Carnegie has taken exceptional risks for a long time by lending large amounts to one individual client. Exposing operations to such great risks in this way is a violation of the law. Carnegie has also broken the law by not notifying Finansinspektionen regarding this individual credit granting.
The bank has also broken the law in the mutual funds area by acting as the depositary for the same funds as those managed. According to the law, fund units should be kept separate from the management in order to protect the unit holders' holdings.
In light of this, FI has decided to revoke Carnegie's licence. However, FI assesses that the National Debt Office's takeover will make it possible to find a long-term solution for Carnegie and therefore views that it is possible to convert the withdrawal into a warning. The Swedish National Debt Office's takeover can be equated with liquidation, but with the possibility of a sale under controlled circumstances and with guaranteed financing. If the Swedish National Debt Office takes over the bank, the customers will not be currently affected.
Background
- The Carnegie Group includes the companies Carnegie Investment Bank AB and Max Matthiessen Holding AB. Carnegie Investment Bank has subsidiaries in Denmark, Norway, Finland, Luxembourg and the USA.
- The Carnegie Group has approximately 1,160 employees and in 2007 had a net turnover of SEK 4.3 billion.
- The shares for the parent company of the group, D. Carnegie & Co AB (publ), are noted on the OMX Nordic Exchange Mid Cap and have approximately 7,000 shareholders.
- Carnegie was granted a permit for banking operations in 2003.
- Carnegie received a warning from Finansinspektionen in 2007 and 1997.
