2014-04-29 08:30:00 CEST
2014-04-29 08:30:39 CEST
REGULATED INFORMATION
OP Mortgage Bank - Interim report (Q1 and Q3)
OP Mortgage Bank Interim Report for January-March 2014
OP MORTGAGE BANK
Stock exchange release 29 April 2014, 9:30 am
Interim Report
OP Mortgage Bank Interim Report for January-March 2014
Financial standing
The loan portfolio of OP Mortgage Bank (OPA) increased to EUR 9,749 million
(7,930)*. The company increased its loan portfolio by buying mortgage-backed
loans from OP-Pohjola Group's member banks worth a total of EUR 2,172 million.
In March, OP issued its eighth covered bond in global markets with a nominal
value of EUR 1,000 million. The bond carries a fixed interest rate and has a
maturity of seven years. Moody's Investor Services and Standard & Poor's Rating
Services affirmed their best ratings, Aaa and AAA, respectively, for the issued
bond.
The company's financial standing remained stable throughout the reporting
period. Earnings before tax for the first quarter came to EUR 5.3 million (3.8).
OPA has hedged against the interest-rate risk associated with its housing loan
portfolio through interest-rate OPA has used interest rate swaps to hedge
against its interest rate risk. Interest rate swaps have been used to swap
housing loan interest and interest on issued bonds into the same basis rate. OPA
has entered into all derivative contracts for hedging purposes, with Pohjola
Bank plc being their counterparty.
*Comparatives for 2013 are given in brackets. For income-statement and other
aggregated figures, January-March 2013 figures serve as comparatives. For
balance-sheet and other cross-sectional figures, figures at the end of the
previous reporting period (31 December 2013) serve as comparatives.
Collateralisation of bonds issued to the public
Mortgages collateralising covered bonds issued before 1 August 2010, under the
Finnish Act on Mortgage Credit Banks (1240/1999), are included in Cover Asset
Pool A. The balance of Pool A was EUR 3,000 million at the end of March.
Mortgages collateralising covered bonds issued after 1 August 2010, under the
Finnish Covered Bonds Act (688/2010), are included in Cover Asset Pool B. The
balance of Pool B was EUR 6,362 million at the end of March.
Capital adequacy
OPA has presented its March-end capital base and capital adequacy in accordance
with the EU capital requirement regulation and directive (EU 575/2013) (CRR/CRD
IV) entered into force on 1 January 2014. Comparatives for 2013 are presented
according to CRD III in force on 31 December 2013.
OPA's Common Equity Tier 1 (CET1) ratio stood at 122.1% on 31 March.
Joint responsibility and joint security
Under the Act on Cooperative Banks and Other Cooperative Credit Institutions,
the amalgamation of the cooperative banks comprises the organisation's central
institution (OP-Pohjola Group Central Cooperative), the Central Cooperative's
member credit institutions and the companies belonging to their consolidation
groups. This amalgamation is monitored on a consolidated basis. The Central
Cooperative and its member banks are ultimately responsible for each other's
liabilities and commitments. The Central Cooperative's members at the end of the
report period comprised OP-Pohjola Group's 181 member banks as well as Pohjola
Bank plc, Helsinki OP Bank Plc, OP Mortgage Bank, OP Card Company Plc and OP
Process Services Ltd. OP-Pohjola Group's insurance companies do not fall within
the scope of joint responsibility.
The central institution is obligated to provide its member credit institutions
with instructions on their internal control and risk management, their
operations in securing liquidity and capital adequacy, and compliance with
uniform accounting policies in preparing the amalgamation's consolidated
financial statements.
The central institution and its member credit institutions are jointly
responsible for the liabilities of the central institution or a member credit
institution placed in liquidation or bankruptcy that cannot be paid from its
assets. The liability is divided between the central institution and the member
credit institutions in the ratios following the balance sheet total.
In spite of the joint responsibility and the joint security, pursuant to Section
25 of the Finnish Covered Bonds Act, the holder of a bond with mortgage
collateral shall, notwithstanding the liquidation or bankruptcy of a mortgage
credit bank, have the right to receive payment, before other claims, for the
entire loan period of the bond, in accordance with the contract terms, from the
funds entered as collateral for the bond.
Personnel
On 31 March, OPA had six employees. It purchases all key support services from
OP-Pohjola Group Central Cooperative and its Group companies, which reduces the
need for more staff.
Administration
The Board composition is as follows:
Chief Financial Officer, OP-Pohjola Group
Chairman Harri Luhtala Central Cooperative
Senior Vice President, OP-Pohjola Group
Vice Chairman Elina Ronkanen-Minogue Central Cooperative
Members Lars Björklöf Managing Director, Osuuspankki Raasepori
Sakari Haapakoski Bank Manager, Oulun Osuuspankki
Executive Vice President, Etelä-Hämeen
Mika Helin Osuuspankki
Hanno Hirvinen Group Treasurer, Pohjola Bank plc
Senior Vice President, OP-Pohjola Group
Jari Tirkkonen Central Cooperative
OPA's Managing Director is Lauri Iloniemi.
Risk exposure
The most significant types of risk related to OPA are credit risk, structural
funding risk, liquidity risk and interest-rate risk. The key indicators in use
shows that OPA's credit risk exposure is stable and the limit for liquidity risk
set by the Board of Directors has not been exceeded. The liquidity buffer for
OP-Pohjola Group, managed by Pohjola Bank Plc, is exploitable by OPA. OPA has
hedged against the interest-rate risk associated with its housing loan portfolio
through interest-rate swaps, i.e. base rate cash flows from housing loans to be
hedged are swapped to short-term Euribor cash flows. The interest rate risk may
be considered to be low.
Outlook
The existing issuance programme will make it possible to issue new covered bonds
in 2014. It is expected that the Company's capital adequacy will remain strong,
risk exposure will be favourable and the overall quality of the credit portfolio
will remain strong.
Accounting Policies
The Interim Report for 1 January-31 March 2014 has been prepared in accordance
with IAS 34 (Interim Financial Reporting). In the preparation of the Interim
Report, OPA applied the same accounting policies as in the Financial Statements
for 2013.
The Interim Report is based on unaudited figures. Given that all of the figures
have been rounded off, the sum total of individual figures may deviate from the
presented sums.
The cash flow statement presents the cash flows for the period on a cash basis,
divided into cash flows from operating activities, investing activities and
financing activities. Cash flows from operating activities include the cash
flows generated from day-to-day operations. Cash flow from investing activities
includes payments related to PPE and intangible assets, investments held to
maturity and shares that are not considered as belonging to cash flow from
operating activities. Cash flow from financing activities includes cash flows
originating in the financing of operations either on equity or liability terms
from the money or capital market. Cash and cash equivalents include liquid
assets and receivables from credit institutions payable on demand. The
statement has been prepared using the indirect method.
Related-party transactions
OPA's related parties include OP-Pohjola Group Central Cooperative and its
subsidiaries, the OP Bank Group pension insurance organisation OP Bank Group
Pension Fund and OP Bank Group Pension Foundation, and the company's
administrative personnel. Standard loan terms and conditions apply to loans
granted to the related parties. Loans are tied to generally used reference
rates. Related-party transactions did not undergo any substantial changes during
the reporting period.
Debt securities issued to the public are carried at amortised cost. The fair
value of these debt instruments has been measured using information available in
markets and employing commonly used valuation techniques. The difference between
the fair value and carrying amount is presented as valuation difference in the
Classification of financial assets and liabilities table. The carrying amounts
of other balance-sheet items substantially correspond to their fair values.
All derivative contracts have been entered into for hedging purposes, regardless
of their classification in accounting.
Calculation of key ratios
Return on equity, % = Annualised profit for the period / Equity capital (average
equity capital at the beginning and end of the period) × 100
Cost/income ratio, % = (Personnel costs + Other administrative expenses + Other
operating expenses) / (Net interest income + Net commissions and fees + Net
trading income + Total net investment income+ Other operating income) × 100
+---------------------------------------------+-------+-------+-------+
|Income statement TEUR|Q1/2014|Q1/2013| 2013|
+---------------------------------------------+-------+-------+-------+
| | | | |
+---------------------------------------------+-------+-------+-------+
|Interest income | 26,357| 20,070| 81,047|
+---------------------------------------------+-------+-------+-------+
|Interest expenses | 16,001| 11,742| 49,855|
+---------------------------------------------+-------+-------+-------+
|Net interest income | 10,356| 8,329| 31,192|
+---------------------------------------------+-------+-------+-------+
|Impairment loss on receivables | -64| 10| 19|
+---------------------------------------------+-------+-------+-------+
|Net commissons and fees | -3,963| -3,669|-16,070|
+---------------------------------------------+-------+-------+-------+
|Net trading income | 0| 0| 0|
+---------------------------------------------+-------+-------+-------+
|Net investment income | 1| 1| 1|
+---------------------------------------------+-------+-------+-------+
|Other operating income | 0| 0| 0|
+---------------------------------------------+-------+-------+-------+
|Personnel costs | 119| 120| 449|
+---------------------------------------------+-------+-------+-------+
|Other administrative expenses | 564| 423| 1,570|
+---------------------------------------------+-------+-------+-------+
|Other operating expenses | 305| 345| 1,302|
+---------------------------------------------+-------+-------+-------+
|Earnings before tax | 5,340| 3,782| 11,821|
+---------------------------------------------+-------+-------+-------+
|Income tax expense | 1,068| 926| 2,887|
+---------------------------------------------+-------+-------+-------+
|Profit for the period | 4,272| 2,856| 8,934|
+---------------------------------------------+-------+-------+-------+
+--------------------------------------------------------+-------+-------+-----+
|Statement of comprehensive income |Q1/2014|Q1/2013| 2013|
+--------------------------------------------------------+-------+-------+-----+
| TEUR| | | |
+--------------------------------------------------------+-------+-------+-----+
|Profit for the period | 4,272| 2,856|8,934|
+--------------------------------------------------------+-------+-------+-----+
| | | | |
+--------------------------------------------------------+-------+-------+-----+
|Items that will not be reclassified to profit or loss | | | |
+--------------------------------------------------------+-------+-------+-----+
|Gains/(losses) arising from remeasurement of defined | | | |
|benefit plans | 0| 0| -38|
+--------------------------------------------------------+-------+-------+-----+
|Income tax on gains/(losses) on arising from | | | |
|remeasurement of defined benefit plans | 0| 0| -6|
+--------------------------------------------------------+-------+-------+-----+
|Total comprehensive income | 4,272| 2,856|8,889|
+--------------------------------------------------------+-------+-------+-----+
+-------------------------+-------+-------+----+
|Key ratios |Q1/2014|Q1/2013|2013|
+-------------------------+-------+-------+----+
|Return on equity (ROE), %| 5.1| 3.5| 2.7|
+-------------------------+-------+-------+----+
|Cost/income ratio, % | 15| 19| 22|
+-------------------------+-------+-------+----+
+----------------------------------------------------------+----------+--------+
|Cash flow statement TEUR | Q1/2014| Q1/2013|
+----------------------------------------------------------+----------+--------+
|Cash and cash equivalents 1 Jan. | 110,550| 53,300|
+----------------------------------------------------------+----------+--------+
|Total comprehensive income for the period | 4,272| 2,856|
+----------------------------------------------------------+----------+--------+
|Adjustments to profit for the period | 780| 711|
+----------------------------------------------------------+----------+--------+
|Increase (-) or decrease (+) in operating assets |-1,861,519|-167,473|
+----------------------------------------------------------+----------+--------+
|Increase (+) or decrease (-) in operating liabilities | 1,296,680| 163,952|
+----------------------------------------------------------+----------+--------+
|A. Cash flow from operating activities | -559,787| 46|
+----------------------------------------------------------+----------+--------+
|Shares and participations | -23| -|
+----------------------------------------------------------+----------+--------+
|Purchase of intangible assets | -174| -83|
+----------------------------------------------------------+----------+--------+
|B. Cash flow from investing activities | -197| -83|
+----------------------------------------------------------+----------+--------+
|Increases in debt securities issued to the public | 995,839| 1,619|
+----------------------------------------------------------+----------+--------+
|Decreases in debt securities issued to the public | 0| 0|
+----------------------------------------------------------+----------+--------+
|Reserve for invested unrestricted equity | 0| 0|
+----------------------------------------------------------+----------+--------+
|Dividends paid | 0| -2,001|
+----------------------------------------------------------+----------+--------+
|C. Cash flow from financing activities | 995,839| -381|
+----------------------------------------------------------+----------+--------+
|Net increase/decrease in cash and cash equivalents (A+B+C)| 435,855| -419|
+----------------------------------------------------------+----------+--------+
|Cash and cash equivalents 31 Dec. | 546,404| 52,881|
+----------------------------------------------------------+----------+--------+
+----------------------------------------+------------+------------+-----------+
|Balance | | | |
|sheet |31 Mar 2014|31 Mar 2013|31 Dec 2013|
| TEUR | | | |
+----------------------------------------+------------+------------+-----------+
| | | | |
+----------------------------------------+------------+------------+-----------+
|Receivables from credit institutions | 546,404| 52,881| 110,550|
+----------------------------------------+------------+------------+-----------+
|Derivative contracts | 199,126| 276,403| 198,086|
+----------------------------------------+------------+------------+-----------+
|Receivables from customers | 9,749,343| 8,847,903| 7,929,630|
+----------------------------------------+------------+------------+-----------+
|Investments assets | 40| 17| 17|
+----------------------------------------+------------+------------+-----------+
|Intangible assets | 1,819| 1,128| 1,668|
+----------------------------------------+------------+------------+-----------+
|Other assets | 117,719| 117,146| 76,362|
+----------------------------------------+------------+------------+-----------+
|Tax assets | 39| 33| 630|
+----------------------------------------+------------+------------+-----------+
|Total assets | 10,614,491| 9,295,512| 8,316,944|
+----------------------------------------+------------+------------+-----------+
|Liabilities to credit institutions | 3,136,149| 2,747,000| 1,885,000|
+----------------------------------------+------------+------------+-----------+
|Derivative contracts | 7,778| 10,867| 8,767|
+----------------------------------------+------------+------------+-----------+
|Debt securities issued to the public | 6,988,802| 6,068,986| 5,991,695|
+----------------------------------------+------------+------------+-----------+
|Provisions and other liabilities | 145,316| 142,136| 99,628|
+----------------------------------------+------------+------------+-----------+
|Tax liabilities | 321| 704| 0|
+----------------------------------------+------------+------------+-----------+
|Total liabilities | 10,278,366| 8,969,693| 7,985,090|
+----------------------------------------+------------+------------+-----------+
|Shareholders' equity | | | |
+----------------------------------------+------------+------------+-----------+
| Share capital | 60,000| 60,000| 60,000|
+----------------------------------------+------------+------------+-----------+
| Reserve for invested | | | |
|unrestricted | | | |
| equity | 235,000| 235,000| 235,000|
+----------------------------------------+------------+------------+-----------+
| Retained earnings | 41,125| 30,819| 36,853|
+----------------------------------------+------------+------------+-----------+
|Total equity | 336,125| 325,819| 331,853|
+----------------------------------------+------------+------------+-----------+
|Total liabilities and shareholders' | | | |
|equity | 10,614,491| 9,295,512| 8,316,944|
+----------------------------------------+------------+------------+-----------+
+----------------------------------------+------------+------------+-----------+
|Off-balance-sheet commitments TEUR |31 Mar 2014|31 Mar 2013|31 Dec 2013|
+----------------------------------------+------------+------------+-----------+
|Irrevocable commitments given on behalf | | | |
|of customers | 5,463| 11,352| 4,568|
+----------------------------------------+------------+------------+-----------+
+--------------------+-------------+--------------+---------------+------------+
|Statement of changes|Share capital|Other reserves| Retained|Total equity|
|in equity TEUR | | | earnings| |
+--------------------+-------------+--------------+---------------+------------+
| | | | | |
+--------------------+-------------+--------------+---------------+------------+
|Shareholders' equity| | | | |
|1 Jan 2013 | 60,000| 235,000| 29,964| 324,964|
+--------------------+-------------+--------------+---------------+------------+
|Reserve for invested| | | | |
|unrestricted equity| -| -| -| 0|
+--------------------+-------------+--------------+---------------+------------+
|Profit for the | | | | |
|period | -| -| 2,856| 2,856|
+--------------------+-------------+--------------+---------------+------------+
|Total comprehensive | | | | |
|income | | | 0| 0|
+--------------------+-------------+--------------+---------------+------------+
|Other changes | -| -| -2,001| -2,001|
+--------------------+-------------+--------------+---------------+------------+
|Shareholders' equity| | | | |
|31 Mar 2013 | 60,000| 235,000| 30,819| 325,819|
+--------------------+-------------+--------------+---------------+------------+
| | | | | |
+--------------------+-------------+--------------+---------------+------------+
|Shareholders' equity| | | | |
|1 Jan 2014 | 60,000| 235,000| 36,853| 331,853|
+--------------------+-------------+--------------+---------------+------------+
|Reserve for invested| | | | |
|unrestricted equity | -| -| -| -|
+--------------------+-------------+--------------+---------------+------------+
|Profit for the | | | | |
|period | -| -| 4,272| 4,272|
+--------------------+-------------+--------------+---------------+------------+
|Total comprehensive | | | | |
|income | | | -| 0|
+--------------------+-------------+--------------+---------------+------------+
|Other changes | -| -| -| 0|
+--------------------+-------------+--------------+---------------+------------+
|Shareholders' equity| | | | |
|31 Mar 2014 | 60,000| 235,000| 41,125| 336,125|
+--------------------+-------------+--------------+---------------+------------+
OPA has presented its capital base and capital adequacy of 31 March 2014 in
accordance with the EU capital requirement regulation and directive (EU
575/2013) (CRR/CRD IV) entered into force on 1 January 2014. Comparatives for
2013 are presented according to CRD III in force on 31 December 2013.
+------------------------------------------+------------+----------+-----------+
|Capital base and capital adequacy | CRD IV | CRD IV | CRD III |
| | | | |
| TEUR|31 Mar 2014|1 Jan 2014|31 Dec 2013|
+------------------------------------------+------------+----------+-----------+
| | | | |
+------------------------------------------+------------+----------+-----------+
|Shareholders' equity | 336,125| 331,853| 331,853|
+------------------------------------------+------------+----------+-----------+
|Common Equity Tier 1 (CET1) before | | | |
|deductions | 336,125| 331,853| 331,853|
+------------------------------------------+------------+----------+-----------+
|Intangible assets | -1,819| -1,668| -1,668|
+------------------------------------------+------------+----------+-----------+
|Excess funding of pension liability, | | | |
|indirect holdings and deferred tax assets | | | |
|for losses | 0| 0| 0|
+------------------------------------------+------------+----------+-----------+
|Planned profit distribution / profit | | | |
|distribution as proposed by the Board | -750| 0| 0|
+------------------------------------------+------------+----------+-----------+
|Unrealised gains under transitional | | | |
|provisions | 0| 0| 0|
+------------------------------------------+------------+----------+-----------+
|Impairment loss - shortfall of expected | | | |
|losses | -2,010| -2,155| -1,077|
+------------------------------------------+------------+----------+-----------+
|Shortfall of Additional Tier 1 (AT1) | 0| 0| -1,077|
+------------------------------------------+------------+----------+-----------+
|Common Equity Tier 1 (CET1)*) | 331,546| 328,031| 328,031|
+------------------------------------------+------------+----------+-----------+
|Instruments included in other Tier 1 | | | |
|capital | 0| 0| 0|
+------------------------------------------+------------+----------+-----------+
|Shortfall of Tier 2 capital | 0| 0| -1,077|
+------------------------------------------+------------+----------+-----------+
|Reclassification into CET1 | 0| 0| 1,077|
+------------------------------------------+------------+----------+-----------+
|Additional Tier 1 capital (AT1) | 0| 0| 0|
+------------------------------------------+------------+----------+-----------+
|Tier 1 capital (T1) | 331,546| 328,031| 328,031|
+------------------------------------------+------------+----------+-----------+
|Debenture loans | 0| 0| 0|
+------------------------------------------+------------+----------+-----------+
|Unrealised gains under transitional | | | |
|provisions | 0| 0| 0|
+------------------------------------------+------------+----------+-----------+
|Impairment loss - shortfall of expected | | | |
|losses | 0| 0| -1,077|
+------------------------------------------+------------+----------+-----------+
|Reclassification into AT1 | 0| 0| 1,077|
+------------------------------------------+------------+----------+-----------+
|Tier 2 Capital (T2) | 0| 0| 0|
+------------------------------------------+------------+----------+-----------+
|Total Capital base | 331,546| 328,031| 328,031|
+------------------------------------------+------------+----------+-----------+
| | | | |
+------------------------------------------+------------+----------+-----------+
|Risk-weighted assets | | | |
+------------------------------------------+------------+----------+-----------+
|Credit and counterparty risk | 247,947| 263,887| 263,881|
+------------------------------------------+------------+----------+-----------+
|Market risk | 0| 0| 0|
+------------------------------------------+------------+----------+-----------+
|Operational risk | 23,527| 19,941| 19,941|
+------------------------------------------+------------+----------+-----------+
|Basel I floor | | | 2,908,024|
+------------------------------------------+------------+----------+-----------+
|Total | 271,474| 283,827| 3,191,845|
+------------------------------------------+------------+----------+-----------+
| | | | |
+------------------------------------------+------------+----------+-----------+
|Key ratios | 331,546| 328,031| 328,031|
+------------------------------------------+------------+----------+-----------+
|CET1 capital ratio | 122.1| 115.6| 10.3|
+------------------------------------------+------------+----------+-----------+
|Tier 1 capital ratio | 122.1| 115.6| 10.3|
+------------------------------------------+------------+----------+-----------+
|Capital adequacy ratio | 122.1| 115.6| 10.3|
+------------------------------------------+------------+----------+-----------+
| | | | |
+------------------------------------------+------------+----------+-----------+
|Basel I floor | | | |
+------------------------------------------+------------+----------+-----------+
|Capital base | 331,546| 328,031| |
+------------------------------------------+------------+----------+-----------+
|Basel I capital requirements floor | 322,569| 255,348| |
+------------------------------------------+------------+----------+-----------+
|Capital buffer for Basel I floor | 8,977| 72.683| |
+------------------------------------------+------------+----------+-----------+
*) The row of CET1 based on CRD III figures shows Core Tier as defined by the
EBA
Under CRR, the Basel I floor does not apply to RWAs and becomes a minimum
capital requirement.
The table above shows capital resources that exceed the Basel I floor.
Shortfall of difference between impairment losses and expected losses totals EUR
2 million.
+------------------------------------------------------------------------------+
|Classification of financial assets |
|and liabilities TEUR |
+-------------------+----------------+--------------+---------------+----------+
| | | Recognised at| | |
| | | fair value| | |
| |Loans and other|through profit|Available for| |
|Financial assets | receivables| or loss| sale| Total|
+-------------------+----------------+--------------+---------------+----------+
|Receivables from | | | | |
|credit institutions| 546,404| -| -| 546,404|
+-------------------+----------------+--------------+---------------+----------+
|Derivative | | | | |
|contracts | -| 199,126| -| 199,126|
+-------------------+----------------+--------------+---------------+----------+
|Receivables from | | | | |
|customers | 9,749,343| -| -| 9,749,343|
+-------------------+----------------+--------------+---------------+----------+
|Shares and | | | | |
|participations | -| -| 40| 40|
+-------------------+----------------+--------------+---------------+----------+
|Other receivables | 117,719| -| -| 117,719|
+-------------------+----------------+--------------+---------------+----------+
|Other assets | 1,858| 0| 0| 1,858|
+-------------------+----------------+--------------+---------------+----------+
|Balance at 31 March| | | | |
|2014 | 10,415,325| 199,126| 40|10,614,491|
+-------------------+----------------+--------------+---------------+----------+
|Balance at 31 March| | | | |
|2013 | 9,019,091| 276,403| 17| 9,295,512|
+-------------------+----------------+--------------+---------------+----------+
|Balance at 31 | | | | |
|December 2013 | 8,118,840| 198,086| 17| 8,316,944|
+-------------------+----------------+--------------+---------------+----------+
| |
+-------------------+----------------+--------------+---------------+----------+
| | | Recognised at| | |
| | | fair value| | |
|Financial | |through profit| Other| |
|liabilities | | or loss| liabilities| Total|
+-------------------+----------------+--------------+---------------+----------+
|Liabilities to | | | | |
|credit institutions| -| -| 3,136,149| 3,136,149|
+-------------------+----------------+--------------+---------------+----------+
|Derivative | | | | |
|contracts | -| 7,778| -| 7,778|
+-------------------+----------------+--------------+---------------+----------+
|Debt securities | | | | |
|issued to the | | | | |
|public | -| -| 6,988,802| 6,988,802|
+-------------------+----------------+--------------+---------------+----------+
|Other liabilities | -| -| 145,637| 145,637|
+-------------------+----------------+--------------+---------------+----------+
|Balance at 31 March| | | | |
|2014 | -| 7,778| 10,270,588|10,278,366|
+-------------------+----------------+--------------+---------------+----------+
|Balance at 31 March| | | | |
|2013 | 0| 10,867| 8,958,826| 8,969,693|
+-------------------+----------------+--------------+---------------+----------+
|Balance at 31 | | | | |
|December 2013 | -| 8,767| 7,976,323| 7,985,090|
+-------------------+----------------+--------------+---------------+----------+
|Valuation | | | | |
|difference of debt | | | | |
|securities issued | | | | |
|to the public | | | | |
|(difference between| | | | |
|fair value and | | | | |
|carrying amount) | | | | |
|31 March 2013 | | | 254,529| 254,529|
+-------------------+----------------+--------------+---------------+----------+
+-------------------+----------------------------------------------------------+
|Derivative | |
|contracts 31 Mar |Nominal values/residual term to maturity |
|2014 | |
|TEUR | |
+-------------------+-----------------+-----------+-----------------+----------+
| | Less than 1 year| 1-5 years|More than 5 years| Total|
+-------------------+-----------------+-----------+-----------------+----------+
|Interest rate | | | | |
|derivatives | | | | |
+-------------------+-----------------+-----------+-----------------+----------+
|Hedging | 3,436,567| 12,470,542| 2,396,000|18,303,109|
+-------------------+-----------------+-----------+-----------------+----------+
|Trading | -| -| -| -|
+-------------------+-----------------+-----------+-----------------+----------+
|Total | 3,436,567| 12,470,542| 2,396,000|18,303,109|
+-------------------+-----------------+-----------+-----------------+----------+
+-------------------+-----------------------------+-----------------+
| | Fair | Credit |
| |values | |
+-------------------+-----------------+-----------+ |
| | Assets|Liabilities| equivalent |
+-------------------+-----------------+-----------+-----------------+
|Interest rate | | | |
|derivatives | | | |
+-------------------+-----------------+-----------+-----------------+
|Hedging | 199,126| 7,778| 397,695|
+-------------------+-----------------+-----------+-----------------+
|Trading | -| -| -|
+-------------------+-----------------+-----------+-----------------+
|Total | 199,126| 7,778| 397,695|
+-------------------+-----------------+-----------+-----------------+
+--------------------+---------------------------------------------------------+
|Derivative contracts| |
|31 Dec 2013 |Nominal values/residual term to maturity |
|TEUR | |
+--------------------+----------------+-----------+-----------------+----------+
| |Less than 1 year| 1-5 years|More than 5 years| Total|
+--------------------+----------------+-----------+-----------------+----------+
|Interest rate | | | | |
|derivatives | | | | |
+--------------------+----------------+-----------+-----------------+----------+
|Hedging | 2,936,007| 11,644,865| 396,000|14,976,872|
+--------------------+----------------+-----------+-----------------+----------+
|Trading | -| -| -| -|
+--------------------+----------------+-----------+-----------------+----------+
|Total | 2,936,007| 11,644,865| 396,000|14,976,872|
+--------------------+----------------+-----------+-----------------+----------+
+--------------------+----------------------------+-----------------+
| | Fair values | Credit |
+--------------------+----------------+-----------+ |
| | Assets|Liabilities| equivalent |
+--------------------+----------------+-----------+-----------------+
|Interest rate | | | |
|derivatives | | | |
+--------------------+----------------+-----------+-----------------+
|Hedging | 198,086| 8,767| 325,316|
+--------------------+----------------+-----------+-----------------+
|Trading | -| -| -|
+--------------------+----------------+-----------+-----------------+
|Total | 198,086| 8,767| 325,316|
+--------------------+----------------+-----------+-----------------+
+------------------------------------------------------------------------------+
|Grouping of the balance sheet according to the valuation |
|method, TEUR |
| |
| |
+-----------------------------+------------------------------------------------+
|31 Mar 2014 |Valuation of fair value at the end of the period|
+-----------------------------+-------------------+---------+-------+----------+
| |Balance sheet value| Level 1|Level 2| Level 3|
+-----------------------------+-------------------+---------+-------+----------+
|Assets recognised at fair | | | | |
|value | | | | |
+-----------------------------+-------------------+---------+-------+----------+
|Derivate contracts | 199,126| -|199,126| -|
+-----------------------------+-------------------+---------+-------+----------+
|Total | 199,126| -|199,126| -|
+-----------------------------+-------------------+---------+-------+----------+
|Liabilities recognised at | | | | |
|fair value | | | | |
+-----------------------------+-------------------+---------+-------+----------+
|Derivate contracts | 7,778| -| 7,778| -|
+-----------------------------+-------------------+---------+-------+----------+
|Total | 7,778| | 7,778| |
+-----------------------------+-------------------+---------+-------+----------+
|Financial liabilities not | | | | |
|recognised at fair value | | | | |
+-----------------------------+-------------------+---------+-------+----------+
|Debt securities issued to the| | | | |
|public | 6,988,802|7,127,613|115,719| |
+-----------------------------+-------------------+---------+-------+----------+
|Total | 6,988,802|7,127,613|115,719| -|
+-----------------------------+-------------------+---------+-------+----------+
| |
| |
| |
+-----------------------------+------------------------------------------------+
|31 Dec 2013 |Valuation of fair value at the end of the period|
+-----------------------------+-------------------+---------+-------+----------+
| |Balance sheet value| Level 1|Level 2| Level 3|
+-----------------------------+-------------------+---------+-------+----------+
|Assets recognised at fair | | | | |
|value | | | | |
+-----------------------------+-------------------+---------+-------+----------+
|Derivate contracts | 198,086| -|198,086| -|
+-----------------------------+-------------------+---------+-------+----------+
|Total | 198,086| -|198,086| -|
+-----------------------------+-------------------+---------+-------+----------+
|Liabilities recognised at | | | | |
|fair value | | | | |
+-----------------------------+-------------------+---------+-------+----------+
|Derivate contracts | 8,767| -| 8,767| -|
+-----------------------------+-------------------+---------+-------+----------+
|Yhteensä | 8,767| | 8,767| |
+-----------------------------+-------------------+---------+-------+----------+
|Financial liabilities not | | | | |
|recognised at fair value | | | | |
+-----------------------------+-------------------+---------+-------+----------+
|Debt securities issued to the| | | | |
|public | 5,991,695|6,139,724|107,822| |
+-----------------------------+-------------------+---------+-------+----------+
|Total | 5,991,695|6,139,724|107,822| -|
+-----------------------------+-------------------+---------+-------+----------+
| |
| |
|OPA does not hold any transfers between the levels of fair value |
|valuation. |
+------------------------------------------------------------------------------+
Helsinki, 29 April 2014
OP Mortgage Bank
Board of Directors
For more information, please contact Managing Director Lauri Iloniemi, tel.
+358 (0)10 252 3541
DISTRIBUTION
LSE London Stock Exchange
OAM, Officially Appointed Mechanism
Major media
op.fi
[HUG#1780807]
© 2024 Nasdaq, Inc. All Rights Reserved |