Roskilde Bank was transferred to the observation list on 11 July 2008, when the
bank announced that in conjunction with the normal check of their loan and
guarantee portfolio during the preparation of their semi-annual report, the
bank had been forced to conclude that the bank would have significantly larger
depreciations on their loan and guarantee portfolio than previously
anticipated. Roskilde Bank also announced that the specific size and extent of
the depreciations was not known, but would be published as soon as the final
calculations were in place. Roskilde Bank also announced that there had been
several negotiations with companies who potentially were interested in
acquiring the bank, but these negotiations had not yet led to a bid for the
bank. Roskilde Bank also announced that they had received a liquidity guarantee
from the Danish National Bank.
ISIN Name
DK0060056083 Roskilde Bank
Yesterday Roskilde Bank announced that the bank is no longer able to meet the
individually assessed solvency requirement according to Section 124 of the
Financial Business Act and that the FSA, pursuant to Section 225 of the
Financial Business Act, has determined a deadline for the reestablishment of
the banks capital base. Furthermore, it is announced that the sales process
launched has now been completed with no offers to buy the bank in whole or in
part and that a new bank established by the Nationalbanken and the Private
Contingency Association for the Winding up of Ailing Banks, Savings Banks and
Cooperative Banks (“Private Contingency Association”) has offered to buy all
assets and assume all debts and other liabilities of the bank except hybrid
core capital and subordinated loan capital. Furthermore, it is stated that
after the sale to the new bank has been completed, the bank will have a
considerable negative equity, there will be no operations of any kind in the
bank, and the bank will hand in its license to operate as a bank and suspend
payments.
In light of the company's announcement, the exchange is suspending the trading
of the shares in Roskilde Bank.
For further information, please see the announcement of 24 August 2008 from
Roskilde Bank.
