Even Google hates them: Danske Bank A/S (OTCMKTS:DNSKY) (CPH:DANSKE) + news and the result is.
It certainly is rare that an internationally obscure bank – from an even more obscure country the size of Vermont, not even a tax shelter – far from being a tax shelter, gets headlines like this.
Seth Klarman: Investors Can No Longer Rely On Mean Reversion
"For most of the last century," Seth Klarman noted in his second-quarter letter to Baupost's investors, "a reasonable approach to assessing a company's future prospects was to expect mean reversion." He went on to explain that fluctuations in business performance were largely cyclical, and investors could profit from this buying low and selling high. Also Read More
More locally their bad excuses department is running out of spin!
Danske Bank Press Release
Back in March the Danske Bank A/S (OTCMKTS:DNSKY) (CPH:DANSKE)’s press department admits:
Quote: ”It is correct that an error on the internet between Danske Bank A/S (OTCMKTS:DNSKY) (CPH:DANSKE) and Nationalbanken [Danish CB] did not get our clearing-filer,” says Kenni Leth, Chief Press Officer of Danske Bank, to Epn.dk.
Earlier today [i.e. March 27, 2013] the Chief Press Officer was not able to tell “Version2”, which bank caused the files not to arrive on time. The delay influenced the transactions of all Danish banks.
It was a curious unscheduled break down first ascribed to Nordea Bank AB (STO:NDA-SEK) (by me as well – but I can live with it.) Apparently Nordea Bank AB (STO:NDA-SEK) wouldn’t and told somebody the tale.
What is far more interesting to the general is that with respect to the Valuewalk article – again apparently – is: There seem to be a stricter rule enforced than I had thought. Now it is –apparently – not only at the end of the month Danske Bank A/S (OTCMKTS:DNSKY) (CPH:DANSKE) has to forward the clearing file to the CB; but every single day.
The point Finanstilsynet (the bank inspection) was making has not been ignored by the Danish media – here DR [the official radio station] quotes the paper Børsen on May 23, 2013.
An uncommented version of the bank inspections report.