Public body determined to make bank bosses pay

Billions being sought from directors in compensation cases

The public financial oversight body, Finansiel Stabilitet, is legally pursuing the directors of seven crashed banks. Information reports that it is willing to do so for the public interest, even if the return in compensation is expected to be outweighed by the cost of cases.

The cases brought by Finansiel Stabilitet are not criminal, but merely seek compensation where bankruptcies  have caused losses to the state.

Deterrent effect
Henrik Bjerre-Nielsen, the head of Finansiel Stabilitet, believes that, even if it is not possible to obtain the millions in compensation that is being sought in such cases, there is a deterrent effect that makes it worthwhile. “If you have caused the bank losses as a board member or director, you will be accountable for it,” he told Information.

“We think it’s difficult to differentiate the effect it will have on the people involved according to whether we think we can cover our expenses or not.”

Since Roskilde Bank in 2008 was acquired by the Danish National Bank after running into financial difficulties, Finansiel Stabilitet has made an assessment of each of the 12 bank crashes and has gone after the leadership in seven cases. Progress is slow and all of the cases are ongoing. 

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