HQ Bank's licence revoked

News 28 August 2010

Swedish Financial Supervisory Authority, Finansinspektionen, has revoked HQ Bank AB's licence.

Read more about the decision at www.fi.se

HQ Bank AB loses all licences and Finansinspektionen will submit an application to the District Court for the liquidation of the company. The aim is that the bank will go through an orderly liquidation process, that all customers will be unaffected and that all their assets will be returned from the bank.

If for some reason it is not possible to liquidate the bank in an orderly manner and the bank goes bankrupt, the customers are covered by the Swedish deposit insurance and the investor compensation. Both cover assets up to certain defined amounts. The Swedish National Debt Office, Riksgälden, administers the deposit insurance and the investor compensation schemes.

Both the deposit insurance and the investor compensation cover assets that were registered at the time the license was revoked by Finansinspektionen.

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