natgillin/translations-raw huggingface dataset:
Samtidig indledte Kommissionen proceduren i artikel 108, stk. 2, i traktaten om Den Europæiske Unions funktionsmåde (herefter benævnt »traktaten«) på grund af tvivl om foranstaltningernes hensigtsmæssighed, om støttens begrænsning til det nødvendige minimum og om bankens egetbidrag, især i betragtning af det potentielt lave afkast på de foranstaltninger for værdiforringede aktiver, der blev indført til fordel for FIH.
At the same time the Commission initiated the procedure laid down in Article 108(2) of the Treaty on the Functioning of the European Union (‘the Treaty’) because of doubts with regard to the appropriateness of the measures, the limitation of the aid to the minimum necessary and the own contribution of the bank, in particular in view of the potentially low remuneration of the impaired asset measures granted in favour of FIH.
Den 2. juli 2012 tilbagebetalte FIH de 1,9 mia. DKK, som banken havde modtaget i 2009 i henhold til lov om statsligt kapitalindskud [5].
On 2 July 2012 FIH paid back the capital of DKK 1,9 billion it had received in 2009 under the Danish Act on State-Funded Capital Injections [5].
I overensstemmelse med rednings- og åbningsafgørelsen fremsendte Danmark den 4. januar 2013 en restruktureringsplan [6], som landet senere ændrede.
In line with the Rescue and Opening Decision Denmark submitted a restructuring plan on 4 January 2013 [6] which it subsequently modified.
Den 24. juni 2013 fremsendte Danmark den endelige ajourføring af planen (herefter benævnt »restruktureringsplanen«).
On 24 June 2013 Denmark submitted the final update of that plan (‘the restructuring plan’).
Den 3. februar 2014 fremsendte Danmark en tilsagnserklæring, som fastsætter betingelserne for FIH's restrukturering, og som Danmark har forpligtet sig til at følge (herefter benævnt »tilsagnene«).
On 3 February 2014 Denmark submitted a term sheet setting out the terms for the restructuring of FIH, which Denmark has committed to implement (the ‘commitments’).
De danske myndigheder fremsendte yderligere oplysninger i perioden mellem den 30. juni 2012 og den 3. februar 2014.
The Danish authorities provided additional information during the period between 30 June 2012 and 3 February 2014.
På grund af sagens hastende karakter har Danmark undtagelsesvist accepteret, at denne afgørelse vedtages på engelsk [7].
For reasons of urgency, Denmark accepts that exceptionally this Decision be adopted in the English language [7].
FIH er et aktieselskab, som er underlagt dansk banklovgivning og Finanstilsynets tilsyn.
FIH is a limited liability company regulated by the Danish banking legislation and supervised by the Danish Financial Supervisory Authority (‘FSA’).
Banken blev stiftet i 1958 og har hovedsæde i København.
It was founded in 1958 and has its headquarters in Copenhagen, Denmark.
Den ejes 100 % af FIH Holding A/S (herefter benævnt »FIH Holding«).
It is wholly owned by FIH Holding A/S (‘FIH Holding’).
FIH-koncernen består af FIH Holding og FIH Erhvervsbank samt sidstnævntes helejede datterselskaber.
The FIH Group consists of FIH Holding and FIH Erhvervsbank, together with the latter’s wholly-owned subsidiaries.
Disse datterselskaber er:
Those subsidiaries are FIH Partners A/S (covering the business segment corporate finance), FIH Kapital Bank A/S (‘FIH Kapital Bank’) [8], FIH Realkredit A/S, which is a mortgage credit institution, and FIH Leasing and Finans A/S.
FIH Partners A/S (dækker forretningsområdet Corporate Finance), FIH Kapital Bank A/S (herefter benævnt »FIH Kapital Bank«) [8], FIH Realkredit A/S, som er et realkreditinstitut, samt FIH Leasing og Finans A/S.
FIH’s activities consist of three segments:
FIH er aktiv på tre forretningsområder:
banking [9], markets [10] and corporate finance [11].
Banking [9], Markets [10] og Corporate Finance [11].
As of 31 December 2012, FIH Holding was owned by the Danish Labour Market Supplementary Pension Fund which held 48,8 % of the shares of FIH Holding, by PF I A/S [12] which held 48,8 % of the shares, and by the Executive Board and executive employees who held 2,3 % of the shares, with FIH Holding itself holding 0,1 % of the shares.
Pr. 31. december 2012 var FIH Holding ejet af Arbejdsmarkedets Tillægspension (ATP), som ejede 48,8 % af aktierne i FIH Holding, af PF I A/S [12], som ejede 48,8 % af aktierne, og af direktionen og ledende medarbejdere, som ejede 2,3 % af aktierne.
At the end of 2011 FIH Group had a balance sheet of DKK 84,16 billion (EUR 11,28 billion) and its total capital ratio [13] was 17,8 % which increased to 21,2 % by 31 December 2012.
FIH Holding ejede selv 0,1 % af aktierne.
On 31 December 2012 FIH had a balance sheet of DKK 60,76 billion (EUR 8,1 billion) [14] and risk weighted assets (‘RWA’) of DKK 29,84 billion (EUR 3,98 billion).
Ved udgangen af 2011 havde FIH-koncernen en balance på 84,16 mia. DKK (11,28 mia. EUR) og en samlet kapitalprocent [13] på 17,8 %, som var steget til 21,2 % pr. 31. december 2012.
FIH is a focused niche bank specialising in medium-term financing as well as risk management advisory and corporate finance services for Danish enterprises with a balance sheet exceeding DKK 10 million (EUR 1,34 million).
Pr. 31. december 2012 havde FIH en balance på 60,76 mia. (8,1 mia. EUR) [14] og risikovægtede aktiver for 29,84 mia. DKK (3,98 mia. EUR).
Originally FIH’s banking activities covered three segments:
FIH er en nichebank, som har specialiseret sig i mellemfristet finansiering samt risikovurderings- og virksomhedsfinansieringstjenester for danske virksomheder med en balance på over 10 mio. DKK (1,34 mio. EUR).
Property Finance, Acquisition Finance and Corporate Banking.
Oprindeligt omfattede FIH's bankforretning tre forretningsområder:
FIH constituted Denmark’s sixth-largest bank by working capital [15] at the time of the Rescue and Opening Decision, servicing more than 2000 banking customers at group level.
Property Finance, Acquisition Finance og Corporate Banking.
The market share of FIH in bank and mortgage lending at that time was estimated at 1,7 %.
Da rednings- og åbningsafgørelsen blev offentliggjort, var FIH Danmarks sjettestørste bank målt på driftskapital [15] og havde over 2000 bankkunder på koncernniveau.
It had a market share in SME/corporate lending of 2,5 %.
FIH's andel af markedet for bank- og realkreditlån ansloges på daværende tidspunkt at udgøre 1,7 %.
In June 2012 FIH had a market share of 2,1 % of the total market for lending to corporates (both banks and mortgage banks).
Bankens andel af markedet for udlån til små og mellemstore virksomheder/erhvervslån var på 2,5 %.
FIH Group has performed weakly in recent years.
I juni 2012 havde FIH en markedsandel på 2,1 % af det samlede marked for erhvervsudlån (både banker og realkreditinstitutter).
On 25 June 2009, it applied to the Danish Recapitalisation Scheme [16] and on 30 June 2009 it received a State-funded Tier 1 hybrid capital injection of DKK 1,9 billion in the form of a loan note.
FIH-koncernen har klaret sig dårligt i de seneste år.
The coupon of that note amounted to 11,46 % per annum.
Den 25. juni 2009 ansøgte den om midler fra den danske rekapitaliseringsordning [16], og den 30. juni 2009 fik den tilført statsfinansieret hybrid kernekapital på 1,9 mia. DKK i form af et lån.
Over the entire year 2009 FIH Group reported a pre-tax loss of DKK 148 million (EUR 19,9 million).
Renten på lånet var 11,46 % pr. år.
Though FIH Group had a pre-tax profit of DKK 316 million (EUR 42,5 million) in 2010, that profit was mainly driven by non-recurring positive market value adjustments, including unrealised gains on an indirect holding.
I 2009 havde FIH-koncernen et tab før skat på 148 mio. DKK (19,9 mio. EUR).
In 2011 FIH Group reported a pre-tax loss of DKK 1,27 billion (EUR 170 million) due to impairment charges on loans and negative market value adjustments.
FIH-koncernen havde i 2010 et overskud før skat på 316 mio. DKK (42,5 mio. EUR), men dette overskud skyldtes primært ikke-tilbagevendende positive markedsværdireguleringer, bl.a. ikke-realiserede gevinster på indirekte kapitalandele.
On 31 December 2012 it had a pre-tax loss of DKK 47 million (EUR 6,4 million).
I 2011 havde FIH-koncernen et tab før skat på 1,27 mia. DKK (170 mio. EUR) på grund af nedskrivninger på udlån og negative markedsværdireguleringer.
For the end of 2013 a pre-tax profit of DKK 95 million (EUR 12,8 million) has been budgeted.
I 2012 havde banken et tab før skat på 47 mio. DKK (6,4 mio. EUR).
In 2013 the third quarter net profit for continuing operations before taxation was DKK 23,2 million (EUR 3,09 million).
Koncernen budgetterede med et overskud før skat på 95 mio. DKK (12,8 mio. EUR) for 2013.
For total operations after taxation FIH recorded a loss of DKK 20,1 million (EUR 2,71 million) in 2012.
I tredje kvartal 2013 udgjorde nettooverskuddet før skat for fortsættende aktiviteter 23,2 mio. DKK (3,09 mio. EUR).
In 2009 and in 2010 Moody’s downgraded FIH’s rating from A2 to Baa3.
FIH havde et tab efter skat på 20,1 mio. DKK (2,71 mio. EUR) for de samlede aktiviteter i 2012.
In 2010 the owners of FIH (the Icelandic Financial Supervisory Authority and the Central Bank of Iceland) [17] agreed to sell their shares in FIH to the current owners.
I 2009 og i 2010 nedjusterede Moody's FIH's kreditvurdering fra A2 til Baa3.
That new ownership was expected to bring about significant improvement to the credit rating of FIH, as the prior ownership by Kaupthing Bank hf had been one of the main concerns for Moody’s regarding FIH.
I 2010 indvilgede FIH's ejere (det islandske finanstilsyn og Islands centralbank) [17] i at sælge deres aktier i FIH til de nuværende ejere.
However, mainly due to circumstances specific to FIH such as the refinancing of government-guaranteed bond issues, credit quality and exposure to the property sector, in 2011 Moody’s downgraded FIH further to B1 with negative outlook.
Forventningen var, at det nye ejerskab ville medføre en markant forbedring af FIH's kreditvurdering, eftersom Kaupthing Bank hf's tidligere ejerskab havde været en af Moody's største bekymringer.
The rating downgrade in 2011 was in line with the market prices at that time for FIH bonds that did not benefit from a government guarantee:
Primært som følge af forhold, der specifikt vedrørte FIH, bl.a. refinansieringen af statsgaranterede obligationer, kreditkvaliteten og eksponeringen over for ejendomssektoren, nedjusterede Moody's i 2011 FIH yderligere til B1 med negative forventninger.
FIH’s 2-4 year debt was priced at spreads of 600-700 basis points (‘bps’) over the equivalent maturity EURIBOR-linked swap.
Nedjusteringen i 2011 var i overensstemmelse med den daværende markedskurs for FIH-obligationer, som ikke var omfattet af en statsgaranti.
THE EVENTS TRIGGERING THE AID MEASURES
BAGGRUNDEN FOR STØTTEFORANSTALTNINGERNE
The resulting funding challenge was mainly caused by a decline in FIH’s credit rating and changed capital market conditions [18].
FIH havde allerede i juli 2009 fået likviditetsstøtte i form af en statsgaranti på i alt 50 mia. DKK (6,31 mia. EUR), som den havde udnyttet fuldt ud.
In July 2009 FIH had already obtained liquidity assistance in the form of a government guarantee totalling DKK 50 billion (EUR 6,31 billion), which it had wholly utilised.
Banken havde også fået tilført hybrid kernekapital på 1,9 mia. DKK (255 mio. EUR) fra staten via den danske garantiordning.
It had also obtained a Tier 1 hybrid capital injection of DKK 1,9 billion (EUR 255 million) from the State under the Danish Guarantee Scheme.
Pr. 31. december 2011 havde FIH statsgaranterede obligationer for 41,7 mia. DKK (5,56 mia. EUR), som udgjorde 49,94 % af bankens balance.
As of 31 December 2011 FIH held government-guaranteed bonds amounting to DKK 41,7 billion (EUR 5,56 billion), which constituted 49,94 % of the balance sheet of the bank.
På grund af de statsgaranterede obligationer, som udløb i 2012 og 2013, ville FIH få et finansieringsproblem.
With those State-guaranteed bonds maturing in 2012 and 2013, FIH was about to face a funding problem.
Finanstilsynet anslog, at der i andet halvår 2011 var en relativt høj risiko for, at FIH ikke ville kunne opfylde likviditetskravene i de efterfølgende 12-18 måneder, fordi banken ikke forventedes at kunne opnå finansiering på de frie markeder.
The FSA estimated, in the second half of 2011, that there was a relatively high risk that FIH would be unable to comply with liquidity requirements in the following 12-18 months as a result of its expected inability to obtain funding from the open markets.
For at imødegå disse begyndende likviditetsproblemer skulle FIH nedbringe sin balance væsentligt.
In order to address those emerging liquidity problems FIH was to carry out a substantial reduction of its balance sheet.
For at løse de likviditetsproblemer, som FIH dengang forventedes at ville få, foreslog Danmark i juli 2012 en kompleks foranstaltning for værdiforringede aktiver med henblik på at overdrage FIH's problematiske ejendomsrelaterede aktiver til et nyt datterselskab tilhørende FIH Holding (»Newco«).
To solve the liquidity problems that FIH was then expected to face, in July 2012 Denmark proposed a complex impaired asset measure to transfer problematic property finance assets of FIH to a new subsidiary of FIH Holding (‘Newco’).
Samtidig forpligtede Danmark sig til efter behov at yde finansiering til Newco og til at rekapitalisere selskabet.
At the same time, Denmark committed to provide funding and recapitalisation to Newco whenever needed.
»Foranstaltningerne« [19] bestod af to faser i en aktieoverdragelsesaftale [20] og flere tillægsaftaler, i henhold til hvilke aktiver fra FIH-koncernen til en værdi af ca. 17,1 mia. DKK (2,3 mia. EUR eller 28 % af FIH's samlede aktiver på overdragelsestidspunktet) blev overdraget til Newco.
The ‘measures’ [19] consisted of two phases of a share purchase agreement [20] and several side agreements under which assets of FIH Group amounting to approximately DKK 17,1 billion (EUR 2,3 billion or 28 % of total assets of FIH at the time of the transfer) were transferred to Newco.
I fase 1 blev FIH Erhvervsbanks og FIH Kapital Banks aktiver og gældsforpligtelser overdraget til Newco, det nye datterselskab ejet af FIH Holding.
The winding-up process is expected to last until 31 December 2016 but it could take until 31 December 2019.
De aktiver, der blev overdraget til Newco, var realkreditlån og værdipapirer til en værdi af 15,2 mia. DKK (2,1 mia. EUR) og derivater til en værdi af 1,6 mia. DKK (215 mio. EUR).
The FSC was able to finance almost the entire capital amount of DKK 2 billion for the purchase of Newco through an early redemption of the DKK 1,9 billion Tier 1 hybrid capital loan note which had been granted to FIH [25] by the State in 2009.
Newcos oprindelige passiver bestod af to lån (lån 1 og lån 2) samt en egenkapital på 2 mia. DKK.
The FSA approved the repayment by FIH of the State capital injection on 2 July 2012, based on a solvency and liquidity analysis that included the asset transfer measure [26].
Lån 1 var et underskudsabsorberende lån fra FIH til Newco på 1,65 mia. DKK (221 mio. EUR).
In phase 1 there was a demerger of the assets and liabilities of FIH Erhvervsbank and FIH Kapital Bank into Newco, the new subsidiary owned by FIH Holding.
Newco tilbagebetaler kun lånet til FIH, hvis afviklingen af de aktiver, der blev overdraget til Newco, genererer et overskud, der overstiger Finansiel Stabilitets købspris på 2 mia. DKK (268 mio. EUR).
The assets transferred to Newco were real estate loans and securities amounting to DKK 15,2 billion (EUR 2,1 billion) and derivatives of DKK 1,6 billion (EUR 215 million).
Med hensyn til forrentningen af lån 1 skal Newco betale den femårige danske statsobligationsrente plus 1,15 % [27].
The initial liabilities of Newco consisted of two loans (Loan One and Loan Two) with a remaining equity part of DKK 2 billion.
Lån 2 var et lån fra FIH Erhvervsbank til Newco på ca. 13,45 mia. DKK (1,8 mia. EUR).
Loan One was a loss-absorbing loan from FIH to Newco of DKK 1,65 billion (EUR 221 million).
Hvad angår forrentningen af lån 2, skal Newco betale FIH den danske tremåneders CIBOR-rente plus 1,12 %.
That loan will only be repaid by Newco to FIH if the winding-up process of the assets transferred to Newco generates proceeds in excess of the FSC’s purchase price of DKK 2 billion (EUR 268 million).
Lån 2's løbetid svarer til løbetiden på de lån, som FIH tidligere havde udstedt under statsgarantien.
As for remuneration for Loan One, Newco is to pay the five-year Danish Government Bond rate plus 1,15 % [27].
Lån 2 og de tilsvarende lån udløb altså alle i midten af 2013, og det blev ved aftale fastsat, at FIH, i takt med at Newco tilbagebetalte lånene til FIH, ville tilbagebetale udestående, statsgaranterede lån.
Loan Two was a loan from FIH Erhvervsbank to Newco of approximately DKK 13,45 billion (EUR 1,8 billion).
Da Newco havde tilbagebetalt lån 2's pålydende værdi til FIH, ydede Finansiel Stabilitet de midler til Newco, der var nødvendige for at refinansiere Newcos aktiver.
As remuneration for Loan Two, Newco is to pay FIH the DKK CIBOR three-month rate plus 1,12 %.
I fase 2, som blev gennemført umiddelbart efter afslutningen af fase 1, købte Finansiel Stabilitet alle aktierne i Newco af FIH Holding.
The maturity of Loan Two matches the maturity of loans which had previously been issued by FIH under the State guarantee.
Den pris, som Finansiel Stabilitet oprindeligt betalte [28] til FIH Holding for Newco, var egenkapitalen (nettoværdi) pr. 1. januar 2012, som beløb sig til 2 mia. DKK.
Loan Two and those matching loans thus fully matured in mid-2013 and it was contractually agreed that, as Newco repaid loans to FIH, FIH would repay outstanding loans that were guaranteed by the government.
FIH Holding kunne derefter anvende det kontante overskud som umiddelbar likviditet til at indfri en del af de statsgaranterede obligationer.
As the notional amount of Loan Two has been repaid by Newco to FIH, the FSC has provided funding to Newco in the amounts that were necessary to refinance Newco’s assets.
Samtidig førte overdragelsen af aktiver til, at realkreditlånene blev erstattet af lån til en statsfinansieret instans, hvilket reducerede FIH's risikovægtede aktiver med ca. 10 mia. DKK [29].
In phase 2, which was executed immediately after the completion of phase 1, the FSC bought all the shares in Newco from FIH Holding.
Ud over aktieoverdragelsesaftalen omfatter foranstaltningerne flere tillægsaftaler mellem FIH Holding og Finansiel Stabilitet:
The price initially paid [28] by the FSC to FIH Holding for Newco was the equity capital (net worth) as of 1 January 2012, which amounted to DKK 2 billion.
Den 1. juli 2012 [30] gav FIH Holding Finansiel Stabilitet en ubegrænset tabsgaranti, der sikrer, at Finansiel Stabilitet ikke vil lide noget tab i forbindelse med afviklingen af Newco.
FIH Holding could then use the cash proceeds as immediate liquidity to pay back some of the government-guaranteed debt.
Vederlaget for denne garanti er indregnet i den variable købspris i aktieoverdragelsesaftalen.
At the same time, the asset transfer led to a replacement of real estate loans by loans to a government-sponsored entity, thus reducing FIH’s RWA by about DKK 10 billion [29].
Den 1. juli 2012 forpligtede Finansiel Stabilitet sig til at yde finansiering til Newco efter udløbet af lån 2 (i midten af 2013).
In addition to the share purchase agreement, the measures include several side agreements between FIH Holding and the FSC:
Finansiel Stabilitet modtager renter fra Newco svarende til EU-basisrenten plus 100 basispoints.
on 1 July 2012 [30] FIH Holding gave an unlimited loss guarantee to the FSC guaranteeing that when resolving Newco the FSC would fully recover all its funding and the capital it had provided to Newco.
Med henblik på opfyldelsen af denne forpligtelse stillede Finansiel Stabilitet en gebyrfri låneramme på 13 mia. DKK (1,64 mia. EUR) til rådighed for Newco.
Remuneration for that guarantee is included in the variable purchase price of the share purchase agreement;
Finansiel Stabilitet har forpligtet sig til om nødvendigt at finansiere og rekapitalisere Newco forud for den endelige afvikling.
on 1 July 2012 the FSC committed to provide funding to Newco once Loan Two had matured (in mid-2013).
Når Newco afvikles, har Finansiel Stabilitet i henhold til aftalen som minimum ret til at få sin oprindelige investering på 2 mia. DKK tilbage minus FIH's og Finansiel Stabilitets transaktionsomkostninger.
The FSC receives interest from Newco equivalent to the EU Base rate plus 100 bps.
Hvis afviklingen genererer et overskud, der er lavere end købsprisen på 2 mia. DKK, vil FIH dække differencen via henholdsvis lån 1, det underskudsabsorberende lån, og garantien.
To implement that commitment, the FSC has provided Newco with a DKK 13 billion (EUR 1,64 billion) loan facility for which it will not receive any facility fee;
Hvis overskuddet af afviklingen overstiger 1,5 mia. DKK, vil Finansiel Stabilitet modtage yderligere 25 % af ethvert beløb herover ud over det beløb på 2 mia. DKK, som selskabet som minimum skal modtage.
the FSC has committed to fund and recapitalise Newco if it is necessary to do so prior to the final winding-up process.
Resterende overskydende beløb tilgår FIH Holding.
At Newco’s resolution, the FSC is contractually entitled to recover at least its initial DKK 2 billion investment net of costs incurred by FIH and the FSC in the transaction.
Konkret betyder det, at Finansiel Stabilitet eksempelvis vil modtage 2 mia. DKK, hvis det endelige overskud er lavere end 1,5 mia. DKK.
If the winding-up process generates proceeds of less than the purchase price of DKK 2 billion, FIH will cover the difference by Loan One, the loss-absorbing loan, and by the guarantee respectively.
Hvis det endelige overskud er 1,9 mia. DKK, vil selskabet modtage 2,1 mia. DKK.
If the proceeds of the winding-up process exceed DKK 1,5 billion, an additional 25 % of any excess amount will be paid to the FSC in addition to the DKK 2 billion minimal amount it is to receive.
DEN FORMELLE UNDERSØGELSESPROCEDURE
Any additional excess amount will be paid to FIH Holding.
I rednings- og åbningsafgørelsen rejste Kommissionen tvivl om, hvorvidt foranstaltningerne var hensigtsmæssige, om de var begrænset til det nødvendige minimum, om FIH-koncernens egetbidrag var passende, og om konkurrencefordrejningen var tilstrækkeligt begrænset.
In practice, if the final proceeds are below DKK 1,5 billion, the FSC will obtain DKK 2 billion. if, for example, the final proceeds are DKK 1,9 billion, the FSC will receive DKK 2,1 billion.
Bekymringerne skyldtes foranstaltningernes særdeles komplekse karakter.
THE FORMAL INVESTIGATION PROCEDURE
De forekom at være unødvendigt komplicerede til at løse FIH's fremtidige likviditetsproblemer.
In the Rescue and Opening Decision, the Commission raised doubts with regard to the proportionality of the measures, their limitation to the minimum necessary, whether there was an adequate own contribution by FIH Group and whether there was a sufficient limitation of the distortion of competition.
Det var især uklart, i hvilket omfang de forskellige tillægsaftaler og de indbyrdes forbundne vederlagsformler var nødvendige, hensigtsmæssige og målrettede i forhold til formålene med bankmeddelelsen fra 2008 [31].
Those concerns originated from the high intricacy of the measures which appeared to be unnecessarily complicated to fix the future liquidity challenges of FIH.
Dengang rednings- og åbningsafgørelsen blev offentliggjort, agtede FIH desuden at gå aggressivt ind på det internetbaserede indlånsmarked for privatkunder med henblik på at opnå et »prisførerskab«.
In particular it was unclear to which extent the various side agreements and the interconnectedness in the remuneration formula were necessary, appropriate and well-targeted for the purposes of the 2008 Banking Communication [31].
Bankens indtræden på dette marked var en vigtig del af FIH's strategi til løsning af sine finansieringsproblemer.
Further, at the time of the Rescue and Opening Decision FIH intended to aggressively enter the internet retail deposit market by pursuing a ‘price leadership’ role.