SpareBank 1 SMN is to raise mortgage and deposit rates by up to 0.50 percentage points. The background to the rate change is Norges Bank’s decision at its interest rate meeting on 18 August 2022 to hike the base rate by 0.50 percentage point. This affects the cost of the money that the banks borrow in order to lend to their customers.
“Norges Bank has plainly stated its intention to raise the base rate further in order to dampen the massive growth in prices of goods and services. The majority of people will tolerate higher interest rates, but it is important for everyone to prepare for a higher interest rate level ahead by adjusting their consumption,” says Nelly Maske, executive director of Retail Banking at 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 4th of October 2022 and for new borrowers on 24th of August 2022. Variations in the interest rate change may apply in the case of some customer groups.
Trondheim, 19th august 2022
Contact:
For investors and analysts:
CFO Trond Søraas on +47 922 36 803
For the media:
Head of corporate communications, Eirin Sørensen Røkke, on +47 452 58 536
Executive director Retail Banking, Nelly Maske, on +47 901 38 380
Press photos:
https://www.flickr.com/photos/sparebank1smn/albums
The above information is disclosable pursuant to Section 5-12 of the Norwegian Securities Trading Act.