SpareBank 1 SMN

Interest Rate Update/Notice • Nov 7, 2022

SpareBank 1 SMN to raise interest rates by up to 0.25 percentage points

SpareBank 1 SMN to raise interest rates by up to 0.25 percentage points

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 3 November 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.

“Although interest rates have risen a lot in recent months, they are still at a level which most households tolerate and have made allowance for. However, the frequent rate hikes combined with increased prices of groceries, fuel and electricity are likely to pose a challenge to some people. We urge anyone who is uncertain about their financial situation to contact the bank so that we can start looking into solutions at an early stage,” 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 changes will become effective on 21 December, for new borrowers on 11 November. Variations in the interest rate change may apply in the case of some customer groups.

Trondheim, 7 November 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