BankNordik P/F
BankNordik considering early repayment of hybrid core capital
BankNordik P/F 02.09.2013 14:30 Dissemination of a Adhoc News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- When the Faroe Islands implement the CRD IV regulation, the hybrid core capital of DKK 180 million issued by BankNordik in 2011 (ISIN DK 0030278643) will no longer qualify fully as hybrid core capital and its weighting must be successively reduced, by 20% in the first year and by 10% in each of the following years. As a result of this requirement, BankNordik is considering early repayment of the hybrid core capital and to substitute part of the amount by issuing new hybrid core capital. The change will not influence the Bank's capitalisation to any great extent. The change in the qualification of the hybrid capital as hybrid capital after CRD IV is implemented gives the Bank the right to repay the hybrid capital under the terms of the underlying capital certificates. The hybrid core capital was raised in connection with the Bank's takeover of the healthy parts of Amagerbanken in mid-2011. At that time, BankNordik strengthened its already strong capital base by issuing capital certificates qualifying as hybrid core capital and subordinated capital for a total of DKK 600 million including hybrid core capital totalling a nominal value of DKK 180 million (ISIN DK 0030278643). Nykredit Bank managed the issue on behalf of BankNordik, and the capital certificates were issued at par with 24 June 2011 as the value date. The capital certificates were listed on NASDAQ OMX Copenhagen in the third quarter of 2011. A possible early repayment will depend on when CRD IV is implemented in the Faroe Islands, such timing as yet being unknown, and is also subject to the prior approval of the Danish Financial Supervisory Authority. Also, a final decision in the matter will depend on whether the capital certificates can be replaced by paid-up CRD IV-compliant core capital on financing terms satisfactory to the Bank. In light of the above, the timing of a possible early repayment has not been finally determined. In the event that a decision is made to go through with the proposed early repayment, it would most likely be effected in the second half of 2013 or the first half of 2014. A possible early repayment of the hybrid capital as mentioned above would be made at par with the addition of interest accrued but unpaid at the date of repayment. For further information, please contact: Janus Petersen, CEO, tel. (+298) 330 340 BankNordik has banking activities in Denmark, Greenland and the Faroe Islands and insurance activities in the Faroe Islands and Iceland. Founded in the Faroe Islands more than a century ago, the Group has 180,000 customers, total assets of DKK 17bn and 529 employees. The Bank is subject to the supervision of the Danish Financial Supervisory Authority and is listed on NASDAQ OMX. www.banknordik.dk. News Source: NASDAQ OMX 02.09.2013 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: BankNordik P/F Faeroe Islands Phone: Fax: E-mail: Internet: ISIN: FO0000000088 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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