SpareBank 1 SMN

Interest Rate Update/Notice • Sep 26, 2022

SpareBank 1 SMN to raise interest rates by up to 0.5 percentage points

SpareBank 1 SMN to raise interest rates by up to 0.5 percentage points

SpareBank 1 SMN is to raise mortgage and deposit rates by up to 0.5 percentage points. The background to the rate change is Norges Bank’s decision at its interest rate meeting on 22 September 2022 to hike the base rate by 0.5 percentage points. This affects the cost of the money that the banks borrow in order to lend to their customers.

“Norges Bank has long warned of its intention to raise the base rate in order to dampen the high growth in prices. Mortgage rates are still low historically speaking, despite the present hike. We therefore believe most people will tolerate the announced interest rate increases, but would encourage those who are uncertain about their financial situation to contact the bank,” 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 10 November, for new borrowers on 29 September. Variations in the interest rate change may apply in the case of some customer groups.

Trondheim, 26 September 2022

Contact:

For investors and analysts:

CFO Trond Søraas, on +47 922 36 803

For the media:

Executive Vice President, 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