SpareBank 1 Østlandet has received The Norwegian FSA's decision on resolution and the Bank's minimum requirement for Own Funds and Eligible Liabilities (MREL).
The Norwegian FSA has decided that the preferred resolution strategy for SpareBank 1 Østlandet is the continuation of The Bank through internal recapitalization ('Bail-in'). Based on the Financial Institutions Act § 20-9, cf. § 20-25, The Norwegian FSA has made the following decision: * The SpareBank 1 Østlandet Group shall hold total MREL capital of a minimum amount of 18,891 MNOK, equivalent to 33.10 percent of adjusted risk weighted assets as of 31. December 2018. * Convertible debt included when meeting the minimum requirements shall be subordinated debt issued to external investors. * The requirement is applicable from 31. March 2020. The subordination requirement shall be fulfilled by 31. December 2022 and can be phased in by SpareBank 1 Østlandet until that date utilising debt issued before 1. January 2020 subject to the debt meeting general requirements for convertible debt. The Bank shall provide The Norwegian FSA with a plan within 31 March 2020 on how to fulfil the subordination requirement of MREL qualifying debt going forward. The plan shall include a reasonable escalation to comply with the requirements within 31. December 2022. Enquiries: Geir-Egil Bolstad, CFO, tel: +47 91 88 20 71, e-mail: email@example.com
Sparebank 1 Østlandet published this content on 23 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 December 2019 07:35:06 UTC