Norwegian regions could lose billions of krone on products

News

Terra Securities has had its brokerage licence revoked by the financial authorities after failing to properly disclose the risks of complex structured products it sold. Four Norwegian townships face losses of up to NKr4 billion (US$715 million) after investing in high-risk products sold by the Oslo-based securities firm, which were originally issued by Citi.

The products, which Citi describes as "municipal portfolio fund-linked notes", suffered a loss of value after problems in US credit markets.

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