Profit and Loss Account - Sparebanken Vest...Profit and Loss Account Sparebanken Vest Boligkreditt...
Transcript of Profit and Loss Account - Sparebanken Vest...Profit and Loss Account Sparebanken Vest Boligkreditt...
Profit and Loss AccountSparebanken Vest Boligkreditt AS
21. May - 31. December
Noter 2008AssetsInterest income etc. 62.197Interest expenses etc. 48.641
Net interest income and credit commissions 3 13.556Commissions receivable and income from banking services 2Commissions payable and cost of banking services 10Net other operating income -8
Net operating income 13.548
Salaries and general administration expenses 4 6.230Depreciation 10 562Other operating expenses 5 3.170Total operating expenses 9.962
Profit before write-downs and tax 3.587Write-downs and losses on loans and guarantees 8 790
Profit before tax 2.797Taxes 6 784
Profit after tax 2.012
Allocation of profitTransferred to equity -2.012Total allocations -2.012
Profit per share 4,47Diluted profit per share 4,47
Balance SheetSparebanken Vest Boligkreditt AS
31. December2008
Assets
7/9 425.9907/8 8.150.66310 2.328
8.578.981
7/11 3.621.8757/12 4.501.676
25513 5036 5316 254
1.8758.126.969
450.000450.000
2.012452.012
8.578.981
Knut Ravnå Pål Pedersen Inga Lise MoldestadChairman Deputy chairman
Vibeke Knudsen Egil MokleivCEO
Securitised debtAccrued expenses and prepaid income
Loans to and deposits with credit institutionsNet lendingsOther intangible assetsTotal assets
Liabilities and equity
Loans to and deposits with credit institutions
Bergen 31.12.2008 / 20.02.2009Board of Sparebanken Vest Boligkreditt AS
Total paid-up equity
Total equityOther equity
Total liabilities and equity
Pension commitmentsDeferred taxTax provisionOther liabilitiesTotal liabilities
Equity
Statement of Cash Flows
Sparebanken Vest Boligkreditt AS21. May - 31. December
2008Cash flows from operationsInterest, commissions and fee income 33.644Interest, commissions and fees paid -1.453Payments for goods and services 8.076Payments to employees, pension schemes, national insurance, tax deductions etc. 154Net cash flow from operations 26.867
Cash flows from investment activitiesNet growth in lendings 8.134.628Payments related to purchase of fixed assets 2.890Net cash flow from investment activities -8.137.518
Cash flows from financing activitiesNet payments/revenues on loans to and receivables from other financial institutions 11.733Net revenues/payments on deposits from Norges Bank and other financial institutions 3.600.984Income related to bond debt 4.500.000Payments related to bond debt 26.075Income related to issue of equity 450.000Net cash flow from financing activities 8.536.642
Net cash flow in period 425.990
Net change in cash and cash equivalents 425.990Liquid assets at 1 January 0Liquid assets at 31 December 425.990
Equity movementsSparebanken Vest Boligkreditt AS
Share capital Other equity Sum
Established 21.5.2008 50.000 50.000Capital increase 04.07.2008 400.000 400.000Profit for the year 2.012 2.012Equity at 31 December 2008 450.000 2.012 452.012
Equity consitiutes 450.000 shares with face value NOK 1000, wholly owned by SPV
Note 1
GENERAL
Sparebanken Vest Boligkreditt AS is a wholly owned special bank subsidiary ofSparebanken Vest, established under the Norwegian Covered Bonds Legislation. Thecompany was established on 21th May 2008 with the sole purpose of issuing coveredbonds backed by mortgages acquired from the owner. The head office is in Bergen. Thehead office address is: Kaigaten 4, NO-5016 Bergen.
All amounts in the accounts and the notes to the accounts are stated in NOK thousands,unless stated otherwise.
ACCOUNTING PRINCIPLES
The accounts are prepared in accordance with simplified International FinancialReporting Standards (IFRS) adopted by the EU and published by the InternationalAccounting Standards Board (IASB), and which were compulsory at 31 December 2008.The company is included in the Sparebanken Vest Group, which implemented IFRS inthe consolidated accounts as of 1 January 2005. Sparebanken Vest Boligkreditt AS hasprepared statutory accounts according to the Norwegian Ministry of Finance's regulationson annual accounts, Section 1-5, on the use of simplified IFRS (International FinancialReporting Standards) hereinafter called the simplified IFRS regulations. With theimplementation of simplified IFRS, the company has applied assumptions which affectestimates of assets, liabilities, income, costs and information related to contingentliabilities. Future events may lead to changes in these assumptions. The effect of thesechanges will be reflected in the accounts when the new estimates can be determinedwith sufficient certainty. Dividends, group contributions and other allocations related tothe accounting result for the year will be posted when the allocations are approved by thegeneral meeting.
RECORDING OF INTEREST AND FEES
Interest is recorded when incurred.
SEGMENT INFORMATION
The company’s activities are divided into segments: banking activities in the RetailMarket (RM) and the Corporate Market (CM). The numbers are presented in note 2.
The company’s initial costs and related interest on deposits are not divided by segmentbut are part of the figure described as “Unallocated by segment”.
FINANCIAL ASSETS
Financial assets are valued in accordance with IAS 39, and the presentation is inaccordance with IFRS 7.
Value changes in the period are posted in the profit and loss account. The date ofthe agreement has been chosen as the accounting date.
Loans and accounts receivable
Loans and accounts receivable are non-derivative financial assets with fixed ordeterminable payments and which are not traded in an active market.
Loans and receivables in the balance sheet comprise floating-rate loans, fixed-rate loansand loans with a built-in derivative.
Floating rate loans
Loans are initially recognised at fair value plus direct transaction costs. In periods afterthe initial valuation assessment, loans are recognised at amortised cost based on theeffective interest rate method, as an expression of the fair value of the loan. If there isobjective evidence of a decline in the value of an individual loan or groups of loans, theloans are written down. The amount of the write-down is calculated as the differencebetween the balance sheet value and the present value of future cash flows, based onthe expected lifetime of the loan. Write-downs are classified as a chargeable cost.
Interest income is taken to income on the basis of the effective interest rate method. Inrespect of commitments with individually determined write-downs, the effective interestrate is locked in cases where a) the loan is not in default, or b) the changed rate isregardless of the fact that the loan is in default and the interest rate change affects theexpected cash flow.
Loans with a built-in derivative
Loans with interest cap have a built-in derivative and are stated at fair value. Anagreement signed between the company and Sparebanken Vest states that whentransferring loans with interest cap from Sparebanken Vest to the company, it’s the loanand not the derivative that is to be transferred to Sparebanken Vest Boligkreditt AS.
INTANGIBLE ASSETS
Developed software
Software that has been developed is posted in the balance sheet under intangible assetswhen the amounts involved are deemed to be material and the items are expected tohave lasting value. In the development of software, costs related to use of ownresources, pre-planning, implementation and training are charged in the profit and loss
account. Software that has been developed by the bank and posted in the balance sheetis depreciated over its expected lifetime. There is continuous assessment of the need forwrite-downs where the expected economic benefits are less than the balance sheetvalue.
FINANCIAL LIABILITIES
Financial liabilities at a floating rate are stated at amortised cost. Amortised cost isdefined as the initial amount of the instrument recognised in the accounts (cost price)less repayments of principal, with an addition or deduction for accumulated amortisationof all differences between cost price and the nominal amount, less all write-downs.Amortisation is based on the effective interest rate method.
When the company buys back its own securities, the difference between the balancesheet value and the consideration paid is posted as “Net gain/(loss) on financialinstruments”. The buy-back of securities issued by the company is netted againstsecurities debt in the balance sheet.
IMPORTANT ASSESSMENTS MADE IN RELATION TO THE COMPANY’SACCOUNTING PRINCIPLES
In applying accounting principles related to certain IFRS accounting standards, thecompany makes evaluations based on its own judgement.
Estimates and assumptions represent a considerable risk of major changes in thebalance sheet value of assets and liabilities, the most important of which are discussedbelow.
Loan write-downs
All commitments which are subject to an individual valuation shall be assessed todetermine whether there is objective evidence showing that a loss event has occurredand that the loss event has reduced the estimated future cash flows from the loan.
If there is objective evidence of loan impairment, the loan loss is calculated as thedifference between the balance sheet value (loan principal + accrued interest at the dateof valuation) and the present value of future cash flows discounted taking account of theeffective rate of interest and the expected lifetime of the loan. In estimating future cashflows, account is only taken of the credit loss caused by the loss events which havearisen.
Pension commitments
The net present value of pension commitments depends on current economic andactuarial assumptions. Any change made to these assumptions affects the pensioncommitment amount recorded in the balance sheet and the pension expense.
The calculation is based on guidelines on assumptions issued by the NorwegianAccounting Foundation.
TAXATION
Deferred tax and deferred tax assets are stated in the balance sheet in accordance withIAS 12 Deferred Tax.
The tax charge in the profit and loss account includes both the tax payable for the periodand the change in deferred tax. Deferred tax/deferred tax assets are calculated at a taxrate of 28% on the basis of timing differences between values for accounting andtaxation purposes at year-end. Taxable and tax-deductible timing differences which arereversed or can be reversed within the same time interval are netted against each otherand entered net.
Deferred tax assets are posted in the balance sheet on the basis of expectations oftaxable income through earnings in future years.
Tax payable in the balance sheet relates to the tax on the profit for the year, tax payableon capital assets, and tax linked to the group contribution.
PENSION COMMITMENTS
Pension commitments are calculated in accordance with IAS 19. Economic assumptionsused to calculate the pension commitments are updated at year-end, including thediscount rate which is based on year-end market rates. IAS 19 permits the effect ofdivergence between estimated and actual assumptions to be entered in a “corridor”.Deviations from estimates and assumptions are measured against the larger of grosspension commitments and total pension fund assets. If the deviations exceed 10% of thebasis of measurement, the difference is amortised over the average remaining period ofservice.
The net pension commitments are calculated and posted as a long-term liability in theaccounts. Net pension commitments are the difference between gross pensioncommitments (the present value of expected future pensions) and the balance onpension funds assets in the insurance fund and the pension premium fund. The figure fornet pension commitments corrected for deviations from estimates and changes inpension assumptions, including employer’s national insurance contributions, appears inthe balance sheet.
The pension charge for the year is stated net in the profit and loss account under«Salaries and general administration expenses».
STATEMENT OF CASH FLOWS
The statement of cash flows is prepared on the basis of gross cash flows fromoperations, investment and financing activities.
Cash flows from operations are defined as ongoing interest related to customerborrowings and deposits, net receipts/payments related to lending and deposit activities,and payments related to the cost of ordinary operations.
Cash flows from other securities transactions, as well as the issue and repayment ofbond debt and equity are defined as financing activities.
EQUITY
Equity consists and share capital and other equity.
Sparebanken Vest Boligkreditt AS
CorporateMarket Retail Market
Unallocatedsegment
Total
Result
2008
Net interest income 38 3.056 10.462 13.556Operating income -8 -8Operating expenses -3.350 -6.611 -9.962Losses -790 -790Pre-tax profit 38 -1.093 3.851 2.796Taxes -784 -784Profit after tax 38 -1.093 3.066 2.012
Balance Sheet
2008
Net lendings 67.094 8.083.569 8.150.663Other assets 2.328 425.990 428.318Other liabilities and equity 8.123.551 455.430 8.578.981
1) Costs attached to establishing and rating of SPV Boligkreditt AS is not allocated to segments
Note 3 Net interest income and credit commissions
Sparebanken Vest Boligkreditt AS21. May - 31. December
2008Interest etc. on loans to and deposits with credit institutions 11.733Interest etc. on loans to and receivables from customers:
- stated at amortised cost 48.805- stated at fair value 1.659
Interest income 62.197
Interest etc. on loans from credit institutions 20.890Interest etc. on securities issued 27.751Interest costs 48.641Net interest income and credit commissions 13.556
Note 2 Segments profit and loss account
Primary report:
Note 4 Salaries and general administration expenses
Sparebanken Vest Boligkreditt AS21. May - 31. December
2008Salaries 1.050
Pensions 1) 104Social security contributions 170Administration expenses 4.906
Salaries and general administration expenses 6.230
1) See note 13
The average number of employees in 2008 was 2.
Senior employees Salary/ fees Additional fees Pension
CEO
Egil Mokleiv2) 546 59 85Board of directorsKnut Ravnå, chairman 32Pål Pedersen, deputy chairman3) 6Inga Lise Moldestad 29Vibeke Knudsen 29Benedicte Schilbred Fasmer4) 34Total 677 59 85
2) Employed from 27/6
Board fees and additional fees for participation in committees is pursuant to a resolution of the Corporate Assembly.
CEO Egil Mokleiv 693
Note 5 Other operating expenses
Sparebanken Vest Boligkreditt AS21. May - 31. December
2008Fixed assets charged against income 20Other operating expenses 3.151Andre driftskostnader 3.170
Fee to elected auditor (NOK 1 000) 2008Audit fee 63Establishment and increase of capital 75Assistance Covered Bond Programme 141Total 278
The cost of subsidising the interest rate on loans to the employees is not booked as an operating expense and affects the bank's net interest income. Loans to employeesare subsidised in the form of a 20% rebate on standard customer terms.
4) Benedicte Schilbred Fasmer acted as chairman until 7/11
3) Pål Pedersen started as deputy chairman 7/11
Loans and guarantees to the managing director and deputy managing director (NOK 1 000)
The loans are on standard terms for employees
Note 6 TaxesSparebanken Vest Boligkreditt AS
Tax charge for the year 2008Tax payable 814Change in deferred tax -29Tax charge for the year 784
Pre-tax profit 2.79628% tax onpre-tax profits 783Non-deductable costs 1
Tax charge 784
Effective rate of tax 28 %
Sparebanken Vest Boligkreditt ASChange in deferred tax assets in the balance sheet: 2008Balance sheet value (deferred tax assets) at 1 January 0Posted in profit and loss account -29Timing difference group contribution 560Balance sheet value at 31 December 531
Deferred tax assets in the profit and loss account relates the following timing differences: 2008
Pension commitments 29Total deferred tax assets 29
Deferred tax liabilities in the profit and loss account relates the following timing differences:
Group contribution 560Total deferred tax liabilities 560
Net deferred tax -531
Note 7 Classification of financial instrumentsSparebanken Vest Boligkreditt AS
Balance sheetvalue
Adjustmentto fair value
Assets
Loans to and deposits with credit institutions 425.990
Customer loans at fair value 316.772Customer loans at amortised cost 7.834.680Loans 8.151.453Total 8.577.443 0
Liabilities
Debt to credit institutions at amortised cost 3.621.875
Securitised debt at amortised cost 4.500.000 -6.802Total 8.121.875 -6.802
31/12-08
The calculation of deferred tax /deferred tax assets is based on the timing differences between accounting and taxation values at year-end and the tax loss to be carried forward.
Note 8 LoansSparebanken Vest Boligkreditt AS
21. May - 31. DecemberDistribution of loans by sector - nominal amount of loan principalOverdraft facilities 3.057.116Instalment loans 5.077.512Gross loans to customers 8.134.628Individual loan write-downs 0Loans to customers after individual write-downs 8.134.628Accrued interest 16.824Write-down of loan groups -790Loans to and receivables from customers at amortised cost 8.150.663
Market distribution of loansWage earners 8.053.665Corporate 80.963Gross loans and receivables 8.134.628Accrued interest 16.824Write-down of loan groups -790Loans to and receivables from customers 8.150.663
Net loans and guarantees distributed by main industries andretail market Net loans
Unappliedcreditlimits
Write-downs onloans and
guaranteesWrite-down of
loan groups
GroupRetail customers 8.040.178 690.707Foreign (retail clients) 13.494Total - retail clients 8.053.672 690.707 0 0Primary industries 3.147Manufacturing and mining 2.770Building and construction, power and water supply 20.275Commerce, hotels and restaurant operations 8.650Transportation, post and telecomunications 16.857Real estate operations 5.679Other 23.585Total - commercial sector 80.963 0 0 790Group write-downs, commercial sector 790Total 8.134.635 690.707 0 790
Write-downs and losses
Sparebanken Vest Boligkreditt AS2008
Change in individual write-downs in period 0Change in loan group write-downs in period 790Write-downs and loan losses 790
Realised losses on loans covered by previous write-downs 0Realised losses on guarantees not covered by previous lossprovisions 0Realised losses 0
Defaulted commitments
Sparebanken Vest Boligkreditt AS2008
Defaulted commitments31 - 60 days 4.00061 - 90 days 0Over 90 days 0Total 1) 4.000
write-down on loan groups.1) The expected loss on defaulted commitments in the Retail market is included in the
Note 8 Loans cont. ICredit risk
Risk classification of loans and guarantees
Distribution of loans by risk group
Risk classStarting at Until
A 0,01 0,15B 0,15 0,30C 0,30 0,45D 0,45 0,62E 0,62 0,78F 0,78 1,01G 1,01 1,41H 1,41 2,59I 2,59 4,48J 4,48 15,47K 15,47 Written down
Distribution of loans by risk classCommitment Individual
write-downs31/12-08 31/12-08
A-E 7.313.380F-H 750.331I-J 70.923KTotal 8.134.635 0
parameters for expected losses set by the Board of Directors.
Distribution of loans by geographical area Proportion LoansWrite-downs
Hordaland 91,8 7.480Sogn og Fjordane 6,6 537Rogaland 1,5 121Total - Norway 99,8 8.138 0Foreign 0,2 13Total - geographical areas 100,0 8.151 0
The credit risk is the risk of loss if the bank's customers are unable to meet their obligations related to loans, creditfacitlites, guarantees and the like. The credit risk is managed on the basis of targets set for risk profile, rate of returnand growth. A key element in quantification of the bank's risk profile is calculation of the default probability for individualcustomers and portfolios, - see below. The target rate of return is based on the Return on Risk-Adjusted Capital(RORAC). The concentration risk is managed on the basis of the targets set for the proportion for each sector, thelargest individual commitments and the overall figure set for major commitments.
The expected annual average net loss has been calculated for the next 12 months and is within the
Probability of default
Sparebanken Vest Boligkreditts net losses in 2008 corresonded to -0,01 % of total gross lendings.
Sparebanken Vest Boligkreditt's credit portfolio is split into 11 risk classes from A to K based on debt-servicing ability(default probability).The default probability is defined as the likelihood that the customer will default on the loan withinthe next 12 months. A default may relate to a failure to service debt and 90 days have elapsed or other specificcircumstances ("unlikely to pay", cf. Basel II), affecting the customer's ability to service the debt. The default probabilityis calculated using statistical models (score cards) based on logical regression. The models combine internal andexternal data to establish statistical relationships. The results are interpreted and form the basis of logical key figures.Risk classification of all commitments is carried out each month using the automatic collection of data from internal andexternal sources. There is also manual monitoring of corporate commitments. The frequency of risk classificationassessment depends on the size of the commitmment and the nature of the risk.
Commitments are priced to reflect the level of exposure. Those with the highest exposure therefore have the highest price.
Note 8 Loans cont. II
Loan write-downs posted in the balance sheet
Sparebanken Vest Boligkreditt AS31/12-08
Individual write-downsLoan write-downs at 1 January (nominal values) 0Realised losses on loans covered by previous write-downs 0Increase in write-down of loans written down previously 0Write-down of loans not written down previously 0Reduction in previous years' write-downs of individually assessed loans 0Individual write-downs 0
Group write-downsWrite-down of loan groups at 1 January (nominal values) 0Increase in write-down of loan groups 790Reduction in write-down of loan groups 0Write-down of loan groups 790Total write-downs of commitments 790
Note 9 Loans to and receivables from credit institutionsSparebanken Vest Boligkreditt AS
31/12-08
Deposits with credit institutions with no agreed term or period of notice 425.990
Net loans to and deposits with credit institutions 425.990
Geographical areasHordaland 425.990Total 425.990
All commitments which are to be individually assessed shall be considered to determine if there is objectiveevidence that a loss has arisen and that the loss event will reduce the loan's estimated future cash flows.
If objective evidence of impairment is found, the loss on the loan is calculated as the difference between thebalance sheet value (balance + accrued interest at date of assessment) and the present value of future cashflows. In estimating future cash flows only the credit loss caused by the loss event that has occurred shall betaken into account. The estimation of future cash flows from a loan shall also take account of the takeover andsale of related loan collateral, including the transaction costs.When the best estimate of the future cash flow is estimated and recorded, the system will calculate the newvalue of the loan (amortised cost) and the difference will be the amount of the write-down.The write-down of the loss (against the customer's commitment) shall be carried out when the entire loancollateral has been realised and it is certain that no further payments will be received on the commitment. Theclaim on the customers remains and will be followed up, unless an agreement has been made with thecustomer to waive the claim.
Sparebanken Vest Boligkreditt AS
Softwareand licences
Sum
Accounting year 2008Book value at 1/1-08 0 0Additions 2.890 2.890Write-down of goodwill 562 562Book value at 31/12-08 2.328 2.328
At 31 December 2008Cost 2.890 2.890Accumulated depreciation 562 562Book value at 31/12-08 2.328 2.328
expected economic lifetime which is estimated at 3 years.
Note 11 Debt to credit institutionsDebt to credit institutions is classified at amortised cost
Sparebanken Vest Boligkreditt AS31/12-08
No agreed term or period of notice 3.621.874Debt to credit institutions 3.621.874
Note 12 Securitised debtSecuritised debt is classified as being valued at amortised cost or recognised at fair value through profit or loss.
Covered bonds Sparebanken Vest Boligkreditt AS
ISIN code Currency Nominal Coupon Issued Maturity 31/12-08NO0010474547 NOK 4.500.000 Float 3M Nibor + 0,45 % 2008 2012 4.500.000
Cover pool 31/12-08Mortgages 8.151.453Substitute collateral 425.990Cover pool 8.577.443
Overcollateralisation 191 %
Note 10 Intangible assets
Software/licences are depreciated on a straight line basis over their
Debt is financed through SPVs programme for financing. Compensation amounts to the average cost of funding for SPV
Sparebanken Vest Boligkreditt AS
Kostnader ForpliktelsePercentage 2008 31/12-08Discount rate 4,30 3,80Expected return on pension fund assets: 6,30 5,80Annual salary growth: 4,50 4,00Annual pension regulation: 2,00 1,50Change in national insurance base rate: 4,25 3,75Voluntary withdrawals (over/under 40 years of age) 0-8,00 0-8,00
Pension costs 2008Accumulated pension rights for year 85Interest charge on accrued pension commitments 6Net pension cost 91Employer's national insurance contributions 13Pension cost posted in profit and loss account *) 104
Pension commitment 31/12-08Net present value of pension commitment 350Pension fund assets stated at fair value 0Net pension commitment 350Employer's national insurance contributions 49Unposted effect of changed estimates 104Net pension commitment in balance sheet 503
Pension commitment from Sparebanken Vest 350Premium paid / paid in to premium fund 85Interest charge on accrued pension commitments 6Estimate divergences -91Pension commitment at 31 December 350
Change in pension commitment in yearPension fund assets (fair value) at 1 January
Sparebanken Vest Boligkreditt uses the special "corridor" equalisation method for the accounting treatment of changes in estimatesand the difference between the expected and the actual return on pension fund assets, and changes in economic assumptionsused to calculate pension commitments.
Note 13 Pension commitments
Economic assumptions used to calculate pension costs and commitments:
Under the Compulsory Occupational Pension Act, the Sparebanken Vest Group is required to have an occupational pensionscheme, and the Group's scheme meets the requirements of the Act.
Note 14 Capital adequacy
Sparebanken Vest Boligkreditt AS
Net capital base 31/12-08
Equity 450.000Other equity 2.012Sum equity 452.012
Intangible capital -2.328Group contribution -2.012Deductions -4.340
Core capital 447.672
Net supplementary capital 0Net capital base 447.672
Capital requirement, Basel II 31/12-08
Credit risk, Standard method 262.257Market risk 0Operational risk 542Capital requirement, Basel II 262.799
Capital adequacy, Basel II 31/12-08Basis of calculation, Basel II 3.284.988Net core capital (%) 13,63 %Net capital base (%) 13,63 %Calculated regulatory surplus, Basel II 184.873
Note 15 Liquidity risk
Sparebanken Vest Boligkreditt AS
Residual maturity of balance sheet items at 31 December 20080 - 1 month 1 - 3 months 3 - 12
months1 - 5
yearsTotal
Debt to credit institutions 3.621.874 3.621.874Securitised debt 50.288 150.863 5.002.875 5.204.025
Total payments 3.621.874 50.288 150.863 5.002.875 8.825.899
Nominal values in NOK.
Liquidity risk means the risk that the bank is unable to refinance its debt as it matures, or is unable to fundincreases in assets.
Sparebanken Vest Boligkreditt AS
Total intra-group transactions (NOK 1 000) 2008
Profit and lossInterest received from SPV on deposit 11.733Interest paid on debt to SPV -47.536Administration fee -1.063
Balance SheetDeposit in SPV 425.990Debt to SPV -3.621.875Securitised debt -4.201.676
All intra-group transactions and transactions with associated companies are conducted in conformity with normalcommercial terms and principles.
Sparebanken Vest Boligkreditt is a wholly owned subsidiaries and is defined as associated company
Note 16 Market risk
Note 17 Transactions with associated companies
Transactions involving senior employees and elected officers appear in note 4.
This information is provided in accordance with the provisions of IAS 24 concerning "Information about associatedcompanies".
The company's only market risk stems from the NOK 4,5 bn covered bond with floating rates.