Norwegian Finans Holding ASA : The Financial Supervisory Authority's evaluation of Bank Norwegian's capital adequacy assessment process (SREP) for 2016


Norwegian Finans Holding ASA : The Financial Supervisory Authority's evaluation of Bank Norwegian's capital adequacy assessment process (SREP) for 2016

The Financial Supervisory Authority of Norway has completed the evaluation of Bank Norwegian's capital adequacy assessment process (SREP) for 2016. The Pillar 2-requirement for the bank is set at 4.2 per cent of risk-weighted assets. This additional requirement must be covered by common equity tier 1 capital.

The minimum requirement for common equity tier 1 capital for Bank Norwegian becomes after this clarification 15.7 percent at the end of Q3 2017. The bank communicated a target common equity tier 1 capital level of around 16.0 percent at the end of Q2 2017 in connection with the presentation of fourth quarter 2016 results. The common equity tier 1 capital at the end of Q4 2016 was 13.7 percent and has been strengthened during the quarter as a result of a private placement of NOK 500 million and the sale of a portfolio of non-performing loans in Sweden.

Bank Norwegian considers the Pilar 2-requirement to be excessive high and will appeal the Financial Supervisory Authority's decision.

Contact person:

Interim CEO Pål Svenkerud; +4793403904




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Source: Norwegian Finans Holding ASA via Globenewswire