Companies Five Scandinavian banks squared with 2.5 million euros to issue ratings without authorization

<img src = "http://www.capital.bg/ i / photosources / source-reuters.gif "alt =" Reuters [19659004] Five Scandinavian banks have been fined a total of 2.5 million euros for providing credit ratings without being entitled to it, Europe Securities and Markets Authority (ESMA) The regulator has announced that Danske Bank, Nordea Bank, SEB, Svenska Handelsbanken and Swedbank have broken the rules Banks have the opportunity to appeal the decision as a spokesperson from Handelsbanken stated that they acted in accordance with the regulations and will appeal .Nordea, SEB and Swe Dbank have said that they are considering their options, writes the Financial Times.

Credit Ratings

Each bank was fined 495,000 Euros. They have published reports that include "opinions" on companies and their debt instruments, which are credit ratings by the regulator. EU credit rating agencies after the global financial crisis in 2008 after having serious charges against those who are badessed very complex financial instruments that contributed to the volatility of the markets.

Five creditors badigned ratings for more than five years until August 2016, although all took voluntary measures to stop the practice. In fixing the fines, ESMA took into account that the banks have voluntarily taken steps to ensure that such an infringement will not happen again in the future. Under the EU Credit Rating Agencies Regulation, ESMA issues credit ratings to ensure their independence and adequacy. The rules apply to all countries in the community.

The opinion of banks

SEB, who continue the practice even in May 2018, after an initial warning said that he would pay the fine and adjust his practices, but Considering

Danske Bank announced that it had already set up an independent credit rating agency to manage small business ratings when seeking financing. Executive Vice President Peter Rostrup-Nielsen apologized "that the bank did not understand the rules". We believe that it is important to make sure that we respect the applicable rules, "he explained.

The Swedbank spokesman said the bank has already challenged the regulator's preliminary ruling, but are now badyzing it.

of said Nordea that they ceased their activity in August 2016, although they disagree with the regulator

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