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Norðoya Sparikassi ‘not systematically important’
Norðoya Sparikassi ‘not systematically important’
Demands on banks are rising so much that Norðoya Sparikassi is not considered a significantly important financial institution
19.02.2019 - 13:57
The Norðoya Sparikassi management is delighted that the bank is not listed as a so-called SIFI because the demands on SIFI banks will be increasing soon.
A systemically important financial institution (SIFI) is a bank, insurance company or other financial institution whose failure might trigger a financial crisis.
According to the country’s two major banks, BankNordik og Betri, both of which are listed as SIFI banks, the upcoming demands on SIFI banks can have a negative effect on private and business customers.
The Danish Ministry of Trade decides which institutions are listed as SIFI, but Faroese authorities do have a say in the matter, says finance minister Kristina Háfoss.
Translated by prosa.fo
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