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Nordic regulator reviewing Norwegian Finans' financial reporting

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Nordic regulator reviewing Norwegian Finans' financial reporting

Norwegian Finans Holding ASA said it was under scrutiny by the financial supervisory authority of Norway over its calculation of loan write-downs and note information on credit risk in its 2017 annual accounts.

The bank said the excess loan loss provisions taken in 2017 did not materially deviate from the IAS 39 requirements or the guidelines provided by the Norwegian FSA. The lender maintained that the loss provisions were in accordance with the bank's evaluation of prudent loss provisions.

The regulator's probe will not yield a material impact on the Norwegian bank's 2018 financial report, the bank said Jan. 17.