EXHIBIT III
FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2019
INTRODUCTION TO THE FINANCIAL STATEMENTS
The Bank’s financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The accounting principles applied in NIB’s financial statements differ in certain respects from the accounting principles generally accepted in the United States (“U.S. GAAP”). Such differences may be related to variance in the standards for recognition or measurement of amounts included in the financial statements or IFRS may lack of specific requirements or guidance that is available for U.S. GAAP in certain areas. In addition, presentation and disclosure requirements may differ between IFRS and U.S. GAAP.
The financial statements of the Bank for the financial year 2017 have been audited by KPMG Oy Ab and KPMG AB, as indicated in their reports included in the Bank’s previous Form 18-K filing for the financial year ended December 31, 2017 and incorporated by reference into the Bank’s Registration Statement under Schedule B of the Securities Act (No. 333-217876) and elsewhere herein, respectively.
The financial statements of the Bank for the financial years 2018 and 2019 have been audited by Ernst &Young Oy and Ernst & Young AB as indicated in their report included in the Bank’s Form 18-K filing for the financial year ended December 31, 2018 and 2019 and incorporated by reference into the Bank’s Registration Statement under Schedule B of the Securities Act (No. 333-217876) and elsewhere herein, respectively.
The auditors were appointed by the Control Committee of the Bank. See Exhibit V to this Annual Report on Form 18-K, “Description of the Registrant – Governance”.
For the financial year 2017 NIB appointed Authorized Public Accountant Marcus Tötterman, representing the accounting firm KPMG Oy Ab, Finland and Authorized Public Accountant Anders Tadge, representing KPMG AB, Sweden as its independent joint auditors.
In accordance with the Bank’s audit rotation policy and based on a tender process, the Control Committee of NIB appointed Authorized Public Accountant Terhi Mäkinen, representing the accounting firm Ernst &Young Oy, Finland, and Authorized Public Accountant Mona Alfredsson, representing Ernst & Young AB, Sweden as NIB’s independent joint auditors for the financial year 2018.
For the financial year 2019 and 2020 NIB appointed Authorized Public Accountant Terhi Mäkinen, representing the accounting firm Ernst &Young Oy, Finland, and Authorized Public Accountant Mona Alfredsson, representing Ernst & Young AB, Sweden as its independent joint auditors.
