With reference to Financial Institutions Act 2015 Section 13-6, 7th point, 2nd paragraph, The Financial Supervisory Authority of Norway has made the following resolution:
SpareBank 1 SMN shall have core capital above the minimum and buffer requirements equaling 1.9 per cent of risk weighted assets (Pillar 2 requirement), but no less than 1,794 million NOK. This is a reduction of 0.3 precentage point from 2.1 % required in 2016. The requirement shall cover risks that the bank is exposed to and that are not, or just partially, covered by Pillar 1. The Pillar 2 requirments shall be fulfilled with core equity. SpareBank 1 SMNs CET1-requirement will be 13.9 % by the end of 1st quarter 2019.
SpareBank 1 SMN had a CET1 ration of 14.9 % by the end of 3rd quarter 2018. The bank considers itself well capitalized in relation to the current capital requirements.
CFO Kjell Fordal, +47 905 41 672
CRO Ola Neråsen, +47 918 09 722
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SpareBank 1 SMN via Globenewswire