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Norwegian regulator lowers Pillar 2 requirement for Sparebank 1 SMN

The Financial Supervisory Authority of Norway has set for SpareBank 1 SMN a Pillar 2 requirement of 1.9% of risk-weighted assets but no less than 1.79 billion kroner for 2018, down from 2.1% required in 2016.

The move followed the regulator's supervisory review and evaluation process for 2018. The Pillar 2 requirement, which will be fulfilled through core equity, will cover risks not, or only partially, covered by Pillar 1 requirements.

Sparebank 1 SMN said its common equity Tier 1 ratio will be 13.9% by the end of the first quarter of 2019, compared to 14.9% at September-end.

As of Dec. 27, US$1 was equivalent to 8.79 Norwegian kroner.