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…
Congratulations to the team at the Equity Release Victims Association and more importantly to Antonio Flores and his team at Lawbird in Marbella (ERVA) layers. After some twelve months of investigation and hard work on their part perhaps we can see the light at the end of the tunnel. Has the time not come for these banks to say sorry, we made a mistake. Put right all the wrongs they have created and put these poor ex – pat pensioners minds at rest. Unfortunately some people have succumbed to the pressures and sadly are no longer with us, perhaps however their loved ones can glean some satisfaction that these banks will be brought to account. I guess the banks will have a few days in which to reflect and start a dialogue before the international press and TV stations get hold of the story, which they certainly will. Mr Hertz at Nordea Bank SA (Nueva Andalucia branch office) should be ashamed of himself for the deceipt and misery he has caused. That goes of course to all the employees of banks involved in this scam. There is little doubt that these products have been sold through their offices in Spain as confirmed by their victims.
It’s interesting that, if you go to Nykredit to request a mortgage loan to purchase a Spanish property, you never get to see, talk, engage with or have contact whatsoever with any employee from Denmark because the product is marketed, explained and sold via the “Representation Office” by employees who are permanently residing in Spain. They don’t however attend the Notary Office meeting but send appointed Spanish lawyers.
Would it be that tax wise it is cheaper to have an office of this type than have a proper branch office that pays taxes in Spain?
It’s all very strange.
Stange indeed. In fact underhand and criminal. It has been noted that in some instances, representatives of the bank with represntation offices in Spain have not only sold the product but have signed the mortgage loan deed at the Notary Public in Spain without any visits from their HQ in Luxembourg. In other cases these same banks have stated on the mortgage deed that it was signed and notarised in Luxembourg, when their clients have never been to Luxembourg. Now that is strange. Perhaps these bank employees, resident in Spain knew precisely what the rules were but were still intent on breaking them, either for nice commissions or to safe guard their nice cosy jobs in sunny Spain. After this they should be banished to where they came from ( Denmark ) Siberia would be better.
Interesting article in Euro Weekly this week. Page 35. “NOW BANKS FALL FOUL OF JUDGES” They have bee accused of speculating on evictions and turning Spain’s courts into mnoney collectors.. Banks have also overloaded the courts with cases arising through their negligence in selling high-risk products claimed spokesman for Judges for Democracy, Joaquim Bosch. As we have learned in the past on the erva web site, many banks including Danske Bank who tried to foreclose on Euan Armstrong home, are now under investigation by the criminal court in Fuengirola and according to the web site the CEO and others of Danske Bank have been requested to attend the court by Euan to answer to the complaint. On the other hand it would appear that Nordea have already foreclosed on one property in Alicante and no doubt are trying to get hold of a few more NORDEA BANK SA, still have an outstanding criminal complaint being investigated by the court. Perhaps the courts will now grant a stay to the homeowners until such time as the numerous case against the bankS come before the Spanish courts. Is it not time for the CEO of these banks to resign and be made accountable for the actions of their employees. In the main the banks operating out of Luxembourg, in particular DANSKE BANK and NORDEA are out of control, no doubt protected by the Luxembourg Regulator (CSSF) which I guess is understandable as the banks fund this organisation. The CEO of Danske Bank responsible for the mayhem in Spain has since retired. Perhaps Christian Clausen CEO of NORDEA Group who is also the Chairman of the European Bankers Association should do the same, first he needs to start his own investigation into the activities of Nordea Bank SA Luxembourg and their reresentative office in Spain.
Landsbanki must be added to the long list of Banks using Luxembourg as their cover for serious is-selling, manipulation of facts and figures and fraud.
The Landsbanki never-used offices in France were just a window dressing to give a false impression of a ‘healthy’ Banki and to sell the name of Luxembourg as being a SAFE, honourable banking center which had Consumer Protection high on the agenda.
We were sold a pack of lies in a fancy package using the name of Luxembourg as the ribbon!