Nordic Investment Bank NIB's updated Statutes enter into force on 29 July (5869S)
10 Julho 2020 - 6:00AM
UK Regulatory
TIDM92IH
RNS Number : 5869S
Nordic Investment Bank
10 July 2020
NIB's updated Statutes enter into force on 29 July 2020
The Nordic and Baltic owner countries of the Nordic Investment
Bank (NIB) have approved amendments to update the Bank's Statutes
to ensure continued adherence with sound banking principles. The
changes will enter into force on 29 July 2020.
The banking industry has undergone significant changes since the
last financial crisis in terms of capital and risk management and
regulatory oversight. In order to adapt NIB to these developments
and to secure its strong position for the future, the owner
countries have updated the Bank's Statutes.
The statutory changes expand NIB's financing capabilities and
ensure efficient control of its operations. The more agile
framework increases NIB`s flexibility and allows for more efficient
allocation of financing to projects that improve productivity and
benefit the environment.
Sound and comprehensive policies for capital and risk management
ensure bondholders that NIB also in the future will maintain the
highest possible issuer credit rating and obtain funds from the
capital markets on advantageous terms, which is essential for the
implementation of the mandate.
The approved changes to the Statutes include:
-- Replacing the current statutory gearing limit with a
risk-based comprehensive framework for capital and liquidity
management in accordance with sound banking principles and
introducing minimum requirements for capital, liquidity and
leverage.
-- Discontinuing the special loan facilities for Project
Investment Loans (PIL) and Environmental Investment Loans (MIL).
The outstanding amounts under the PIL and MIL facilities, as well
as new lending of this type, will become part of NIB's ordinary
lending.
-- Improving institutional governance, clarifying the role of
the Bank's Control Committee and the external auditors and
strengthening the role of the Chairmanship of the Control
Committee.
-- Allowing for equity participations as a new form of financing
for the Bank in addition to loans and guarantees. However, this
would require a unanimous pre-approval of the Board of Directors
and is subject to limits based on available capital.
The Agreement on NIB dated 11 February 2004 and the Amending
Agreement dated 28 February 2020, with the amended Statutes
annexed, are available here .
You can read about the changes here .
In addition, more comprehensive provisions regarding the capital
and liquidity management have been included in a new document "
Principles for Capital and Liquidity Management ". The Principles
will provide a tool for NIB's owners through the Board of
Governors, to fine tune the capital and liquidity management
framework and limits introduced in the Statutes. The Board of
Governors consists of ministers of finance, industry, business and
economic affairs in NIB's Nordic and Baltic owner countries.
"We seek to strengthen NIB in achieving its mandate and
efficient use of capital while supporting its highest possible
triple-A credit rating. This is especially important now given the
challenges caused by the unprecedented COVID-19 crisis. With the
statutory changes, we are confident the Bank will continue to be
relevant and deliver impact that increases sustainability and
prosperity of the Nordic-Baltic region," says Vilius apoka,
Minister of Finance of Lithuania and the Chairman of NIB's Board of
Governors.
NIB is an international financial institution owned by eight
member countries: Denmark, Estonia, Finland, Iceland, Latvia,
Lithuania, Norway and Sweden. The Bank finances private and public
projects in and outside the member countries. NIB has the highest
possible credit rating, AAA/Aaa, with the leading rating agencies
Standard & Poor's and Moody's.
http://www.rns-pdf.londonstockexchange.com/rns/5869S_1-2020-7-9.pdf
For further information, please contact
Mr Henrik Normann, President & CEO, at +358 10 618 001,
info@nib.int
Mr Jukka Ahonen, Senior Director, Head of Communications, at
+358 10 618 0295, jukka.ahonen@nib.int
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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