short-term mortgage bonds, contributed a total of DKK 87 million to the H1 2019 performance.

Overall, the Resolution Fund generated a surplus DKK 373 million. At 30 June 2019, the Resolution Fund’s equity stood at DKK 2.8 billion.

The Bank Package I-V activities generated a surplus of DKK 40 million in H1 2019, against DKK 131 million in the same period of 2018. The surplus was substantially attributable to reversed impairment charges on loans, advances and receivables. Total equity attributable to the Bank Package I-V activities was DKK 5 billion at 30 June 2019.

The Guarantee Fund generated a total surplus of DKK 74 million in H1 2019, against DKK 3 million in H1 2018. At 30 June 2019, the Guarantee Fund’s equity stood at DKK 13.3 billion.

The Group’s total assets at 30 June 2018 amounted to DKK 22.6 billion. Of this amount, the Guarantee Fund accounted for DKK 14.3 billion, the Bank Package I-V activities accounted for DKK 6.7 billion and the Resolution Fund accounted for DKK 3.3 billion, while an amount of DKK 0.7 billion related to an intra-group balance.

On 26 June 2019, the Eastern High Court delivered its decision in the case against the former management of Amagerbanken, ordering the defendants to pay damages in the amount of DKK 225 million plus statutory interest. In addition to this, Finansiel Stabilitet was awarded DKK 26 million in legal costs. As the members of management found liable have applied to the Danish Appeals Permission Board for permission to appeal the effects of decision to the Supreme Court, the decision has not been recognised in the income statement, except for the amount received in respect of legal costs.

In the first half, Finansiel Stabilitet deposited the banking licence of Københavns Andelskasse under kontrol, which was converted into a financing company with the name FS Finans VI, from which the remaining activities will be wound up.

For further information, please contact:
Henrik Bjerre-Nielsen, CEO, on tel. +45 21 14 21 11,
or alternatively via the press contact, on tel. +45 24 76 35 90, e-mail: mail@fs.dk.