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Working for the Government – Eksportfinans Unwinds

Heresy! Despite adherents’ strong belief in capitalism, it was the private solution that failed this time. Eksportfinans ASA, the operator of Norway’s 108-scheme (subsidized fixed interest CIRR loans), was caught by the EU’s Capital Requirement Directive that limits large exposures. In order to comply with the requirements, the company needed to be re-capitalized or required a permanent exemption from that rule. Unfortunately, Eksportfinans and its largest shareholders, DNB Bank (40.0%), Nordea Bank (23.21%), the Kingdom of Norway (15.0%), and Danske Bank (8.09%) could not come to terms on a plan for re-capitalization that would ensure adequate export financing and the government deemed a waiver unlikely.

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Written by: | Categories: Freshly Minted, The Week in Review | December 1st, 2011 |

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