SpareBank 1 SMN

Interest Rate Update/Notice • May 9, 2023

SpareBank 1 SMN to raise interest rates

SpareBank 1 SMN to raise interest rates

In light of Norges Bank’s decision to raise its base rate by 0.25 percentage points, SpareBank 1 SMN has decided to raise mortgage and deposit rates by up 0.25 percentage points.

“Norges Bank was expected to raise the base rate now, in view of continued high inflation and a very low krone exchange rate. However, we believe the interest rate peak will soon be reached, unless pressures in the Norwegian economy continue and the krone depreciates even further. Interest rates are now at their highest level in 15 years, and we reckon this is likely to be the new normal after a long period of artificially low rates”, says Nelly Maske, executive director at Retail Banking, SpareBank 1 SMN.

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 23 June 2023, for new loans on 01 June 2023. Variations in the interest rate change may apply in the case of some customer groups.

Trondheim, 09 May 2023

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, Private Banking, Nelly Maske on +47 901 38 380

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