Sparebanken Vest has received an advance notice of an updated MREL requirement
from the Norwegian Financial Supervisory Authority (NFSA). According to the
notice, Sparebanken Vest shall hold total MREL capital equal to 34.4 per cent of
adjusted Risk Weighted Assets, resulting in an MREL requirement of NOK 23 490
million.

The requirement is based on the bank's balance as of 31 December 2019, and
adjusting for the bank's level of available own funds at the end of 2019, this
leads to a needed issuance volume of eligible liabilities (Senior Non Preferred,
SNP) of approximately NOK 12 000 million. When the annual accounts for 2020 are
audited, the need for SNP will be adjusted by the accumulated own funds based on
the 2020 results.

The MREL requirement, according to the notice, is to be fulfilled by 1 January
2021. The requirement to have issued the full amount of eligible liabilities is
applicable from 1 January 2024. Senior preferred debt, with remaining maturity
above one year will qualify as MREL capital in the transition period until 1
January 2024.

The bank shall deliver a plan to the Norwegian Financial Supervisory Authority
by 31 March 2021 on how the bank intends to phase-in the full amount of eligible
liabilities by 1 January 2024. 

BRRD2's potential reduction in the need for SNP is not addressed by the NFSA in
this advance notice, and as such, the requirement is as expected given the
previously used methodology. Thus, the bank expect that this will be the final
requirement when this is made public in December 2020.  



Bergen, 26 November 2020


For further information, contact: 

EVP and CFO, Frank Johannesen, tel.: +47 952 65 971 and e-mail:
frank.johannesen@spv.no 

EVP and CRO, Jan-Ståle Hatlebakk, tel. +47 916 62 284 and and e-mail:
jan-stale.hatlebakk@spv.no

Director of Finance and IR, Hans Olav Ingdal, tel. +47 948 09 328 and e-mail:
hans.ingdal@spv.no



This information is subject to the information requirements pursuant to the
Norwegian Securities Trading Act section 5-12.

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