Saxo Bank Says Clients’ Franc Losses Won’t Imperil Capital Level

(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

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