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2014-04-29 08:30:00 CEST 2014-04-29 08:30:39 CEST REGULATED INFORMATION OP Mortgage Bank - Interim report (Q1 and Q3)OP Mortgage Bank Interim Report for January-March 2014OP MORTGAGE BANK Stock exchange release 29 April 2014, 9:30 am Interim Report OP Mortgage Bank Interim Report for January-March 2014 Financial standing The loan portfolio of OP Mortgage Bank (OPA) increased to EUR 9,749 million (7,930)*. The company increased its loan portfolio by buying mortgage-backed loans from OP-Pohjola Group's member banks worth a total of EUR 2,172 million. In March, OP issued its eighth covered bond in global markets with a nominal value of EUR 1,000 million. The bond carries a fixed interest rate and has a maturity of seven years. Moody's Investor Services and Standard & Poor's Rating Services affirmed their best ratings, Aaa and AAA, respectively, for the issued bond. The company's financial standing remained stable throughout the reporting period. Earnings before tax for the first quarter came to EUR 5.3 million (3.8). OPA has hedged against the interest-rate risk associated with its housing loan portfolio through interest-rate OPA has used interest rate swaps to hedge against its interest rate risk. Interest rate swaps have been used to swap housing loan interest and interest on issued bonds into the same basis rate. OPA has entered into all derivative contracts for hedging purposes, with Pohjola Bank plc being their counterparty. *Comparatives for 2013 are given in brackets. For income-statement and other aggregated figures, January-March 2013 figures serve as comparatives. For balance-sheet and other cross-sectional figures, figures at the end of the previous reporting period (31 December 2013) serve as comparatives. Collateralisation of bonds issued to the public Mortgages collateralising covered bonds issued before 1 August 2010, under the Finnish Act on Mortgage Credit Banks (1240/1999), are included in Cover Asset Pool A. The balance of Pool A was EUR 3,000 million at the end of March. Mortgages collateralising covered bonds issued after 1 August 2010, under the Finnish Covered Bonds Act (688/2010), are included in Cover Asset Pool B. The balance of Pool B was EUR 6,362 million at the end of March. Capital adequacy OPA has presented its March-end capital base and capital adequacy in accordance with the EU capital requirement regulation and directive (EU 575/2013) (CRR/CRD IV) entered into force on 1 January 2014. Comparatives for 2013 are presented according to CRD III in force on 31 December 2013. OPA's Common Equity Tier 1 (CET1) ratio stood at 122.1% on 31 March. Joint responsibility and joint security Under the Act on Cooperative Banks and Other Cooperative Credit Institutions, the amalgamation of the cooperative banks comprises the organisation's central institution (OP-Pohjola Group Central Cooperative), the Central Cooperative's member credit institutions and the companies belonging to their consolidation groups. This amalgamation is monitored on a consolidated basis. The Central Cooperative and its member banks are ultimately responsible for each other's liabilities and commitments. The Central Cooperative's members at the end of the report period comprised OP-Pohjola Group's 181 member banks as well as Pohjola Bank plc, Helsinki OP Bank Plc, OP Mortgage Bank, OP Card Company Plc and OP Process Services Ltd. OP-Pohjola Group's insurance companies do not fall within the scope of joint responsibility. The central institution is obligated to provide its member credit institutions with instructions on their internal control and risk management, their operations in securing liquidity and capital adequacy, and compliance with uniform accounting policies in preparing the amalgamation's consolidated financial statements. The central institution and its member credit institutions are jointly responsible for the liabilities of the central institution or a member credit institution placed in liquidation or bankruptcy that cannot be paid from its assets. The liability is divided between the central institution and the member credit institutions in the ratios following the balance sheet total. In spite of the joint responsibility and the joint security, pursuant to Section 25 of the Finnish Covered Bonds Act, the holder of a bond with mortgage collateral shall, notwithstanding the liquidation or bankruptcy of a mortgage credit bank, have the right to receive payment, before other claims, for the entire loan period of the bond, in accordance with the contract terms, from the funds entered as collateral for the bond. Personnel On 31 March, OPA had six employees. It purchases all key support services from OP-Pohjola Group Central Cooperative and its Group companies, which reduces the need for more staff. Administration The Board composition is as follows: Chief Financial Officer, OP-Pohjola Group Chairman Harri Luhtala Central Cooperative Senior Vice President, OP-Pohjola Group Vice Chairman Elina Ronkanen-Minogue Central Cooperative Members Lars Björklöf Managing Director, Osuuspankki Raasepori Sakari Haapakoski Bank Manager, Oulun Osuuspankki Executive Vice President, Etelä-Hämeen Mika Helin Osuuspankki Hanno Hirvinen Group Treasurer, Pohjola Bank plc Senior Vice President, OP-Pohjola Group Jari Tirkkonen Central Cooperative OPA's Managing Director is Lauri Iloniemi. Risk exposure The most significant types of risk related to OPA are credit risk, structural funding risk, liquidity risk and interest-rate risk. The key indicators in use shows that OPA's credit risk exposure is stable and the limit for liquidity risk set by the Board of Directors has not been exceeded. The liquidity buffer for OP-Pohjola Group, managed by Pohjola Bank Plc, is exploitable by OPA. OPA has hedged against the interest-rate risk associated with its housing loan portfolio through interest-rate swaps, i.e. base rate cash flows from housing loans to be hedged are swapped to short-term Euribor cash flows. The interest rate risk may be considered to be low. Outlook The existing issuance programme will make it possible to issue new covered bonds in 2014. It is expected that the Company's capital adequacy will remain strong, risk exposure will be favourable and the overall quality of the credit portfolio will remain strong. Accounting Policies The Interim Report for 1 January-31 March 2014 has been prepared in accordance with IAS 34 (Interim Financial Reporting). In the preparation of the Interim Report, OPA applied the same accounting policies as in the Financial Statements for 2013. The Interim Report is based on unaudited figures. Given that all of the figures have been rounded off, the sum total of individual figures may deviate from the presented sums. The cash flow statement presents the cash flows for the period on a cash basis, divided into cash flows from operating activities, investing activities and financing activities. Cash flows from operating activities include the cash flows generated from day-to-day operations. Cash flow from investing activities includes payments related to PPE and intangible assets, investments held to maturity and shares that are not considered as belonging to cash flow from operating activities. Cash flow from financing activities includes cash flows originating in the financing of operations either on equity or liability terms from the money or capital market. Cash and cash equivalents include liquid assets and receivables from credit institutions payable on demand. The statement has been prepared using the indirect method. Related-party transactions OPA's related parties include OP-Pohjola Group Central Cooperative and its subsidiaries, the OP Bank Group pension insurance organisation OP Bank Group Pension Fund and OP Bank Group Pension Foundation, and the company's administrative personnel. Standard loan terms and conditions apply to loans granted to the related parties. Loans are tied to generally used reference rates. Related-party transactions did not undergo any substantial changes during the reporting period. Debt securities issued to the public are carried at amortised cost. The fair value of these debt instruments has been measured using information available in markets and employing commonly used valuation techniques. The difference between the fair value and carrying amount is presented as valuation difference in the Classification of financial assets and liabilities table. The carrying amounts of other balance-sheet items substantially correspond to their fair values. All derivative contracts have been entered into for hedging purposes, regardless of their classification in accounting. Calculation of key ratios Return on equity, % = Annualised profit for the period / Equity capital (average equity capital at the beginning and end of the period) × 100 Cost/income ratio, % = (Personnel costs + Other administrative expenses + Other operating expenses) / (Net interest income + Net commissions and fees + Net trading income + Total net investment income+ Other operating income) × 100 +---------------------------------------------+-------+-------+-------+ |Income statement TEUR|Q1/2014|Q1/2013| 2013| +---------------------------------------------+-------+-------+-------+ | | | | | +---------------------------------------------+-------+-------+-------+ |Interest income | 26,357| 20,070| 81,047| +---------------------------------------------+-------+-------+-------+ |Interest expenses | 16,001| 11,742| 49,855| +---------------------------------------------+-------+-------+-------+ |Net interest income | 10,356| 8,329| 31,192| +---------------------------------------------+-------+-------+-------+ |Impairment loss on receivables | -64| 10| 19| +---------------------------------------------+-------+-------+-------+ |Net commissons and fees | -3,963| -3,669|-16,070| +---------------------------------------------+-------+-------+-------+ |Net trading income | 0| 0| 0| +---------------------------------------------+-------+-------+-------+ |Net investment income | 1| 1| 1| +---------------------------------------------+-------+-------+-------+ |Other operating income | 0| 0| 0| +---------------------------------------------+-------+-------+-------+ |Personnel costs | 119| 120| 449| +---------------------------------------------+-------+-------+-------+ |Other administrative expenses | 564| 423| 1,570| +---------------------------------------------+-------+-------+-------+ |Other operating expenses | 305| 345| 1,302| +---------------------------------------------+-------+-------+-------+ |Earnings before tax | 5,340| 3,782| 11,821| +---------------------------------------------+-------+-------+-------+ |Income tax expense | 1,068| 926| 2,887| +---------------------------------------------+-------+-------+-------+ |Profit for the period | 4,272| 2,856| 8,934| +---------------------------------------------+-------+-------+-------+ +--------------------------------------------------------+-------+-------+-----+ |Statement of comprehensive income |Q1/2014|Q1/2013| 2013| +--------------------------------------------------------+-------+-------+-----+ | TEUR| | | | +--------------------------------------------------------+-------+-------+-----+ |Profit for the period | 4,272| 2,856|8,934| +--------------------------------------------------------+-------+-------+-----+ | | | | | +--------------------------------------------------------+-------+-------+-----+ |Items that will not be reclassified to profit or loss | | | | +--------------------------------------------------------+-------+-------+-----+ |Gains/(losses) arising from remeasurement of defined | | | | |benefit plans | 0| 0| -38| +--------------------------------------------------------+-------+-------+-----+ |Income tax on gains/(losses) on arising from | | | | |remeasurement of defined benefit plans | 0| 0| -6| +--------------------------------------------------------+-------+-------+-----+ |Total comprehensive income | 4,272| 2,856|8,889| +--------------------------------------------------------+-------+-------+-----+ +-------------------------+-------+-------+----+ |Key ratios |Q1/2014|Q1/2013|2013| +-------------------------+-------+-------+----+ |Return on equity (ROE), %| 5.1| 3.5| 2.7| +-------------------------+-------+-------+----+ |Cost/income ratio, % | 15| 19| 22| +-------------------------+-------+-------+----+ +----------------------------------------------------------+----------+--------+ |Cash flow statement TEUR | Q1/2014| Q1/2013| +----------------------------------------------------------+----------+--------+ |Cash and cash equivalents 1 Jan. | 110,550| 53,300| +----------------------------------------------------------+----------+--------+ |Total comprehensive income for the period | 4,272| 2,856| +----------------------------------------------------------+----------+--------+ |Adjustments to profit for the period | 780| 711| +----------------------------------------------------------+----------+--------+ |Increase (-) or decrease (+) in operating assets |-1,861,519|-167,473| +----------------------------------------------------------+----------+--------+ |Increase (+) or decrease (-) in operating liabilities | 1,296,680| 163,952| +----------------------------------------------------------+----------+--------+ |A. Cash flow from operating activities | -559,787| 46| +----------------------------------------------------------+----------+--------+ |Shares and participations | -23| -| +----------------------------------------------------------+----------+--------+ |Purchase of intangible assets | -174| -83| +----------------------------------------------------------+----------+--------+ |B. Cash flow from investing activities | -197| -83| +----------------------------------------------------------+----------+--------+ |Increases in debt securities issued to the public | 995,839| 1,619| +----------------------------------------------------------+----------+--------+ |Decreases in debt securities issued to the public | 0| 0| +----------------------------------------------------------+----------+--------+ |Reserve for invested unrestricted equity | 0| 0| +----------------------------------------------------------+----------+--------+ |Dividends paid | 0| -2,001| +----------------------------------------------------------+----------+--------+ |C. Cash flow from financing activities | 995,839| -381| +----------------------------------------------------------+----------+--------+ |Net increase/decrease in cash and cash equivalents (A+B+C)| 435,855| -419| +----------------------------------------------------------+----------+--------+ |Cash and cash equivalents 31 Dec. | 546,404| 52,881| +----------------------------------------------------------+----------+--------+ +----------------------------------------+------------+------------+-----------+ |Balance | | | | |sheet |31 Mar 2014|31 Mar 2013|31 Dec 2013| | TEUR | | | | +----------------------------------------+------------+------------+-----------+ | | | | | +----------------------------------------+------------+------------+-----------+ |Receivables from credit institutions | 546,404| 52,881| 110,550| +----------------------------------------+------------+------------+-----------+ |Derivative contracts | 199,126| 276,403| 198,086| +----------------------------------------+------------+------------+-----------+ |Receivables from customers | 9,749,343| 8,847,903| 7,929,630| +----------------------------------------+------------+------------+-----------+ |Investments assets | 40| 17| 17| +----------------------------------------+------------+------------+-----------+ |Intangible assets | 1,819| 1,128| 1,668| +----------------------------------------+------------+------------+-----------+ |Other assets | 117,719| 117,146| 76,362| +----------------------------------------+------------+------------+-----------+ |Tax assets | 39| 33| 630| +----------------------------------------+------------+------------+-----------+ |Total assets | 10,614,491| 9,295,512| 8,316,944| +----------------------------------------+------------+------------+-----------+ |Liabilities to credit institutions | 3,136,149| 2,747,000| 1,885,000| +----------------------------------------+------------+------------+-----------+ |Derivative contracts | 7,778| 10,867| 8,767| +----------------------------------------+------------+------------+-----------+ |Debt securities issued to the public | 6,988,802| 6,068,986| 5,991,695| +----------------------------------------+------------+------------+-----------+ |Provisions and other liabilities | 145,316| 142,136| 99,628| +----------------------------------------+------------+------------+-----------+ |Tax liabilities | 321| 704| 0| +----------------------------------------+------------+------------+-----------+ |Total liabilities | 10,278,366| 8,969,693| 7,985,090| +----------------------------------------+------------+------------+-----------+ |Shareholders' equity | | | | +----------------------------------------+------------+------------+-----------+ | Share capital | 60,000| 60,000| 60,000| +----------------------------------------+------------+------------+-----------+ | Reserve for invested | | | | |unrestricted | | | | | equity | 235,000| 235,000| 235,000| +----------------------------------------+------------+------------+-----------+ | Retained earnings | 41,125| 30,819| 36,853| +----------------------------------------+------------+------------+-----------+ |Total equity | 336,125| 325,819| 331,853| +----------------------------------------+------------+------------+-----------+ |Total liabilities and shareholders' | | | | |equity | 10,614,491| 9,295,512| 8,316,944| +----------------------------------------+------------+------------+-----------+ +----------------------------------------+------------+------------+-----------+ |Off-balance-sheet commitments TEUR |31 Mar 2014|31 Mar 2013|31 Dec 2013| +----------------------------------------+------------+------------+-----------+ |Irrevocable commitments given on behalf | | | | |of customers | 5,463| 11,352| 4,568| +----------------------------------------+------------+------------+-----------+ +--------------------+-------------+--------------+---------------+------------+ |Statement of changes|Share capital|Other reserves| Retained|Total equity| |in equity TEUR | | | earnings| | +--------------------+-------------+--------------+---------------+------------+ | | | | | | +--------------------+-------------+--------------+---------------+------------+ |Shareholders' equity| | | | | |1 Jan 2013 | 60,000| 235,000| 29,964| 324,964| +--------------------+-------------+--------------+---------------+------------+ |Reserve for invested| | | | | |unrestricted equity| -| -| -| 0| +--------------------+-------------+--------------+---------------+------------+ |Profit for the | | | | | |period | -| -| 2,856| 2,856| +--------------------+-------------+--------------+---------------+------------+ |Total comprehensive | | | | | |income | | | 0| 0| +--------------------+-------------+--------------+---------------+------------+ |Other changes | -| -| -2,001| -2,001| +--------------------+-------------+--------------+---------------+------------+ |Shareholders' equity| | | | | |31 Mar 2013 | 60,000| 235,000| 30,819| 325,819| +--------------------+-------------+--------------+---------------+------------+ | | | | | | +--------------------+-------------+--------------+---------------+------------+ |Shareholders' equity| | | | | |1 Jan 2014 | 60,000| 235,000| 36,853| 331,853| +--------------------+-------------+--------------+---------------+------------+ |Reserve for invested| | | | | |unrestricted equity | -| -| -| -| +--------------------+-------------+--------------+---------------+------------+ |Profit for the | | | | | |period | -| -| 4,272| 4,272| +--------------------+-------------+--------------+---------------+------------+ |Total comprehensive | | | | | |income | | | -| 0| +--------------------+-------------+--------------+---------------+------------+ |Other changes | -| -| -| 0| +--------------------+-------------+--------------+---------------+------------+ |Shareholders' equity| | | | | |31 Mar 2014 | 60,000| 235,000| 41,125| 336,125| +--------------------+-------------+--------------+---------------+------------+ OPA has presented its capital base and capital adequacy of 31 March 2014 in accordance with the EU capital requirement regulation and directive (EU 575/2013) (CRR/CRD IV) entered into force on 1 January 2014. Comparatives for 2013 are presented according to CRD III in force on 31 December 2013. +------------------------------------------+------------+----------+-----------+ |Capital base and capital adequacy | CRD IV | CRD IV | CRD III | | | | | | | TEUR|31 Mar 2014|1 Jan 2014|31 Dec 2013| +------------------------------------------+------------+----------+-----------+ | | | | | +------------------------------------------+------------+----------+-----------+ |Shareholders' equity | 336,125| 331,853| 331,853| +------------------------------------------+------------+----------+-----------+ |Common Equity Tier 1 (CET1) before | | | | |deductions | 336,125| 331,853| 331,853| +------------------------------------------+------------+----------+-----------+ |Intangible assets | -1,819| -1,668| -1,668| +------------------------------------------+------------+----------+-----------+ |Excess funding of pension liability, | | | | |indirect holdings and deferred tax assets | | | | |for losses | 0| 0| 0| +------------------------------------------+------------+----------+-----------+ |Planned profit distribution / profit | | | | |distribution as proposed by the Board | -750| 0| 0| +------------------------------------------+------------+----------+-----------+ |Unrealised gains under transitional | | | | |provisions | 0| 0| 0| +------------------------------------------+------------+----------+-----------+ |Impairment loss - shortfall of expected | | | | |losses | -2,010| -2,155| -1,077| +------------------------------------------+------------+----------+-----------+ |Shortfall of Additional Tier 1 (AT1) | 0| 0| -1,077| +------------------------------------------+------------+----------+-----------+ |Common Equity Tier 1 (CET1)*) | 331,546| 328,031| 328,031| +------------------------------------------+------------+----------+-----------+ |Instruments included in other Tier 1 | | | | |capital | 0| 0| 0| +------------------------------------------+------------+----------+-----------+ |Shortfall of Tier 2 capital | 0| 0| -1,077| +------------------------------------------+------------+----------+-----------+ |Reclassification into CET1 | 0| 0| 1,077| +------------------------------------------+------------+----------+-----------+ |Additional Tier 1 capital (AT1) | 0| 0| 0| +------------------------------------------+------------+----------+-----------+ |Tier 1 capital (T1) | 331,546| 328,031| 328,031| +------------------------------------------+------------+----------+-----------+ |Debenture loans | 0| 0| 0| +------------------------------------------+------------+----------+-----------+ |Unrealised gains under transitional | | | | |provisions | 0| 0| 0| +------------------------------------------+------------+----------+-----------+ |Impairment loss - shortfall of expected | | | | |losses | 0| 0| -1,077| +------------------------------------------+------------+----------+-----------+ |Reclassification into AT1 | 0| 0| 1,077| +------------------------------------------+------------+----------+-----------+ |Tier 2 Capital (T2) | 0| 0| 0| +------------------------------------------+------------+----------+-----------+ |Total Capital base | 331,546| 328,031| 328,031| +------------------------------------------+------------+----------+-----------+ | | | | | +------------------------------------------+------------+----------+-----------+ |Risk-weighted assets | | | | +------------------------------------------+------------+----------+-----------+ |Credit and counterparty risk | 247,947| 263,887| 263,881| +------------------------------------------+------------+----------+-----------+ |Market risk | 0| 0| 0| +------------------------------------------+------------+----------+-----------+ |Operational risk | 23,527| 19,941| 19,941| +------------------------------------------+------------+----------+-----------+ |Basel I floor | | | 2,908,024| +------------------------------------------+------------+----------+-----------+ |Total | 271,474| 283,827| 3,191,845| +------------------------------------------+------------+----------+-----------+ | | | | | +------------------------------------------+------------+----------+-----------+ |Key ratios | 331,546| 328,031| 328,031| +------------------------------------------+------------+----------+-----------+ |CET1 capital ratio | 122.1| 115.6| 10.3| +------------------------------------------+------------+----------+-----------+ |Tier 1 capital ratio | 122.1| 115.6| 10.3| +------------------------------------------+------------+----------+-----------+ |Capital adequacy ratio | 122.1| 115.6| 10.3| +------------------------------------------+------------+----------+-----------+ | | | | | +------------------------------------------+------------+----------+-----------+ |Basel I floor | | | | +------------------------------------------+------------+----------+-----------+ |Capital base | 331,546| 328,031| | +------------------------------------------+------------+----------+-----------+ |Basel I capital requirements floor | 322,569| 255,348| | +------------------------------------------+------------+----------+-----------+ |Capital buffer for Basel I floor | 8,977| 72.683| | +------------------------------------------+------------+----------+-----------+ *) The row of CET1 based on CRD III figures shows Core Tier as defined by the EBA Under CRR, the Basel I floor does not apply to RWAs and becomes a minimum capital requirement. The table above shows capital resources that exceed the Basel I floor. Shortfall of difference between impairment losses and expected losses totals EUR 2 million. +------------------------------------------------------------------------------+ |Classification of financial assets | |and liabilities TEUR | +-------------------+----------------+--------------+---------------+----------+ | | | Recognised at| | | | | | fair value| | | | |Loans and other|through profit|Available for| | |Financial assets | receivables| or loss| sale| Total| +-------------------+----------------+--------------+---------------+----------+ |Receivables from | | | | | |credit institutions| 546,404| -| -| 546,404| +-------------------+----------------+--------------+---------------+----------+ |Derivative | | | | | |contracts | -| 199,126| -| 199,126| +-------------------+----------------+--------------+---------------+----------+ |Receivables from | | | | | |customers | 9,749,343| -| -| 9,749,343| +-------------------+----------------+--------------+---------------+----------+ |Shares and | | | | | |participations | -| -| 40| 40| +-------------------+----------------+--------------+---------------+----------+ |Other receivables | 117,719| -| -| 117,719| +-------------------+----------------+--------------+---------------+----------+ |Other assets | 1,858| 0| 0| 1,858| +-------------------+----------------+--------------+---------------+----------+ |Balance at 31 March| | | | | |2014 | 10,415,325| 199,126| 40|10,614,491| +-------------------+----------------+--------------+---------------+----------+ |Balance at 31 March| | | | | |2013 | 9,019,091| 276,403| 17| 9,295,512| +-------------------+----------------+--------------+---------------+----------+ |Balance at 31 | | | | | |December 2013 | 8,118,840| 198,086| 17| 8,316,944| +-------------------+----------------+--------------+---------------+----------+ | | +-------------------+----------------+--------------+---------------+----------+ | | | Recognised at| | | | | | fair value| | | |Financial | |through profit| Other| | |liabilities | | or loss| liabilities| Total| +-------------------+----------------+--------------+---------------+----------+ |Liabilities to | | | | | |credit institutions| -| -| 3,136,149| 3,136,149| +-------------------+----------------+--------------+---------------+----------+ |Derivative | | | | | |contracts | -| 7,778| -| 7,778| +-------------------+----------------+--------------+---------------+----------+ |Debt securities | | | | | |issued to the | | | | | |public | -| -| 6,988,802| 6,988,802| +-------------------+----------------+--------------+---------------+----------+ |Other liabilities | -| -| 145,637| 145,637| +-------------------+----------------+--------------+---------------+----------+ |Balance at 31 March| | | | | |2014 | -| 7,778| 10,270,588|10,278,366| +-------------------+----------------+--------------+---------------+----------+ |Balance at 31 March| | | | | |2013 | 0| 10,867| 8,958,826| 8,969,693| +-------------------+----------------+--------------+---------------+----------+ |Balance at 31 | | | | | |December 2013 | -| 8,767| 7,976,323| 7,985,090| +-------------------+----------------+--------------+---------------+----------+ |Valuation | | | | | |difference of debt | | | | | |securities issued | | | | | |to the public | | | | | |(difference between| | | | | |fair value and | | | | | |carrying amount) | | | | | |31 March 2013 | | | 254,529| 254,529| +-------------------+----------------+--------------+---------------+----------+ +-------------------+----------------------------------------------------------+ |Derivative | | |contracts 31 Mar |Nominal values/residual term to maturity | |2014 | | |TEUR | | +-------------------+-----------------+-----------+-----------------+----------+ | | Less than 1 year| 1-5 years|More than 5 years| Total| +-------------------+-----------------+-----------+-----------------+----------+ |Interest rate | | | | | |derivatives | | | | | +-------------------+-----------------+-----------+-----------------+----------+ |Hedging | 3,436,567| 12,470,542| 2,396,000|18,303,109| +-------------------+-----------------+-----------+-----------------+----------+ |Trading | -| -| -| -| +-------------------+-----------------+-----------+-----------------+----------+ |Total | 3,436,567| 12,470,542| 2,396,000|18,303,109| +-------------------+-----------------+-----------+-----------------+----------+ +-------------------+-----------------------------+-----------------+ | | Fair | Credit | | |values | | +-------------------+-----------------+-----------+ | | | Assets|Liabilities| equivalent | +-------------------+-----------------+-----------+-----------------+ |Interest rate | | | | |derivatives | | | | +-------------------+-----------------+-----------+-----------------+ |Hedging | 199,126| 7,778| 397,695| +-------------------+-----------------+-----------+-----------------+ |Trading | -| -| -| +-------------------+-----------------+-----------+-----------------+ |Total | 199,126| 7,778| 397,695| +-------------------+-----------------+-----------+-----------------+ +--------------------+---------------------------------------------------------+ |Derivative contracts| | |31 Dec 2013 |Nominal values/residual term to maturity | |TEUR | | +--------------------+----------------+-----------+-----------------+----------+ | |Less than 1 year| 1-5 years|More than 5 years| Total| +--------------------+----------------+-----------+-----------------+----------+ |Interest rate | | | | | |derivatives | | | | | +--------------------+----------------+-----------+-----------------+----------+ |Hedging | 2,936,007| 11,644,865| 396,000|14,976,872| +--------------------+----------------+-----------+-----------------+----------+ |Trading | -| -| -| -| +--------------------+----------------+-----------+-----------------+----------+ |Total | 2,936,007| 11,644,865| 396,000|14,976,872| +--------------------+----------------+-----------+-----------------+----------+ +--------------------+----------------------------+-----------------+ | | Fair values | Credit | +--------------------+----------------+-----------+ | | | Assets|Liabilities| equivalent | +--------------------+----------------+-----------+-----------------+ |Interest rate | | | | |derivatives | | | | +--------------------+----------------+-----------+-----------------+ |Hedging | 198,086| 8,767| 325,316| +--------------------+----------------+-----------+-----------------+ |Trading | -| -| -| +--------------------+----------------+-----------+-----------------+ |Total | 198,086| 8,767| 325,316| +--------------------+----------------+-----------+-----------------+ +------------------------------------------------------------------------------+ |Grouping of the balance sheet according to the valuation | |method, TEUR | | | | | +-----------------------------+------------------------------------------------+ |31 Mar 2014 |Valuation of fair value at the end of the period| +-----------------------------+-------------------+---------+-------+----------+ | |Balance sheet value| Level 1|Level 2| Level 3| +-----------------------------+-------------------+---------+-------+----------+ |Assets recognised at fair | | | | | |value | | | | | +-----------------------------+-------------------+---------+-------+----------+ |Derivate contracts | 199,126| -|199,126| -| +-----------------------------+-------------------+---------+-------+----------+ |Total | 199,126| -|199,126| -| +-----------------------------+-------------------+---------+-------+----------+ |Liabilities recognised at | | | | | |fair value | | | | | +-----------------------------+-------------------+---------+-------+----------+ |Derivate contracts | 7,778| -| 7,778| -| +-----------------------------+-------------------+---------+-------+----------+ |Total | 7,778| | 7,778| | +-----------------------------+-------------------+---------+-------+----------+ |Financial liabilities not | | | | | |recognised at fair value | | | | | +-----------------------------+-------------------+---------+-------+----------+ |Debt securities issued to the| | | | | |public | 6,988,802|7,127,613|115,719| | +-----------------------------+-------------------+---------+-------+----------+ |Total | 6,988,802|7,127,613|115,719| -| +-----------------------------+-------------------+---------+-------+----------+ | | | | | | +-----------------------------+------------------------------------------------+ |31 Dec 2013 |Valuation of fair value at the end of the period| +-----------------------------+-------------------+---------+-------+----------+ | |Balance sheet value| Level 1|Level 2| Level 3| +-----------------------------+-------------------+---------+-------+----------+ |Assets recognised at fair | | | | | |value | | | | | +-----------------------------+-------------------+---------+-------+----------+ |Derivate contracts | 198,086| -|198,086| -| +-----------------------------+-------------------+---------+-------+----------+ |Total | 198,086| -|198,086| -| +-----------------------------+-------------------+---------+-------+----------+ |Liabilities recognised at | | | | | |fair value | | | | | +-----------------------------+-------------------+---------+-------+----------+ |Derivate contracts | 8,767| -| 8,767| -| +-----------------------------+-------------------+---------+-------+----------+ |Yhteensä | 8,767| | 8,767| | +-----------------------------+-------------------+---------+-------+----------+ |Financial liabilities not | | | | | |recognised at fair value | | | | | +-----------------------------+-------------------+---------+-------+----------+ |Debt securities issued to the| | | | | |public | 5,991,695|6,139,724|107,822| | +-----------------------------+-------------------+---------+-------+----------+ |Total | 5,991,695|6,139,724|107,822| -| +-----------------------------+-------------------+---------+-------+----------+ | | | | |OPA does not hold any transfers between the levels of fair value | |valuation. | +------------------------------------------------------------------------------+ Helsinki, 29 April 2014 OP Mortgage Bank Board of Directors For more information, please contact Managing Director Lauri Iloniemi, tel. +358 (0)10 252 3541 DISTRIBUTION LSE London Stock Exchange OAM, Officially Appointed Mechanism Major media op.fi [HUG#1780807] |
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