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The Administrative Court of Appeal approves the Swedish FSA's appeal of the Administrative Court's judgement, which results in a negative effect of SEK 50 million during the second quarter of 2024.

MAR

The Administrative Court of Appeal approves the Swedish Financial Supervisory Authority's (Finansinspektionen) appeal of the Administrative Court's judgement. This means that Finansinspektionen's decision on a remark combined with an administrative fine of SEK 50 million applies.

Finansinspektionen decided in June 2022 to issue Resurs Bank with a remark and an administrative fine of SEK 50 million on the basis that Finansinspektionen did not consider Resurs to have complied with the Swedish Consumer Credit Act.

At the same time as Resurs took measures to fully comply with the requirements announced by Finansinspektionen, Resurs chose to appeal the decision to the Administrative Court in order to create clarity in the application of the Consumer Credit Act.

The Administrative Court determined in November 2023 that Resurs' credit assessment process complied with the Consumer Credit Act and thus Finansinspektionens decision was overturned, which had a positive impact on earnings of SEK 50 million during the fourth quarter of 2023.

Finansinspektionen chose to appeal the Administrative Court's judgment, and the Administrative Court of Appeal in Stockholm has heard the case during the spring. The Administrative Court of Appeal has now approved Finansinspektionens appeal and that Finansinspektionens decision in June 2022 shall apply. This has a negative effect of SEK 50 million for the second quarter of 2024.

– We will now analyze the judgment and then decide how to proceed, says Magnus Fredin, CEO Resurs Bank and Resurs Holding.

MORE INFORMATION
Magnus Fredin, CEO Resurs Bank and CEO Resurs Holding.
Can be reached through press contact Måns Renntun, +46 70-984 96 20, mans.renntun@resurs.se

ABOUT RESURS HOLDING
Resurs Holding (Resurs), which operates through the subsidiary Resurs Bank, is the leader in retail finance in the Nordic region, offering payment solutions, consumer loans and niche insurance products. Since its start in 1977, Resurs Bank has established itself as a leading partner for sales-driven payment and loyalty solutions in retail and e-commerce, and Resurs has thus built a customer base of approximately six million private customers in the Nordics. Resurs Bank has had a banking licence since 2001 and is under the supervision of Finansinspektionen. The Resurs Group operates in Sweden, Denmark, Norway and Finland. At the end of the first quarter of 2024, the Group had 672 employees and a loan portfolio of SEK 39.7 billion. Resurs is listed on Nasdaq Stockholm.

This information is information that Resurs Holding is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-06-07 11:40 CEST.

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The Administrative Court of Appeal approves the Swedish FSA's appeal of the Administrative Court's judgement, which results in a negative effect of SEK 50 million during the second quarter of 2024.

Datum 2024-06-07, kl 11:40
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The Administrative Court of Appeal approves the Swedish FSA's appeal of the Administrative Court's judgement, which results in a negative effect of SEK 50 million during the second quarter of 2024.
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