SpareBank 1 SMN

Interest Rate Update/Notice • Jun 24, 2022

SpareBank 1 SMN to raise interest rates by up to 0.5 per cent

SpareBank 1 SMN to raise interest rates by up to 0.5 per cent

In line with developments in the market, SpareBank 1 SMN is to raise its 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 23 June 2022 to raise its base rate to 1.25 per cent. This affects the cost of the money that the banks borrow in order to lend to their customers.

Norges Bank (Norway’s central bank) was expected to raise the base rate in June. A ‘twofold’ hike of 0.5 per cent is in response to high inflation and sends a clear message to consumers to prepare for a higher interest rate level ahead,” says Nelly Maske, executive director at Retail Banking, 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 August, for new borrowers on 1 July. Variations in the interest rate change may apply in the case of some customer groups.

Trondheim, 24 June 2022

Contact:

For investors and analysts: CFO Trond Søraas on +47 922 36 803

For the media: 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 the Norwegian Securities Trading Act, Section 5-12