SpareBank 1 SR-Bank ASA raising mortgage rates

High levels of activity and low unemployment rate are fuelling inflation in the Norwegian economy. Norges Bank has therefore raised its key policy rate to 1.75 per cent to curb pressures in the economy.

“Interest rates are an important tool for reducing the risk of an overheated economy. SpareBank 1 SR-Bank is following the signals from Norges Bank and is increasing its mortgage rates by up to 0.50 percentage points,” says Roger Lund Antonesen, Executive Vice President Retail Market.

Unemployment in Norway has fallen more than expected and is now stable at a historically low level. There is some uncertainty surrounding how the Norwegian economy will develop going forward and more policy rate rises aimed at curbing inflationary pressures have been announced.

SpareBank 1 SR-Bank’s new terms will apply to new loans from 23 August and to existing loans from 4 October. All mortgage customers will receive information via their online bank or a letter in the mail about how the change in interest rates will affect them.

Stavanger, 22 August 2022.

Contact people:

Roger Lund Antonesen, Executive Vice President Retail Market, Tel. +47 976 61 221
Stian Helgøy, Vice President Investor Relations, Tel. +47 906 52 173
Øyvind Knoph Askeland, Director of Communications, Tel. +47 922 32 639

This information is disclosed in compliance with section 5-12 of the Securities Trading Act.