SpareBank 1 SMN

Interest Rate Update/Notice • Mar 29, 2022

SpareBank 1 SMN to raise mortgage and deposit rates

SpareBank 1 SMN to raise mortgage and deposit rates

SpareBank 1 SMN is to raise its 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 24 March 2022 to raise its base rate to 0.75 per cent. This affects the cost of funds that banks borrow in order to make loans available to their customers.

“Interest rates are still extremely low after two years of corona pandemic. Hence the expectation was that Norges Bank would again raise its base rate, now in March, and that this would not be the last time it did so in the current year. A base rate hike is in general a sign that the Norwegian economy is faring well, at the same time as it helps to curb the inflationary tendencies now in evidence,” says Nelly Maske, executive director at Private 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 13 May 2022, for new loans on 1 April 2022.

Trondheim, 29 March 2022

Contact persons at SpareBank 1 SMN:

CFO Trond Søraas: +47 922 36 803 / trond.soraas@smn.no

Executive director, Private Banking, Nelly Maske: +47 901 38 380 / nelly.maske@smn.no

Head of Corporate Communications, Eirin Røkke: +47 452 58 536 / eirin.rokke@smn.no

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

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