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Sparebanken Vest has received a Pillar 2 decision from the Financial Supervisory Authority

04/28/2022 | 05:27pm

The Financial Supervisory Authority conducts an assessment of the risk and
capital need of Sparebanken Vest every two years through the Supervisory Review
and Evaluation Process (SREP). Based on this process, a bank specific Pillar 2
Requirement (P2R) is determined as well as an expectation for the bank's capital
margin (Pillar 2 Guidance, P2G).

This evening, 28 April 2022, the bank received the final SREP decision from the
FSA, applicable from 30 April 2022.
The P2R is determined at 1.5 per cent, which is a 0.2 percentage point reduction
compared to the previous SREP decision, dated in January 2019.

The FSA expects the Board of Directors of the bank to adopt a P2G of minimum
1.25 per cent. The P2G is expressed as an expectation, but if the bank over time
does not comply with the expectation, the FSA will consider to increase the P2R
with either whole or parts of the P2G.

According to the bank's own assessment the P2R should have been somewhat lower.
Based on the bank's stress test framework the bank does not assess a need for a

Based on this, the current CET1 requirement will be reduced by 0.2 percentage
points, to 14.0 per cent. The central bank of Norway (Norges Bank) has decided
to increase the countercyclical buffer requirement to 2.5 per cent from 31 March
, which will increase the requirement to 15.5 per cent.

Bergen, 28 April 2022.

For further information, please contact:
EVP and CFO, Frank Johannesen, tel.: +47 952 65 971 and e-mail:
EVP and CRO, Jan-Ståle Hatlebakk, tel. +47 916 62 284 and and e-mail:
Director of Finance and Investor Relations, Brede Borgen Kristiansen, tel. +47
479 06 402 and e-mail:

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

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