A stable, well-functioning financial market for allA stable, well-functioning financial market for allReclassification of financial assets
Five out of eight banks investigated utilised new opportunities to assess certain financial assets at amortised cost instead of fair value in connection with the interim reports for Q3 2008.
The effect on net profit was significant in all cases, while the effect on reported equity was insignificant. The banks' information in the interim report concerning the change of accounting policies has probably been insufficient.
FI will take the following measures
In light of uncertainties about which requirements can actually be imposed for information in interim reports and the short time that the banks had to adapt to the new regulations, FI will refrain from taking any measures other than to urge companies which have reclassified financial assets to improve the information in upcoming annual and interim reports.
