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2010-08-26 17:52:17 CEST 2010-08-26 17:53:15 CEST REGULATED INFORMATION Íbúðalánasjóður - Financial Statement ReleaseThe Housing Financing Fund´s Condenced Interim Accounts, January - June 2010The Condensed Interim Accounts for the period January 1st to June 30th, 2010 has been approved and signed by the Board of Directors of the Housing Financing Fund (HFF) at its meeting today August 26th 2010. The accounts have been prepared in accordance with International Financial Reporting Standards (IFRS) for interim accounts, IAS 34. According to the income statement, the loss of the Fund amounted to ISK 1,680 million for the six months ended June 30th 2010. At the end of June, equity amounted to ISK 8,402 million according to the balance sheet. The capital ratio of the Fund, calculated according to stipulations in the Rules of the Housing Financing Fund no. 544/2004, was 2.1% at the end of June 2010. The calculation of the ratio is equivalent to the calculation of the capital ratio of financial institutions. The long-term goal of the Fund is to keep the ratio above 5.0%. The Fund's Board of Directors in collaboration with the Minister of Social Affairs and Social Security is working on motions for ways to reach the long-term goal for capital ratio. A group has been established and it is assumed that the workgroup will deliver its results later in the year 2010. Impairment loss on loans amounted to ISK 3,699 million at the end of June 2010 and has increased by ISK 572 million during the period. Defaults have increased in the year 2010 and 6.3% of borrowers have one or more overdue installments at the end of June 2010 compared to 5.3% of borrowers at year end 2009. From the beginning of the year the Fund has repossessed 392 apartments on foreclosed mortgages. Apartments owned by the Fund numbered 739 at the end of June 2010. The apartments are recognized at estimated market value at the end of June less write-down amounting to ISK 1,135 million due to uncertainty in the housing market. Among loans to banks at the end of June 2010 the amount of ISK 2,352 million is capitalized due to claims on Landsbanki Íslands hf., Glitnir banki hf. and Straumur-Burðarás fjárfestingarbanki hf. and has remained unchanged from year end 2009. In preparing the Fund's interim financial statements it is assumed that it is entitled to netting. There is uncertainty over the settlement of claims and derivative agreements in addition to the Fund's netting authorization. The Fund's actual loss may therefore differ from this estimation. |
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