Eksportfinans performed well in the first quarter of 2012, with net interest income of NOK 375 million, which was on par with NOK 386 million for the first three months of 2011.
Eksportfinans will give a conference call to update investors on recent developments following the release of its Q1 figures.
The general assembly for 2012 for Eksportfinans ASA took place today. All proposed issues were accepted according to the agenda, including the annual report with accounts, notes and declarations, and the proposal not to pay dividends for the fiscal year 2011.
Thursday 1 March Citigroup arranged an investor conference call hosted by Eksportfinans, giving an update about the company's recent development.
Eksportfinans has shown a strong financial performance both in the fourth quarter and in the financial year of 2011. Net interest income was NOK 445 million in the fourth quarter and NOK 1,550 million for the full year 2011. The Company is solid, with a core capital adequacy ratio of 16.1 percent at the end of 2011. The Board puts emphasis in maintaining the Company's solidity, and has therefore decided not to propose a dividend for 2011.
Citigroup is arranging an investor conference call hosted by Eksportfinans on Thursday 1 March at 10am NY / 3pm London / 4pm CET
The Financial Supervisory Authority of Norway (FSA) has in a letter dated February 13, 2012, granted extended time limits as to when Eksportfinans' loan exposures shall be in compliance with the statutory maximum limits for large exposures.
The rating agency Standard & Poor's issued a press release today, stating their downgrade of Eksportfinans ASA to BB+ with a negative outlook. At the same time the Company was removed from the rating agency's CreditWatch, on which it was placed following the Norwegian Government's decision made public on November 18, 2011, to assume responsibility for the government-supported export credit scheme. This scheme had previously been managed by Eksportfinans since 1978.
Following the downgrading of Eksportfinans' debt by Moody's to Ba1 and by Standard &Poor's to BBB+ in November 2011, the fair value of the Company's debt instruments is significantly reduced. As a result the valuation of Eksportfinans debt instruments carried at fair value as of December 31, 2011 will be significantly reduced compared to September 30, 2011. The Company currently estimates that the reduction in fair value of its debt instruments will be approximately NOK 40 billion before tax. As a result, in accordance with IFRS, the Company will therefore record an unrealized gain on financial instruments of approximately NOK 40 billion through its Profit &Loss statement. The company's capital ratios will not be affected in any material way by this unrealized gain.
Mr. Jens Olav Feiring (65) has been appointed new EVP and director of the legal department at Eksportfinans. He will join the executive management team.
On November 18, 2011, the Norwegian government announced that it will establish a state owned and funded export finance scheme for CIRR qualifying loans. It is planned that the new state owned entity will be operational from July, 1, 2012 at the latest. Until then, an interim arrangement in cooperation with Eksportfinans has been put in place. The Norwegian parliament approved this when passing proposal number 138 S (2011-2012), as per proposition 34 S and 42S (2011-2012). There is no upper limit for new loan offers for the interim period. The grant for new loan approvals and transfer of certain existing loans from Eksportfinans has been proposed at NOK 40 billion.
The trustee under Eksportfinans' EMTN Programme, Deutsche Trust Company Limited, has issued the enclosed notice to all the bond holders under the programme.
On December 23, 2011, Eksportfinans sent the attached notice to the holders of bonds under Eksportfinans EMTN programme. See the attached notice here.
On November 18, 2011, Prime Minister Jens Stoltenberg announced that the Norwegian government intends to establish a state-funded scheme for export credit financing for the Norwegian export industry. The scheme will assume responsibility for the export financing for projects that qualify under the OECD Arrangement on Export Credits (CIRR qualifying contract financing) previously managed by Eksportfinans ASA (“Eksportfinans”), including the state-supported export financing scheme offering the OECD Commercial Interest Reference Rate (“CIRR”).
Eksportfinans has received a purported declaration of default from a holder of the institution’s Japanese bonds. On advice from counsel the declaration will be resisted vigorously. This is done on the basis that there is no default and the declaration is therefore of no effect. On this basis such purported declaration does not constitute a cross default under its other financial obligations.
Citigroup arranged an investor conference call hosted by Eksportfinans, giving an update about the company’s recent development.
Based on enquiries from market participants, Eksportfinans has prepared a forecasted summary balance sheet and equity ratio data included in the presentation made available below.
Today, the rating agency Standard & Poor’s published their downgrade of Eksportfinans ASA to BBB+ from AA. The rating is placed on credit watch negative.
Citigroup is arranging an investor conference call hosted by Eksportfinans on Monday 28th November, 2011, at 10am New York / 3pm London / 4pm CET.
On Friday, November 18, 2011, the Norwegian Government announced that it will establish a Government owned export financing scheme. Below please find information to investors and analysts regarding the situation for Eksportfinans going forward.
The largest owners of Eksportfinans ASA aim to wind down the company in an orderly manner in order to preserve the interests of all stakeholders. In our capacity as shareholders, we presently view the company's financial status, liquidity position and capitalization as adequate to achieve this.
The rating agency Moody's issued a press release today, stating their downgrade of Eksportfinans ASA to Ba1 from Aa3. The rating is placed on review for further downgrade. The rating action follows the Norwegian Government's decision made public on November 18, 2011, to assume responsibility for the government-supported export credit scheme that until now has been managed by Eksportfinans.
At a press conference this morning, Prime Minster Jens Stoltenberg announced that the Government will establish a state run export finance scheme. Despite great effort from the company’s board of directors and owners, it was not possible to arrive at a lasting solution for Norwegian export financing that includes Eksportfinans.
Eksportfinans and GIEK are inviting you to attend Open House on March 15, 2012 in Oslo. Save the date! Invitations will be distributed in due course.
Eksportfinans has recently received enquiries regarding the consequences of the decision not to grant Eksportfinans a permanent exemption from the regulations regarding largest exposures to one single client in EU’s Capital Requirement Directive. Based on this the Company has decided to publish information that will be included in the Interim Report for the third quarter 2011, due on November 8, 2011.
The rating agency Moody’s issued a press release today, stating their downgrade of Eksportfinans ASA with two notches. The rating is placed on review for further downgrade. The rating action follows the Norwegian Ministry of Finance’s decision not to grant Eksportfinans a permanent exemption from the European Union’s Capital Requirement Directive. However, the Government has granted Eksportfinans an extended exception until December 31, 2012.
The Ministry of Finance, in cooperation with the Ministry of Trade and Industry, decided yesterday afternoon to grant Eksportfinans another one year temporary exemption from EU's capital requirement directive.
Carine Lindman (36 years old) has taken up the position as Executive Vice President and director of the legal departement at Eksportfinans. She succeeds director Jens Feiring and joins the Executive Management team.
The turmoil that has colored the international capital markets over the last months is choking banks’ access to a vital raw material: funding in US dollar. Consequentially, banks tighten the offering of long-term lending. This hits exporters and project owners around the world. At the same time, specialized export credit agencies (ECAs) experience a lending growth that has multiplied.
Eksportfinans was responsible for arranging a successful Norwegian Finance Day at the Federal Reserve Bank of Houston on September 22, in close cooperation with the Norwegian Consulate General, GIEK and DnB NOR. Around 130 participants from various countries and industries attended the half-day event, and were presented the knowledge and insight of the following speakers:
Eksportfinans is coorganizer of the Norwegian Finance Day on September 22 in Houston, in close cooperation with the Guarantee Institute for Export Credits (GIEK), the Royal Norwegian Consulate General in Houston and DnB NOR. The subject of the day is “ Look to Norway: Cutting Edge Technology – Attractive Long Term Financing”. The principal objective of the event is to offer potential US purchasers of Norwegian capital goods and services an overview of which financial vehicles are at hand to make business with Norwegian suppliers more attractive. The final programme of the event which takes place at Federal Reserve Bank in Houston is now available.
Eksportfinans ASA, the Norwegian Specialized Export Credit Institution, rated Aa1/AA/AA, successfully priced a US$ 1.0bn Global benchmark issue due 2nd of April, 2013 through Bank of America-Merrill Lynch, Citi and J.P. Morgan.
Carine Lindman (36 years old) has taken up the position as Executive Vice President and director of the legal departement at Eksportfinans. She succeeds director Jens Feiring and joins the Executive Management team.
The bid for the Subsea and Floating Production Unit installations on Shtokman Phase 1 has started. We expect that a significant part of the financing will be provided by export credit institutions. Eksportfinans offers competitive long term financing to the Norwegian export industry. All Norwegian suppliers participating in Shtokman tenders are welcome to contact Eksportfinans for application guidelines.
For more information on the application process, please contact Anna Musiej Aanensen, Senior Vice President (+ 47 22 01 23 04), or Olav Einar Rygg, Executive Vice President Lending (+ 47 22 01 22 51).
Eksportfinans’ underlying business operations performed well in the first half-year of 2011. Net interest income was a record NOK 732 million, which is NOK 38 million higher than in the first half-year of 2010.
Eksportfinans can offer Government Supported Export Credits for export contracts that promote Norwegian interests and value added.
In connection to the annual station commander meeting, the Ministry of Foreign Affairs arranges ”Open House 2011”. This is a unique arrangement where Norwegian companies are given the opportunity to establish direct contacts with the Norwegian Foreign Service.
Eksportfinans is the coorganizers of the Norwegian Finance day September 22 in Houtson, in cooporation with The Norwegian Consulate General in Houston and GIEK.
The international ratings agency Standard & Poor's confirms Eksportfinans AA ratings and changes outlook from stable to negative. Please click here to read the Research Update from Standard & Poor's, dated June 7 2011.
Eksportfinans has continued its focus on renewable energy in the previous year, and disbursements for projects in this sector were also made in May.
Norway Trade Fairs (Norges Varemesse) at Lillestrøm will once again be the setting for Nor-Shipping, and this year it is taking place from May 24 to May 27. Eksportfinans will be participating with its own stand this time as well, and can be found in hall C (Safety at Sea – Safety and Rescue Park) at stand number C02-30d (by the lounge area). Stop by to test your geography skills and see whether you can excel in the competition of becoming “The Navigator of the Day”. There will be daily prizes for both skillful and lucky competitors.
The underlying business operations showed continued good performance in the first three months of 2011. Net interest income was NOK 386 million, compared to NOK 350 million for the first quarter of 2010.
Moody’s writes in its press release dated April 27, 2011 that Eksportfinans’ Aa1 ratings are affirmed and that the outlook on the ratings is changed from negative to stable.
Eksportfinans ASA has today on April 7, 2011 held its Annual General Meeting. All proposals to the Annual General Meeting were approved, including the financial results and proposed dividend payment for 2010.
The international magazine “Marine Money” each year awards “Deals of the Year” in several categories. For 2010 Eksportfinans was in the winning team in two of these categories: Export credit West (with the Pacific Drilling transaction) and Project Finance (with the OSX1 Leasing transaction). Marine Money “ is not surprised by the inordinate amount of nominations received when compared to other type of financing transactions – the power of export and its critical lubricant is noteworthy”.
2010 has been a very good year for Eksportfinans. Results from the underlying business operations remain strong, and disbursements of export credits have been record high throughout the year.
Norway and Norwegian trade and industry have interests in Brazil, an economy that is assumed to become world’s fifth largest within few years. Major oil findings off the coast combined with the many years of accumulated experience and knowledge of Norwegian businesses from their own continental shelf will reinforce these ties. Eksportfinans plays a central role in the financing of these companies.
Eksportfinans has recently conducted a thorough evaluation of its rating policy. Through this evaluation Eksportfinans has decided not to renew its rating contract with Fitch Ratings which expires on December 31, 2010. The decision is based on the consideration that two ratings from Moody’s Investors Service and Standard & Poor’s are sufficient.
Eksportfinans invites to information meetings in the Northwest of Norway regarding financing projects within offshore wind and environment technology.
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The strong results from underlying business continued into the third quarter, and net interest income amounted to NOK 1.1 billion in the first nine months of 2010. Eksportfinans experiences increased demand for financing from Norwegian companies with international activities. In addition the activity is increasing within the Company’s new focus areas renewable energy and environmental-related projects.
Eksportfinans ASA formally adopts the Equator Principles, a voluntary set of guidelines for determining, assessing and managing social and environmental risk in project financing.
The strong underlying business performance continued into the second quarter and the net interest income was NOK 694 million in the first half-year of 2010. Disbursements of new loans for export financing purposes were record high with a total of NOK 15.3 billion.
Innovasjon Norge, GIEK og Eksportfinans inviterer i samarbeid med Kunnskapsparken Helgeland til eksportseminar i Mo i Rana 17.juni.
We are pleased to announce that Eksportfinans in the first quarter of 2010 was awarded with two "Deal of the Year" prizes for the year of 2009.
Eksportfinans’ underlying business operations showed continued strong performance in the first quarter of 2010. The volumes of export related loans remain relatively high and the order book for 2010 is solid.
Download the compete 1st quarter report for 2010 (pdf)
Download press release (pdf)
On April 30, 2010, the Norwegian Government launched its support package for Norwegian shipyards which have seen a downturn in new orders following the financial crisis. The support package includes among others a softening of the regulations regarding Norwegian content to be included in export contracts financed by Eksportfinans.
Eksportfinans ASA has today on 8 April 2010 held its Annual General Meeting. All proposals to the Annual General Meeting were approved, including the financial results and proposed dividend payment for 2009.
Eksportfinans had a net interest income of NOK 1.5 billion in 2009. This was an increase of NOK 647 million compared to 2008. Disbursements of export related financing from Eksportfinans were historically high in 2009.
Nærings- og handelsdepartementet initierte senhøstes til dialog med Eksportfinans, GIEK og Innovasjon Norge. I dette møtet ble alle aktørene oppfordret til å gjøre en analyse av utfordringene knyttet til verfts- og leverandørindustrien, samt å komme med forslag til løsninger.
Ivar Slengesol (35 years old) has been appointed new EVP and Director in Eksportfinans, responsible for the company’s development of business opportunities within new energy, infrastructure and environmental projects. He comes from the position as CEO of the offshore wind company OceanWind.
Eksportfinans made a successful return to the USD benchmark market on November 9, after an absence of more than 2 years. The transaction was one of the fastest bookbuilding processes in the agency space in 2009 and due to overwhelming demand, was increased from USD 1 billion to USD 1.5 billion. 66 high quality accounts participated and the final geographical distribution was Americas 71%, Europe 12%, Asia 10%, Middle East 7%.
Strong underlying business performance: Eksportfinans had a record high net interest income of NOK 1.1 billion in the first nine months of 2009. Disbursements of new export credits were NOK 9.4 billion in the third quarter alone.
Eksportfinans ASA has concluded a loan agreement with the Brazilian rig owner Odebrecht Oleo e Gas for financing of two drillships, Norbe VIII and IXx The USD 1,5 billion loan facility is made in cooperation with 12 banks and 2 Export Credit Agencies, Eksportfinans's share of the loan reflects the value of Norwegian supplies from Aker MH, Kongsberg Maritime, Siemens and Tamrotor. Eksportfinans loan is guaranteed 100% by GIEK.
Regional Director of Fokus Bank Tone Lunde Bakker is appointed new member of Eksportfinans’ Board of Directors. She succeeds Thomas F. Borgen, formerly CEO of Fokus Bank.
Standand and Poor's lowered Eksportfinans' long-term rating from AA+ to AA, stable outlook. Please click here to read the press release.
The underlying business operations showed record high profits in the first half-year of 2009. Net interest income was NOK 680 million in the period. This was an increase of NOK 417 million compared to the first half-year of 2008. Disbursements of export credits continued to be high in the period. The sale of Eksportfinans’ subsidiary Kommunekreditt Norge AS was finalized on June 24, 2009.
Do you want to learn more about how to finance your export? GIEK and Eksportfinans are holding a seminar in Tromsø 27, august 2009 on the subject.
Standard & Poor's affirms Eksportfinans' rating; AA+ and "credit watch negative".
OECD countries have introduced new and better conditions for the financing of projects in renewable energy and projects for clean water supply. For exports to, among other things, hydro, wind and solar power plants it is now possible to offer longer tenors and more flexible repayment terms than before.
Far Samson the words most powerfull offshore vessels was awarded the Ship of the year prize at Norshipping 2009.
Kommunekreditt Norge AS moves to its new owner, Kommunal Landspensjonskasse (KLP) on June 24. Kommunekreditt's website is removed from Eksportfinans' website, but accessible with the same address: www.kommunekreditt.no.
Eksportfinans' annual report 2008 is now available.
Please follow this link to read the press release dated May 11, 2009
Click here to read Moody's Credit Opinion dated May 15, 2009
Eksportfinans is pleased to announce that the process for selling Eksportfinans’ wholly owned subsidiary Kommunekreditt Norge AS to KLP has been finalized, pending necessary government authorizations and other closing conditions. Eksportfinans considers this to be a very good solution for the local government sector in Norway, as well as for the employees of Kommunekreditt.
The underlying business operations for the Eksportfinans Group showed continued good performance in the first quarter of 2009. Net interest income in the first quarter was NOK 353 million, which is an increase of NOK 245 million compared to the first quarter of 2008.
On May 7, 2009, Standard & Poor's Ratings Service placed its 'AA+' long-term and 'A-1+' short-term counterparty credit ratings on Eksportfinans ASA on CreditWatch with negative implications.
This year’s Norshipping fair is the 22nd in the row. There is a rumor going around which claims that there has never before been that many participating exhibitors as this year’s fair, with approximately 1.050 registered exhibitors from 49 different countries. There will be a gathering from the maritime sector in Lillestrøm in this short week in June.
Open House is an annual event co-hosted by Eksportfinans and GIEK. This year's speakers included Alain Chaboud from the Federal Reserve Board (USA), Victor D. Norman from NHH, Elisabeth Holvik from Sparebank 1-Group and Robert Løseth from Rolls-Royce Marine. In addition, President and CEO of Eksportfinans, Gisèle Marchand and Managing Director of GIEK, Wenche Nistad gave speeches.
Christian Grøm is appointed new EVP Director of Risk Management at Eksportfinans. He comes from a position within Group Risk Analysis in Group Finance and Risk Management in DnB NOR Bank ASA and joins Eksportfinans on May 1, 2009.
The bond market in Norway currently functions only for large and solid enterprises and best for those with ties to the Government. Other corporations are dependant on the bank- and credit markets in order to obtain financing. This was the message given by Eksportfinans’ CEO Gisele Marchand at the annual conference held by the Norwegian Financial Services Association on March 31, 2009. Her speech was titled “The role of the bond market and the connection with the export industry”.
On April 16, the annual Open House event co-hosted by Eksportfinans and GIEK (the Norwegian Guarantee Institute for Export Credits) takes place at Ingeniørenes hus in Oslo.
The underlying business operations for the Eksportfinans Group showed continued good performance in the fourth quarter of 2008. Net interest income in the fourth quarter was NOK 467 million, compared to NOK 148 million in the fourth quarter of 2007. For the year 2008 as a whole, net interest income increased by NOK 507 million to NOK 1.1 billion.
Om 15, January 2009 Eksportfinans Funding team received two awards from MTN-i, "Landmark deal 2008" and "The Editor's Award 2008".
On November 26, 2008, Eksportfinans entered Norwegian into an agreement with the Norwegian Government whereby the Government provides funding to Eksportfinans in order to ensure that Norwegian exports will be able to obtain long- term financing of their projects. The Agreement was approved by the Norwegian Parliament December 19, 2008, by Eksportfinans' General Assembly on January 29, 2009 and by the EFTA Surveillance Authority on January 30, 2009.
Please follow this link to download the press release from Fitch Ratings (pfd) dated January 9, 2009.
Following Moody’s Investors Service rating action of 16 December 2008, whereby Eksportfinans was downgraded from AAA with negative outlook to Aa1 with negative outlook, Eksportfinans provides information as set out below.
Download press release from Moody's here (PDF).
Please follow this link to read Moody's Credit Opinion dated January 14, 2009
On November 26, 2008, Eksportfinans and the Ministry of Trade and Industry entered into an agreement ('Agreement') securing future financing of Norwegian exports. The Agreement entails that Eksportfinans can borrow directly from the Norwegian Government to finance contracts which qualify for the use of officially supported export credits (so called CIRR-loans). As an alternative we may also offer floating rate loans for financing these contracts. The Agreement is subject to the approvals from the Norwegian Parliament, Eksportfinans' General Assembly and the EFTA Surveillance Authority.
Last night, Eksportfinans entered into an agreement with the Government whereby the Government provides funding to Eksportfinans in order to ensure that Norwegian exporters will be able to obtain long term financing for their projects.
Most of OECD member states and several other large export nations have sent a joint statement to confirm their strong commitment to continue to be reliable partners to exporters and financing banks; a global problem requires a global solution.
Oslo, November 10, 2008 - Eksportfinans ASA today announced that it will voluntarily withdraw $18,268,000 PLUS Notes Linked to the S&P 500® Index due March 20, 2009 currently listed on the American Stock Exchange. The voluntary delisting of the securities is occurring as a result of the acquisition of the Amex by NYSE Euronext and NYSE Euronext's plans to consolidate all listed exchange-traded funds and structure products on NYSE Arca and the consequent delisting of all securities from the Amex. Eksportfinans has decided not to transfer the listing of the securities to the NYSE Arca.
Continued good performance – results influenced by exposure to Iceland
The underlying business operations in the Eksportfinans Group showed continued good performance in the third quarter of 2008. Net interest income was 61 percent higher in the third quarter 2008 compared to the corresponding period in 2007.
Standard & Poor's Ratings Services has revised the outlook on Eksportfinans from 'stable' to ' negative'.
Download press release from Fitch Ratings, October 22, 2008
Eksportfinans ASA has filed a petition to freeze assets in Norway owned by the Icelandic bank Glitnir HF. In addition, the Board of Directors of Eksportfinans ASA will file a report to the police in Iceland regarding Glitnir HF’s embezzlement. Eksportfinans’ claim on Glitnir HF is NOK 500 million, of which NOK 415 million is related to embezzlement.
On September 15th Lehman Brothers Holdings Inc. filed for protection under Chapter 11 of the United States Bankruptcy Code. Following this event Eksportfinans announces as follows:
Geir Ove Olsen has been appointed new CFO in Eksportfinans ASA and will join the company on December 1, 2008 at the latest. He succeeds CFO Cecilie Haarseth who leaves Eksportfinans for another external position on September 1, 2008.
Eksportfinans experienced a net profit of NOK 144 million in the second quarter of 2008 as a consequence of continued positive developments in the results for the main business areas. Net profit in the second quarter of 2007 was NOK 30 million.
The following changes in management have taken place during spring 2008:
Download Credit Opinion from Moody's Investor Service, 25.06.08
On June 4, Eksportfinans successfully launched and priced a €1bn 5-year Euro benchmark transaction. This represents Eksportfinans’ second Euro benchmark this year. Credit Suisse, Goldman Sachs and Nomura were joint-lead managers on the transaction.
The annual report 2007 for Eksportfinans ASA is made available on our web page.
Continued strong disbursement of export lending, results influenced by the situation in the international credit markets
New disbursements of export related lending was NOK 3.1 billion in the first quarter of 2008, compared to NOK 2.3 billion in the same period in 2007. The Norwegian maritime industry and the oil and gas sector were still experiencing high levels of activity throughout the first quarter 2008, and new disbursements of export related financing from Eksportfinans thus increased by 32.4 percent in comparison to the equivalent period in 2007. Lending from Eksportfinans’ subsidiary Kommunekreditt Norge AS remained stable, and total outstanding loans increased by 2 percent since year-end 2007.
On April 16, Eksportfinans successfully launched and priced a €1.25bn 3-year Euro benchmark transaction. This represents Eksportfinans' second benchmark this year, following a CHF150m 8y transaction in March, and their second Euro transaction, following a successful inaugural Euro benchmark in September 2007. Citi, Deutsche Bank and Goldman Sachs International were joint-lead managers on the transaction.
In yesterday’s ordinary elections in Eksportfinans, the following new members were elected to the different governing bodies:
For information about vacant positions at Eksportfinans, please see Career at Eksportfinans
Today, Eksportfinans issued a CHF 150 million Benchmark transaction with 8 years' maturity. The transaction was arranged by Credit Suisse and Deutsche Bank.
As informed in previous stock exchange notification on January 18 2008, Eksportfinans ASA increases equity by NOK 1,2 billion. The increase in equity was decided by an extraordinary general assembly today, and it is signed by all of Eksportfinans’ shareholders. All of the owner banks participate on a pro rata basis. The issuance takes place against a background of unrealized losses in the company’s liquidity portfolio.
Open House is an annual event hosted by Eksportfinans and GIEK. This year the event takes place on Thursday 17th April.
For more information, please contact
Jostein Djupvik, +47 22 01 22 58
Friday 18th April Eksportfinans and GIEK hosts a seminar on Export financing in Oslo.
For more information, please contact Lars Hasle, Eksportfinans, +47 22 01 22 42
Download press release from Fitch Ratings, 19.02.08
Eksportfinans increases its capital by NOK 1.2 billion through the issuance of new share capital from its owners. The institution has unrealized losses in its liquidity portfolio. This coupled with record high growth in lending throughout 2007 serve as the background for the issuance.
Martine Mills Hagen has been appointed Head of Funding with effect from November 1, 2007. She succeeds Oliver Siem in this position. Martine Mills Hagen comes from the position as Head of Debt Investor Marketing. She has worked within the funding area of Eksportfinans since 2005.
Oliver Siem has been appointed Executive Vice President and Director of Treasury with effect from December 1, 2007
has been appointed President and CEO of Eksportfinans ASA with effect from January 1, 2008. She replaces Tor F. Johansen, who retires at the same time.