Danske Bank A/S Q4 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sofie Caroline Elisabet Peterzens - JPMorgan Chase & Co, Research Division - Analyst : Yes. Here is Sofie from JPMorgan. So given that you still have the U.S. overhang in terms of the potential fine, what's your view on kind of potential share buybacks, given that your stock trades below book value? So how do you think about share buybacks? Is that fully kind of something you're not considering? Or would you consider that in the future? And then my second question would be on kind of on the costs line. There were some headlines in the local press last week or earlier this week that you expect quite a continuation of very high level of AML costs until 2025. Cost guidance is a little bit higher than expected for 2022. But how should we think about costs beyond 2022? So if you could comment there.

Question: Martin Leitgeb - Goldman Sachs Group, Inc., Research Division - Analyst : The first question, just a follow-up on the NII question. I was just wondering if you could give us also in terms of how to think about margins, overall margins for the group as we head into 2022. Should we think that this is more going to stabilize from this level, in particular, given obviously the various deposit repricing done over the course of '21? And secondly, you've referred to the bank tax in Sweden. I was just wondering in terms of similar initiatives for Denmark, what is the latest development there? And how you're thinking about the potential for Danish financial sector tax going forward?