In light of Norges Bank’s decision to raise its base rate by 0.50 percentage points, SpareBank 1 SMN has decided to raise mortgage and deposit rates by up to 0.50 percentage points.
“Despite relatively frequent interest rate hikes, inflation continues to rise in Norway and the krone exchange rate is at an historical low point. Norges Bank’s decision on a double rate hike, bringing a further upward shift in the interest rate path, underlines how important it is to take action to overcome the inflationary pressures in the Norwegian economy. The great majority of Norwegian households will continue to cope with the higher interest rates, but we urge customers who face challenges to get in touch with the bank,” says Nelly Maske, executive director at Retail Banking, SpareBank 1 SMN.
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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 9th of August 2023, for new loans on 29th of June 2023. Variations in the interest rate change may apply in the case of some customer groups.
Trondheim, June 26th 2023
Investors and analysts can contact:
CFO Trond Søraas on +47 922 36 803
The media can contact:
Executive director Rolf Jarle Brøske on +47 911 12 475
Executive director, Private Banking, Nelly Maske on +47 901 38 380
The above information is disclosable pursuant to the Norwegian Securities Trading Act, section 5-12
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