PRO - SpareBank 1 SMN : CORR* Adjusted Pillar 2 requirement after evaluation SREP 2018
With reference to Financial Institutions Act 2015 Section 13-6, 7th point, 2nd paragraph, Finanstilsynet 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. weighted assets (Pillar 2 requirement), but no less than 1,794 million NOK. This is a reduction of 0.2 percentage 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.
Contact persons:
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)
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