2015-04-29 08:52:54 CEST
2015-04-29 08:53:59 CEST
REGLAMENTUOJAMA INFORMACIJA
OP Mortgage Bank - Interim report (Q1 and Q3)
OP Mortgage Bank Interim Report for January-March 2015
OP MORTGAGE BANK Stock exchange release 29 April 2015 Interim Report OP Mortgage Bank Interim Report for January-March 2015 OP Mortgage Bank (OP MB) 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 MB is responsible for the Group's funding for the part of covered bond issuance. Financial standing The loan portfolio of OP Mortgage Bank (OP MB) increased to EUR 9,635 million (9,329)*. The company increased its loan portfolio by buying mortgage-backed loans from OP Financial Group's member banks worth a total of EUR 721 million. The company did not issue any bonds in the reporting period. The company's financial standing remained stable throughout the reporting period. Operating profit for January-March amounted to EUR 5.6 (5.3) million. OP MB 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. OP MB has entered into all derivative contracts for hedging purposes, with Pohjola Bank plc being their counterparty. * The comparatives for 2014 are given in brackets. For income-statement and other aggregated figures, January-March 2014 figures serve as comparatives. For balance-sheet and other cross-sectional figures, figures at the end of the previous reporting period (31 December 2014) 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 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 8,058 million at the end of March. Capital adequacy OP MB has presented its capital base and capital adequacy of 31 March 2015 in accordance with the EU capital requirement regulation and directive (EU 575/2013). OP MB uses the Internal Ratings Based Approach (IRBA) to measure its capital adequacy requirement for credit risk. OP MB uses the Standardised Approach to measure its capital adequacy for operational risk. OP MB's Common Equity Tier 1 (CET1) ratio stood at 133.2% on 31 March. The CET1 capital requirement is 4.5% and the fixed additional capital requirement is 2.5%, or a total of 7%. OP MB's highest minimum capital requirement is determined by the Basel I floor. OP MB's capital base exceeded the Basel I floor by EUR 32.3 million in March. Information on the Basel I floor and capital surplus can be found in note"Capital base and capital adequacy". Joint liability of amalgamation Under the Laki talletuspankkien yhteenliittymästä Act (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 March 2015, 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 March, OP MB 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 The Board composition is as follows: 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 OP MB's Managing Director is Lauri Iloniemi and Hanno Hirvinen is his deputy. Risk exposure The most significant types of risk related to OP MB are credit risk, structural funding risk, liquidity risk and interest-rate risk. The key indicators in use shows that OP MB'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 OP MB. OP MB 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 The Interim Report for 1 January-31 March 2015 has been prepared in accordance with IAS 34 (Interim Financial Reporting) and with the accounting policies presented in the financial statements 2014. 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. OP MB'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. 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 |Q1/2015|Q1/2014| 2014| +------------------------------+-------+-------+-------+ | | | | | +------------------------------+-------+-------+-------+ |Interest income | 27,202| 26,357|117,550| +------------------------------+-------+-------+-------+ |Interest expenses | 10,476| 16,001| 62,539| +------------------------------+-------+-------+-------+ |Net interest income | 16,726| 10,356| 55,011| +------------------------------+-------+-------+-------+ |Impairment loss on receivables| -51| -64| -150| +------------------------------+-------+-------+-------+ |Net commissions and fees | -9,907| -3,963|-32,394| +------------------------------+-------+-------+-------+ |Net trading income | 0| 0| -1| +------------------------------+-------+-------+-------+ |Net investment income | 1| 1| 1| +------------------------------+-------+-------+-------+ |Other operating income | 1| 0| 1| +------------------------------+-------+-------+-------+ |Personnel costs | 114| 119| 385| +------------------------------+-------+-------+-------+ |Other administrative expenses | 612| 564| 2,300| +------------------------------+-------+-------+-------+ |Other operating expenses | 401| 305| 1,506| +------------------------------+-------+-------+-------+ |Earnings before tax | 5,644| 5,340| 18,277| +------------------------------+-------+-------+-------+ |Income tax expense | 1,128| 1,068| 3,657| +------------------------------+-------+-------+-------+ |Profit for the period | 4,516| 4,272| 14,619| +------------------------------+-------+-------+-------+ +-------------------------------------------------------+-------+-------+------+ |Statement of comprehensive income TEUR |Q1/2015|Q1/2014| 2014| | +-------+-------+------+ | | | | | +-------------------------------------------------------+-------+-------+------+ |Profit for the period | 4,516| 4,272|14,619| +-------------------------------------------------------+-------+-------+------+ | | | | | +-------------------------------------------------------+-------+-------+------+ |Items that will not be reclassified to profit | | | | |or loss | | | | +-------------------------------------------------------+-------+-------+------+ |Gains/(losses) arising from remeasurement of defined | | | | |benefit plans | | | -17| +-------------------------------------------------------+-------+-------+------+ |Income tax on gains/(losses) on arising from | | | | |remeasurement of defined benefit plans | | | 3| +-------------------------------------------------------+-------+-------+------+ |Total comprehensive income | 4,516| 4,272|14,606| +-------------------------------------------------------+-------+-------+------+ +-----------------------------------------------------+--------+----------+----+ |Key ratios | Q1/2015| Q1/2014|2014| +-----------------------------------------------------+--------+----------+----+ |Return on equity (ROE), % | 5.1| 5.1| 4.2| +-----------------------------------------------------+--------+----------+----+ |Cost/income ratio, % | 17| 15| 19| +-----------------------------------------------------+--------+----------+----+ +-----------------------------------------------------+--------+----------+ |Cash flow statement TEUR | Q1/2015| Q1/2014| +-----------------------------------------------------+--------+----------+ |Cash and cash equivalents 1 Jan. | 109,046| 110,550| +-----------------------------------------------------+--------+----------+ |Total comprehensive income for the period | 4,516| 4,272| +-----------------------------------------------------+--------+----------+ |Adjustments to profit for the period | 747| 780| +-----------------------------------------------------+--------+----------+ |Increase (-) or decrease (+) in operating assets |-352,207|-1,861,519| +-----------------------------------------------------+--------+----------+ |Increase (+) or decrease (-) in operating liabilities| 332,150| 1,296,680| +-----------------------------------------------------+--------+----------+ |A. Cash flow from operating activities | -14,794| -559,787| +-----------------------------------------------------+--------+----------+ |Shares and participations | 0| -23| +-----------------------------------------------------+--------+----------+ |Purchase of intangible assets | -178| -174| +-----------------------------------------------------+--------+----------+ |B. Cash flow from investing activities | -178| -197| +-----------------------------------------------------+--------+----------+ |Increases in debt securities issued to the public | 2,103| 995,839| +-----------------------------------------------------+--------+----------+ |Decreases in debt securities issued to the public | 0| 0| +-----------------------------------------------------+--------+----------+ |Reserve for invested unrestricted equity | 0| 0| +-----------------------------------------------------+--------+----------+ |Dividends paid | -4,996| 0| +-----------------------------------------------------+--------+----------+ |C. Cash flow from financing activities | -2,893| 995,839| +-----------------------------------------------------+--------+----------+ |Net increase/decrease in cash and cash equivalents | | | |(A+B+C) | -17,865| 435,855| +-----------------------------------------------------+--------+----------+ |Cash and cash equivalents 31 March | 91,181| 546,404| | | | | | | | | | | | | +-----------------------------------------------------+--------+----------+ +-----------------------------------------+-----------+-----------+------------+ |Balance sheet TEUR |31 Mar 2015|31 Mar 2014|31 Dec 2014| +-----------------------------------------+-----------+-----------+------------+ | | | | | +-----------------------------------------+-----------+-----------+------------+ |Receivables from credit institutions | 101,181| 546,404| 119,046| +-----------------------------------------+-----------+-----------+------------+ |Derivative contracts | 285,540| 199,126| 261,346| +-----------------------------------------+-----------+-----------+------------+ |Receivables from customers | 9,635,434| 9,749,343| 9,329,077| +-----------------------------------------+-----------+-----------+------------+ |Investments assets | 40| 40| 40| +-----------------------------------------+-----------+-----------+------------+ |Intangible assets | 2,630| 1,819| 2,610| +-----------------------------------------+-----------+-----------+------------+ |Other assets | 111,691| 117,719| 90,047| +-----------------------------------------+-----------+-----------+------------+ |Tax assets | 392| 39| 380| +-----------------------------------------+-----------+-----------+------------+ |Total assets | 10,136,908| 10,614,491| 9,802,546| +-----------------------------------------+-----------+-----------+------------+ |Liabilities to credit institutions | 1,795,000| 3,136,149| 1,505,000| +-----------------------------------------+-----------+-----------+------------+ |Derivative contracts | 7,156| 7,778| 8,298| +-----------------------------------------+-----------+-----------+------------+ |Debt securities issued to the public | 7,836,945| 6,988,802| 7,810,673| +-----------------------------------------+-----------+-----------+------------+ |Provisions and other liabilities | 141,278| 145,316| 122,116| +-----------------------------------------+-----------+-----------+------------+ |Tax liabilities | 551| 321| 0| +-----------------------------------------+-----------+-----------+------------+ |Total liabilities | 9,780,929| 10,278,366| 9,446,086| +-----------------------------------------+-----------+-----------+------------+ |Shareholders' equity | | | | +-----------------------------------------+-----------+-----------+------------+ | Share capital | 60,000| 60,000| 60,000| +-----------------------------------------+-----------+-----------+------------+ | Reserve for invested unrestricted | | | | |equity | 245,000| 235,000| 245,000| +-----------------------------------------+-----------+-----------+------------+ | Retained earnings | 50,979| 41,125| 51,459| +-----------------------------------------+-----------+-----------+------------+ |Total equity | 355,979| 336,125| 356,459| +-----------------------------------------+-----------+-----------+------------+ |Total liabilities and shareholders' | | | | |equity | 10,136,908| 10,614,491| 9,802,546| +-----------------------------------------+-----------+-----------+------------+ +-----------------------------------------+-----------+-----------+------------+ |Off-balance-sheet commitments TEUR |31 Mar 2015|31 Mar 2014|31 Dec 2014| +-----------------------------------------+-----------+-----------+------------+ |Irrevocable commitments given on behalf | | | | |of customers | 3,305| 5,463| 3,252| +-----------------------------------------+-----------+-----------+------------+ +--------------------+-------------+--------------+---------------+------------+ |Statement of changes|Share capital|Other reserves| Retained| | |in equity TEUR | | | earnings|Total equity| +--------------------+-------------+--------------+---------------+------------+ | | | | | | +--------------------+-------------+--------------+---------------+------------+ |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 | | | | | +--------------------+-------------+--------------+---------------+------------+ |Other changes | | | | | +--------------------+-------------+--------------+---------------+------------+ |Shareholders' equity| | | | | |31 Mar 2014 | 60,000| 235,000| 41,125| 336,125| +--------------------+-------------+--------------+---------------+------------+ | | | | | | +--------------------+-------------+--------------+---------------+------------+ |Shareholders' equity| | | | | |1 Jan 2015 | 60,000| 245,000| 51,459| 356,459| +--------------------+-------------+--------------+---------------+------------+ |Reserve for invested| | | | | |unrestricted equity | | | | | +--------------------+-------------+--------------+---------------+------------+ |Profit for the | | | | | |period | | | 4,516| 4,516| +--------------------+-------------+--------------+---------------+------------+ |Total comprehensive | | | | | |income | | | | | +--------------------+-------------+--------------+---------------+------------+ |Other changes | | | -4,996| -4,996| +--------------------+-------------+--------------+---------------+------------+ |Shareholders' equity| | | | | |31 Mar 2015 | 60,000| 245,000| 50,979| 355,979| +--------------------+-------------+--------------+---------------+------------+ OP MB has presented its capital base and capital adequacy in accordance with the EU capital requirement regulation and directive (EU 575/2013). +----------------------------------------+-----------+-----------+-------------+ |Capital base and capital adequacy | | | | |TEUR |31 Mar 2015|31 Dec 2014|31 March 2014| +----------------------------------------+-----------+-----------+-------------+ | | | | | +----------------------------------------+-----------+-----------+-------------+ |Shareholders' equity | 355,979| 356,459| 336,125| +----------------------------------------+-----------+-----------+-------------+ |Common Equity Tier 1 (CET1) before | | | | |deductions | 355,979| 356,459| 336,125| +----------------------------------------+-----------+-----------+-------------+ |Intangible assets | -2,630| -2,610| -1,819| +----------------------------------------+-----------+-----------+-------------+ |Excess funding of pension liability, | | | | |indirect holdings and deferred tax | | | | |assets for losses | -54| -55| 0| +----------------------------------------+-----------+-----------+-------------+ |Planned profit distribution / profit | | | | |distribution as proposed by the Board | 0| -5,000| -750| +----------------------------------------+-----------+-----------+-------------+ |Share of unaudited profits | -4,516| 0| 0| +----------------------------------------+-----------+-----------+-------------+ |Unrealised gains under transitional | | | | |provisions | 0| 0| 0| +----------------------------------------+-----------+-----------+-------------+ |Impairment loss - shortfall of expected | | | | |losses | -1,924| -1,898| -2,010| +----------------------------------------+-----------+-----------+-------------+ |Common Equity Tier 1 (CET1) | 346,855| 346,897| 331,546| +----------------------------------------+-----------+-----------+-------------+ |Instruments included in other Tier 1 | | | | |capital | 0| 0| 0| +----------------------------------------+-----------+-----------+-------------+ |Additional Tier 1 capital (AT1) | 0| 0| 0| +----------------------------------------+-----------+-----------+-------------+ |Tier 1 capital (T1) | 346,855| 346,897| 331,546| +----------------------------------------+-----------+-----------+-------------+ |Debenture loans | 0| 0| 0| +----------------------------------------+-----------+-----------+-------------+ |Unrealised gains under transitional | | | | |provisions | 0| 0| 0| +----------------------------------------+-----------+-----------+-------------+ |Tier 2 Capital (T2) | 0| 0| 0| +----------------------------------------+-----------+-----------+-------------+ |Total Capital base | 346,855| 346,897| 331,546| +----------------------------------------+-----------+-----------+-------------+ | | | | | +----------------------------------------+-----------+-----------+-------------+ |Risk-weighted assets | | | | +----------------------------------------+-----------+-----------+-------------+ |Credit and counterparty risk | 232,578| 237,258| 247,947| +----------------------------------------+-----------+-----------+-------------+ |Market risk | 0| 0| 0| +----------------------------------------+-----------+-----------+-------------+ |Operational risk | 27,846| 23,527| 23,527| +----------------------------------------+-----------+-----------+-------------+ |Total | 260,424| 260,785| 271,474| +----------------------------------------+-----------+-----------+-------------+ | | | | | +----------------------------------------+-----------+-----------+-------------+ |Key ratios, % | 346,855| 346,897| 331,546| +----------------------------------------+-----------+-----------+-------------+ |CET1 capital ratio | 133.2| 133.0| 122.1| +----------------------------------------+-----------+-----------+-------------+ |Tier 1 capital ratio | 133.2| 133.0| 122.1| +----------------------------------------+-----------+-----------+-------------+ |Capital adequacy ratio | 133.2| 133.0| 122.1| +----------------------------------------+-----------+-----------+-------------+ | | | | | +----------------------------------------+-----------+-----------+-------------+ |Basel I floor | | | | +----------------------------------------+-----------+-----------+-------------+ |Capital base | 346,855| 346,897| 331,546| +----------------------------------------+-----------+-----------+-------------+ |Basel I capital requirements floor | 314,573| 304,995| 322,569| +----------------------------------------+-----------+-----------+-------------+ |Capital buffer for Basel I floor | 32,282| 41,901| 8,977| +----------------------------------------+-----------+-----------+-------------+ +-------------------+----------------------------------------------------------+ |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| 101,181| | | 101,181| +-------------------+----------------+---------------+--------------+----------+ |Derivative | | | | | |contracts | | 285,540| | 285,540| +-------------------+----------------+---------------+--------------+----------+ |Receivables from | | | | | |customers | 9,635,434| | | 9,635,434| +-------------------+----------------+---------------+--------------+----------+ |Shares and | | | | | |participations | | | 40| 40| +-------------------+----------------+---------------+--------------+----------+ |Other receivables | 111,691| | | 111,691| +-------------------+----------------+---------------+--------------+----------+ |Other assets | 3,022| | | 3,022| +-------------------+----------------+---------------+--------------+----------+ |Balance at 31 March| | | | | |2015 | 9,851,328| 285,540| 40|10,136,908| +-------------------+----------------+---------------+--------------+----------+ |Balance at 31 March| | | | | |2014 | 10,415,325| 199,126| 40|10,614,491| +-------------------+----------------+---------------+--------------+----------+ |Balance at 31 | | | | | |December 2014 | 9,541,160| 261,346| 40| 9,802,546| +-------------------+----------------+---------------+--------------+----------+ +------------------------+-+----------------------+-----------------+----------+ | | | Recognised at fair| | | | | | value through profit| | | |Financial liabilities | | or loss|Other liabilities| Total| +------------------------+-+----------------------+-----------------+----------+ |Liabilities to credit | | | | | |institutions | | | 1,795,000| 1,795,000| +------------------------+-+----------------------+-----------------+----------+ |Derivative contracts | | 7,156| | 7,156| +------------------------+-+----------------------+-----------------+----------+ |Debt securities issued | | | | | |to the public | | | 7,836,945| 7,836,945| +------------------------+-+----------------------+-----------------+----------+ |Subordinated liabilities| | | | | +------------------------+-+----------------------+-----------------+----------+ |Other liabilities | | | 141,828| 141,828| +------------------------+-+----------------------+-----------------+----------+ |Balance at 31 March 2015| | 7,156| 9,773,773| 9,780,929| +------------------------+-+----------------------+-----------------+----------+ |Balance at 31 March 2014| | 7,778| 10,270,588|10,278,366| +------------------------+-+----------------------+-----------------+----------+ |Balance at 31 December | | | | | |2014 | | 8,298| 9,437,789| 9,446,086| +------------------------+-+----------------------+-----------------+----------+ |Valuation difference of | | | | | |debt securities issued | | | | | |to the public | | | | | |(difference between fair| | | | | |value and carrying | | | | | |amount) 31 March 2015 | | | 370,624| 370,624| +------------------------+-+----------------------+-----------------+----------+ 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. +-------------------------------------+----------------------------------------+ |Derivative contracts 31 Mar 2015 |Nominal values/residual term to maturity| |TEUR | | +-------------------------------------+---------+---------+---------+----------+ | |Less than| 1-5|More than| | | | 1 year| years| 5 years| Total| +-------------------------------------+---------+---------+---------+----------+ |Interest rate derivatives | | | | | +-------------------------------------+---------+---------+---------+----------+ |Hedging |4,798,382|9,141,000|4,396,000|18,335,382| +-------------------------------------+---------+---------+---------+----------+ |Trading | | | | | +-------------------------------------+---------+---------+---------+----------+ |Total |4,798,382|9,141,000|4,396,000|18,335,382| +-------------------------------------+---------+---------+---------+----------+ +--------------------------------+-----------------------+----------+ | |Fair values | Credit | +--------------------------------+-----------+-----------+ | | | Assets|Liabilities|equivalent| +--------------------------------+-----------+-----------+----------+ |Interest rate derivatives | | | | +--------------------------------+-----------+-----------+----------+ |Hedging | 285,540| 7,156| 495,007| +--------------------------------+-----------+-----------+----------+ |Trading | | | | +--------------------------------+-----------+-----------+----------+ |Total | 285,540| 7,156| 495,007| +--------------------------------+-----------+-----------+----------+----------+ |Derivative contracts 31 Dec | Nominal values/residual term to maturity | |2014 TEUR | | +--------------------------------+-----------+-----------+----------+----------+ | | Less than| 1-5| More than| | | | 1 year| years| 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| +-------------------------+-------+-----------+----------+ +----------------------------------------------------------------------------+ | | | | |Grouping of the balance sheet according to the valuation method, TEUR | +---------------------------+------------------------------------------------+ |31 Mar 2015 TEUR |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 | 285,540| | 285,540| | +---------------------------+-------------------+---------+----------+-------+ |Total | 285,540| | 285,540| | +---------------------------+-------------------+---------+----------+-------+ |Liabilities recognised at | | | | | |fair value | | | | | +---------------------------+-------------------+---------+----------+-------+ |Derivate contracts | 7,156| | 7,156| | +---------------------------+-------------------+---------+----------+-------+ |Total | 7,156| | 7,156| | +---------------------------+-------------------+---------+----------+-------+ |Financial liabilities not | | | | | |recognised | | | | | |at fair value | | | | | +---------------------------+-------------------+---------+----------+-------+ |Debt securities issued to | | | | | |the public | 7,836,945|8,058,163| 149,406| | +---------------------------+-------------------+---------+----------+-------+ |Total | 7,836,945|8,058,163| 149,406| | +---------------------------+-------------------+---------+----------+-------+ | | | | | | +---------------------------+------------------------------------------------+ |31 Dec 2014 TEUR |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 | | | | | +---------------------------+--------------------+---------+---------+-------+ |Derivate contracts | 8,298| | 8,298| | +---------------------------+--------------------+---------+---------+-------+ |Total | 8,298| | 8,298| | +---------------------------+--------------------+---------+---------+-------+ |Financial liabilities not | | | | | |recognised | | | | | |at fair value | | | | | +---------------------------+--------------------+---------+---------+-------+ |Debt securities issued to | | | | | |the public | 7,810,673|7,995,455| 142,607| | +---------------------------+--------------------+---------+---------+-------+ |Total | 7,810,673|7,995,455| 142,607| | +---------------------------+--------------------+---------+---------+-------+ | | | | |OP MB does not hold any transfers between the levels of fair value | |valuation. | +----------------------------------------------------------------------------+ Helsinki, 29 April 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 Exchange OAM, Officially Appointed Mechanism Major media op.fi [HUG#1916240]
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