Norwegian Finans Holding ASA: Norwegian Finans Holding ASA has received an advance notice of MREL requirement for Norwegian Finans Holding ASA
Norwegian Finans Holding ASA has received an advance notice of MREL requirement according to Financial Institutions Act 2015 (Finansforetaksloven) §20-9 from the Norwegian Financial Supervisory Authority.Norwegian Finans Holding ASA shall hold total MREL capital equal to 37.135 % of adjusted risk weighted assets as of 31.12.2018, which leads to an MREL requirement of NOK 4,675 million. This absolute requirement will apply until a new requirement is calculated expectedly prior to year end 2020.The MREL capital issued by Norwegian Finans Holding ASA shall be issued in senior non preferred format with an expected phase-in period until 31.12.2022. Senior preferred debt issued by Bank Norwegian AS per 31.12.2019, with a minimum remaining tenor of 1 year, will qualify as MREL capital until 31.12.2022.Norwegian Finans Holding ASA is required to meet the minimum MREL requirement per 30.06.2020. The company shall deliver a plan to the Norwegian FSA within 31.03.2020 on how to fulfill the requirement going forward. The advance notice is a preliminary notice to Norwegian Finance Holding ASA of its MREL requirement.This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act