Bankrupt Danish Bank Roskilde sold

| 25 August 2008 05:53

The bankrupt Danish Bank Roskilde received no bidders as the Central Bank of Denmark looked to unload the bank as quickly as possible. Roskilde got into trouble after the Danish economy turned down and loans it had made to home builders went sour. Eventually, Roskilde became the third large European institution to fail since the credit crisis began, joining IKB of Germany and Northern Rock of the UK. All three failures were directly related to the mortgage crisis.

After no lending institution, foreign or domestic came forward, the Danes were forced to settle for a partial sale to private lenders, keeping a rump stake themselves.

Source
Danish Central Bank, Grouping Acquire Roskilde Bank, Bloomberg

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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