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Finance

Posted By Global Banking and Finance Review

Posted on January 22, 2025

Norway FSA fines Danske Bank $4.4 million for market manipulation

COPENHAGEN (Reuters) - Norway's financial supervision authority (FSA) said on Wednesday it had fined Danske Bank 50 million Norwegian crowns ($4.42 million) for market manipulation.

The financial watchdog, also known as Finanstilsynet, said it had imposed the penalty on the bank in connection with the issuance of a government bond in February 2023.

"Finanstilsynet believes that the swap rate was driven up by Danske Bank to an abnormal or artificial level at the time of pricing," the agency said, adding that it found the bank had profited from a high effective yield.

($1 = 11.3116 Norwegian crowns)

(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik)

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