Note 20 - Subordinated loan capital

	Subordinated loan capital
	In december 2005, TrygVesta Forsikring A/S raised a subordinate bond loan for EUA 150m at the price of 99,017. The loan carries a fixed rate og interst at 4,5 % p.a. untill 2005, where it can be repaid. After that time, it will carry interest at 2.1% above EURIBOR untill it expires in 2025. The loan is measured at amortised cost, and when the loan was raised capital losses and costs were deducted with DKK 18m at the balance sheet date. The fair value of the loan at the balance sheet date is DKK 1,041m (in 2006 DKK 1,071m) based on a price of 93,12 (in 2006 a price of 95.79). The price is sourced from Bloomberg, which applies a group of market players as its data sources.

	The loan is an interest-only loan, and the lender has no option to call the loan or otherwise terminate the loan agreement with TrygVesta Forsikring A/S. The loan is automatically accelerated upon the liquidation or bankruptcy of TrygVesta Forsikring A/S.