FT.com / Companies / Banks – Sweden faces first big bank collapse


“Carnegie has taken exceptional risks for a long time by lending large amounts to one individual client,” the FSA said on Monday. “Exposing operations to such great risks in this way is a violation of the law. Carnegie has also broken the law by not notifying Finansinspektionen regarding this individual credit granting.”

The FSA has been investigating Carnegie since a trading scandal last year, after which the regulator gave Carnegie a record fine and ordered the replacement of its entire board because of the failure of its internal controls.

Carnegie took a SKr1bn loan facility from the Swedish central bank last month after it suffered a liquidity crisis. It increased the facility to SKr5bn after the announcement of the FSA investigation sent its share price into freefall.

via FT.com / Companies / Banks – Sweden faces first big bank collapse

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About zyakaira

Investment Banker, 40s, Bangalore This Biopic and this web recreates how one point of view, one person can impact a tremendous economic engine that the world thrives and mis-thrives on. This one has the knowledge and the civil sense , the art of conversation and some good writing to mentor others as powerful and help global managers develop and fine tune their approach on US markets, China, India and the world. Read on here, and let me know what you need. It can be a race for TRPs, a race for new markets and a race to do what is right. I have the pulse of the crisis, the recovery and the market direction and can help you build and refine your strategy as i have helped thousands of managers and multiple global corporations. Of course, it’s more fun if you talk to me. I am in favor of leading this moving of the economic crisis and will partner with you in a soft and subtle way, just the way we both ride to the top. But you can write with us, opine and just reply with aplomb and shine on Twitter , 4 square , Facebook and any other social “choupal” of choice via zyaadakairaada Profile & Portfolio - SocialPicks Different flavours at: http://benchilibowl.wordpress.com http://zyaada.mp

Posted on November 11, 2008, in Bank Stocks, Financial Markets, Global and tagged , , , . Bookmark the permalink. 1 Comment.

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