Tag archives for Danske Bank Luxembourg

Danske Bank Luxembourg Capital Assurance: Do Away With Spanish Taxes

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Klaus¬†M√łnsted¬†Pedersen, Managing Director of Danske Bank¬†International (Luxembourg) and the¬†man behind the products developed to provide efficient cross-border tax-planning seemingly ensured that, prior to launching his state-of-the-art Capital Assurance, a thorough compliance job had been carried out.

To that effect he tied up loose ends, dotted the i’s and crossed the t’s, and attended to detail. Because detail mattered.

And to not leave anything to chance, the website conveys a clear message: that tax benefits adapt to local legislation, and to make sure that there is no mistake, such benefits for Spain are confirmed by no less than a Big Four, KPMG.

Spectacular display of Danish efficiency, in case we had any doubts; and not a chance in hell for those who signed up for the Capital Assurance + Spanish Hipoteca, two air-tight contracts drafted by top law firms that are virtually unbreakable.

Such is life.

Or so we thought…

Bank of Spain Says Nordea and Nykredit Break the Law

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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:

‚ÄúOffices 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.‚ÄĚ

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…

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