CORRECTION: Company announcement: Earnings own portfolio DKK -350m.


•	Increase in estimated core earnings before impairment charges for loans and
         advances 
•	Acquisition of the underlying assets of two Structured Investment Vehicles
         (SIVs) 
•	Strong liquidity position; refinancing of owner-occupied property
•	Holding of own shares


Increase in estimated core earnings before impairment charges for loans and
advances 

It is now evident that core earnings before impairment charges for loans and
advances will be record high for 2007: the estimate is for slightly above DKK
2,600m. An earlier upgrade put the estimate at DKK 2,300m-2,500m. Estimated
core earnings before impairment charges for loans and advances are more than
35%, or approx. DKK 700m, higher than in 2006 when core earnings before
impairment charges for loans and advances came to DKK 1,925m. 

Core earnings after impairment charges for loans and advances are estimated to
be slightly below DKK 2,600m (2006: DKK 2,270m). 


Acquisition of the underlying assets of two Structured Investment Vehicles
(SIVs) 

Since 2000 Jyske Bank has invested in a credit portfolio which includes SIV
capital notes. The investment vehicle has historically been attractive because
it yields a stable high return thanks to cheap financing of underlying
high-rated securities in the SIVs. 

Because of developments in the money market, Jyske Bank's strong liquidity
situation, and the fact that the new capital adequacy directive requires lower
capital for the very high-rated underlying securities of SIVs, it has become
profitable for Jyske Bank to acquire the underlying securities for its own
portfolio. 

Jyske Bank has therefore to the widest possible extent switched out of SIVs
whose funding costs have risen. Jyske Bank has acquired high-rated securities
for a total of approx. DKK 1.5bn and sold SIV capital notes of approx. DKK
150m. Jyske Bank now holds SIV capital notes worth almost DKK 50m of one large
SIV, which the Bank has not been able to switch out of. 

Jyske Bank's total unrealised capital loss on SIVs in 2007 amounted to DKK 55m,
which is expected to be recouped when the high-rated securities are redeemed at
par one to five years from now. 

In addition, Jyske Bank has an exposure of just over DKK 300m to Sigma Finance,
whose structure is 'SIV-like' except in a number of important respects. Sigma
Finance presents a much lower liquidity risk because of the relatively long
time to maturity of the financing and Sigma's extensive access to repo
financing. This means that Sigma Finance has consistently been able to take up
funding at attractive levels, at the same time building up reserves during the
fourth quarter of 2007. Therefore it has not been relevant or possible to
switch out of Sigma capital notes. Sigma's senior debt is rated AAA, while the
capital notes are rated A3 by Moody's. 

Total earnings after funding costs on the Bank's own portfolio for 2007
amounted to about DKK -350m.  Of this, credit-related products accounted for
just over DKK 300m. The capital loss is unrealised, and the best part of it is
expected to be recouped over coming years, although the deterioration of the US
housing market has damaged the robustness of holdings relating directly to the
housing market. The market price of such structured products amounted to only
approx. DKK 40m at the end of 2007. 


Strong liquidity position; refinancing of owner-occupied property

Jyske Bank's liquidity position was still very strong at the end of 2007.
During the fourth quarter of 2007, Jyske Bank had no difficulty in obtaining
funding at attractive levels in the international capital markets through the
Bank's funding programmes. The Bank's strong liquidity reserves cover more than
one year's outflow of funding in the money and capital markets. Inclusive of
the syndicated loan facility, the Bank's liquidity reserves amount to DKK 32bn;
of this certificates of deposit with the Danish central bank account for DKK
21bn. The liquidity cover is 100% above the regulatory requirement of 10%. 

Under the new Danish Act on SDOs (a new type of covered bonds) which came into
force on 1 January 2008, Jyske Bank will have an unutilised potential for
structured funding in the form of SDOs. 

In keeping with its long-term funding plans, Jyske Bank has raised liquidity
against a number of its owner-occupied properties. Refinancing of those
properties has showed that their collateral value has increased considerably,
and Jyske Bank has obtained loan commitments of almost DKK 1,500m. Of this,
almost DKK 600m was taken up before the turn of the year. 

Over the past ten years, Jyske Bank has refurbished and extended owner-occupied
property for more than DKK 1bn. 



Holding of own shares

Our holding of own shares is currently 3,653,213 shares, which equates to 6.5%
of the share capital.

Attachments

fondsbrsmeddelelse 14 01 2008-uk.pdf