Bank Norwegian AS: Approval of new company structure
January 06, 2021 02:30 ET | Source: Bank Norwegian AS Bank Norwegian AS OSLO, NORWAY
Reference is made to previous announcements regarding MREL and the decision from the Board of Directors to apply to the Norwegian Financial Supervisory Authority (FSA) to merge Norwegian Finans Holding ASA and Bank Norwegian AS. The Norwegian FSA has on 5 January 2021 approved an application on the new company structure, leaving Bank Norwegian AS the ultimate parent company of the group after a merger. We are pleased to have received this approval, as a merger is expected to give positive synergies on administrative costs as well as reduce funding cost on future MREL eligible capital being issued from an operating company instead of a holding company.
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SpareBank 1 SMN has received its Minimum Requirement for Own Funds and Eligible Liabilities (MREL)
SpareBank 1 SMN has received its MREL requirement from the Norwegian Financial Supervisory Authority (FSA). According to the notice, SpareBank 1 SMN shall hold total MREL capital equal to 34,8 per cent of an adjusted Risk Weighted Assets (RWA). The requirement is based on the group s balance as of 31. December 2019, and adjusting for the group s level of own funds, and convertible debt this leads to a requirement of eligible liabilities of NOK 27.223 million, of which 10.447 remains to be issued. SpareBank 1 SMN issued MNOK 1.000 in Senior Non-Preferred 02.09.2020.
The MREL requirement, according to the notice, is applicable from 1. January 2021. The requirement for eligible liabilities is applicable from 1. January 2024, and until this date may include Senior debt issued before 1 January 2020, with remaining duration of more than one year. It is required that convertible debt th
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Man behind £2.6bn battery factory plan quits after tax fraud conviction emerges
PA
15 December 2020, 4:58 pm
The co-founder and chairman of the company planning to build the UK’s first gigafactory in the North East of England has quit after it emerged he was convicted for tax fraud in Sweden more than 20 years ago.
Lars Carlstrom was sentenced to eight months in prison and handed a four-year trading ban for tax fraud in the late 1990s. This was later reduced by a higher court to a conditional sentence and 60 hours community service.
He was later accused of acting negligently by Sweden’s tax authority over a separate unpaid tax bill for one of his companies in 2011.