Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Danske Bank A/S    DANSKE   DK0010274414

DANSKE BANK A/S

(DANSKE)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

EU states force clearing of Estonian, Danish regulators over Danske Bank

share with twitter share with LinkedIn share with facebook
04/17/2019 | 01:17pm EDT
FILE PHOTO: Danske Bank sign is seen at the bank's Estonian branch in Tallinn

COPENHAGEN/BRUSSELS (Reuters) - National banking supervisors who control the European Union banking watchdog effectively forced it to clear financial regulators in Estonia and Denmark, who were investigated in relation to suspected money laundering activities by Danske Bank, a member of the European parliament said on Wednesday.

The European Banking Authority (EBA) said in a statement on Wednesday it was closing its investigation.

"At a vote at its meeting on 16 April 2019 the EBA's Board of Supervisors rejected a proposal for a breach of Union law recommendation," it added.

The rejection blocked any further legal action by the EBA against the Estonian and Danish supervisors and signalled EU states' reluctance to let the bloc's authorities investigate the exposure of their banking systems to financial crime.

Danish and Estonian financial regulators have publicly blamed each other for the Danske Bank money laundering scandal, after Denmark's largest bank last year admitted that 200 billion euros (£173 billion) of suspicious transactions flowed through its Estonian branch between 2007 and 2015.

The EBA in February opened a formal investigation into a possible breach of EU law by the two regulators over the Danske case, which is considered by many Europe's largest money-laundering scandal.

All 28 national supervisors but one who sit on the watchdog's board rejected the EBA's recommendation, German MEP Sven Giegold told Reuters after talking to a person familiar with how the decision was taken.

The EBA declined to elaborate on the decision of the board.

The Danish and Estonian financial regulators were not immediately available for comment.

Giegold, who sits in the EU parliament's committee on financial crime, called the decision "scandalous" and urged the EU Commission to continue the inquiry into a possible breach of EU laws by the Danish and Estonian authorities.

"We cannot accept the biggest money laundering scandal in Europe not being properly investigated," he said.

EU states have halted a reform of the powers of EU financial supervisors which was intended to make it more difficult for states to block EU probes into a national supervisor. A watered-down overhaul was definitively adopted on Tuesday.

BALTIC WOES

Earlier on Wednesday the Director General of the Danish FSA Jesper Berg said he was satisfied with the closure of the EBA investigation. He said he was strengthening efforts to curb money laundering and financial crime.

The Estonian FSA also said it would continue its fight against money laundering.

The Danske scandal has reinforced calls by EU lawmakers for stronger European oversight of the union's banking sector and tighter scrutiny of the often close relationships between regulators and the banks they oversee.

"Even if no laws were formally breached, this still leaves unanswered whether regulators lived up to their responsibility and reacted to any suspicions," said Jeppe Kofod, a Dane who heads the European Parliament's Special Committee on Tax Crimes, Tax Evasion and Tax Avoidance.

Danish lawmakers have increased penalties for money laundering eight-fold, and the government says it plans to create a "more aggressive financial regulator".

Adding to the pressure on European lawmakers is an investigation into Swedish lender Swedbank by Swedish and Baltic financial watchdogs after broadcaster SVT reported it processed gross transactions worth up to 20 billion euros a year from high-risk, non-resident clients, mostly Russians, through its Estonian branch between 2010 and 2016.

(Reporting by Jacob Gronholt-Pedersen in Copenhagen and Francesco Guarascio in Brussels, additional reporting by Huw Jones in London; editing by Louise Heavens and Alexandra Hudson)

By Jacob Gronholt-Pedersen and Francesco Guarascio

Stocks mentioned in the article
ChangeLast1st jan.
DANSKE BANK A/S 1.08% 95.72 Delayed Quote.-11.21%
ONE STOP SYSTEMS, INC. 1.23% 1.95 Delayed Quote.-3.47%
SWEDBANK AB 2.05% 133.38 Delayed Quote.-4.35%
share with twitter share with LinkedIn share with facebook
Latest news on DANSKE BANK A/S
07/09DANSKE BANK A/S : As Denmark Looks To Tighten Its Banks' Money Laundering Defenc..
AQ
07/09DANSKE BANK A/S : Notes with a coupon payment linked to 3 month DKK CIBOR
AQ
07/09DANSKE BANK A/S : Risk Intelligence successfully completes the directed share is..
AQ
07/07Epstein red flags, Russian models land Deutsche Bank $150 million fine
RE
07/07Epstein red flags, Russian models land Deutsche Bank $150 million fine
RE
07/03DANSKE BANK A/S : S&P Full Report_DanskeBankAS_3 Jul 2020
PU
07/02SPAREBANK 1 NORD-NORGE : Successful issuance of inaugural Senior Non-Preferred B..
AQ
07/02DANSKE BANK A/S : Rate Fixing NO0010826233 2020-07-02
AQ
07/02SPAREBANK 1 NORD-NORGE : Contemplating issuance of senior no-preferred bond
AQ
06/29DANSKE BANK A/S : institute specific overview 29 June 2020
PU
More news
Financials
Sales 2020 40 775 M 6 185 M 6 185 M
Net income 2020 2 651 M 402 M 402 M
Net Debt 2020 - - -
P/E ratio 2020 31,1x
Yield 2020 1,28%
Capitalization 81 702 M 12 409 M 12 392 M
EV / Sales 2019
Capi. / Sales 2020 2,00x
Nbr of Employees 22 032
Free-Float 78,5%
Chart DANSKE BANK A/S
Duration : Period :
Danske Bank A/S Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends DANSKE BANK A/S
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 103,56 DKK
Last Close Price 95,72 DKK
Spread / Highest target 88,0%
Spread / Average Target 8,19%
Spread / Lowest Target -16,4%
EPS Revisions
Managers
NameTitle
Chris Vogelzang Chief Executive Officer
Karsten Dybvad Dalsjö Chairman
Frans Woelders Group Chief Operating Officer
Stephan Engels Chief Financial Officer
Fredrik Lindstrom Group Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
DANSKE BANK A/S-11.21%12 409
JPMORGAN CHASE & CO.-34.52%293 291
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED-16.83%256 920
BANK OF AMERICA CORPORATION-31.80%208 388
CHINA CONSTRUCTION BANK CORPORATION-5.05%207 181
BANK OF CHINA LIMITED-15.62%140 810