The Bank of Spain has confirmed that Nordea Bank S.A. and Nykredit Realkredit A/S are abusing the Spanish legal system by selling mortgages and other bank products from their Representation Offices (Oficina de Representación) in Spain.

Because whilst both entities are registered with the Bank of Spain to carry out most of the banking activities throughout the UE via cross-border transactions, they are illegally selling banking products using their representation offices, for which article 10 of the Decree 1245/1995 provides that:

“Offices of representation will not be able to carry out credit operations, accept clients funds or offer financial intermediation, nor any other type of banking services, limiting the scope of their work to informative or commercial activities in respect of banking, financial or economic matters.”

Jesper Hertz, the man fronting Nordea Representation Office in Marbella and whose picture features on this site, has probably lost count of how many fraudulent equity release mortgages he has personally sold, through his Marbella office, and signed, via Spanish Notary Publics throughout Spain, despite this being strictly forbidden to him.

The reason they would do this is that it was cheaper for obedient Jesper to run around hunting potential victims and signing them up at the Notary offices, than to have Claus Jorgensen or Anders Woideman fly out to Spain to do the dirty job. They have been operating in this manner since 13/03/2002.

Christel Mark Hansen, working from the Nykredit Realkredit A/S Representation Office in Marbella, should have not lost count of the number of British clients she has personally advised on in respect of fraudulent equity release product as she personally visited their homes, would have a glass or two of wine and then sell them, with voracious appetite, very large non-status mortgages despite this being strictly forbidden to her.

The reason for this is that sweet-looking Christel would have hardly come across as someone selling a life-destructing financial product, in contrast to the Sydbank-tax-evading-thirsty-Swiss-based co-conspirators. They have been operating in this manner since the 14/09/2004.

And Danske Bank International, also running their activities supposedly from Luxembourg, chose to set up a bogus “Representation Office” in Fuengirola to, as with competitors Nykredit and Nordea, sell and execute Equity Release Mortgage loans via the servile services of Henrick Hjerrild Hansen and John Lundskov Larsen. They have closed their office on the 15/01/2009.

So much for the Nordic Values…