Amagerbanken announces supplementary and corrected financial statements.

Announcement no. 28-2009  
17 November 2009
					

Company Announcement
Amagerbanken announces supplementary and corrected financial statements.

Expectations for all 2009 are unchanged in relation to the previously announced


Today, Amagerbanken Aktieselskab announced supplementary and corrected
information in addition to the Annual Report 2008 and corrected interim reports
for 1st quarter 2009, 1st half of 2009 and first nine months of 2009
respectively. By these corrections Amagerbanken complies with a number of items
of the Danish Financial Supervisory Authority's draft of decision of the Danish
Securities Council dated 17 November 2009, while the other conditions will be
integrated in the Bank's Annual Report 2009 cf. below. Amagerbanken received
The Danish Financial Supervisory Authority's draft of hearing about the
conditions in question and the draft of decision by letter dated 2 November
2009. 

The amendment of the Annual Report 2008 weakens the pre-tax result by DKK 86m
and the amendment of the Interim Result for the first nine months of 2009
improves the pre-tax result by DKK 86m. The Bank's expectations for all 2009
are unchanged positive core earnings before loan impairment charges in the
level DKK 480 - 520m. 

The draft of decision from the Danish Securities Council includes an amended
measurement of certain loans and advances in the Annual Report 2008 where the
impairment requirement is based on security in a listed share. The amendment
causes application of the market price as basis of measurement of securities at
the statement of impairment requirement of certain exposures. Beyond this the
draft of decision from the Council implies that Amagerbanken should present
certain supplementary information to the Annual Report 2008: 

	Supplementary information on applied assumptions at accounting estimates
related to loan impairment charges with particular measurement risk and further
information of collective impairments 
	Supplementary information on the size of renting income and operating costs
concerning investment properties. 
	Information on comparatives for the statement of changes in equity
	Supplementary quantitative information on credit risk including sufficient
information on essential groups of loans and advances with particular credit
risk. 

The Bank has disclosed the supplementary information, which the Bank is able to
based on available data. The draft of decision from the Danish Securities
Council points out the above-mentioned items and that the Bank does not have an
actual model for and that the Bank according to the Council is not able to
render that a lacking model for collective impairments of the corporate sector
do not result in significant misstatements in the Annual Report of 2008 and the
interims reports of 2009 respectively. 

With regard to the Annual Report 2009 the Bank expects to receive directions of
below items according to the draft of decision of the Council: 

	to establish a model for collective impairments in compliance with IAS 39
	to inform on the primary assumptions which the Bank has utilised for the
future and other primary sources of estimated insecurity and 
	to give quantitative information on credit risk in compliance with IFRS 7
allocated in accordance with the appropriate categories of financial
instruments after the Bank's conditions. In this connection the Bank should
disclose sufficient information of essential groups of loans and advances with
particular credit risks. 




Yours faithfully,

A M A G E R B A N K E N



Jørgen Brændstrup
Managing Director
and Chief Executive














Inquiries may be addressed to 
Mr. Jørgen Brændstrup, Managing Director and Chief Executive by phone +45 32 66
60 01.