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Nordea board to propose move abroad if Sweden goes ahead with new resolution fee
March 16, 2017 / 12:37 PM / 6 months ago

Nordea board to propose move abroad if Sweden goes ahead with new resolution fee

STOCKHOLM, March 16 (Reuters) - The board of Swedish banking group Nordea will likely propose to move its headquarter abroad if a proposed hike of the country’s resolution fee goes ahead, the bank’s chairman said at its annual general meeting on Thursday.

The Swedish government proposed to hike the resolution fee that banks pay in Sweden last month after a plan for a banking tax fell through.

“The government’s proposal for the new resolution fee is simply impossible for us to live with,” Nordea Chairman Bjorn Wahlroos told shareholders at the meeting.

Banks currently pay an annual fee to the resolution fund, which is a part of the system for crisis management in the financial sector. The fees add about 7 billion crowns to state coffers.

The new proposal, which is backed by the government and the Left Party would strengthen public finances by more than 3 billion Swedish crowns ($332 million) in 2018 and by more than 6 billion crowns in 2019.

Reporting by Johan Ahlander; editing by Niklas Pollard

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