STOCKHOLM, Sweden, May 28, 2004 (PRIMEZONE) -- SBAB welcomes the new legislation in Sweden governing the issuance of covered bonds that becomes effective on July 1, 2004. Holders of covered bonds are entitled to a preferential claim in the event of the bankruptcy of the issuer.
On May 24 SBAB obtained internal approval to use covered bonds as a funding source through a decision taken by the Board of Directors.
Managing Director Eva Cederbalk comments that as a result of this decision SBAB can initiate the preparatory internal work associated with complying with the legislation, involving inter alia applying to obtain a license to issue covered bonds from the Swedish Financial Supervisory Authority.
SBAB intends to revert with further information when the Swedish FSA's guidelines regarding covered bonds have been finalized.
Questions will be answered by:
Goran Lauren, Chief Financial Officer, +46 8 614 38 40 or +46 70 876 5716
Annelise Jansson, Chief Communication Officer, tel +46 8-614 43 55 or +46 70 637 1272
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http://www.waymaker.net/bitonline/2004/05/28/20040528BIT00150/wkr0001.pdf