2016-04-27 09:00:37 CEST
2016-04-27 09:00:37 CEST
REGULATED INFORMATION
OP Mortgage Bank - Interim report (Q1 and Q3)
OP Mortgage Bank Interim Report for January-March 2016
OP MORTGAGE BANK Stock exchange release, 27 April 2016 at 10.00 EEST Interim Report OP Mortgage Bank Interim Report for January-March 2016 OP Mortgage Bank (OP MB) is part of OP Financial Group and its role is to raise, together with OP Corporate Bank plc (formerly Pohjola Bank plc), funding for the Group from money and capital markets. OP MB is responsible for the Group's funding for the part of covered bond issuance. Financial standing The intermediate loans and loan portfolio of OP MB decreased to EUR 10,319 million (10,354)* during the reporting period. The company increased its loan portfolio by buying mortgage-backed loans from OP Financial Group's member banks worth a total of EUR 413 million. OP MB did not issue any new bonds during the reporting period. The company's financial standing remained stable throughout the reporting period. Operating profit for January- March amounted to EUR 5.4 (5.6) 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 OP Corporate Bank plc being their counterparty. *The comparatives for 2015 are given in brackets. For income statement and other aggregated figures, January-March 2015 figures serve as comparatives. For balance-sheet and other cross-sectional figures, figures at the end of the previous financial year (31 December 2015) serve as comparatives. Collateralisation of bonds issued to the public On 31 March 2016, loans as collateral in security of the covered bonds issued under the Euro Medium Term Covered Note programme worth EUR 15 billion established on 12 November 2010 under the Laki kiinnityspankkitoiminnasta (688/2010) (Covered Bond Act) totalled EUR 10,006 million. Capital adequacy OP MB has presented its capital base and capital adequacy 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. The Common Equity Tier 1 (CET1) ratio stood at 135.0% (140.2) on 31 March. The CET1 capital requirement is 4.5% and the requirement for the capital conservation buffer 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 16.4 million in March. Information on the Basel I floor and capital surplus can be found in note "Capital base and capital adequacy". Joint and several liability of amalgamation Under the Act on the Amalgamation of Deposit Banks, the amalgamation of the cooperative banks comprises the organisation's central cooperative (OP Cooperative), the central cooperative'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 2016, OP Cooperative's members comprised 177 member cooperative banks as well as OP Corporate Bank plc, Helsinki Area Cooperative Bank (formerly Helsinki OP Bank Ltd), OP Mortgage Bank, OP Card Company Plc and OP Process Services Ltd. As a support measure referred to in the Act on the Amalgamation of Deposit Banks, the central cooperative is liable to pay any of its member credit institutions an amount that is necessary to prevent the credit institution from being placed in liquidation. The central cooperative is also liable for the debts of a member credit institution which cannot be paid using the member credit institution's assets. Companies belonging to the amalgamation are legally liable for each other's debts. The amalgamation's central cooperative, OP Cooperative, is obliged, if necessary, to assist member banks as a support action 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 banks in proportion to their last adopted balance sheets. OP Financial Group's insurance companies do not fall within the scope of joint and several liability. According to Section 25 of the Covered Bond Act, the holder of a covered bond has the right to receive a payment for the entire term of the bond from the assets entered as collateral before other receivables without this being prevented by OP MB's liquidation or bankruptcy. Personnel On 31 March, OP MB had five employees. The Bank purchases all the most important support services from OP Cooperative and its Group members, reducing the its need for its own personnel. Administration The Board composition is as follows: Chairman Harri Luhtala Chief Financial Officer, OP Cooperative Members Elina Ronkanen-Minogue Head of Asset and Liability Management and Group Treasury, OP Cooperative Hanno Hirvinen Group Treasurer, OP Corporate Bank plc OP MB's Managing Director is Lauri Iloniemi and Hanno Hirvinen is his deputy. Risk exposure The most typical types of risks related to OP MB are credit risk, structural funding risk, liquidity risk and interest rate risk. The key credit risk indicators in use show 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 OP Corporate Bank plc, is exploitable by OP MB. 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. The interest rate risk may be considered to be low. Outlook The existing issuance programme makes it possible to issue new covered bonds in 2016. It is expected that the Bank's capital adequacy will remain strong, risk exposure favourable and the overall quality of the loan portfolio good. Accounting policies The Interim Report for 1 January-31 March 2016 has been prepared in accordance with IAS 34 (Interim Financial Reporting). This Interim Report is based on unaudited figures. Given that all 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 companies OP Bank Group Pension Fund and OP Bank Group Pension Foundation, and the company's administrative personnel. Standard loan terms and conditions are applied to loans granted to the related parties. Loans are tied to generally used reference interest rates. The financial year saw no major changes in related-party transactions. Formulas for key ratios Return on equity (ROE), % = 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 |Q1/2016|Q1/2015| 2015| +------------------------------+-------+-------+-------+ | | | | | +------------------------------+-------+-------+-------+ |Interest income | 24,300| 27,202|106,362| +------------------------------+-------+-------+-------+ |Interest expenses | 5,434| 10,476| 33,007| +------------------------------+-------+-------+-------+ |Net interest income | 18,866| 16,726| 73,355| +------------------------------+-------+-------+-------+ |Impairment loss on receivables| -67| -51| 210| +------------------------------+-------+-------+-------+ |Net commissons and fees |-12,156| -9,907|-43,361| +------------------------------+-------+-------+-------+ |Net trading income | 0| 0| 0| +------------------------------+-------+-------+-------+ |Net investment income | 2| 1| 22| +------------------------------+-------+-------+-------+ |Other operating income | 1| 1| 1| +------------------------------+-------+-------+-------+ |Personnel costs | 89| 114| 382| +------------------------------+-------+-------+-------+ |Other administrative expenses | 742| 612| 2,612| +------------------------------+-------+-------+-------+ |Other operating expenses | 423| 401| 1,924| +------------------------------+-------+-------+-------+ |Earnings before tax | 5,392| 5,644| 25,308| +------------------------------+-------+-------+-------+ |Income tax expense | 1,078| 1,128| 5,020| +------------------------------+-------+-------+-------+ |Profit for the period | 4,313| 4,515| 20,288| +------------------------------+-------+-------+-------+ +-------------------------------------------------------+-------+-------+------+ |Statement of comprehensive income, TEUR |Q1/2016|Q1/2015| 2015| | +-------+-------+------+ | | | | | +-------------------------------------------------------+-------+-------+------+ |Profit for the period | 4,313| 4,516|20,288| +-------------------------------------------------------+-------+-------+------+ | | | | | +-------------------------------------------------------+-------+-------+------+ |Items that will not be reclassified to profit | | | | |or loss | | | | +-------------------------------------------------------+-------+-------+------+ |Gains/(losses) arising from remeasurement of defined | | | | |benefit plans | | | 231| +-------------------------------------------------------+-------+-------+------+ |Income tax on gains/(losses) on arising from | | | | |remeasurement of defined benefit plans | | | -46| +-------------------------------------------------------+-------+-------+------+ |Total comprehensive income | 4,313| 4,516|20,473| +-------------------------------------------------------+-------+-------+------+ +-------------------------+-------+-------+----+ |Key ratios |Q1/2016|Q1/2015|2015| +-------------------------+-------+-------+----+ |Return on equity (ROE), %| 4.7| 5.1| 5.6| +-------------------------+-------+-------+----+ |Cost/income ratio, % | 19| 17| 16| +-------------------------+-------+-------+----+ +-----------------------------------------------------------+---------+--------+ |Cash flow | | | |from operating activities, TEUR | Q1/2016| Q1/2015| +-----------------------------------------------------------+---------+--------+ |Profit for the financial year | 4,313| 4,516| +-----------------------------------------------------------+---------+--------+ |Adjustments to profit for the financial year | 2,305| 589| +-----------------------------------------------------------+---------+--------+ |Increase (-) or decrease (+) | | | |in operating assets | 16,088|-329,218| +-----------------------------------------------------------+---------+--------+ |Receivables from the public and public-sector entities | 33,771|-307,574| +-----------------------------------------------------------+---------+--------+ |Other assets | -17,683| -21,644| +-----------------------------------------------------------+---------+--------+ |Increase (+) or decrease (-) | | | |in operating liabilities | 804,248| 309,162| +-----------------------------------------------------------+---------+--------+ |Liabilities to credit institutions and | | | |central banks | 790,000| 290,000| +-----------------------------------------------------------+---------+--------+ |Other liabilities | 14,248| 19,162| +-----------------------------------------------------------+---------+--------+ | | | | +-----------------------------------------------------------+---------+--------+ |Income tax paid | -921| -590| +-----------------------------------------------------------+---------+--------+ |Dividends received | 2| 1| +-----------------------------------------------------------+---------+--------+ |A. Net cash from operating activities | 826,955| -14,951| +-----------------------------------------------------------+---------+--------+ |Cash flow from investing activities | | | +-----------------------------------------------------------+---------+--------+ |Purchase of PPE and intangible assets | | -178| +-----------------------------------------------------------+---------+--------+ |B. Net cash used in investing activities | | -178| +-----------------------------------------------------------+---------+--------+ |Cash flow from financing activities | | | +-----------------------------------------------------------+---------+--------+ |Increases in debt securities issued | | | |to the public | | 2,103| +-----------------------------------------------------------+---------+--------+ |Dividends paid and interest on cooperative capital | -16,282| -4,996| +-----------------------------------------------------------+---------+--------+ |C. Net cash used in financing activities | -16,282| -2,893| +-----------------------------------------------------------+---------+--------+ |D. Effect of foreign exchange rate changes on cash and cash| | | |equivalents | 0| 0| +-----------------------------------------------------------+---------+--------+ |Net change in cash and cash equivalents (A+B+C+D) | 810,673| -18,022| +-----------------------------------------------------------+---------+--------+ |Cash and cash equivalents at year-start | 245,120| 109,046| +-----------------------------------------------------------+---------+--------+ |Cash and cash equivalents at year-end |1,056,002| 91,181| +-----------------------------------------------------------+---------+--------+ |Change in cash and cash equivalents | 810,882| -17,865| +-----------------------------------------------------------+---------+--------+ | | | | +-----------------------------------------------------------+---------+--------+ |Interest received | 6,564| 5,893| +-----------------------------------------------------------+---------+--------+ |Interest paid | -8,966| -8,406| +-----------------------------------------------------------+---------+--------+ |Adjustments to profit for the financial year | | | +-----------------------------------------------------------+---------+--------+ |Non-cash items | | | +-----------------------------------------------------------+---------+--------+ |Unrealised net gains on foreign exchange operations | 0| 0| +-----------------------------------------------------------+---------+--------+ |Impairment losses on receivables | 68| 51| +-----------------------------------------------------------+---------+--------+ |Other | 2,237| 538| +-----------------------------------------------------------+---------+--------+ |Total adjustments | 2,305| 589| +-----------------------------------------------------------+---------+--------+ |Cash and cash equivalents | | | +-----------------------------------------------------------+---------+--------+ |Receivables from credit institutions payable on demand |1,056,002| 91,181| +-----------------------------------------------------------+---------+--------+ |Total cash and cash equivalents |1,056,002| 91,181| +-----------------------------------------------------------+---------+--------+ +------------------------------------------+-----------+-----------+----------+ | |31 Mar 2016|31 Mar 2015| 31 Dec| |Balance sheet, TEUR | | | 2015| +------------------------------------------+-----------+-----------+----------+ | | | | | +------------------------------------------+-----------+-----------+----------+ |Receivables from credit institutions | 1,799,372| 101,181| 988,490| +------------------------------------------+-----------+-----------+----------+ |Derivative contracts | 273,010| 285,540| 192,206| +------------------------------------------+-----------+-----------+----------+ |Receivables from customers | 9,576,120| 9,635,434| 9,610,252| +------------------------------------------+-----------+-----------+----------+ |Investments assets | 40| 40| 40| +------------------------------------------+-----------+-----------+----------+ |Intangible assets | 2,366| 2,630| 2,575| +------------------------------------------+-----------+-----------+----------+ |Other assets | 96,506| 111,691| 78,823| +------------------------------------------+-----------+-----------+----------+ |Tax assets | | 392| | +------------------------------------------+-----------+-----------+----------+ |Total assets | 11,747,413| 10,136,908|10,872,386| +------------------------------------------+-----------+-----------+----------+ |Liabilities to credit institutions | 2,165,000| 1,795,000| 1,375,000| +------------------------------------------+-----------+-----------+----------+ |Derivative contracts | 6,202| 7,156| 12,971| +------------------------------------------+-----------+-----------+----------+ |Debt securities issued to the public | 9,092,027| 7,836,945| 9,002,669| +------------------------------------------+-----------+-----------+----------+ |Provisions and other liabilities | 122,733| 141,278| 108,485| +------------------------------------------+-----------+-----------+----------+ |Tax liabilities | 1,483| 551| 1,325| +------------------------------------------+-----------+-----------+----------+ |Total liabilities | 11,387,445| 9,780,929|10,500,450| +------------------------------------------+-----------+-----------+----------+ |Shareholders' equity | | | | +------------------------------------------+-----------+-----------+----------+ | Share capital | 60,000| 60,000| 60,000| +------------------------------------------+-----------+-----------+----------+ | Reserve for invested unrestricted equity| 245,000| 245,000| 245,000| +------------------------------------------+-----------+-----------+----------+ | Retained earnings | 54,968| 50,979| 66,937| +------------------------------------------+-----------+-----------+----------+ |Total equity | 359,968| 355,979| 371,937| +------------------------------------------+-----------+-----------+----------+ |Total liabilities and shareholders' equity| 11,747,413| 10,136,908|10,872,386| +------------------------------------------+-----------+-----------+----------+ +-----------------------------------------------+-----------+-----------+------+ | |31 Mar 2016|31 Mar 2015|31 Dec| |Off-balance-sheet commitments, TEUR | | | 2015| +-----------------------------------------------+-----------+-----------+------+ |Irrevocable commitments given on behalf of | | | | |customers | 205| 3,305| 858| +-----------------------------------------------+-----------+-----------+------+ +-----------------------+-------------+--------------+-----------------+-------+ |Statement of changes in|Share capital|Other reserves|Retained earnings| Total| |equity, TEUR | | | | equity| +-----------------------+-------------+--------------+-----------------+-------+ | | | | | | +-----------------------+-------------+--------------+-----------------+-------+ |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| +-----------------------+-------------+--------------+-----------------+-------+ | | | | | | +-----------------------+-------------+--------------+-----------------+-------+ |Shareholders' equity 1 | | | | | |Jan 2016 | 60,000| 245,000| 66,937|371,937| +-----------------------+-------------+--------------+-----------------+-------+ |Reserve for invested | | | | | |unrestricted equity | | | | | +-----------------------+-------------+--------------+-----------------+-------+ |Profit for the period | | | 4,313| 4,313| +-----------------------+-------------+--------------+-----------------+-------+ |Total comprehensive | | | | | |income | | | | | +-----------------------+-------------+--------------+-----------------+-------+ |Other changes | | | -16,282|-16,282| +-----------------------+-------------+--------------+-----------------+-------+ |Shareholders' equity | | | | | |31 Mar 2016 | 60,000| 245,000| 54,968|359,968| +-----------------------+-------------+--------------+-----------------+-------+ 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 2016| 31 Dec 2015| +---------------------------------------+-----------+--------------------------+ | | | | +---------------------------------------+-----------+--------------------------+ |Shareholders' equity | 359,968| 371,937| +---------------------------------------+-----------+--------------------------+ |Common Equity Tier 1 (CET1) before | | | |deductions | 359,968| 371,937| +---------------------------------------+-----------+--------------------------+ |Intangible assets | -2,366| -2,575| +---------------------------------------+-----------+--------------------------+ |Excess funding of pension liability, | | | |indirect holdings and deferred tax | | | |assets for losses | -74| -74| +---------------------------------------+-----------+--------------------------+ |Share of unaudited profits | -4,313| -20,288| +---------------------------------------+-----------+--------------------------+ |Impairment loss - shortfall of expected| | | |losses | -2,279| -2,046| +---------------------------------------+-----------+--------------------------+ |Common Equity Tier 1 (CET1) | 350,935| 346,954| +---------------------------------------+-----------+--------------------------+ |Tier 1 capital (T1) | 350,935| 346,954| +---------------------------------------+-----------+--------------------------+ |Total capital base | 350,935| 346,954| +---------------------------------------+-----------+--------------------------+ | | | | +---------------------------------------+-----------+--------------------------+ |Risk-weighted assets | | | +---------------------------------------+-----------+--------------------------+ |Credit and counterparty risk | 225,990| 219,560| +---------------------------------------+-----------+--------------------------+ |Operational risk | 33,898| 27,846| +---------------------------------------+-----------+--------------------------+ |Total | 259,888| 247,407| +---------------------------------------+-----------+--------------------------+ | | | | +---------------------------------------+-----------+--------------------------+ |Key ratios, % | | | +---------------------------------------+-----------+--------------------------+ |CET1 capital ratio | 135.0| 140.2| +---------------------------------------+-----------+--------------------------+ |Tier 1 capital ratio | 135.0| 140.2| +---------------------------------------+-----------+--------------------------+ |Capital adequacy ratio | 135.0| 140.2| +---------------------------------------+-----------+--------------------------+ | | | | +---------------------------------------+-----------+--------------------------+ |Basel I floor | | | +---------------------------------------+-----------+--------------------------+ |Capital base | 350,935| 346,954| +---------------------------------------+-----------+--------------------------+ |Basel I capital requirements floor | 334,573| 324,461| +---------------------------------------+-----------+--------------------------+ |Capital buffer for Basel I floor | 16,362| 22,493| +---------------------------------------+-----------+--------------------------+ +-------------------+----------------+--------------+---------------+----------+ |Classification of | | | | | |financial assets | | | | | |liabilities 31 | | Recognised at| | | |March 2016, TEUR | | fair value| | | +-------------------+Loans and other|through profit| Available| | |Financial assets | receivables| or loss| for sale| Total| +-------------------+----------------+--------------+---------------+----------+ |Receivables from | | | | | |credit institutions| 1,799,372| | | 1,799,372| +-------------------+----------------+--------------+---------------+----------+ |Derivative | | | | | |contracts | | 273,010| | 273,010| +-------------------+----------------+--------------+---------------+----------+ |Receivables from | | | | | |customers | 9,576,120| | | 9,576,120| +-------------------+----------------+--------------+---------------+----------+ |Shares and | | | | | |participations | | | 40| 40| +-------------------+----------------+--------------+---------------+----------+ |Other receivables | 96,506| | | 96,506| +-------------------+----------------+--------------+---------------+----------+ |Other assets | 2,366| | | 2,366| +-------------------+----------------+--------------+---------------+----------+ |Total | 11,474,363| 273,010| 40|11,747,413| +-------------------+----------------+--------------+---------------+----------+ | | | | | | +-------------------+----------------+--------------+---------------+----------+ | | | Recognised at| | | | | | fair value| | | |Financial | |through profit| Other| | |liabilities | | or loss| liabilities| Total| +-------------------+----------------+--------------+---------------+----------+ |Liabilities to | | | | | |credit institutions| | | 2,165,000| 2,165,000| +-------------------+----------------+--------------+---------------+----------+ |Derivative | | | | | |contracts | | 6,202| | 6,202| +-------------------+----------------+--------------+---------------+----------+ |Debt securities | | | | | |issued to the | | | | | |public | | | 9,092,027| 9,092,027| +-------------------+----------------+--------------+---------------+----------+ |Other liabilities | | | 124,216| 124,216| +-------------------+----------------+--------------+---------------+----------+ |Total | | 6,202| 11,381,243|11,387,445| +-------------------+----------------+--------------+---------------+----------+ |Valuation | | | | | |difference of debt | | | | | |securities issued | | | | | |to the public | | | | | |(difference between| | | | | |fair value and | | | | | |carrying amount) | | | | | |31 March 2016 | | | 309,499| 309,499| +-------------------+----------------+--------------+---------------+----------+ +-------------------+----------------+--------------+---------------+----------+ |Classification of | | | | | |financial assets | | | | | |liabilities 31 Dec | | Recognised at| | | |2015, TEUR | | fair value| | | +-------------------+Loans and other|through profit| Available| | |Financial assets | receivables| or loss| for sale| Total| +-------------------+----------------+--------------+---------------+----------+ |Receivables from | | | | | |credit institutions| 988,490| | | 988,490| +-------------------+----------------+--------------+---------------+----------+ |Derivative | | | | | |contracts | | 192,206| | 192,206| +-------------------+----------------+--------------+---------------+----------+ |Receivables from | | | | | |customers | 9,610,252| | | 9,610,252| +-------------------+----------------+--------------+---------------+----------+ |Shares and | | | | | |participations | | | 40| 40| +-------------------+----------------+--------------+---------------+----------+ |Other receivables | 78,823| | | 78,823| +-------------------+----------------+--------------+---------------+----------+ |Other assets | 2,575| | | 2,575| +-------------------+----------------+--------------+---------------+----------+ |Total | 10,680,140| 192,206| 40|10,872,386| +-------------------+----------------+--------------+---------------+----------+ | | | | | | +-------------------+----------------+--------------+---------------+----------+ | | | Recognised at| | | | | | fair value| | | |Financial | |through profit| Other| | |liabilities | | or loss| liabilities| Total| +-------------------+----------------+--------------+---------------+----------+ |Liabilities to | | | | | |credit institutions| | | 1,375,000| 1,375,000| +-------------------+----------------+--------------+---------------+----------+ |Derivative | | | | | |contracts | | 12,971| | 12,971| +-------------------+----------------+--------------+---------------+----------+ |Debt securities | | | | | |issued to the | | | | | |public | | | 9,002,669| 9,002,669| +-------------------+----------------+--------------+---------------+----------+ |Other liabilities | | | 109,810| 109,810| +-------------------+----------------+--------------+---------------+----------+ |Total | | 12,971| 10,487,479|10,500,450| +-------------------+----------------+--------------+---------------+----------+ |Valuation | | | | | |difference of debt | | | | | |securities issued | | | | | |to the public | | | | | |(difference between| | | | | |fair value and | | | | | |carrying amount) | | | | | |31 Dec 2015 | | | 219,641| 219,641| +-------------------+----------------+--------------+---------------+----------+ 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 2016, |Nominal values/residual term to maturity | |TEUR | | +------------------------------------+---------+----------+---------+----------+ | |Less than| 1-5|More than| | | | 1 year| years| 5 years| Total| +------------------------------------+---------+----------+---------+----------+ |Interest rate derivatives | | | | | +------------------------------------+---------+----------+---------+----------+ |Hedging |2,406,976|10,816,977|5,084,754|18,308,707| +------------------------------------+---------+----------+---------+----------+ |Total |2,406,976|10,816,977|5,084,754|18,308,707| +------------------------------------+---------+----------+---------+----------+ +-------------------------+-------------------+-----------------+ | | Fair values | | +-------------------------+-------+-----------+ | | | Assets|Liabilities|Credit equivalent| +-------------------------+-------+-----------+-----------------+ |Interest rate derivatives| | | | +-------------------------+-------+-----------+-----------------+ |Hedging |273,010| 6,202| 491,247| +-------------------------+-------+-----------+-----------------+ |Total |273,010| 6,202| 491,247| +-------------------------+-------+-----------+-----------------+ +-------------------------------------+----------------------------------------+ |Derivative contracts 31 Dec 2015, |Nominal values/residual term to maturity| |TEUR | | +-------------------------------------+---------+---------+---------+----------+ | |Less than| 1-5|More than| | | | 1 year| years| 5 years| Total| +-------------------------------------+---------+---------+---------+----------+ |Interest rate derivatives | | | | | +-------------------------------------+---------+---------+---------+----------+ |Hedging |2,387,456|8,816,977|7,118,958|18,323,391| +-------------------------------------+---------+---------+---------+----------+ |Total |2,387,456|8,816,977|7,118,958|18,323,391| +-------------------------------------+---------+---------+---------+----------+ +-------------------------+-------------------+-----------------+ | | Fair values | | +-------------------------+-------+-----------+ | | | Assets|Liabilities|Credit equivalent| +-------------------------+-------+-----------+-----------------+ |Interest rate derivatives| | | | +-------------------------+-------+-----------+-----------------+ |Hedging |192,206| 12,971| 411,985| +-------------------------+-------+-----------+-----------------+ |Total |192,206| 12,971| 411,985| +-------------------------+-------+-----------+-----------------+ +----------------------------------------+-------------------------------------+ |Financial instruments classification, | | |grouped by valuation technique, TEUR | | +----------------------------------------+ | |31 Mar 2016 | Fair value measurement at year end | +----------------------------------------+-------------------+---------+-------+ | |Balance sheet value| Level 1|Level 2| +----------------------------------------+-------------------+---------+-------+ |Recurring fair value measurements of | | | | |assets | | | | +----------------------------------------+-------------------+---------+-------+ |Derivate contracts | 273,010| |273,010| +----------------------------------------+-------------------+---------+-------+ |Total | 273,010| |273,010| +----------------------------------------+-------------------+---------+-------+ |Recurring fair value measurements of | | | | |liabilities | | | | +----------------------------------------+-------------------+---------+-------+ |Derivate contracts | 6,202| | 6,202| +----------------------------------------+-------------------+---------+-------+ |Total | 6,202| | 6,202| +----------------------------------------+-------------------+---------+-------+ |Financial liabilities not measured at | | | | |fair value | | | | +----------------------------------------+-------------------+---------+-------+ |Debt securities issued to the public | 9,092,027|9,023,791|377,736| +----------------------------------------+-------------------+---------+-------+ |Total | 9,092,027|9,023,791|377,736| +----------------------------------------+-------------------+---------+-------+ OP MB does not hold any transfers between the levels of fair value valuation. +----------------------------------------+-------------------------------------+ |31 Dec 2015 | Fair value measurement at year end | +----------------------------------------+-------------------+---------+-------+ | |Balance sheet value| Level 1|Level 2| +----------------------------------------+-------------------+---------+-------+ |Recurring fair value measurements of | | | | |assets | | | | +----------------------------------------+-------------------+---------+-------+ |Derivate contracts | 192,206| |192,206| +----------------------------------------+-------------------+---------+-------+ |Total | 192,206| |192,206| +----------------------------------------+-------------------+---------+-------+ |Recurring fair value measurements of | | | | |liabilities | | | | +----------------------------------------+-------------------+---------+-------+ |Derivate contracts | 12,971| | 12,971| +----------------------------------------+-------------------+---------+-------+ |Total | 12,971| | 12,971| +----------------------------------------+-------------------+---------+-------+ |Financial liabilities not recognised | | | | |at fair value | | | | +----------------------------------------+-------------------+---------+-------+ |Debt securities issued to the public | 9,002,669|8,872,880|349,430| +----------------------------------------+-------------------+---------+-------+ |Total | 9,002,669|8,872,880|349,430| +----------------------------------------+-------------------+---------+-------+ Helsinki, 27 April 2016 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#2006964]
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