SpareBank 1 Nord-Norge has received its Minimum Requirement for Own Funds and Eligible Liabilities (MREL)

SpareBank 1 Nord-Norge has received its MREL requirement from the Norwegian Financial Supervisory Authority. According to the notice, SpareBank 1 Nord-Norge shall hold total MREL capital equal to 32.5 per cent of adjusted Risk Weighted Assets (RWA). The requirement is based on the group’s balance as of 31 December 2018, and adjusting for the group’s level of own funds, this leads to a requirement of eligible liabilities of NOK 8 108 million.

The MREL requirement, according to the notice, is applicable from 31 March 2020. The requirement for eligible liabilities is applicable from 31 December 2022, and until this date may include debt issued before 1 January 2020, provided that it satisfies the general requirements for convertible debt.

The nominal requirement of NOK 8 108 million includes the increase of the Countercyclical Capital buffer, with effect 31.12.2019.  The nominal requirement could be adjusted due to changes in the regulatory capital requirement, group’s balance structure or RWA.    

The Group shall deliver a plan to the Norwegian Financial Supervisory Authority by 31 March 2020 on how the Group plans to fulfil the requirement by 31 December 2022.

For further information please contact:

Head of Treasury Ronny Løvberg Sørensen, tel 971 05 220

CFO Bengt Olsen, tel 975 89 560

CRO Liv Bortne Ulriksen, tel 957 31 130

This information is subject to the information requirements pursuant to the Norwegian Securities Trading Act section 5-12.