The company's purpose is to acquire first lien Norwegian commercial mortgages originated by the owner banks in the SpareBank 1 Alliance and finance these through issuing covered bonds.
Investors in SpareBank 1 Naeringskreditt's covered bonds in NOK, EUR or SEK enjoy the safety of a high quality cover pool.
The entire SpareBank 1 Boligkreditt and Naeringskreditt team with the Stavanger harbour in the background
The covered bond funding entity is of high strategic importance to the members in the SpareBank 1 Alliance. The Alliance consists of savings banks with a dominant share of mortgage retail lending as their core business. All of the business takes place within Norway and most SpareBank 1 banks trace their history to the 19th century. The Alliance's banking branch network is Norway's most extensive and the wide dispersion of banks ensures a well distributed cover pool.
As a specialised credit institution, SpareBank 1 Naeringskreditt must fully comply with regulations applicable for all banks (including the existing and proposed Basel regulatory framework). The regulator in Norway is the Norwegian Financial Services Authority (Finanstilsynet).
2008
The SpareBank 1 Alliance banks jointly acquire BN Bank, a lender specialized in commercial real estate in Norway.
2009
SpareBank 1 Naeringskreditt is established in order to access funding under newly offered Norwegian covered bond swap facility, operated by Norway's central bank as a response to the tightening general bank funding conditions after the events of 2008 (Lehman bankruptcy). The cover pool consist exclusively of commercial mortgages from BN Bank at this time.
2010
Other large SpareBank 1 banks start work to qualify their commercial real estate loans for the Naeringskreditt cover pool. Naeringskreditt obtains an initial credit rating for its covered bonds from Moody's.
2011
SpareBank 1 Naeringskreditt issues its first covered bond in the market, outside of the Government swap facility (which closed for further lending in the 2 half of 2009): a 4 year NOK 1 billion issue.
2012
Both SpareBank 1 SR Bank and SpareBank 1 SMN have now sold commercial mortgage loans to Naeringskreditt, the Company's issued debt approaches NOK 11 billion.
2013
Moody's upgrades Naeringskreditts covered bonds to Aa2 (September 2013). Total debt issued is just over NOK 13 billion at the end of the year and SpareBank 1 Nord Norge (SNN) and Sparebanken Hedmark have also now sold commercial mortgage loans to the cover pool. 2 SEK bonds are sold; a 3 year and a 5 year maturity for a 1 bn SEK each.
2014
First EUR bonds are issued, in the form of private placements, both as registered covered bonds (NSV) and as bearer bonds under the Company's new EUR 3 billion Medium Term Covered Note issuance programme. As a share of the Company's outstanding debt of NOK 15.6 billion, 6% is in EUR, 15% in SEK and the remainder in NOK. All the government swap facility bonds are repaid and replaced with market funding. Moody's upgrades the covered bonds to Aa1 (March 2014). SpareBankenen 1 Nordvest has joined other Alliance banks as a contributor of mortgages to the Company's cover pool.
2015
Naeringskreditt covered bonds are upgraded to Aaa from Aa1 as a result of the change in Moody's ratings methodology with regards to the anchor point for the covered bond rating. BN Bank changes its strategy from commercial lending to retail. BN Bank is the largest bank contributing mortgages.
2016-2020
After the shift in BN Bank's strategy, the bank's mortgages in the cover pool steadily declines from 80% of all mortgages (2015) to 40% (2020). Other banks in the SpareBank 1 Alliance transfer more mortgages, but pool volume remains stable at around NOK 10 billion. Funding volumes are commensurate with that.
Moody's: (click on Moody's to see the latest report): Aaa
| Sr. Unsec. Ratings | Moody’s |
|---|---|
| SpareBank 1 SMN | A1 / P-1 |
| SpareBank 1 Nord-Norge | Aa3 / P-1 |
| Sparebank 1 Østlandet | Aa3 / P-1 |
| SpareBank 1 Sørøst | A1 / P-1 |
Managing Director / CEO
Mobile: +47 95 03 97 69
Director, COO
Mobile: +47 90 54 74 32
Director, Liquidity investments
Mobile: +47 92 28 19 97
Analyst
Mobile: +47 41 46 27 60
Risk Manager
Mobile: +4741 10 89 87
The Board of Directors of SpareBank 1 Naeringskreditt AS is presented below.
A document describing corporate governance and management is located as one of the documents on the left hand side of this page (Norwegian: eierstyring og selskapsledelse). The Board is responsible for compliance with all regulatory requirements, including all reporting aspects. The Board of Directors sets policy, instructs and supervise management.
The Company is exempt from having an audit and risk committee (the whole Board oversees these topics), but the Board has a renumeration committee where the members are Mr. Olsen, Mr. Bolstad and Mr. Soraas. The Company does not have any variable renumeration scheme, nor does it have any share or options based plans as part of the renumeration for management.
There are usually 8 Board meetings each year, where at least 4 are in a digital format.
None of the members of the Board of Directors have any shares in the Company, nor personal interests in or relationships or employment with the Company. The only renumeration received is for that of a member of the Board, as specified in a note to the annual accounts. Due to the nature of the Company’s business, a number of the Board members are employed by the Company’s shareholders (the SpareBank 1 banks). All shareholders have a Transfer and Servicing agreement, a Shareholders Agreement and a Shareholder Note Purchase Agreement with the Company. These agreements are identical for all owners, independent of whether an owner has a membership place on the Board. Two members of the Board, Mrs. Kristiansen and Mrs. Aas Larsen are not employed by any of the owner banks.
Function: Member of the board since 31 March 2019, Chairperson of the Board since March 31 2022
Position: CFO in SpareBank 1 Nord-Norge (SNN) since January 2019
Education: Master of Science in Business from Nord Universitet, Norway and Universität Mannheim, Germany
Residing in: Tromsø, Norway
Other board positions: Board member SpareBank 1 Nord-Norge 2016-2019, Board member SpareBank 1 Markets since 2019, Board memeber KPB AS (Bodø).
Function: Member of the board since September 2009
Position: CFO in SpareBank 1 Østlandet
Education: Master of business studies (BI) and MBA (NHH)
Residing in: Hamar, Norway
Other board positions: Board member Kredinor, Board member BN Bank
Function: Member of the board since since March 2022
Position: CFO in SpareBank 1 SMN since March 2022, previous CFO in BN Bank ASA since 2010
Education: Siviløkonom NHH, CFA NHH
Residing in: Trondheim, Norway
Other board positions: Chair of the board SMN Invest, Member of the board SpareBank1 Markets
Function: Member of the Board since 31 March 2022
Position: CFO in BN Bank ASA
Education: Master of Science in Business from the Graduate School of Business in Bodø (1993), Lawyer from University of Oslo (1995), Authorised Financial Analyst (AFA) from NHH Norwegian School of Economics (2000).
Residing in: Trondheim, Norway
Other board positions:
Function: Member of the board since 15 December 2020
Position: Lawyer, Partner at Tenden Advokatfirma ANS, since 2005
Education: Master`s Degree in Law (University of Bergen)
Residing in: Tønsberg, Norway
Other board positions: Chair of the board in KB Arkitekter AS and Gårdsand AS, Member of the Board in Stabil AS.
Function: Member of the board since June 2006 (BK) and February 2010 (NK)
Position: CEO of Akvaplan-niva AS (Research institute and consultancy company specializing in environmental and climate issues related to water resources)
Education: Master of Science in Business, Management, Internationalization (Nord University)
Residing in: Tromsø, Norway
Other board positions: Chair of the board of Arctic Frontiers AS, Board member of Ishavskraft AS, Board member of Innovation Norway, Vice chair of the board of Faculty of Science and Technology at UiT The Arctic University of Norway
Function: Member of the board since 31 March 2023
Position: CEO in SpareBank 1 Nordmøre since may 2021, previous CEO in Surnadal Sparebank since 2000
Education: Master of Management (BI), Bachelor of Science IT (NTNU), College Candidate Business Administration (NTNU)
Residing in: Kristiansund, Norway
Other board positions: Chair of the board in El-Watch AS and SpareBank 1 Økonomipartner Nordmøre AS, Deputy chair of the board in NEAS Konsern AS and SpareBank 1 SamSpar AS, Member of the Board in SpareBank 1 Factoring AS, SpareBank 1 Finans Midt-Norge AS and EiendomsMegler 1 Midt-Norge AS.