2016-02-04 09:00:58 CET
2016-02-04 09:00:58 CET
REGULATED INFORMATION
OP Mortgage Bank - Interim report (Q1 and Q3)
OP Mortgage Bank: Financial Statements Bulletin for 1 January-31 December 2015
OP MORTGAGE BANK
Stock exchange release, 4 February 2016 at 10.00 EET
Financial Statements Bulletin
OP Mortgage Bank: Financial Statements Bulletin for 1 January-31 December 2015
OP Mortgage Bank (OP MB) is part of OP Financial Group and its role is to raise,
together with 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 loan portfolio of OP MB increased to EUR 9,610 million (9,329)* during
January-December. The company increased its loan portfolio by buying mortgage-
backed loans from OP Financial Group's member banks worth a total of EUR 1,992
million. During the financial year, OP MB issued two fixed-rate covered bonds in
international capital markets that got the highest credit ratings from credit
rating agencies. The bond with a nominal value of EUR 1,000 million issued in
September has a maturity of seven years. Out of the bond with a nominal value of
EUR 1,250 million and a maturity of five years issued in November, the company
intermediated EUR 713 million in intermediate loans to OP Financial Group member
cooperative banks.
The company's financial standing remained stable throughout the financial year.
Operating profit came to EUR 25.3 (18.3) 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-December 2014 figures serve as comparatives. For
balance-sheet and other cross-sectional figures, figures at the end of the
previous financial year (31 December 2014) serve as comparatives.
Collateralisation of bonds issued to the public
The programme amount of the Euro Medium Term Covered Note programme established
on 12 November 2010 under the Laki kiinnityspankkitoiminnasta (688/2010)
(Covered Bond Act) was increased from EUR 10,000 million to EUR 15,000 million
in November and collateral in security of the covered bonds issued under the
programme totalled EUR 10 million on 31 December.
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 140.2% (133.0) on 31 December.
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 22.5 million in December.
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 December 2015, OP Cooperative's members comprised 178
member cooperative banks as well as Pohjola Bank plc, Helsinki OP Bank Ltd, OP
Mortgage Bank, OP Card Company Plc and OP Process Services Ltd. The central
cooperative 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 liable for each other's debts. OP Financial Group's insurance companies
do not fall within the scope of joint and several liability. 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.
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 December, 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,
Financial Group
Members Elina Ronkanen-Minogue Head of Asset and Liability Management and
Group Treasury, OP Cooperative
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 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 Pohjola 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 Financial Statements Bulletin for 2015 has been prepared in accordance with
IAS 34 (Interim Financial Reporting).
This Financial Statements Bulletin 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 |Q4/2015|Q4/2014| 2015| 2014|
+------------------------------+-------+-------+-------+-------+
| | | | | |
+------------------------------+-------+-------+-------+-------+
|Interest income | 26,317| 28,086|106,362|117,550|
+------------------------------+-------+-------+-------+-------+
|Interest expenses | 6,444| 13,161| 33,007| 62,539|
+------------------------------+-------+-------+-------+-------+
|Net interest income | 19,873| 14,925| 73,355| 55,011|
+------------------------------+-------+-------+-------+-------+
|Impairment loss on receivables| -35| -2| 210| -150|
+------------------------------+-------+-------+-------+-------+
|Net commissons and fees |-11,329| -9,989|-43,361|-32,394|
+------------------------------+-------+-------+-------+-------+
|Net trading income | 0| 0| 0| -1|
+------------------------------+-------+-------+-------+-------+
|Net investment income | 0| 0| 22| 1|
+------------------------------+-------+-------+-------+-------+
|Other operating income | 0| 0| 1| 1|
+------------------------------+-------+-------+-------+-------+
|Personnel costs | 94| 103| 382| 385|
+------------------------------+-------+-------+-------+-------+
|Other administrative expenses | 812| 564| 2,612| 2,300|
+------------------------------+-------+-------+-------+-------+
|Other operating expenses | 865| 406| 1,924| 1,506|
+------------------------------+-------+-------+-------+-------+
|Earnings before tax | 6,737| 3,861| 25,308| 18,277|
+------------------------------+-------+-------+-------+-------+
|Income tax expense | 1,311| 775| 5,020| 3,657|
+------------------------------+-------+-------+-------+-------+
|Profit for the period | 5,426| 3,086| 20,288| 14,619|
+------------------------------+-------+-------+-------+-------+
+------------------------------------------------+-------+-------+------+------+
|Statement of comprehensive |Q4/2015|Q4/2014| 2015| 2014|
|income, TEUR +-------+-------+------+------+
| | | | | |
+------------------------------------------------+-------+-------+------+------+
|Profit for the period | 5,426| 3,086|20,288|14,619|
+------------------------------------------------+-------+-------+------+------+
| | | | | |
+------------------------------------------------+-------+-------+------+------+
|Items that will not be reclassified to profit | | | | |
|or loss | | | | |
+------------------------------------------------+-------+-------+------+------+
|Gains/(losses) arising from remeasurement of | | | | |
|defined benefit plans | 231| -17| 231| -17|
+------------------------------------------------+-------+-------+------+------+
|Income tax on gains/(losses) on arising from | | | | |
|remeasurement of defined benefit plans | -46| 3| -46| 3|
+------------------------------------------------+-------+-------+------+------+
|Total comprehensive income | 5,611| 3,073|20,473|14,606|
+------------------------------------------------+-------+-------+------+------+
+-------------------------+-------+-------+----+----+
|Key ratios |Q4/2015|Q4/2014|2015|2014|
+-------------------------+-------+-------+----+----+
|Return on equity (ROE), %| 5.9| 3.5| 5.6| 4.2|
+-------------------------+-------+-------+----+----+
|Cost/income ratio, % | 21| 22| 16| 19|
+-------------------------+-------+-------+----+----+
+--------------------------------------------------------+----------+----------+
|Cash flow | | |
|from operating activities, TEUR | 2015| 2014|
+--------------------------------------------------------+----------+----------+
|Profit for the financial year | 20,288| 14,615|
+--------------------------------------------------------+----------+----------+
|Adjustments to profit for the financial year | 9,372| -59,526|
+--------------------------------------------------------+----------+----------+
|Increase (-) or decrease (+) | | |
|in operating assets |-1,005,090|-1,419,284|
+--------------------------------------------------------+----------+----------+
|Receivables from credit institutions | -733,369| -10,000|
+--------------------------------------------------------+----------+----------+
|Receivables from the public and public-sector entities | -282,945|-1,395,644|
+--------------------------------------------------------+----------+----------+
|Shares and participations | | -23|
+--------------------------------------------------------+----------+----------+
|Other assets | 11,224| -13,616|
+--------------------------------------------------------+----------+----------+
|Increase (+) or decrease (-) | | |
|in operating liabilities | -143,399| -357,524|
+--------------------------------------------------------+----------+----------+
|Liabilities to credit institutions and | | |
|central banks | -130,000| -380,000|
+--------------------------------------------------------+----------+----------+
|Other liabilities | -13,399| 22,476|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Income tax paid | -3,362| -3,403|
+--------------------------------------------------------+----------+----------+
|Dividends received | 22| 1|
+--------------------------------------------------------+----------+----------+
|A. Net cash from operating activities |-1,118,830|-1,821,718|
+--------------------------------------------------------+----------+----------+
|Cash flow from investing activities | | |
+--------------------------------------------------------+----------+----------+
|Purchase of PPE and intangible assets | -681| -1,064|
+--------------------------------------------------------+----------+----------+
|B. Net cash used in investing activities | -681| -1,064|
+--------------------------------------------------------+----------+----------+
|Cash flow from financing activities | | |
+--------------------------------------------------------+----------+----------+
|Increases in debt securities issued | | |
|to the public | 1,260,582| 1,811,278|
+--------------------------------------------------------+----------+----------+
|Dividends paid and interest on cooperative capital | -4,996| |
+--------------------------------------------------------+----------+----------+
|Other monetary increases in equity items | | 10,000|
+--------------------------------------------------------+----------+----------+
|C. Net cash used in financing activities | 1,255,586| 1,821,278|
+--------------------------------------------------------+----------+----------+
|D. Effect of foreign exchange rate changes on cash and | | |
|cash equivalents | 0| |
+--------------------------------------------------------+----------+----------+
|Net change in cash and cash equivalents (A+B+C+D) | 136,074| -1,504|
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents at year-start | 109,046| 110,550|
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents at year-end | 245,120| 109,046|
+--------------------------------------------------------+----------+----------+
|Change in cash and cash equivalents | 136,074| -1,504|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Interest received | 117,954| 103,959|
+--------------------------------------------------------+----------+----------+
|Interest paid | 46,724| 110,157|
+--------------------------------------------------------+----------+----------+
|Adjustments to profit for the financial year | | |
+--------------------------------------------------------+----------+----------+
|Non-cash items | | |
+--------------------------------------------------------+----------+----------+
|Unrealised net gains on foreign exchange operations | 0| |
+--------------------------------------------------------+----------+----------+
|Impairment losses on receivables | -207| 168|
+--------------------------------------------------------+----------+----------+
|Other | 8,863| -59,747|
+--------------------------------------------------------+----------+----------+
|Total adjustments | 8,656| -59,578|
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents | | |
+--------------------------------------------------------+----------+----------+
|Receivables from credit institutions payable on demand | 245,120| 109,046|
+--------------------------------------------------------+----------+----------+
|Total cash and cash equivalents | 245,120| 109,046|
+--------------------------------------------------------+----------+----------+
+----------------+-----------+-----------+-----------+-------------+-----------+
|Balance sheet, | | | | | |
|TEUR |31 Dec 2015|30 Sep 2015|30 Jun 2015|31 March 2015|31 Dec 2014|
+----------------+-----------+-----------+-----------+-------------+-----------+
| | | | | | |
+----------------+-----------+-----------+-----------+-------------+-----------+
|Receivables from| | | | | |
|credit | | | | | |
|institutions | 988,490| 200,823| 156,412| 101,181| 119,046|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Derivative | | | | | |
|contracts | 192,206| 200,981| 191,919| 285,540| 261,346|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Receivables from| | | | | |
|customers | 9,610,252| 9,194,581| 9,600,216| 9,635,434| 9,329,077|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Investments | | | | | |
|assets | 40| 40| 40| 40| 40|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Intangible | | | | | |
|assets | 2,575| 2,784| 2,835| 2,630| 2,610|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Other assets | 78,823| 58,208| 62,080| 111,691| 90,047|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Tax assets | | 3| 2| 392| 380|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Total assets | 10,872,386| 9,657,420| 10,013,505| 10,136,908| 9,802,546|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Liabilities to | | | | | |
|credit | | | | | |
|institutions | 1,375,000| 1,425,000| 2,790,000| 1,795,000| 1,505,000|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Derivative | | | | | |
|contracts | 12,971| 5,639| 22,769| 7,156| 8,298|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Debt securities | | | | | |
|issued to the | | | | | |
|public | 9,002,669| 7,770,710| 6,748,760| 7,836,945| 7,810,673|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Provisions and | | | | | |
|other | | | | | |
|liabilities | 108,485| 87,863| 88,896| 141,278| 122,116|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Tax liabilities | 1,325| 1,883| 1,333| 551| 0|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Total | | | | | |
|liabilities | 10,500,450| 9,291,095| 9,651,758| 9,780,929| 9,446,086|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Shareholders' | | | | | |
|equity | | | | | |
+----------------+-----------+-----------+-----------+-------------+-----------+
| Share capital | 60,000| 60,000| 60,000| 60,000| 60,000|
+----------------+-----------+-----------+-----------+-------------+-----------+
| Reserve for | | | | | |
|invested | | | | | |
|unrestricted | | | | | |
|equity | 245,000| 245,000| 245,000| 245,000| 245,000|
+----------------+-----------+-----------+-----------+-------------+-----------+
| Retained | | | | | |
|earnings | 66,937| 61,325| 56,747| 50,979| 51,459|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Total equity | 371,937| 366,325| 361,747| 355,979| 356,459|
+----------------+-----------+-----------+-----------+-------------+-----------+
|Total | | | | | |
|liabilities and | | | | | |
|shareholders' | | | | | |
|equity | 10,872,386| 9,657,420| 10,013,505| 10,136,908| 9,802,546|
+----------------+-----------+-----------+-----------+-------------+-----------+
+-------------------+----------+-----------+-----------+-----------+-----------+
|Off-balance-sheet | 31 Dec|30 Sep 2015| 30 June| 31 March|31 Dec 2014|
|commitments, TEUR | 2015| | 2015| 2015| |
+-------------------+----------+-----------+-----------+-----------+-----------+
|Irrevocable | | | | | |
|commitments given | | | | | |
|on behalf of | | | | | |
|customers | 858| 1,583| 1,822| 3,305| 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| | 10,000| | 10,000|
+--------------------+-------------+---------------+--------------+------------+
|Profit for the | | | | |
|period | | | 14,619| 14,619|
+--------------------+-------------+---------------+--------------+------------+
|Total comprehensive | | | | |
|income | | | -13| -13|
+--------------------+-------------+---------------+--------------+------------+
|Other changes | | | | |
+--------------------+-------------+---------------+--------------+------------+
|Shareholders' equity| | | | |
|31 Dec 2014 | 60,000| 245,000| 51,459| 356,459|
+--------------------+-------------+---------------+--------------+------------+
| | | | | |
+--------------------+-------------+---------------+--------------+------------+
|Shareholders' equity| | | | |
|1 Jan 2015 | 60,000| 245,000| 51,459| 356,459|
+--------------------+-------------+---------------+--------------+------------+
|Reserve for invested| | | | |
|unrestricted equity | | | | |
+--------------------+-------------+---------------+--------------+------------+
|Profit for the | | | | |
|period | | | 20,288| 20,288|
+--------------------+-------------+---------------+--------------+------------+
|Total comprehensive | | | | |
|income | | | 185| 185|
+--------------------+-------------+---------------+--------------+------------+
|Other changes | | | -4,996| -4,996|
+--------------------+-------------+---------------+--------------+------------+
|Shareholders' equity| | | | |
|31 Dec 2015 | 60,000| 245,000| 66,937| 371,937|
+--------------------+-------------+---------------+--------------+------------+
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 Dec 2015|31 Dec 2014|
+------------------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------------------+-----------+-----------+
|Shareholders' equity | 371,937| 356,459|
+------------------------------------------------------+-----------+-----------+
|Common Equity Tier 1 (CET1) before deductions | 371,937| 356,459|
+------------------------------------------------------+-----------+-----------+
|Intangible assets | -2,575| -2,610|
+------------------------------------------------------+-----------+-----------+
|Excess funding of pension liability, indirect holdings| | |
|and deferred tax assets for losses | -74| -55|
+------------------------------------------------------+-----------+-----------+
|Planned profit distribution / profit distribution as | | |
|proposed by the Board | | -5,000|
+------------------------------------------------------+-----------+-----------+
|Share of unaudited profits | -20,288| |
+------------------------------------------------------+-----------+-----------+
|Impairment loss - shortfall of expected losses | -2,046| -1,898|
+------------------------------------------------------+-----------+-----------+
|Common Equity Tier 1 (CET1) | 346,954| 346,897|
+------------------------------------------------------+-----------+-----------+
|Tier 1 capital (T1) | 346,954| 346,897|
+------------------------------------------------------+-----------+-----------+
|Total capital base | 346,954| 346,897|
+------------------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------------------+-----------+-----------+
|Risk-weighted assets | | |
+------------------------------------------------------+-----------+-----------+
|Credit and counterparty risk | 219,560| 237,258|
+------------------------------------------------------+-----------+-----------+
|Market risk | | |
+------------------------------------------------------+-----------+-----------+
|Operational risk | 27,846| 23,527|
+------------------------------------------------------+-----------+-----------+
|Total | 247,407| 260,785|
+------------------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------------------+-----------+-----------+
|Key ratios, % | | |
+------------------------------------------------------+-----------+-----------+
|CET1 capital ratio | 140.2| 133.0|
+------------------------------------------------------+-----------+-----------+
|Tier 1 capital ratio | 140.2| 133.0|
+------------------------------------------------------+-----------+-----------+
|Capital adequacy ratio | 140.2| 133.0|
+------------------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------------------+-----------+-----------+
|Basel I floor | | |
+------------------------------------------------------+-----------+-----------+
|Capital base | 346,954| 346,897|
+------------------------------------------------------+-----------+-----------+
|Basel I capital requirements floor | 324,461| 304,995|
+------------------------------------------------------+-----------+-----------+
|Capital buffer for Basel I floor | 22,493| 41,901|
+------------------------------------------------------+-----------+-----------+
+-------------------+----------------+--------------+---------------+----------+
|Classification of | | | | |
|financial assets | | | | |
|liabilities 31 Dec | | | | |
|2015, TEUR | | | | |
+-------------------+----------------+--------------+---------------+----------+
| | | Recognised at| | |
| | | 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|
+-------------------+----------------+--------------+---------------+----------+
+-------------------+----------------+---------------+---------------+---------+
|Classification of | | | | |
|financial assets | | | | |
|liabilities 31 Dec | | | | |
|2014, TEUR | | | | |
+-------------------+----------------+---------------+---------------+---------+
| | | Recognised at| | |
| | | fair value| | |
| |Loans and other| through profit| Available| |
|Financial assets | receivables| or loss| for sale| Total|
+-------------------+----------------+---------------+---------------+---------+
|Receivables from | | | | |
|credit institutions| 119,046| | | 119,046|
+-------------------+----------------+---------------+---------------+---------+
|Derivative | | | | |
|contracts | | 261,346| | 261,346|
+-------------------+----------------+---------------+---------------+---------+
|Receivables from | | | | |
|customers | 9,329,077| | |9,329,077|
+-------------------+----------------+---------------+---------------+---------+
|Shares and | | | | |
|participations | | | 40| 40|
+-------------------+----------------+---------------+---------------+---------+
|Other receivables | 90,047| | | 90,047|
+-------------------+----------------+---------------+---------------+---------+
|Other assets | 2,990| | | 2,990|
+-------------------+----------------+---------------+---------------+---------+
|Total | 9,541,160| 261,346| 40|9,802,546|
+-------------------+----------------+---------------+---------------+---------+
| |
+-------------------+----------------+---------------+---------------+---------+
| | | Recognised at| | |
| | | fair value| | |
|Financial | | through profit| Other| |
|liabilities | | or loss| liabilities| Total|
+-------------------+----------------+---------------+---------------+---------+
|Liabilities to | | | | |
|credit institutions| | | 1,505,000|1,505,000|
+-------------------+----------------+---------------+---------------+---------+
|Derivative | | | | |
|contracts | | 8,298| | 8,298|
+-------------------+----------------+---------------+---------------+---------+
|Debt securities | | | | |
|issued to the | | | | |
|public | | | 7,810,673|7,810,673|
+-------------------+----------------+---------------+---------------+---------+
|Other liabilities | | | 122,116| 122,116|
+-------------------+----------------+---------------+---------------+---------+
|Total | | 8,298| 9,437,789|9,446,087|
+-------------------+----------------+---------------+---------------+---------+
|Valuation | | | | |
|difference of debt | | | | |
|securities issued | | | | |
|to the public | | | | |
|(difference between| | | | |
|fair value and | | | | |
|carrying amount) | | | | |
|31 Dec 2014 | | | 327,389| 327,389|
+-------------------+----------------+---------------+---------------+---------+
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 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 | Credit |
+-------------------------+-------+-----------+----------+
| | Assets|Liabilities|equivalent|
+-------------------------+-------+-----------+----------+
|Interest rate derivatives| | | |
+-------------------------+-------+-----------+----------+
|Hedging |192,206| 12,971| 411,985|
+-------------------------+-------+-----------+----------+
|Total |192,206| 12,971| 411,985|
+-------------------------+-------+-----------+----------+
+-------------------------------------+----------------------------------------+
|Derivative contracts 31 Dec 2014, |Nominal values/residual term to maturity|
|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|
+-------------------------------------+---------+---------+---------+----------+
|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|
+-------------------------+-------+-----------+----------+
|Total |261,346| 8,298| 449,799|
+-------------------------+-------+-----------+----------+
+--------------------------------------+-------------------------------------+
|Financial instruments classification, | |
|grouped by valuation technique, TEUR | |
| | |
+--------------------------------------+ |
|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 measured 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|
+--------------------------------------+-------------------+---------+-------+
+----------------------------------------+-------------------------------------+
|31 Dec 2014 | Fair value measurement at year end |
+----------------------------------------+-------------------+---------+-------+
| |Balance sheet value| Level 1|Level 2|
+----------------------------------------+-------------------+---------+-------+
|Recurring fair value measurements of | | | |
|assets | | | |
+----------------------------------------+-------------------+---------+-------+
|Derivate contracts | 261,346| |261,346|
+----------------------------------------+-------------------+---------+-------+
|Total | 261,346| |261,346|
+----------------------------------------+-------------------+---------+-------+
|Recurring fair value measurements of | | | |
|liabilities | | | |
+----------------------------------------+-------------------+---------+-------+
|Derivate contracts | 8,298| | 8,298|
+----------------------------------------+-------------------+---------+-------+
|Total | 8,298| | 8,298|
+----------------------------------------+-------------------+---------+-------+
|Financial liabilities not measured 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, 4 February 2016
OP Mortgage Bank
Board of Directors
For more information, please contact: Lauri Iloniemi, Managing Director,
tel. +358 (0)10 252 3541
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