SpareBank 1 SMN

Interest Rate Update/Notice • Dec 19, 2022

SpareBank 1 SMN to raise interest rates

SpareBank 1 SMN to raise interest rates

SpareBank 1 SMN is to raise mortgage and deposit rates by up to 0.25 percentage points. The background to the rate change is Norges Bank’s decision at its interest rate meeting on 15 December 2022 to raise the base rate by 0.25 percentage points. This affects the cost of the money that the banks borrow in order to lend to their customers.

“The base rate is raised in order to curb the price growth, which remains high in Norway. Many borrowers have never experienced such high interest rates as at present. We nonetheless believe the great majority will tolerate this interest rate level, but would recommend anyone facing challenges as a result of high growth in costs to contact the bank with a view to finding a good solution,” says Nelly Maske, executive director of Retail Banking at SpareBank 1 SMN.

All customers affected by the rate change will in the course of the next few days receive information on what it means for their mortgage. For existing borrowers the rate change will become effective on 1 February 2023, for new borrowers on 27 December 2022. Variations in the interest rate change may apply in the case of some customer groups.

Trondheim, 19 December 2022

Investors and analysts can contact:

CFO Trond Søraas on +47 922 36 803

The media can contact:

Executive director Rolf Jarle Brøske on +47 911 12 475

Executive director Retail Banking, Nelly Maske on +47 901 38 380

Press photos:

https://www.flickr.com/photos/sparebank1smn/albums

The above information is disclosable pursuant to Section 5-12 of the Norwegian Securities Trading Act