SpareBank 1 SR-Bank ASA (SRBANK); CORRECTION - Decision of MREL requirement has been made public
SpareBank 1 SR-Bank ASA has received its MREL requirement from the Norwegian Financial Supervisory Authority. According to the notice, SpareBank SR-Bank shall hold total MREL capital equal to 32.9 per cent of adjusted Risk Weighted Assets. The requirement is based on the bank’s balance as of 31 December 2018. This leads to a requirement of eligible liabilities of NOK 33 714 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. Senior preferred debt, with remaining maturity above one year, issued by SpareBank 1 SR-Bank before 1 January 2020, will qualify as MREL capital until 31 December 2022.
The bank shall deliver a plan to the Norwegian Financial Supervisory Authority by 31 March 2020 on how the bank plans to fulfil the requirement by 31 December 2022. The requirement will be reviewed and updated annually by the Norwegian Financial Supervisory Authority.
Stavanger, 23 December 2019
Inge Reinertsen, CFO, Tel. +47 909 95 033
Stian Helgøy, Vice President Investor Relations, Tel. +47 906 52 173
This information is disclosed in compliance with section 5-12 of the Securities Trading Act.