The data issues concern a limited number of the shares that have been available on our trading platforms during the past 10 years and has primarily been an issue when a share’s acquisition value changed due to, for example, the share being split into two. Furthermore, Danske Bank has incorrectly reported to the Swedish Tax Authorities on behalf of around 60 Swedish customers.
We corrected our reporting to the Swedish Tax Agency and stopped displaying profit and loss figures for the total of 5,000 potentially affected unique shares, until we had quality assured and updated the data. Since then, we have re-opened the profit and loss figures for a substantial amount of these shares again, as we have ensured the quality of the data.
Potentially affected customers and information to them
Numbers below updated 1 February 2021
Oct. to Dec. 2020 – Potentially affected customers receive information
From October to December 2020, we inform all potentially affected customers. We inform them that they may have seen figures for profit and loss that may not be correct. We guide them to call us, if they have used the figures for profit and loss for purposes other than guidance, for example when making an investment decision or for their own tax reporting.
Dec. 2020 – Correction of incorrect tax reporting to the Swedish Tax Agency
In December 2020, we correct a number of corporate actions that Danske Bank had incorrectly reported to the Swedish Tax Agency on behalf of around 60 Swedish customers.
Oct. 2020 – Removal of all potentially incorrect profit and loss figures
During October 2020, an overview of the shares for which there is a risk of incorrect figures is finalised. Pending further investigation, we stop displaying profit and loss figures for 5,000 unique shares, for which – within the past 10 years – there had been a change to the acquisition value.
July 2020 – Updated descriptions of profit and loss figures on all customer-facing platforms
We update the description of the limitations to all the profit and loss figures on all of our customer-facing platforms during summer 2020 to ensure that all customers are aware that the figures are indicative and should not be used for tax purposes.
Jan. 2020 – Internal review initiated
In January 2020, we identify that an IT constraints may affect our profit and loss reporting. To assess the cause, scope and significance of the problem, we initiate an internal review to understand the problem. This includes to investigate 68,000 unique shares that we have offered on our platform in the past 10 years and that were at risk of being impacted by the IT constraints.
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Media, investors & analysts
Press releases mentioning the issue:
21 Dec 2020: Danske Bank progresses with remediation of legacy issues
22 Oct 2020: Danske Bank is strengthening remediation efforts
You can also visit our news archieve or see supervisory reations