Resurs Bank has completed a securitisation of Non-Performing Loans

Mannheimer Swartling recently acted as legal advisor to Resurs Bank AB (publ) (”Resurs Bank”) in a transaction designed to optimise its capital position.

The transaction involves a securitisation of approximately SEK 1.2 billion of non-performing loans in Sweden, Denmark and Finland that are affected by the NPL-backstop regulation. The transaction is expected to result in capital reliefs of approximately SEK 900 million.

The transfer of the non-performing loans is financed by a senior loan from Resurs Bank and a junior loan from Lowell and Resurs Bank. The securitisation is structured so that Resurs Bank meets the requirements of significant risk transfer under Article 244 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (which has been separately validated by other external advisors to Resurs Bank).

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