External Content

The following content is sourced from external partners. We cannot guarantee that it is suitable for the visually or hearing impaired.

(Bloomberg) --Saxo Bank says in statement it’ll still be able to meet its regulatory capital requirements even if it cannot recover losses after Swiss franc’s Jan. 15 surge. * NOTE: Franc surged after Swiss National Bank dropped 3-yr-old peg to euro * Saxo says number of clients had “insufficient margin collateral” to cover their losses on positions on franc * Says it’s in contact with clients to settle unsecured amounts; expects some will not be able to settle balance in full, so bank will incur losses * If it cannot recover any of outstanding amounts, bank says it’ll still meet requirements * Says it generally holds only “insignificant” proprietary positions, didn’t insure any net losses from surge

To contact the reporter on this story: Frances Schwartzkopff in Copenhagen at fschwartzko1@bloomberg.net To contact the editor responsible for this story: Tasneem Hanfi Brogger at tbrogger@bloomberg.net