2015-02-05 13:46:05 CET
2015-02-05 13:46:52 CET
REGULATED INFORMATION
OP Mortgage Bank - Interim report (Q1 and Q3)
CORRECTION: Financial Statements Bulletin for 2014
This is a correction of the announcement from 10:00 05.02.2015 EET. Reason for the correction: The two sentences below under the heading "OP-Pohjola Group to renew brand: OP- Pohjola will become simply OP" contained errors: As already announced, Pohjola Bank Plc and Helsinki OP Bank will come together to form a new bank for the Helsinki region: OP Bank Plc. Pohjola Insurance will become OP Insurance." The paragraph is corrected as follows: OP Cooperative completed its public voluntary bid announced in February 2014 and gained ownership of all Pohjola Bank plc shares by decision of the Arbitral Tribunal in accordance with Chapter 18, Section 6 of the Finnish Limited Liability Companies Act. Following the realisation of a public voluntary bid by OP Financial Group Central Cooperative Consolidated, structural changes are in progress, meaning, for example, that the Non-life Insurance segment and the Asset Management segment would be transferred from Pohjola Group to be directly owned by OP Cooperative. As to asset management, the transfer has been scheduled to take place during 2015. In addition, some business operations of Helsinki OP Bank Plc and Pohjola Bank plc will be combined under joint management. The process of planning and examination of different options regarding the restructuring of OP Financial Group Central Cooperative and the implementation of legal structures of the organisation is still underway. In the context of further planning of the restructuring, the separation of OP Financial Group'scentral banking operations, being presently part of Pohjola Bank plc, as a detached subsidiary fully owned by OP Financial Group Central Cooperative, is also under consideration. OP Financial Group's banking operations in their entirety will continue to fall within the scope of joint liability as laid down in the applicable law. The specific manner to implement these changes or schedule have not yet been decided. OP MORTGAGE BANK Stock exchange release 5 February 2014, at 10 am Financial Statements OP Mortgage Bank plc: Financial Statements Bulletin for 2014 OP Mortgage Bank (OPA) is part of OP Financial Group. Together with Pohjola Bank plc, it is in charge of OP's funding from the money and capital markets. OP Mortgage Bank is responsible for the Group's funding based on mortgage-backed securities by issuing covered bonds. Financial standing The loan portfolio of OP Mortgage Bank (OPA) increased to EUR 9,329 million (7,930)*. The company increased its loan portfolio by buying mortgage-backed loans from OP Financial Group's member banks worth a total of EUR 2,989 million. Between January and December, OPA issued two covered bonds in the international capital market. The maturity of the bond issued in March is seven years, that of the bond issued in June five years, and that of the bond issued in November ten years. These bonds are fixed-rate bonds, each having a nominal value of EUR 1,000 million. The bonds got the highest credit ratings from credit rating agencies. The company's financial standing remained stable throughout the reporting period. Operating profit for January-December amounted to EUR 18.3 (11.8) million. 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. * The comparatives for 2013 are given in brackets. For income-statement andother aggregated figures, January-December 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 a comparative. 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 1,200 million at the end of December. 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 7,737 million at the end of December. Capital adequacy OPA has presented its December -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. In May, OP Cooperative increased OPA's equity capital by making an additional investment of EUR 10 million. OPA's Common Equity Tier 1 (CET1) ratio stood at 133 % on 31 December. The Core Tier 1 capital includes the profit for the financial year. The profit for the period is unaudited at the time of publishing. OPA has presented the profit's impact on Core Tier 1 in the appendix Capital base and capital adequacy. Joint liability of amalgamation Under the Laki talletuspankkien yhteenliittymästä Act (the Act on the Amalgamation of Deposit Banks), the amalgamation of the cooperative banks comprises the organisation's central institution (OP Cooperative), the central institution's member credit institutions and the companies belonging to their consolidation groups as well as credit and financial institutions and service companies in which the above together hold more than half of the total votes. This amalgamation is supervised on a consolidated basis. On 31 December 2014, OP Cooperative's members comprised 181 cooperative banks as well as Pohjola Bank plc, Helsinki OP Bank Plc, OP Mortgage Bank plc, OP Card Company Plc and OP Process Services Ltd. The central institution is responsible for issuing instructions to its member credit institutions concerning their internal control and risk management, their procedures for securing liquidity and capital adequacy as well as for compliance with harmonised accounting policies in the preparation of the amalgamation's consolidated financial statements. Companies belonging to the amalgamation are legally responsible for each other's debts. OP Financial Group's insurance companies do not fall within the scope of joint liability. The amalgamation's central institution OP Cooperative is obliged, if necessary, to assist member banks with a sum that prevents them from going into liquidation. The central cooperative is liable for the debts of a member bank which cannot be paid using the member bank's capital. Each member bank is liable to pay a proportion of the amount which the central cooperative has paid to either another member bank as part of support action or to a creditor of such member bank in payment of an amount overdue which the creditor has not received from the member bank. Furthermore, in the case of the central cooperative's default, a member bank has unlimited refinancing liability for the central cooperative's debts as referred to in the Co-operatives Act. Each member bank's liability for the amount the central cooperative has paid to the creditor on behalf of a member bank is divided between the member bank in proportion to their last adopted balance sheets. According to the Covered Bonds Act, section 25, the holder of a covered bond has the right to receive a payment for the entire loan term of the bond from the assets entered as collateral without other receivables without this being prevented by OP Mortgage Bank's liquidation or bankruptcy. Personnel On 31 December, OPA had six employees. The Bank purchases all the most important support services from OP Cooperative and its Group members, reducing the Bank's need for its own personnel. Administration As part of the OP Financial Group management system reorganisation, the composition of OPA's Board of Directors was changed by turning it into an intra- group board of directors. The practice is the same for all subsidiaries. Board of Directors until 1 October 2014: Chairman Harri Luhtala Chief Financial Officer, OP Cooperative, Financial Group Vice Chairman Elina Ronkanen-Minogue Senior Vice President, OP Cooperative, Financial Group Members Lars Björklöf Managing Director, Osuuspankki Raasepori Sakari Haapakoski Bank Manager, Oulun Osuuspankki Mika Helin Executive Vice President, Etelä-Hämeen Osuuspankki Hanno Hirvinen Group Treasurer, Pohjola Bank plc Jari Tirkkonen Senior Vice President, OP Cooperative, Financial Group Board of Directors as of 1 October 2014: Chairman Harri Luhtala Chief Financial Officer, OP Cooperative, Financial Group Members Elina Ronkanen-Minogue Senior Vice President, OP Cooperative, Financial Group Hanno Hirvinen Group Treasurer, Pohjola Bank plc OPA's Managing Director is Lauri Iloniemi and Hanno Hirvinen is his deputy. OP-Pohjola Group to renew brand: OP-Pohjola will become simply OP On 6 October 2014, OP-Pohjola announced the renewal of its brand: OP-Pohjola will be shortened to OP. The change under way forms part of the creation of a new financial services group fully owned by its customers. In the future, the banking, non-life insurance and asset management businesses will all come under the OP brand. The Group recommends cooperative banks also adopt names beginning with OP. OP Cooperative completed its public voluntary bid announced in February 2014 and gained ownership of all Pohjola Bank plc shares by decision of the Arbitral Tribunal in accordance with Chapter 18, Section 6 of the Finnish Limited Liability Companies Act. Following the realisation of a public voluntary bid by OP Financial Group Central Cooperative Consolidated, structural changes are in progress, meaning, for example, that the Non-life Insurance segment and the Asset Management segment would be transferred from Pohjola Group to be directly owned by OP Cooperative. As to asset management, the transfer has been scheduled to take place during 2015. In addition, some business operations of Helsinki OP Bank Plc and Pohjola Bank plc will be combined under joint management. The process of planning and examination of different options regarding the restructuring of OP Financial Group Central Cooperative and the implementation of legal structures of the organisation is still underway. In the context of further planning of the restructuring, the separation of OP Financial Group's central banking operations, being presently part of Pohjola Bank plc, as a detached subsidiary fully owned by OP Financial Group Central Cooperative, is also under consideration. OP Financial Group's banking operations in their entirety will continue to fall within the scope of joint liability as laid down in the applicable law. The specific manner to implement these changes or schedule have not yet been decided. Furthermore, OP has decided to open four new private hospitals in Finland. It will also expand to new fields of specialised medicine and occupational health. The nationwide hospital network is built under the Pohjola brand. Omasairaala will change its name to Pohjola Health Ltd in the autumn of 2015. The new name of the OP-Pohjola Group, OP Financial Group, was adopted on 1 January 2015. 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 Financial 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 2015. 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 good. Accounting Policies Financial Statements Bulletin for 2014 has been prepared in accordance with IAS 34 (Interim Financial Reporting). This Financial Statements Bulletin 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. OP Mortgage Bank adopted the following IFRS standards, interpretations and options in 2014: IAS 32 - Financial Instruments: Presentation change, reduction of Financial Instruments and Debts from each other. The change specified the regulations concerning the presentation of financial assets and liabilities and added application guidelines concerning the subject. The standard change did not have an impact on the financial statement of OP Mortgage Bank. 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. OPA has calculated its capital base and capital adequacy in accordance with the EU capital requirement regulation and directive (EU 575/2013) (CRR/CRD IV). OPA uses the Internal Ratings Based Approach (IRBA) to measure its capital adequacy requirement for credit risk. OPA uses the Standardised Approach to measure its capital adequacy for operational risk. OPA's related parties include the parent company OP Cooperative and its subsidiaries, the OP Financial 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. 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 |Q4/2014|Q4/2013| 2014| 2013| +------------------------------+-------+-------+-------+-------+ | | | | | | +------------------------------+-------+-------+-------+-------+ |Interest income | 28,086| 20,244|117,550| 81,047| +------------------------------+-------+-------+-------+-------+ |Interest expenses | 13,161| 13,229| 62,539| 49,855| +------------------------------+-------+-------+-------+-------+ |Net interest income | 14,925| 7,014| 55,011| 31,192| +------------------------------+-------+-------+-------+-------+ |Impairment loss on receivables| -2| -29| -150| 19| +------------------------------+-------+-------+-------+-------+ |Net commissions and fees | -9,989| -4,115|-32,394|-16,070| +------------------------------+-------+-------+-------+-------+ |Net trading income | 0| 0| -1| 0| +------------------------------+-------+-------+-------+-------+ |Net investment income | 0| 0| 1| 1| +------------------------------+-------+-------+-------+-------+ |Other operating income | 0| 0| 1| 0| +------------------------------+-------+-------+-------+-------+ |Personnel costs | 103| 124| 385| 449| +------------------------------+-------+-------+-------+-------+ |Other administrative expenses | 564| 380| 2,300| 1,570| +------------------------------+-------+-------+-------+-------+ |Other operating expenses | 406| 371| 1,506| 1,302| +------------------------------+-------+-------+-------+-------+ |Earnings before tax | 3,861| 1,996| 18,277| 11,821| +------------------------------+-------+-------+-------+-------+ |Income tax expense | 775| 482| 3,657| 2,887| +------------------------------+-------+-------+-------+-------+ |Profit for the period | 3,086| 1,514| 14,619| 8,934| +------------------------------+-------+-------+-------+-------+ +-------------------------------------------------+-------+-------+------+-----+ |Statement of comprehensive income |Q4/2013|Q4/2013| 2014| 2013| +-------------------------------------------------+-------+-------+------+-----+ | TEUR| | | | | +-------------------------------------------------+-------+-------+------+-----+ |Profit for the period | 3,086| 1,514|14,619|8,934| +-------------------------------------------------+-------+-------+------+-----+ | | | | | | +-------------------------------------------------+-------+-------+------+-----+ |Items that will not be reclassified to profit or | | | | | |loss | | | | | +-------------------------------------------------+-------+-------+------+-----+ |Gains/(losses) arising from remeasurement of | | | | | |defined benefit plans | -17| -38| -17| -38| +-------------------------------------------------+-------+-------+------+-----+ |Income tax on gains/(losses) on arising from | | | | | |remeasurement of defined benefit plans | 3| -6| 3| -6| +-------------------------------------------------+-------+-------+------+-----+ |Total comprehensive income | 3,073| 1,469|14,606|8,889| +-------------------------------------------------+-------+-------+------+-----+ +-------------------------+-------+-------+----+----+ |Key ratios |Q4/2013|Q4/2013|2014|2013| +-------------------------+-------+-------+----+----+ |Return on equity (ROE), %| 3.5| 1.8| 4.2| 2.7| +-------------------------+-------+-------+----+----+ |Cost/income ratio, % | 22| 30| 19| 22| +-------------------------+-------+-------+----+----+ +--------------------------------------------------------+----------+----------+ |Cash flow statement TEUR |Q1-Q4/2014|Q1-Q4/2013| +--------------------------------------------------------+----------+----------+ |Cash and cash equivalents 1 Jan. | 110,550| 53,300| +--------------------------------------------------------+----------+----------+ |Total comprehensive income for the period | 14,606| 8,889| +--------------------------------------------------------+----------+----------+ |Adjustments to profit for the period | 3,819| 3,141| +--------------------------------------------------------+----------+----------+ |Increase (-) or decrease (+) in operating assets |-1,486,421| 869,905| +--------------------------------------------------------+----------+----------+ |Increase (+) or decrease (-) in operating liabilities | -293,699| -828,177| +--------------------------------------------------------+----------+----------+ |A. Cash flow from operating activities |-1,761,695| 53,759| +--------------------------------------------------------+----------+----------+ |Purchase of intangible assets | -1,087| -776| +--------------------------------------------------------+----------+----------+ |B. Cash flow from investing activities | -1,087| -776| +--------------------------------------------------------+----------+----------+ |Increases in debt securities issued to the public | 1,751,278| 6,268| +--------------------------------------------------------+----------+----------+ |Decreases in debt securities issued to the public | 0| 0| +--------------------------------------------------------+----------+----------+ |Reserve for invested unrestricted equity | 10,000| 0| +--------------------------------------------------------+----------+----------+ |Dividends paid | 0| -2,001| +--------------------------------------------------------+----------+----------+ |C. Cash flow from financing activities | 1,761,278| 4,267| +--------------------------------------------------------+----------+----------+ |Net increase/decrease in cash and cash equivalents | | | |(A+B+C) | -1,504| 57,250| +--------------------------------------------------------+----------+----------+ |Cash and cash equivalents 31 Dec. | 109,046| 110,550| +--------------------------------------------------------+----------+----------+ +---------------+-----------+------------+------------+------------+-----------+ |Balance sheet | 31 Dec |30 Sep 2014|30 June 2014| 31 March| 31 Dec | |TEUR | 2013| | | 2014| 2013| +---------------+-----------+------------+------------+------------+-----------+ | | | | | | | +---------------+-----------+------------+------------+------------+-----------+ |Receivables | | | | | | |from credit | | | | | | |institutions | 119,046| 599,325| 652,971| 546,404| 110,550| +---------------+-----------+------------+------------+------------+-----------+ |Derivative | | | | | | |contracts | 261,346| 252,120| 230,912| 199,126| 198,086| +---------------+-----------+------------+------------+------------+-----------+ |Receivables | | | | | | |from customers | 9,329,077| 9,521,936| 9,929,237| 9,749,343| 7,929,630| +---------------+-----------+------------+------------+------------+-----------+ |Investments | | | | | | |assets | 40| 40| 40| 40| 17| +---------------+-----------+------------+------------+------------+-----------+ |Intangible | | | | | | |assets | 2,610| 2,266| 2,096| 1,819| 1,668| +---------------+-----------+------------+------------+------------+-----------+ |Other assets | 90,047| 92,283| 82,515| 117,719| 76,362| +---------------+-----------+------------+------------+------------+-----------+ |Tax assets | 380| 61| 60| 39| 630| +---------------+-----------+------------+------------+------------+-----------+ |Total assets | 9,802,546| 10,468,031| 10,897,832| 10,614,491| 8,316,944| +---------------+-----------+------------+------------+------------+-----------+ |Liabilities to | | | | | | |credit | | | | | | |institutions | 1,505,000| 1,935,372| 2,400,892| 3,136,149| 1,885,000| +---------------+-----------+------------+------------+------------+-----------+ |Derivative | | | | | | |contracts | 8,298| 9,295| 7,761| 7,778| 8,767| +---------------+-----------+------------+------------+------------+-----------+ |Debt securities| | | | | | |issued to the | | | | | | |public | 7,810,673| 8,043,326| 8,019,417| 6,988,802| 5,991,695| +---------------+-----------+------------+------------+------------+-----------+ |Provisions and | | | | | | |other | | | | | | |liabilities | 122,116| 125,890| 118,876| 145,316| 99,628| +---------------+-----------+------------+------------+------------+-----------+ |Tax liabilities| 0| 762| 667| 321| 0| +---------------+-----------+------------+------------+------------+-----------+ |Total | | | | | | |liabilities | 9,446,086| 10,114,644| 10,547,613| 10,278,366| 7,985,090| +---------------+-----------+------------+------------+------------+-----------+ |Shareholders' | | | | | | |equity | | | | | | +---------------+-----------+------------+------------+------------+-----------+ | Share capital| 60,000| 60,000| 60,000| 60,000| 60,000| +---------------+-----------+------------+------------+------------+-----------+ | Reserve for | | | | | | |invested | | | | | | |unrestricted .| | | | | | |equity | 245,000| 245,000| 245,000| 235,000| 235,000| +---------------+-----------+------------+------------+------------+-----------+ | Retained | | | | | | |earnings | 51,459| 48,387| 45,218| 41,125| 36,853| +---------------+-----------+------------+------------+------------+-----------+ |Total equity | 356,459| 353,387| 350,218| 336,125| 331,853| +---------------+-----------+------------+------------+------------+-----------+ |Total | | | | | | |liabilities and| | | | | | |shareholders' | | | | | | |equity | 9,802,546| 10,468,031| 10,897,832| 10,614,491| 8,316,944| +---------------+-----------+------------+------------+------------+-----------+ +------------------+-----------+-----------+-----------+-----------+-----------+ |Off-balance-sheet | 31 Dec | 30 Sep | 30 June| 31 March|31 Dec 2013| |commitments TEUR | 2014| 2014| 2014| 2014| | +------------------+-----------+-----------+-----------+-----------+-----------+ |Irrevocable | | | | | | |commitments given | | | | | | |on behalf of | | | | | | |customers | 3,252| 3,467| 3,924| 5,463| 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| -| -| -| -| +--------------------+-------------+--------------+---------------+------------+ |Profit for the | | | | | |period | -| -| 8,934| 8,934| +--------------------+-------------+--------------+---------------+------------+ |Total comprehensive | | | | | |income | | | -44| -44| +--------------------+-------------+--------------+---------------+------------+ |Other changes | -| -| -2,001| -2,001| +--------------------+-------------+--------------+---------------+------------+ |Shareholders' equity| | | | | |31 Dec 2013 | 60,000| 235,000| 36,853| 331,853| +--------------------+-------------+--------------+---------------+------------+ | | | | | | +--------------------+-------------+--------------+---------------+------------+ |Shareholders' equity| | | | | |1 Jan 2014 | 60,000| 235,000| 36,853| 331,853| +--------------------+-------------+--------------+---------------+------------+ |Reserve for invested| | | | | |unrestricted equity | -| 10,000| -| -| +--------------------+-------------+--------------+---------------+------------+ |Profit for the | | | | | |period | -| -| 14,619| 14,619| +--------------------+-------------+--------------+---------------+------------+ |Total comprehensive | | | | | |income | | | -13| -13| +--------------------+-------------+--------------+---------------+------------+ |Other changes | -| -| -| -| +--------------------+-------------+--------------+---------------+------------+ |Shareholders' equity| | | | | |31 Dec 2014 | 60,000| 245,000| 51,459| 356,459| +--------------------+-------------+--------------+---------------+------------+ OPA has presented its capital base and capital adequacy of 31 December 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. In addition, an estimate of the figures a year ago under CRR is presented in column CRR 1 Jan. 2014. +------------------------------------------+------------+----------+-----------+ |Capital base and capital adequacy | CRD IV | CRD IV | CRD III | | | | | | | TEUR|31 Dec 2014|1 Jan 2014|31 Dec 2013| +------------------------------------------+------------+----------+-----------+ | | | | | +------------------------------------------+------------+----------+-----------+ |Shareholders' equity | 356,459| 331,853| 331,853| +------------------------------------------+------------+----------+-----------+ |Common Equity Tier 1 (CET1) before | | | | |deductions | 356,459| 331,853| 331,853| +------------------------------------------+------------+----------+-----------+ |Intangible assets | -2,610| -1,668| -1,668| +------------------------------------------+------------+----------+-----------+ |Excess funding of pension liability, | | | | |indirect holdings and deferred tax assets | | | | |for losses | -55| 0| 0| +------------------------------------------+------------+----------+-----------+ |Planned profit distribution / profit | | | | |distribution as proposed by the Board | -5,000| 0| 0| +------------------------------------------+------------+----------+-----------+ |Unrealised gains under transitional | | | | |provisions | 0| 0| 0| +------------------------------------------+------------+----------+-----------+ |Impairment loss - shortfall of expected | | | | |losses | -1,898| -2,155| -1,077| +------------------------------------------+------------+----------+-----------+ |Shortfall of Additional Tier 1 (AT1) | 0| 0| -1,077| +------------------------------------------+------------+----------+-----------+ |Common Equity Tier 1 (CET1)*) | 346,897| 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) | 346,897| 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 | 346,897| 328,031| 328,031| +------------------------------------------+------------+----------+-----------+ | | | 0| | +------------------------------------------+------------+----------+-----------+ |Risk-weighted assets | | 0| | +------------------------------------------+------------+----------+-----------+ |Credit and counterparty risk | 237,258| 263,887| 263,881| +------------------------------------------+------------+----------+-----------+ |Market risk | 0| 0| 0| +------------------------------------------+------------+----------+-----------+ |Operational risk | 23,527| 19,941| 19,941| +------------------------------------------+------------+----------+-----------+ |Basel I floor | 0| 0| 2,908,024| +------------------------------------------+------------+----------+-----------+ |Total | 260,785| 283,827| 3,191,845| +------------------------------------------+------------+----------+-----------+ | | | 0| | +------------------------------------------+------------+----------+-----------+ |Key ratios | 346,897| 328,031| 328,031| +------------------------------------------+------------+----------+-----------+ |CET1 capital ratio | 133| 115.6| 10.3| +------------------------------------------+------------+----------+-----------+ |Tier 1 capital ratio | 133| 115.6| 10.3| +------------------------------------------+------------+----------+-----------+ |Capital adequacy ratio | 133| 115.6| 10.3| +------------------------------------------+------------+----------+-----------+ | | | 0| | +------------------------------------------+------------+----------+-----------+ |Basel I floor | | 0| | +------------------------------------------+------------+----------+-----------+ |Capital base | 346,897| 328,031| | +------------------------------------------+------------+----------+-----------+ |Basel I capital requirements floor | 304,995| 255,348| | +------------------------------------------+------------+----------+-----------+ |Capital buffer for Basel I floor | 41,901| 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 no longer applies to RWAs but has become 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. The Q4 earnings are unaudited. CET1 excluding Q4 earnings is EUR 346,561,000 and the CET1 capital ratio is 132.9%. +------------------------------------------------------------------------------+ |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| 119,046| -| -| 119,046| +-------------------+----------------+---------------+---------------+---------+ |Derivative | | | | | |contracts | -| 261,346| -| 261,346| +-------------------+----------------+---------------+---------------+---------+ |Receivables from | | | | | |customers | 9,329,077| -| -|9,329,077| +-------------------+----------------+---------------+---------------+---------+ |Shares and | | | | | |participations | -| -| 40| 40| +-------------------+----------------+---------------+---------------+---------+ |Other receivables | 90,047| -| -| 90,047| +-------------------+----------------+---------------+---------------+---------+ |Other assets | 2,990| -| -| 2,990| +-------------------+----------------+---------------+---------------+---------+ |Balance at 31 | | | | | |December 2014 | 9,541,160| 261,346| 40|9,802,546| +-------------------+----------------+---------------+---------------+---------+ |Balance at 31 | | | | | |December 2013 | 8,118,840| 198,086| 17|8,316,944| +-------------------+----------------+---------------+---------------+---------+ +-------------------------+-+----------------------+-----------------+---------+ | | | Recognised at fair| | | | | | value through profit| | | |Financial liabilities | | or loss|Other liabilities| Total| +-------------------------+-+----------------------+-----------------+---------+ |Liabilities to credit | | | | | |institutions |-| -| 1,505,000|1,505,000| +-------------------------+-+----------------------+-----------------+---------+ |Derivative contracts |-| 8,298| -| 8,298| +-------------------------+-+----------------------+-----------------+---------+ |Debt securities issued to| | | | | |the public |-| -| 7,810,673|7,810,673| +-------------------------+-+----------------------+-----------------+---------+ |Other liabilities |-| -| 122,116| 122,116| +-------------------------+-+----------------------+-----------------+---------+ |Balance at 31 December | | | | | |2014 |-| 8,298| 9,437,789|9,446,086| +-------------------------+-+----------------------+-----------------+---------+ |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 | | | | | |December 2014 | | | 327,389| 327,389| +-------------------------+-+----------------------+-----------------+---------+ +----------------------+-------------------------------------------------------+ | | | |Derivative contracts |Nominal values/residual term to maturity | |31 Dec 2014 TEUR | | +----------------------+----------------+---------+-----------------+----------+ | |Less than 1 year|1-5 years|More than 5 years| Total| +----------------------+----------------+---------+-----------------+----------+ |Interest rate | | | | | |derivatives | | | | | +----------------------+----------------+---------+-----------------+----------+ |Hedging | 4,496,752|9,141,000| 4,396,000|18,033,752| +----------------------+----------------+---------+-----------------+----------+ |Trading | -| -| -| -| +----------------------+----------------+---------+-----------------+----------+ |Total | 4,496,752|9,141,000| 4,396,000|18,033,752| +----------------------+----------------+---------+-----------------+----------+ +-------------------------+-------------------------+----------+ | | Fair values | Credit | +-------------------------+-------------+-----------+ | | | Assets|Liabilities|equivalent| +-------------------------+-------------+-----------+----------+ |Interest rate derivatives| | | | +-------------------------+-------------+-----------+----------+ |Hedging | 261,346| 8,298| 449,799| +-------------------------+-------------+-----------+----------+ |Trading | -| -| -| +-------------------------+-------------+-----------+----------+ |Total | 261,346| 8,298| 449,799| +-------------------------+-------------+-----------+----------+ +---------------------+--------------------------------------------------------+ |Derivative contracts |Nominal values/residual term to maturity | |31 Dec 2013 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 Dec 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 | 261,346| -|261,346| -| +-----------------------------+-------------------+---------+-------+----------+ |Total | 261,346| -|261,346| -| +-----------------------------+-------------------+---------+-------+----------+ |Liabilities recognised at | | | | | |fair value | | 0| 0| | +-----------------------------+-------------------+---------+-------+----------+ |Derivate contracts | 8,298| -| 8,298| -| +-----------------------------+-------------------+---------+-------+----------+ |Total | 8,298| -| 8,298| | +-----------------------------+-------------------+---------+-------+----------+ |Financial liabilities not | | | | | |recognised at fair value | | 0| 0| | +-----------------------------+-------------------+---------+-------+----------+ |Debt securities issued to the| | | | | |public | 7,810,673|7,995,455|142,607| | +-----------------------------+-------------------+---------+-------+----------+ |Total | 7,810,673|7,995,455|142,607| -| +-----------------------------+-------------------+---------+-------+----------+ +-------------------------------+----------------------------------------------+ | |Valuation of fair value at the end of the | |31 Dec 2013 |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 | 0| 0| 0| | +-------------------------------+-----------------+---------+-------+----------+ |Derivate contracts | 8,767| -| 8,767| -| +-------------------------------+-----------------+---------+-------+----------+ |Yhteensä | 8,767| -| 8,767| | +-------------------------------+-----------------+---------+-------+----------+ |Financial liabilities not | | | | | |recognised at fair value | | 0| 0| | +-------------------------------+-----------------+---------+-------+----------+ |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, 5 February 2015 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 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