Oma Savings Bank Plc has applied to the Finnish Financial Supervisory Authority (FIN-FSA) for the application of IRB method in capital adequacy
OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 3 FEBRUARY 2022 AT 14.30 P.M. EET, OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE
Oma Savings Bank Plc has applied to the Finnish Financial Supervisory Authority (FIN-FSA) for the application of IRB method in capital adequacy
The Board of Directors of Oma Savings Bank Plc (OmaSp or the Company) has approved the IRB permit application package and the Company has decided to initiate a permit process with the Finnish Financial Supervisory Authority (FIN-FSA) on the application of IRB method in capital adequacy. In the first stage, the Company applies permission to apply an internal risk classification under the IRB method to calculate capital requirements for retail credit risk liabilities. Later, the Company will also apply for a permit for corporate liabilities as well as renewable retail liabilities.
CEO Pasi Sydänlammi:
“The IRB permit application process has been preceded by a lengthy and thorough preparation. We have moved to apply already now IRB-compliant credit risk models, which has improved our risk management methods. Our development work continues. Obtaining permission would significantly enhance the use of the Company’s capital. In addition, applying the IRB method would bring OmaSp into a comparable position with benchmark banks when we would follow the same reporting models. We will report on the progress and schedule of the permitting process as part of our regular financial reporting and whenever necessary.”
Additional information:
Pasi Sydänlammi, CFO, tel +358 45 657 5506, pasi.sydanlammi@omasp.fi
Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi
DISTRIBUTION
Nasdaq Helsinki Ltd
Major media
www.omasp.fi
OmaSp is a growing Finnish bank and the largest savings bank in Finland based on total assets. About 330 professionals provide nationwide services through OmaSp’s 35 branch offices and digital service channels to over 150,000 customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.
OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.
