1 2011 Annual information about capital adequacy and risk management Annual information about capital adequacy and risk management 1
2 Introduction FOREX BANK AB, , is the parent company of the FOREX Group (FOREX Bank). This document provides the annual disclosure of information on risk, capital and capital adequacy. FOREX Bank has prepared the information in accordance with Finansinspektionen (the Financial Supervisory Authority) directive FFFS 2007:5. FOREX Bank uses the same definitions as the directive. The financial group for FOREX Bank is equal to the Group, the wholly owned subsidiaries FOREX Sweden International Ltd ( , under liquidation) and X-change in Sweden AB ( ) with the wholly owned subsidiary X-change ValutaSpecialisten Europe AB ( , merger initiated). The subsidiary X-change i Sweden AB runs branches under the X-change brand in Sweden. As at January 1, X-change i Sweden AB is representative for the parent company FOREX BANK AB. The parent company FOREX BANK AB has branches in Finland, Norway and Denmark. Annual information about capital adequacy and risk management 2
3 Risk management FOREX Bank operations are limited in relation to traditional banks. The majority comprises currency exchange aimed at individuals in in the Nordic region. FOREX Bank also offers other services related to cash management. During strong growth some basic banking services are aimed at private individuals in Sweden. Consequently FOREX Bank lacks several of the risks traditionally found in banks. The aim is essentially to increase the volumes of existing products and markets. One or two simple banking product with limited risk may possibly be added. Consequently new risks in FOREX Bank are limited. FOREX Bank works with different levels of risk management. The first level comprises branches and departments. The second level consists of key functions such as Compliance, Risk Control and Security. These functions are the responsibility of the Risk Control Committee, which reviews risk analyses and compliance relating to all departments, products, processes, IT systems and outsourced services. The Risk Control Committee issues a quarterly risk report to the board and management, including risks, risk measurement and capital adequacy. The third level consists of the Internal Audit Unit. FOREX Bank has classified the risks into four categories: credit, operational, financial and business risks. The board has established policies for all of these risk types as well as subtypes that are relevant to FOREX Bank. Annual information about capital adequacy and risk management 3
4 Credit risk For FOREX Bank, credit risk is the risk of sustaining losses because a counterparty cannot fulfill its contractual obligations. FOREX Bank offers only two types of lending: lending to individuals without collateral and investment of the liquidity portfolio. Loans to individuals involve standardized products within unsecured loans and credit cards. Each product has a limit, which means that the maximum commitment to a private person is SEK 400 thousand. Loans to individuals are only available in Sweden. The claims are homogeneous and have a high risk spread without any specific geographic concentration. Credit assessments are based on computerized scoring models. Each credit is priced based on the estimated credit risk. FOREX Bank has divided its lending to private individuals into homogeneous groups, for which migration analyses are carried out regularly on contractual cash flows that probably will not be met. The part of each group that probably will not be met is regarded as doubtful and a 100% provision is made. For FOREX, doubtful claims are synonymous with impaired claims. The carrying amount on loans to the general public (households), on January 1 was SEK 2,563,679,000. The table below shows the carrying amount for claims that have fallen due after deducting doubtful claims. Aging analysis SEK thousands 1-30 days days days >90 days The liquidity portfolio has only been invested with counterparty risk banks, municipalities and State. No receivables in the liquidity portfolio are doubtful or unsettled. Exposures of other banks are distributed as follows according to Standard & Poor s long-term rating: Group SEK thousands Rating Government risk Credit institutions Government Credit institutions AAA AA- through AA A- through A under A Total investments and account balances FOREX Bank has three decision levels in lending: board, credit committee and administrator. The Credit Manager is responsible for optimizing credit rules and scoring, and monitoring credit risk at FOREX Bank. Annual information about capital adequacy and risk management 4
5 Operational risks For FOREX Bank, operational risk is the risk of incurring losses due to human error and irregularities, as well as inappropriate or deficient internal processes, faulty systems, or external events. Operational risks are limited to the number of types and total size, depending on the activity FOREX Bank conducts. FOREX Bank manages operational risks through continuous monitoring of incidents and by insurance. Operational risk can be found in all FOREX Bank activities. Each manager must identify, assess, manage and report operational risks. Executive management is responsible for coordinating operational risk management. Risk Control is responsible for methods of identification and valuation, and for ensuring that operational risks are reported to management and the board. FOREX Bank has an incident reporting system to identify and manage operational risks. A risk assessment is carried out at least once a year with the management and the board. In addition, all branch managers carry out an annual self-assessment of operational risks. Annual information about capital adequacy and risk management 5
6 Financial risks For FOREX Bank, financial risk refers to currency, interest rate and liquidity risk. FOREX Bank does not have a trading book under the capital adequacy rules; all financial risks are to be considered as other activities. FOREX Bank only holds derivative instruments to hedge currency and interest rate risks that arise in the business. FOREX Bank has many currency positions due to its business. However, the correlation for many minor currencies to the major currencies is strong. Currency risk is primarily minimized through good planning for maximum turnover of notes and coins. Positions in FOREX Bank s major currencies (EUR, NOK, DKK, USD and GBP) are hedged to varying degrees by an assessment of the trend for the major currencies over the next few months. FOREX has marginal interest rate risk, since deposits and loans do not have interest periods. Only the liquidity portfolio which is invested in deposits or securities is associated with interest rate risk. The limit on interest rate risk in the financial policy is low, because business volumes largely do not generate any interest rate risk and interest rate risk in the liquidity portfolio must be limited according to the board of directors. At year end, interest rate risk in the Group was SEK 6,246 thousand (351), according to the Finansinspektionen report interest rate risk in other activities. Liquidity Since it was founded in 2004, FOREX Bank has had a substantial deposit surplus from deposits and lending to the public. At year-end this surplus was SEK 2,049 million. Financing of activities consists of equity and deposits with low average balance, where no single depositor has any effect on FOREX Bank s liquidity. FOREX Bank continually monitors the situation to ensure that the substantial deposit surplus is maintained. Middle office, which is part of the business department, is responsible for monitoring the Group s liquidity. Middle office makes daily liquidity checks which are reported to Treasury. Treasury is responsible for investing the liquidity in an optimal way while complying with current rules. New forecasts of the key items deposits and lending to the public are made monthly. Monthly forecasts and liquidity measurement reports are submitted to executive management and the board. FOREX Bank has developed a proprietary tool that estimates future daily cash flows under different scenarios and stress tests. FOREX Bank has a contingency plan for liquidity. The liquidity reserve is made up of eligible securities at the Riksbank (weighted amount SEK 564 million) and notes that are not needed in the business (SEK 41 million). On January 1, the liquidity reserve was SEK 605 million. LCR indicates the ratio of the liquidity reserve and net cash flow during a highly stressful 30- day period. The ratio should exceed 100%. At year end, the FOREX Bank s LCR was 467%, indicating that the FOREX Bank is highly resistant to short-term disruptions in the financial market. The following is a stressed future cash flow as at yearend. Key assumptions are that FOREX Bank does not have access to financing in the financial markets, at the same time that there is an outflow of deposits of 20% during the first year (including 10% during the first 30 days) and then 10% annually. FOREX Bank continues to conduct business in accordance with its business plan. The liquidity reserve may be utilized. Stress test of liquidity as at December 31, days 17 days 33 days 49 days 65 days 81 days 97 days 113 days 129 days 145 days 161 days 177 days 193 days 209 days 225 days 241 days 257 days 273 days 289 days 305 days 321 days 337 days 353 days 45 years Annual information about capital adequacy and risk management 6
7 Business risk For FOREX Bank, business risk is the risk of fluctuations of income due to business decisions or external factors. Business risk also includes reputation risk. FOREX continuously monitors currency exchange and interest rate changes. FOREX Bank has a strong focus on optimizing currency exchange and net interest income in relation to volumes. FOREX Bank is currently greatly dependent on the currency exchange business. FOREX Bank strategies to reduce dependence involve expanding the basic banking products and increasing volumes of cash management services other than currency exchange. Annual information about capital adequacy and risk management 7
8 Capital base and capital requirements FOREX Bank applies the standardized approach to calculate the capital requirement for credit risk and the basic indicator approach for operational risk. The Annual Internal Capital Adequacy Assessment Process (ICAAP) also includes calculations to ensure that other risks, beyond the minimum requirements, are covered by the capital base. The ICAAP also includes strategies, methods and processes for FOREX capital control. FOREX Bank has a three-year capital adequacy forecast, which is updated each quarter. The forecast is sent to executive management and the board. FOREX Bank aims to maintain the capital adequacy ratio of 12% (ratio 1.5), where the capital base consists of core capital. FOREX Bank s statutory minimum requirements are presented in the tables below. Group Capital adequacy on 31 December As per the Capital Adequacy and Large Exposures Act (2006:1371) Volym Risk-weighted amount Capital requirement Tkr Riskweight Percentage Credit risk as per the standard method Exposure with government risk 1,000,640 5,345 0% Exposure towards credit institutions 2,111,783 2,350,960 20% 422, ,192 8% 33,789 37,615 Household exposure 2,497,747 1,681,773 75% 1,873,310 1,261,330 8% 149, ,906 Non-regulated items 65,932 52, % 65,932 52,081 8% 5,275 4,166 Other 776, ,241 0%/100% 374, ,322 8% 29,924 24,826 Total Credit risk 6,452,588 4,752,400 2,735,644 2,093, , ,514 Currency risk 217, ,539 8% 17,406 18,123 Operational risk: basic Income indicator indicator approach 990, ,124 15% 148, ,469 Total capital requirement 384, ,106 Capital base Equity as per the annual accounts 812, ,188 Less intangible assets -127, ,835 Less deferred tax assets -5,476-5,345 Less the board's proposed appropriation of profits -16,500-48,000 Tier 1 capital 663, ,008 Total capital base 663, ,008 Capital adequacy ratio Annual information about capital adequacy and risk management 8
9 Kapitaltäckning The parent company Capital adequacy on 31 December As per the Capital Adequacy and Large Exposures Act (2006:1371) Volym Risk-weighted amount Capital requirement SEK thousands Risk weight Percentage Credit risk as per the standard method Exposure with government risk 1,000,640 5,268 0% Exposure towards credit institutions 2,012,735 2,285,537 20% 402, ,107 8% 32,204 36,569 Household exposure 2,497,747 1,681,773 75% 1,873,310 1,261,330 8% 149, ,906 Non-regulated items 65,932 52, % 65,932 52,081 8% 5,275 4,166 Other 904, ,410 0%/100% 545, ,607 8% 43,655 39,089 Total Credit risk 6,482,034 4,789,069 2,887,480 2,259, , ,730 Currency risk 184, ,874 8% 14,790 14,070 Operational risk: basic Income indicator indicator approach 875, ,288 15% 131, ,743 Total capital requirement 377, ,543 Capital base Equity as per the annual accounts 678, ,391 Untaxed reserves, 73.7% of that 55,317 51,965 Less intangible assets -1,933-3,879 Less deferred tax assets -5,476-5,268 Less the board's proposed appropriation of profits -16,500-48,000 Total Tier 1 capital 710, ,209 Supplementary capital - - Total capital base 710, ,209 Capital adequacy ratio Initial capital SEK 46.2 million. Specifications capital adequacy FOREX Bank conducts only lending in Sweden and has no corporate exposures. Average exposure in 2011: States and Municipalities SEK 200 (60) million, Institutions 2,682 (1,636), Households 2,145 (1,181), Non-regulated items 61 (17) and Other items 389 (458). At the closing date, all exposures except households had a remaining maturity of less than one month. Regarding households, 61% (61) of the number of loans have a remaining maturity of more than 5 years, 37% (37) between 1-5 years and 2% (2) less than one year. The actual payback period is on average about 3 years (3), because early redemption of small unsecured loans to individuals is very common. For household exposures, a collective provision for doubtful claims of SEK (77.1 ) million was made, which corresponds to a reserve ratio for the closing balance households of 4.49% (4.26). Annual information about capital adequacy and risk management 9
10 Annual information about capital adequacy and risk management 10
Year-end report -12 Results for the full year Business volume increased by 7 percent to bnsek 41.8 (38.9). Lending, including leasing, increased by 11 percent to bnsek 22.0 (19.8). Deposits increased by
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