P/F FØROYA BANKI
P.O. Box 3048
Tel. + 298 31 13 50
Fax + 298 31 58 50
Telex 81227 fbank fa
SWIFT Code FIFB FO TX
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|The banking system|
Føroya Banki is the only commercial bank in the Faroe Islands. Apart from Føroya Banki, three savings banks operate in the Islands. The banking system is regulated by Danish laws and supervised by Danish authorities.
The recession which has characterized the Faroese economy since 1989 has affected the local banking system severely, and the bank recorded considerable losses in 1992 and 1993. Substantial capital injections were made into the banks by a publicly owned fund. As a result, the fund became the sole owner of the two major banks which were then merged into one in 1994, under the name of Føroya Banki.
The merger greatly improved the basis for a rationalization of the banking sector. And one bank was more qualified to co-ordinate efforts to adjust business to the radically changed conditions.
The bank has a strong liquidity position. At the end of 1995, Føroya Banki's liquid assets were in excess of DKK 1.5 billion; total assets being DKK 3.7 million.
The bank's solvency is good. Its capital and reserves at the end of 1995 amounted to DKK 458 million, corresponding to a solvency of 21.8%. This is well in excess of the 8% requirement made by the Commercial Banks and Savings BankAct.
Customers and branches
The bank has 26 branches throughout the islands. This means that it has close contact with its customers, and is able to grant both private and commercial customers quick and professional service. In order to service its customers outside opening hours, the bank has also established several cash machines.
Føroya Banki is fully equipped to provide the service expected of it by its customers by virtue of its variety of products, its branch network and a well-educated staff.
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