Reject „after wisdom“ and unprofessional words

Among the things that the National Audit Office criticized was that the decisions in the process had been subjective and that certain criteria had not been set. The Banking Administration says that it was necessary to assess various issues according to the tender. When discussing evaluative decisions, it is possible to reach a different conclusion than the original one if the relative importance of the points of view is changed. Therefore, there are limitations on „how far regulators, such as the National Audit Office, which does not have the expertise that the Norwegian Banking Authority does, can go when reviewing such decisions“. A long review of the decisions of the Banking Authority has been carried out, but no distinction has been made between issues that could be insignificant or significant.

Reject lack of knowledge and inexperience

In the answer of the Swedish Banking Authority, it is denied that the disclosure was insufficient. Certainly, it was avoided to specify in percentages how much the price obtained in the tender could be than the price on the market before the tender. It was done to protect the interests of the state treasury. The result shows that the injury rate will be as small as in this tender.

Another thing that the Banking Administration rejects is talk of a lack of knowledge and experience, as well as a lack of an overview of demand. On the contrary, Bankasysl’s managers are well educated and have a lot of experience. It was then regularly examined how the tender developed during it. An assessment of that determined the final pricing and the number of bonds that were sold.

Pricing was not based on subjective decisions, but on an assessment that takes place in the law and the goals that were set, says the Banking Administration. That valuation was not only based on the offers that were received, but also on knowledge of the position of leading investors regarding price and volume.

The Bank Administration rejects the National Audit Office’s calculations of offers and possible prices. She says that if a higher rate than 117 had been chosen, it would have been expected that foreign investors would not participate. If the exchange rate were 118, there would be a risk that long-term investors would hold their hands, while other risk-seekers would buy bonds. It would not be enough to think about what price would be obtained for the shares in the tender, but also what the price trend would be on the market in the future.

„Any kind of speculation about a price that could have been obtained if it had only been looked at serves a limited purpose in this context,“ says the Bank Administration of the National Audit Office’s calculations of a possible higher price.