OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 12 NOVEMBER 2024 AT 18.30 P.M. EET, INSIDE INFORMATION
Inside information: Oma Savings Bank Plc suspends IRB application process until further notice
In February 2022, the Board of Directors of Oma Savings Bank Plc (OmaSp or the Company) approved the submission of IRB application, and the Company launched an application process with the Finnish Financial Supervisory Authority (FIN-FSA) on the application of the IRB approach in capital adequacy. The Finnish Financial Supervisory Authority FIN-FSA has assessed the IRB application submitted by OmaSp, and during 2024, a dialogue with the supervisor has identified development needs in several areas of OmaSp's IRB framework. Therefore, the Company does not expect to receive a decision granting the submitted IRB application and suspends the process until further notice. The Company will assess the development needs of its IRB framework and the submission of a possible new application separately.
CEO Sarianna Liiri:
"Taking into account the perspectives raised by the Finnish Financial Supervisory Authority (FIN-FSA), we have made the decision to suspend the IRB application. The composition of the credit portfolio has changed since the start of the project, and we should reassess the benefits of the IRB approach in relation to OmaSp's current credit portfolio, which has changed since the start of the project as a result of both mergers and acquisitions and organic growth. It is therefore necessary to carefully reassess the achievable benefits in the current situation in relation to the findings made by the Finnish Financial Supervisory Authority (FIN-FSA) and the identified development needs for IRB models resulting from them. Based on these, we will evaluate the submission of a possible new application. The development work carried out so far has already been fully utilised in our credit risk models and their reporting."
Oma Savings Bank Plc
Additional information:
Sarianna Liiri, CEO, tel. +358 40 835 6712, sarianna.liiri@omasp.fi
Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi
DISTRIBUTION
Nasdaq Helsinki Ltd
Major media
www.omasp.fi
OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 47 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.
OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.
