Ordinance amending Ordinance regarding an application for an individual State guarantee in accordance with the law on financial stability
In executive order No. 231 of 26. March 2009 regarding an application for an individual State guarantee in accordance with the law on financial stability shall be amended as follows:
1. In article 2, paragraph 1, no. 1 the following is inserted as a 2. item:
» Credit institutions that do not prepare quarterly financial statements, can instead submit the quarterly financial reporting, prepared to the Danish financial supervisory authority, which must be reviewed by the Foundation's approved auditor (review). "
2. In article 6, paragraph 5, 2. paragraph, the words ' the total amount of covered deposits at 31 December 2003. December 2008 ' is replaced by: ' total covered the debt at 31 December 2003. December 2008 '.
3. Annex 1 of the order is replaced by the text in annex 1 to this notice.
The notice shall enter into force on the 31st. August 2009.
Economic and business affairs, the 17. August 2009 Lene Espersen/Lotte Aakjaer Jensen Annex 1
Independent auditor's opinion on the credit institution's future prospects and the estimation of the individual solvency need
To financial stability a/s as part of the Department's application for financial stability A/S
about individual State guarantee of # has the Foundation, see. Notice regarding an application for an individual State guarantee in accordance with the law on financial stability, § 2, paragraph 1, no. 2 (b), prepared a statement for the Department's expected economic development in terms of budget and projections for a one year period from the date of the application, as well as an inventory of the Department's individual solvency needs.
Upon agreement we have examined the statement contained in the economic prospects for the comprehensive operational and balance budgets and projections associated with the description of the main assumptions, explanatory notes, accounting policies and stress-testing of the assumptions. Budgets and projections shall be drawn up on the basis of the most recent audited financial statements and the most recent accounting period reviewed. We have also examined the Department's need for cash a year, compared to the time of application as well as information on risk factors until the warranty expired.
The Institute's management is responsible for the information contained in the statement on prospects, including budget and projections, as well as for the listed prerequisites, as the statement is based on. The Institute's management has in addition responsible for solvency requirement statement, including the main assumptions which form the basis for this statement. Our responsibility is, on the basis of our studies is to express a conclusion on this matter.
The opinion is only developed for use for financial stability A/S ' treatment of the Department's application for individual State guarantee and may not be used by others or for any other purpose, unless otherwise agreed with the auditor.
The studies carried out
We have completed our investigations in accordance with the Danish auditing standard on the examination of prospective financial information. This standard requires that we plan and perform studies in order to obtain limited assurance that the assumptions used, including for credit risk and market risk, is justified and does not contain significant misinformation, as well as a high degree of assurance that the statement in the form of budget projections and the solvency requirement statement is prepared on the basis of the assumptions. In addition, we have so far as concerns the institution's lending and guarantees, as well as holdings of securities arranged and conducted our examination with a view to achieving a high degree of assurance that the solvency requirement statement are based on the latest audited annual accounts and the recently reviewed interim.
Our studies have included a review of the exposition in order to assess whether the conditions set out by management are documented and justified. We have also verified whether the budget projections and the solvency requirement statement is prepared in accordance with the prescribed conditions, just as we have verified the internal numerical consistency in budget and projections as well as verified, that the Declaration of solvency need is taken into account the conditions laid down in the Ordinance on capital adequacy article 5, paragraph 1.
It is our opinion that the studies provide an adequate basis for our conclusion.
In our study, we have not been aware of the fact that that invalidates the assumptions provide a reasonable basis for the statement of the forecasted economic development as well as for solvency requirement statement. We are also not aware of any circumstances which invalidates, to the Board of directors stated assumptions are documented and justified. It is our opinion that budget projections and the solvency requirement statement is prepared on the basis of the stated conditions, as well as that in determining the solvency needs taking into account the conditions laid down in the Ordinance on capital adequacy article 5, paragraph 1. In addition, it is our opinion that the solvency requirement statement with regard to the institution's lending and guarantees, as well as holdings of securities, is based on the latest audited annual accounts and the recently reviewed interim.
We need additional state that the actual results and solvency requirement for the Institute is likely to deviate from the expected, since presumed events rarely occur as expected, and that the differences may be significant.
Audit Company XX
State-authorised audit company