Key Benefits:
Chapter 1 Scope of application
Chapter 2 Application for Government capital deposits
Chapter 3 Application for the rendering of a state character of design
Chapter 4 Contents of the lending development of the credit institution
Chapter 5 the maintenance of the state's expenditure on the scheme
Chapter 6 Entry into force
Publication of application requirements, interest calculation, and coverage of State expenditure for administration and so on by government capital deposits or drawing-assurance
In accordance with paragraph 5 (2), 2, section 6 (4). 3, section 8, paragraph. Five, six and eight, in the law. 67 of 3. February 2009 on the State capital deposits in credit institutions shall be determined :
Chapter 1
Scope of application
§ 1. This notice shall apply to credit institutions in Denmark, cf. Section 1 (1). One and three, in the law. 67 of 3. February 2009 on the State capital deposits in credit institutions applying for government capital deposits in the form of hybrid core capital or on the state of the design guarantee of capital travel.
Chapter 2
Application for Government capital deposits
§ 2. For the application for state capital deposits, the application form and data sheets of the Ministry of Economic and Industry shall be used. The application schedule and data sheet are available on the Economic and Commercial Ministry's website or may be requested by the Ministry of the Ministry.
Paragraph 2. The application must be duly signed, either electronically, by using encrypted mail and electronic signatures or by ; General post for the Ministry of Economic and Business.
Paragraph 3. The application must also include the application in a completed application form :
1) A revised annual report for 2008 and, in the case of the application of the 1. May 2009, or later, the 2009 quarterly accounts, which must also be revised.
2) A statement by the credit institution relating to the financial position of the Foundation and the future prospects. The decision shall be approved by the Management Board and shall include references to the sites of the annual report or the quarterly accounts, in which the information referred to in paragraph 1 shall be that of the year. 3 and paragraph 1. 4, appear. The credit institution shall also provide any additional information relating to changes which are relevant to the information given in the annual report and the quarterly accounts. Information in accordance with paragraph 1. 3 and paragraph 1. 4, which do not appear in the annual report or the quarterly accounts, shall be written into account. The statement shall contain the following information :
a) A description of the financial position of the credit institution.
b) A reasoned indication of the expected economic development forward to the 31. In December 2010, comprehensive operating and balancing budgets and projections with associated description of key assumptions, explanatory notes, as well as stress tests of essential prerequisites.
c) An assessment of the future possibilities of the credit institution with information on the actions expected to take account of the anticipated economic development and the assessment of the cash flow situation of the credit institution with information on : expected refinancing needs in 2009 and 2010 and policy on the refinancing of the need.
d) An assessment of the consequences of the capital deficit, including in terms of profitability, efficiency, solvency and nuclear capital requirements.
(e) A summary of the lending and guarantees of credit institutions, broken down by the types of borrowers, including private and business customers, industries, professions and geography, and on credit types and loans.
(f) A description of the credit institution ' s lending policy, including changes to the conditions of lending and conditions.
g) A description of the credit institution ' s revenue, costs, loss risks, depreciation and general development in the loans and loans.
(h) A description of how repayment of the hybrid nuclear capital is expected to happen.
i) A description of planned or approved transactions or similar cases likely to have a significant impact on the current and future economic situation of the credit institution, including mergers, excretion or discredit of essential elements ; assets, other capital acquisitions or similar.
j) An overview of the hybrid core capital and responsible loan capital, including global debt, issue date, issue terms, and any stepping-up clauses and recent notated rates and effective interest rates if the issuance is listed on a regulated market.
c) Information on potential risks, warranties and other eventualresponsibilities, including essential lawsuits, fiscal matters, non-realization of capital losses, currency, interest and exchange risks and other obligations which are not included in the credit institution ; balance, etc.
I) A summary of the assets of credit institutions distributed on currency.
m) An inventory of anticipated losses on loan and guarantees in 2009 and 2010.
n) A summary of the credit institution ' s inventory of securities broken down by credit rating agencies, issuer and geography, including, where possible, with the entry of the book value and market price.
o) A summary of the overall inventory of the credit institution of structured products, which are financial instruments consisting of two or more components, of which at least one of these is a financial instrument. If the inventory exceeds 0,5%. in the case of the total assets of the credit institution, a breakdown of product type, credit rating and geography, including where possible, with the entry of the book value and the market price shall be compiled.
p) A summary of the interest-bearing assets and liabilities, broken down for the duration of the remaining duration, for less than one month to fall, 1 to 3 months to fall, three to twelve months to fall, 1 to 5 years to fall, more than five years to fall. The unwanted passives will be divided into secure and insured items.
q) Copy of the latest credit rating agencies credit rating agencies that have credit rating credit institutions credit institutions that are available, and expectations for future credit ratings (ratings) and any future assessments (outlooks) from Rating credit rating agencies.
r) Organization Chart, Group Chart, current statutes, composite summary of the Corporate and Corporate Authority, as well as information on any adopted but not yet registered changes.
3) A statement of the individual solvency requirements of the credit institution with the underlying documentation. The inventory shall be carried out in accordance with Annex 1 of the Finance-Supply Order for Capital Recovery, cf. the annex to the furtive of the notice. 97-99.
4) A statement by the credit institution ' s approved auditor, cf. paragraph 5.
5) COPY OF THE FUL OF THE SINCINCY OF THE FUL OF INSINCY INSINCY INCINIENCY, INSINCACUTIONS, INCACUTIONS, RACHINA, RACHINA, RAC
6) Information on capital cover, including :
a) The solvency rate before and after the transfer of hybrid core capital.
b) The seed capital percentage prior to and after the transmission of hybrid core capital.
c) The size of the institution ' s total hybrid core capital raised as a percentage of the total core capital before and after the transfer of hybrid core capital.
d) The credit institution shall explain the basis for the calculation of capital coverage, including the method used, whether a standard method or more advanced methods are used (IRB, Value at risk, AMA, etc.), and to what extent transitional arrangements as a result of the transition to new capital rules, a possible fall in the capital requirement may be reduced. In addition, the credit institution shall confirm that the basis used is in accordance with the rules of the Financial Conformity. Furthermore, the credit institution shall provide the basis for the calculation of capital cover, including risk-weighting, kernel capital, responsible capital, deduction, etc.
7) Estimated information below no. 6 (a) (c) by the date of the date of the date. 30. June 2009 and 31. In December 2009, with the explanation of development.
8) A statement by the credit institution's Board of Directors that, in relation to the historical information submitted in accordance with paragraph 1, 6, have not been any significant changes to the institution ' s capital conditions or, incidentally, in the financial situation of the credit institution since the date of the release of the annual report for 2008, respectively, the most recent quarterly accounts for 2009, provided that a search is sought ; 1. May 2009, or later. Where significant changes have been made to the capital situation of the credit institution or financial situation, such changes must be specified, including specifying the nature of the change and the consequences for the information given in accordance with No 1. 6.
Paragraph 4. The decision, cf. paragraph 3, no. In addition, 2 shall include those in paragraph 1 : 1-9 of the stated economic key figures, to the extent that it is relevant to the individual credit institution. The information must be made up to each of the 31. This is December 2008 and, if it is sought on 1. May 2009, or later, by the date of the most recent quarterly accounts, as well as the estimated information for the year 2009 and 2010 (both with and without the transfer of hybrid core capital). Credits classified in the GL ' s Group 3 and 4 may refrain from presenting estimates for 2010 if these estimates are not available. Purline of paragraph 1. However, estimates may be required as well for 2010. The deposition must contain economic key (before and after the hybrid seed capital) :
1) Capital% : Capital% of total assets.
2) Loans plus depreciation of this in relation to deposits.
3) Confisification of the own funds.
4) Revenue by Cost box.
5) Loans and guarantees of depreciation / provisions in relation to total lending and guarantees.
6) Depreciation percentage of the period.
7) Depreciation in percentage of depreciation mortgages.
8) The sum of large exposures.
9) Growth in loans and guarantees.
Paragraph 5. The opinion of the auditor, cf. paragraph 3, no. In all materiality, the fourth shall be drawn up in accordance with the declaration in Annex 1. In addition, the auditor ' s declaration must be made on the period order, cf. paragraph 3, no. 1, in all materiality, shall be drawn up in accordance with the declaration in Annex 2.
Paragraph 6. To the extent that they are in section 2 (2). 3, no. (b) 2 (b) and (m) and (b). The information provided for 2011 shall also be reported in the application.
Paragraph 7. Where there is information which the credit institution cannot provide or which is obtained in a manner other than in the publication by the individual credit institution ' s individual circumstances, the institution shall indicate that in the application, the reasons why the information cannot be provided or obtained in the manner in question.
Paragraph 8. The Ministry of Economic and Business Affairs may require further information and documentation from the credit institution in connection with the examination of the application.
§ 3. A credit institution which has one or more subsidiaries shall provide all information in section 2 of the credit institution itself as on a consolidated basis, that is, including the subsidiary of the institution, to the extent to which the data are to be used ; consolidated in accordance with the law of financial activities.
Paragraph 2. Information must be given on financial and non-financial subsidiary undertakings.
Paragraph 3. A credit institution which is a subsidiary of its own shall, in its application, provide information on the owner and group structure of the credit institution, and the latest consolidated annual report to the institution ' s ultimate parent undertaking. The Ministry of Economic and Business Affairs may require further information in the processing of applications, depending on the credit institution ' s group relations.
Intervention of state capital deposits
§ 4. The Ministry of Economic and Business Affairs is setting up standard conditions and conditions (Term Sheet), which will form the basis for the specific negotiation with the individual credit institution. After these negotiations, the Economic and Industry Minister may conclude by concluding agreement with the individual credit institution.
Paragraph 2. When the Economic and Economic Affairs Minister and the credit institution have signed an agreement on capital deposits, the economic and economic minister shall be deemed to have finally made a commitment.
Conversion of capital deposits and repeal of the limits of the right to vote and the owner-ceilings etc.
§ 5. Perform a credit institution ' s hybrid seed capital at the time of the contract date more than 35%. of the total core capital, the Financial supervision may require that part of the capital, which accounts for more than 35%. of the total core capital, converted into stock, guarantees or other capital, provided that the credit institution comes into difficulties where the credit institution is no longer complying with the solvency requirements of the law or where the Financial Authority assesses the presence of the financial institutions concerned ; risk for this, cf. § 8 (3) Six, in law number. 67 of 3. Feb 2009 on State capital deposits in credit institutions.
Paragraph 2. Deplets a credit institution's hybrid core capital more than 35%. in the case of the total core capital at the time of the contract, all of the voting limits and the owner-limits etc. shall be deleted from the general assembly or representative assembly of the credit institution. Act 1. shall apply to all credit institutions which are subject to the law on sovereign capital deposits, cf. Section 1 (1). Three, in the law. 67 of 3. Feb 2009 on State capital deposits in credit institutions.
Paragraph 3. Termination of the limits of the right to vote and the owner-ceilings and others shall be decided and registered in the Enterprise and Corporate Management Board before the date of the appointment and must have effect from the date of the conversion, cf. Section 5 (5). 2.
Paragraph 4. Notwithstanding any statutory limitations, hybrid core capital which has been provided to a credit institution shall be freely sold and disposed of in accordance with the provisions of the provisions of the latter. § 8 (3) 7 in law no. 67 of 3. Feb 2009 on State capital deposits in credit institutions.
Paragraph 5. At the request of a credit institution whose shares are available for turnover on a regulated market, the Finance and Industry Minister may conclude that the governmental capital deposits may be converted into capital, in the event of the credit institution ' s credit institution ; The total hybrid nuclear capital would amount to more than 35%. by the core capital of credit institutions. The limits of the voting rights and the owner ceilings shall be repealed and registered, cf. paragraph 3.
Paragraph 6. Conversion in accordance with paragraph 1 5 shall take place on the request of the credit institution. Converting can be done with 20%. by the original state capital deposits and may be repeated if the total hybrid seed of the credit institution is more than 35% in the case of the capital of the credit institution. by the core capital of credit institutions.
Paragraph 7. Provision of the right to conversion in accordance with paragraph 1. 5 shall be fixed in the context of the conclusion of an agreement.
Statesman of State Capital Deposits
§ 6. A credit institution which has entered into the State of Federal Capital of Capital shall pay for the State of the State. The amount of this year shall be paid for a period running from 30 calendar days after the date of the contract date, cf. Section 4 (4). The credit institution does not want to make use of the capital intake or the date of issue of the credit institution or the date of credit.
Paragraph 2. Months of the year in advance shall be paid on a daily basis.
Paragraph 3. The forsareforevision shall be refunded, if any.
Paragraph 4. The amount of the following year shall be calculated as a interest rate (pro anno) of the total amount of the issue in the following way : tilt-rate vision = 0,40 x (Solid interest-RFR). The fixed interest rate is the agreed interest rate, cf. § 7. RFR is the risk-free interest rate fixed as the 5-year state zero interest rate.
Calculation of interest payments to the State
§ 7. The credit institution shall pay individual interest rates fixed in accordance with the State, cf. § 8 (3) 2, no. Ten, in law no. 67 of 3. Feb 2009 on State capital deposits in credit institutions.
Paragraph 2. The Ministry of Economic and Industry shall determine the day on which the contract is concluded individually for each credit institution based on their quality, in particular by capital overcover and risk-profile. The emphasis is placed on the credit rating agencies recognised by recognised credit rating agencies. The creditors are placed into the following categories :
1) Category I : Institutions are estimated to have a good credit rating.
2) Category II : Institutions are estimated to have a means of credit rating.
3) Categories III : Institutions are estimated to have a lower credit rating.
Paragraph 3. Credits in Category II, cf. paragraph 2, no. 2, will be divided into three additional sub-categories reflecting the spread of quality and risk.
Paragraph 4. Non-credit-rated credit institutions will be placed in one of the three categories of already credit-rated institutes based on a number of parameters including core capital, the relationship between its own and foreign capital (gearing), borrowing deficit, access to capital markets, cash flow risk, revenue, credit quality, ownership and institution type.
Paragraph 5. Individual fixed interest, cf. paragraph 1, will be determined on the basis of a reference rate in the form of the five-year zero rate interest rate in the last commercial day prior to the conclusion of the agreement, a fixed risk premium of 6%. points, as well as one for each credit institution, established additional interest rates. Institutions in Category II and III, cf. paragraph 2, no. 2 and 3 will receive a interest rate supplement of 0,75% respectively. Point and 2.25%. points in relation to institutions in category I, cf. paragraph 2, no. This will, for example, apply to a reference rate of 3, the fixed interest rate for credit institutions in category 1, see it in accordance with the rules applicable to it. paragraph 2, no. 1, form 9 pct., for credit institutions in category II, cf. paragraph 2, no. 2, the fixed interest rate shall constitute 9,375 pct., 9.75% respectively. and 10.5%. in the three sub-categories, cf. paragraph 3, and for credit institutions in category III, cf. paragraph 2, no. 3, will the fixed interest rate shall be 11.25%. The rise or fall in the State 5-year zero rate interest rates shall be the result of the date of the contract date as appropriate for the interest rate.
Paragraph 6. In cases where the hybrid seed capital amounts to more than 35%. of the total core capital at the time of the contract conclusion and therefore may be converted, cf. Section 5, the individual interest rates shall be determined in such a way as to provide interest for the part of the hybrid core capital which cannot be converted and a interest rate for the part of the hybrid core capital which can be converted.
Chapter 3
Application for the rendering of a state character of design
§ 8. For the purposes of applying for a state of the scheme, the Committee on Economic and Monetary Affairs shall be used in which the applicant must request a drawing-up guarantee. The application schedule and data sheet are available on the Economic and Commercial Ministry's website or may be requested by the Ministry of the Ministry.
Paragraph 2. The application must be duly signed, either electronically, by using encrypted mail and electronic signature, or by General post for the Ministry of Economic and Business.
Paragraph 3. The application must also include the application in a completed application form :
1) A revised annual report for 2008 and, in the case of the application of the 1. May 2009, or later, the 2009 quarterly accounts, which must also be revised.
2) A statement by the credit institution relating to the financial position of the Foundation and the future prospects. The decision shall be approved by the Management Board and shall include references to the sites of the annual report or the quarterly accounts, in which the information referred to in paragraph 1 shall be that of the year. 3 and paragraph 1. 4, appear. The credit institution shall also provide any additional information relating to changes which are relevant to the information given in the annual report and the quarterly accounts. Information in accordance with paragraph 1. 3 and paragraph 1. 4, which do not appear in the annual report or the quarterly accounts, shall be written into account. The statement shall contain the following information :
a) A description of the financial position of the credit institution.
b) A reasoned indication of the expected economic development forward to the 31. In December 2010, comprehensive operating and balancing budgets and projections with associated description of key assumptions, explanatory notes, as well as stress tests of essential prerequisites.
c) An assessment of the future possibilities of the credit institution with information on the initiatives expected to take account of the expected economic development and an assessment of the cash flow situation of the credit institution, including : cash-flow budget, with information about the expected refinancing needs in 2009 and 2010 and policy on the refinancing of the need.
d) An assessment of the consequences of the capital deficit, including in terms of profitability, efficiency, solvency and nuclear capital requirements.
(e) A summary of the lending and guarantees of credit institutions, broken down by the types of borrowers, including private and business customers, industries, professions and geography, and on credit types and loans.
(f) A description of the credit institution ' s lending policy, including changes to the conditions of lending and conditions.
g) A description of the credit institution ' s revenue, costs, loss risks, depreciation and general development in the loans and loans.
(h) A description of how repayment of the hybrid nuclear capital is expected to happen.
i) A description of planned or approved transactions or similar cases likely to have a significant impact on the current and future economic situation of the credit institution, including mergers, excretion or discredit of essential elements ; assets or activities, other capital acquisitions or the like.
j) An overview of the hybrid core capital and responsible loan capital, including global debt, issue date, issue terms, and any stepping-up clauses and recent notated rates and effective interest rates if the issuance is listed on a regulated market.
c) Information on potential risks, warranties and other eventualresponsibilities, including essential lawsuits, fiscal matters, non-realization of capital losses, currency, interest and exchange risks and other obligations which are not included in the credit institution ; balance, etc.
I) A summary of the assets of credit institutions distributed on currency.
m) An inventory of anticipated losses on loan and guarantees in 2009 and 2010.
n) A summary of the credit institution ' s inventory of securities broken down by credit rating agencies, issuer and geography, including, where possible, with the entry of the book value and market price.
o) A summary of the overall inventory of the credit institution of structured products, which are financial instruments consisting of two or more components, of which at least one of these is a financial instrument. If the inventory exceeds 0,5%. in the case of the total assets of the credit institution, a breakdown of product type, credit rating and geography, including where possible, with the entry of the book value and the market price shall be compiled.
p) A summary of the interest-bearing assets and liabilities, broken down for the duration of the remaining duration, for less than one month to fall, 1 to 3 months to fall, three to twelve months to fall, 1 to 5 years to fall, more than five years to fall. The unwanted passives will be divided into secure and insured items.
q) Copy of the latest credit rating agencies credit rating agencies that have credit rating credit institutions credit institutions that are available, and expectations for future credit ratings (ratings) and any future assessments (outlooks) from Rating credit rating agencies.
r) Organization Chart, Group Chart, current statutes, composite summary of the Corporate and Corporate Authority, as well as information on any adopted but not yet registered changes.
(s) Information on economic, legal or other advisers to whom the credit institution applies in the case of the proposed capital acquisition.
3) A statement of the individual solvency requirements of the credit institution with the underlying documentation. The inventory shall be carried out in accordance with Annex 1 of the Finance-Supply Order for Capital Recovery, cf. the annex to the furtive of the notice. 97-99.
4) A statement by the credit institution ' s approved auditor, cf. paragraph 6.
5) COPY OF THE FUL OF THE SINCINCY OF THE FUL OF INSINCY INSINCY INCINIENCY, INSINCACUTIONS, INCACUTIONS, RACHINA, RACHINA, RAC
6) Information on capital cover, including :
a) The solvency rate before and after the transfer of hybrid core capital.
b) The seed capital percentage prior to and after the transmission of hybrid core capital.
c) The size of the institution ' s total hybrid core capital raised as a percentage of the total core capital before and after the transfer of hybrid core capital.
d) The credit institution shall explain the basis for the calculation of the capital coverage, including the method used, whether a standard method or more advanced methods (IRB, Value at risk, AMA etc.) are used and which transitional arrangements, as well as in the extent to which transitional arrangements, as a result of the transition to new capital rules, restrict a possible fall in the capital requirement. In addition, the credit institution shall confirm that the basis used is in accordance with the rules of the Financial Conformity. In addition, the credit institution shall present the key figures used in the calculation of capital cover, including risk-weighting, kernel capital, responsible capital, deceit, etc.
7) Estimated information below no. 6 (a) (c) by the date of the date of the date. 30. June 2009 and 31. In December 2009, with the explanation of development.
8) A statement by the credit institution's Board of Directors that, in relation to the historical information submitted in accordance with paragraph 1, 6, have not been any significant changes to the institution ' s capital conditions or, incidentally, in the financial situation of the credit institution since the date of publication of the annual report for 2008, respectively, in the case of the last quarterly accounts for 2009, provided that a search is sought ; 1. May 2009, or later. Where significant changes have been made to the capital situation of the credit institution or financial situation, such changes must be specified, including specifying the nature of the change and the consequences for the information given in accordance with No 1. 6.
9) Documentation to attract other investors.
Paragraph 4. The decision, cf. paragraph 3, no. In addition, 2 shall include those in paragraph 1 : 1-9 of the stated economic key figures, to the extent that it is relevant to the individual credit institution. The information must be made up to each of the 31. This is December 2008 and, if it is sought on 1. May 2009, or later, by the date of the most recent quarterly accounts, as well as the estimated information for the year 2009 and 2010 (both with and without the transfer of hybrid core capital). Credits classified in the GL ' s Group 3 and 4 may refrain from presenting estimates for 2010 if these estimates are not available. Purline of paragraph 1. However, estimates may be required as well as for 2010. The deposition must contain economic key (before and after the hybrid seed capital) :
1) Capital% : Capital% of total assets.
2) Loans plus depreciation of this in relation to deposits.
3) Confisification of the own funds.
4) Revenue by Cost box.
5) Loans and guarantees of depreciation / provisions in relation to total lending and guarantees.
6) Depreciation percentage of the period.
7) Depreciation in percentage of depreciation mortgages.
8) The sum of large exposures.
9) Growth in loans and guarantees.
Paragraph 5. The documentation for other investors to be attracted, cf. paragraph 3, no. 9, must consist of positive representations from other investors that they will be interested in investing in hybrid nuclear capital in the form of bonds. The positive representations from other investors do not have to pass legally binding commitments. In addition, the credit institution shall attach a detailed description of the proposed tender of securities, including, for example, the size of the supply, estimated schedule, expected credit rating, the market for the debt securities, the expected investors and, interest indications by such investors.
Paragraph 6. The opinion of the auditor, cf. paragraph 3, no. In all materiality, the fourth shall be drawn up in accordance with the declaration in Annex 1. In addition, the auditor ' s declaration must be made on the period order, cf. paragraph 3, no. 1, in all materiality, shall be drawn up in accordance with the declaration in Annex 2.
Paragraph 7. To the extent that they are in section 8 (8). 3, no. (b) 2 (b) and (m) and (b). The information provided for 2011 shall also be reported in the application.
Paragraph 8. Where there is information which the credit institution cannot provide or which is obtained in a manner other than in the publication by the individual credit institution ' s individual circumstances, the institution shall indicate that in the application, the reasons why the information cannot be provided or obtained in the manner in question.
Niner. 9. For the purposes of the examination of an application, the Ministry of Economic and Economic Affairs may obtain any further information deemed relevant to the assessment of the credit institution and its application.
§ 9. A credit institution which has one or more subsidiaries shall provide all information in section 8 of the credit institution itself as on a consolidated basis, that is, including the subsidiary of the institution, to the extent to which the data are to be used ; consolidated in accordance with the law of financial activities.
Paragraph 2. Information must be given on financial and non-financial subsidiary undertakings.
Paragraph 3. A credit institution which is a subsidiary of its own shall, in its application, provide information on the owner and group structure of the credit institution, and the latest consolidated annual report to the institution ' s ultimate parent undertaking. The Ministry of Economic and Business Affairs may require further information in the processing of applications, depending on the credit institution ' s group relations.
Government Option Guaranteition Agreement
§ 10. The Ministry of Economic and Business Affairs is setting up standard conditions and conditions (Term Sheet), which will form the basis for the specific negotiation with the individual credit institution.
Paragraph 2. When the Ministry of Economic and Commercial and the credit institution has signed a drawing-guarantee agreement, the Ministry of Economic and Business Affairs shall be deemed to have finite commitments.
Paragraph 3. The credit institution shall as soon as possible within a time limit set by the Ministry of Economic and Industry, which shall submit the expected timetable for the tender for the Economic and Business Ministry.
Paragraph 4. The credit institution shall extend the bonds to other investors within a given period.
Paragraph 5. To the extent that all the bonds are not taken by other investors, the design guarantee of the economy and the minister will be able to be released in accordance with the agreement base.
Paragraph 6. The issuance day of the debt securities shall not later than be 31. December, 2009. The Minister for Economic and Business Affairs may lay down rules that the deadline for issuing in 1. Act. is extended.
Paragraph 7. The bonds shall, unless otherwise agreed, be offered to other investors on identical terms and conditions as part of the Agreement between the credit institution and the Ministry of Economic and Business.
§ 11. The Ministry of Economic and Business Office may, at its request and after discussion with the Danish National Bank, provide a state blueprint guarantee for debt securities in the second currency other than Danish kroner, including, for example, the euro.
§ 12. The credit institution is fully and fully responsible for the execution of the bond supply. The State or State advisors are not taking on anything and have no responsibility to the credit institution, investors or others for the implementation of the bond supply or the outcome.
State Drawing Warranty Commissions Compelization
§ 13. The credit institution shall in the period from 30 days after the date of the contract date and up to the date of issuance of the debt securities or the date of the credit institution stating that the credit institution does not wish to use the design guarantee ; drawing-compensation commission according to the same principles as applicable for the year ' s own language, cf. § 6.
Chapter 4
Contents of the lending development of the credit institution
§ 14. A credit institution receiving State capital deposits must make every six months published a statement on the development of lending in the institution, cf. § 8 (3) 2, no. Two, in Law No 67 of 3. Feb 2009 on State capital deposits in credit institutions. The statement shall consist of :
1) A statement of the institution's lending policy and changes in lending policy, including prices and terms.
2) A description of the development of the company loans, including a split between existing customers and new customers, and an industry division of business customers, and lending to private customers, including a division of existing customers and new customers, and a split into housing financing and other consumption financing respectively.
3) A description of changes in practice with regard to credit rating of credit to the credit institution ' s customers.
Paragraph 2. the Danish Ship / Slate A/S shall be provided in accordance with the same lines as set out in paragraph 1. 1 shall complete a statement consisting of :
1) A statement of the company's overall lending policy and changes in lending policy.
2) A general description of the development of the lending and distribution of the lending portfolio on ship type.
3) A description of changes in practices with regard to the credit rating of the company ' s customers.
Paragraph 3. The decision shall be made public and shall be submitted to the Ministry of Economic and Business at the end of each six-month period. The first statement shall be made public and submitted to the Ministry of Economic and Industry at the end of the first half of the year following the payment of the state capital deposit.
Chapter 5
the maintenance of the state's expenditure on the scheme
§ 15. A credit institution which is attributable to a hybrid core or to a state of the design guarantee shall in addition to the fees in accordance with section 6 and 13 pay an individual arson language, intended to cover all the state costs of drawing up, planning and, administration of the two application schemes, including the use of external advisers. The increase in the rate of increase shall not cover the ongoing administration of the Scheme in the Economic and Financial Authority, as the costs incurred by the State shall be covered by the State. The increase in the rate of increase shall consist of a basic amount and an additional amount, depending on the amount of the governmental capital deposits or by the state's character in the state's character.
Paragraph 2. A credit institution that is planning to apply for government capital deposits or under the state of the design guarantee may, before submitting applications, obtain an indication of the budgeted costs to be borne by the State.
Paragraph 3. In the case of the requirement for a great deal in the creation of a founding vision, cf. paragraph This will be repaid to credit institutions, in relation to the actual costs incurred.
Paragraph 4. Stiftelseingual vision, cf. paragraph 1, shall be paid to the Ministry of Economic and Industry, no later than 1 week after the contract has been concluded.
Chapter 6
Entry into force
§ 16. The announcement will enter into force on the 29th. March, 2009.
Appendix 1
Independent auditor ' s opinion on the future prospects of the credit institution and the establishment of the individual solvency requirement ;
(for IRB institutes)
To the Ministry of Economic and Commercial
As part of the Foundation ' s application to the Ministry of Economic and Industry, on State capital deposits, the Foundation shall, cf. notice of application requirements, interest calculation, and coverage of State expenditure for administration and so on by government capital deposits or drawing-guarantee [ § 2 (2). 3, no. Paragraph 8 (b), paragraph 8 (3). 3, no. Point 2 (b) made a statement to the institution ' s expected economic development, in the form of a budget and projections for the period 1. April 2009-31. In December 2010, and a statement of the individual solvency requirements of the institution.
After agreement, we have examined the economic outlook in its accounts for extensive operational and balancing budgets and projections with the corresponding description of principal assumptions, explanatory notes, and the stress tests of the most important elements. preconditions. We have also examined the liquidity situation of credit institutions with information about the expected refinancing needs in 2009 and 2010.
The head of the Foundation shall be responsible for the information contained in the statement on the future prospects including the budget and projections, as well as for the prerequisites that the statement is based on.
The institution ' s internal models of credit risk and market risks have been reviewed and approved by the Financial Regulation for the assessment of the risk-weighted items (bar 1 capital requirement) and is also covered by the run-the-spot checks carried out by the institution ; internal audits. Our review has covered the results and calculation of the models in relation to the application to account for the solvency requirement, but not the modelling of the models.
The Foundation ' s management shall be responsible for the calculation of the needs of the individual solvency requirements, including the preconditions which are the basis for the establishment of the individual solvency requirement ; responsibility is, on the basis of our studies, to express a conclusion ; on this.
Surveys performed
We have carried out our investigations in accordance with the Danish auditing standard on the investigation into forward-looking financial information. This standard requires us to organize and perform the studies in order to achieve limited ensuring that the conditions used, including in relation to credit risks and market risks, are justified and does not contain any material misinformation and one ; high to the degree of certainty that the statement, in the form of budget and projections and the solvency requirements of the solvency requirement, has been drawn up on the basis of the conditions laid down. In addition, as far as the institution ' s lending and guarantees are concerned, we also have a guarantee of transferable securities [ a per, 31. December 2008 or per. 31 March 2009, depending on whether or after the existence of a revised period of period for 2009 ] organised and carried out, in order to achieve high the level of assurance of the solvency requirement for the solvency requirement to be based on [ the revised annual report by the following year ; 31. December 2008 or the audited period of the period for each of the following items 31. In March 2009, depending on whether or not it is searched before or after a revised period of period for 2009 ] is searched.
Our investigations have included a review of the statement in order to assess whether the preconditions for the management are documented and well-founded. We have also sought to see whether the budget, projections and the solvency need for solvency have been drawn up in accordance with the conditions laid down, just as we have tried the internal covency of the budget and projections, as well as in the case of the solvency requirements of the budget. in the case of the notice of the solvency requirement taken into account in respect of the conditions laid down in the notice of capital coverage § 5, stk.1.
It is our view that the investigations carried out provide a sufficient basis for our conclusion.
Conclusion
In our investigation, we have not been aware of circumstances that give a reasonable basis for the statement of the expected economic development, as well as the solvency requirements. Furthermore, we are not aware of the fact that the preconditions are documented and justified by the management of the preconditions that are in the right way. It is our view that the budget, projections and solvency requirements are based on the conditions laid down and that the solvency requirement has been taken into account when it comes to the conditions laid down in the notice of : capital cover Section 5 (5). Moreover, it is our view that the solvency needs for the solvency needs of the institutions, as regards the lending and guarantees of the Foundation, are based on the [ the revised annual report by the Member State of the European Union. 31. December 2008 or the audited period of the period for each of the following items 31. In March 2009, depending on whether or not it is searched before or after a revised period of period for 2009 ] is searched.
We must provide additional information that the actual results and solvency requirements for the institute are likely to deviate from the anticipated, as predicted events rarely take place as expected, and the deviations can be significant.
?? [ date ]
Audit Company XX
Statsautorised audit activities
For IRB institutes
To the Ministry of Economic and Commercial
As part of the Foundation ' s application to the Ministry of Economic and Industry, on State capital deposits, the Foundation shall, cf. notice of application requirements, interest calculation, and coverage of State expenditure for administration and so on by government capital deposits or drawing-guarantee [ § 2 (2). 3, no. Paragraph 8 (b), paragraph 8 (3). 3, no. Point 2 (b) made a statement to the institution ' s expected economic development, in the form of a budget and projections for the period 1. April 2009-31. In December 2010, and a statement of the individual solvency requirements of the institution.
After agreement, we have examined the economic outlook in its accounts for extensive operational and balancing budgets and projections with the corresponding description of principal assumptions, explanatory notes, and the stress tests of the most important elements. preconditions. We have also examined the liquidity situation of credit institutions with information about the expected refinancing needs in 2009 and 2010.
The head of the Foundation shall be responsible for the information contained in the statement on the future prospects including the budget and projections, as well as for the prerequisites that the statement is based on.
The Foundation ' s management shall be responsible for the calculation of the needs of the individual solvency requirements, including the preconditions which are the basis for the establishment of the individual solvency requirement ; responsibility is, on the basis of our studies, to express a conclusion ; on this.
Surveys performed
We have carried out our investigations in accordance with the Danish auditing standard on the investigation into forward-looking financial information. This standard requires us to organize and perform the studies in order to achieve limited ensuring that the conditions used, including in relation to credit risks and market risks, are justified and does not contain any material misinformation and one ; high to the degree of certainty that the statement, in the form of budget and projections and the solvency requirements of the solvency requirement, has been drawn up on the basis of the conditions laid down. In addition, as far as the institution ' s lending and guarantees are concerned, we also have a guarantee of transferable securities [ a per, 31. December 2008 or per. 31 March 2009, depending on whether or after the existence of a revised period of period for 2009 ] organised and carried out, in order to achieve high the level of assurance of the solvency requirement for the solvency requirement to be based on [ the revised annual report by the following year ; 31. December 2008 or the audited period of the period for each of the following items 31. March 2009depending on whether or after a revised period of period is sought before or after the existence of a revised period of period for 2009 ]
Our investigations have included a review of the statement in order to assess whether the preconditions for the management are documented and well-founded. We have also sought to see whether the budget, projections and the solvency need for solvency have been drawn up in accordance with the conditions laid down, just as we have tried the internal covency of the budget and projections, as well as in the case of the solvency requirements of the budget. in the case of the notice of the solvency requirement taken into account in respect of the conditions laid down in the notice of capital coverage § 5, stk.1.
It is our view that the investigations carried out provide a sufficient basis for our conclusion.
Conclusion
In our investigation, we have not been aware of circumstances that give a reasonable basis for the statement of the expected economic development, as well as the solvency requirements. Furthermore, we are not aware of the fact that the preconditions are documented and justified by the management of the preconditions that are in the right way. It is our view that the budget, projections and solvency requirements are based on the conditions laid down and that the solvency requirement has been taken into account when it comes to the conditions laid down in the notice of : capital cover Section 5 (5). Moreover, it is our view that the solvency needs for the solvency needs of the institutions, as regards the lending and guarantees of the Foundation, are based on the [ the revised annual report by the Member State of the European Union. 31. December 2008 or the audited period of the period for each of the following items 31. March 2009, depending on the search for before or after a revised period of period for 2009 ]
We must provide additional information that the actual results and solvency requirements for the institute are likely to deviate from the anticipated, as predicted events rarely take place as expected, and the deviations can be significant.
?? [ date ]
Audit Company XX
Statsautorised audit activities
Appendix 2
Declaration of the independent auditor concerning the period of the period
To the Ministry of Economic and Commercial
We have reviewed the period of time for
We have also revised [ the institution of the institution / group ], and the measurement of loans, guarantees and securities per year. 31. In March 2009, in accordance with [ IFRS, approved by the EU-law on financial activities ].
Management's responsibility for the period of the period
Management shall be responsible for drawing up and paying the period of the period, including to ensure the correct entry and measurement of loans, guarantees and securities per year. 31. In March 2009, in accordance with [ IAS 34 "Presentation of the partial annual accounts" as approved by the EU and further Danish information requirements for listed financial undertakings / financial business (s). This responsibility includes the design, implementation and maintenance of internal controls that are relevant for the preparation and execution of a period without material error information, whether or not error information is caused by inaction or errors, as well as choices ; and the use of appropriate accounting practice and the exercise of accountancy estimates, which are reasonable in the light of circumstances.
Revision of the auditor and the audit carried out
Our responsibility is to express a conclusion on the period of the period, including the settlement and the measurement of loans, guarantees and securities per year. 31. In March 2009, on the basis of our review. We have carried out our review in accordance with Danish audit standards. These standards require us to live up to ethical requirements and plan and carry out the audit in order to achieve a high degree of certainty that the period of the period does not contain any significant error information.
A revision includes actions to obtain audit evidence of the amounts and information given in the period of the period. The selected actions depend on the auditor's assessment, including the assessment of the risk of material error information in the period of the period, regardless of whether the error information is caused by passing out or errors. In the case of risk assessment, auditor internal controls relevant to the undertaking ' s preparation and presentation of a period of time, with a view to formulate audit actions appropriate in accordance with the circumstances, but not with it, to express a conclusion on the effectiveness of the company ' s internal controls. A review shall also include the position of whether the accounting practice used is appropriate for the accounting practice of management estimates to be reasonable and an assessment of the overall presentation of the period of the period.
It is our understanding that the audit evidence obtained is sufficient and suitable as a basis for our conclusion.
The audit has not given rise to reservations.
Conclusion
It's our understanding that
-WHAT? Period 1 period for the period 1. Jan-31. In March 2009, in accordance with [ IAS 34 "Presentation of the partial annual accounts" as approved by the EU and further Danish information requirements for partial annual accounts for listed financial undertakings / financial business (law).
-WHAT? The settlement and the measurement of loans, guarantees and securities per year. 31. In March 2009, in accordance with [ IFRS, approved by the EU-law on financial activities ].
Office Place, Date
Audit company [ XX ], Statsautorised audit activities
STATSAUTORISED ACCOUNTANT
