Application for capital injection from the Norwegian State Finance
Fund
(Thomson Reuters ONE) - SpareBank 1 SR-Bank has decided to submit an application to theNorwegian State Finance Fund for an injection of core capital in theform of hybrid instruments of up to NOK 1.6 billion and preferredcapital of up to NOK 0.8 billion. The final decision on an injectionof capital is subject to the negotiation of acceptable terms with theFund.The reason for the application is to strengthen the bank's financialsoundness and facilitate continued normal lending activities. At endof the second quarter of 2009, SpareBank 1 SR-Bank (group) had a corecapital adequacy ratio of 7.0 per cent and a capital adequacy ratioof 9.5 per cent. The Board has resolved to increase the core capitaladequacy ratio to a minimum of 9 per cent. An injection of capitalfrom the Finance Fund will help achieve the core capital adequacyratio target, strengthen the bank's financial soundness andfacilitate normal lending activities also when the demand for loansrebounds.Stavanger, 20 August 2009Contact persons in SpareBank 1 SR-Bank:CEO Terje Vareberg, tel.: +47 911 00 448Chief Financial Officer Erling ÿverland, tel.: +47 915 56 542Director Capital Markets Stian Helgøy, tel.: +47 906 52 173Investor Relations Manager Kyrre M. Knudsen, tel.: +47 938 83 518This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 20.08.2009 - 12:46 Uhr
Sprache: Deutsch
News-ID 4916
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Business News
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