| 1 |
Founding Instrument(s)
(with links if possible) |
Norwegian Companies Act, Financial Institutions Act and Norwegian covered-bond legislation and regulations; company Articles and licence. SpareBank 1 Boligkreditt was formed in 2005.
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| 2 |
Any additional or subsequent mandate or governance statements (not included in the above). |
Its sole purpose is to provide stable wholesale funding to participating SpareBank 1 group banks by purchasing qualifying residential mortgages and issuing covered bonds. It is supervised as a specialised covered-bond credit institution.
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| 3 |
Ownership |
Owned directly by participating SpareBank 1 Alliance banks. Ownership percentages are periodically rebalanced, generally in relation to the mortgages transferred and capital requirements.
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| 4 |
Legal status |
Norwegian private limited company (aksjeselskap) and specialised regulated credit institution authorised to issue covered bonds.
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| 5 |
Government accounting for stake |
No state ownership
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| 6 |
Member bank accounting for stake |
Owner banks recognise direct equity investments and sell qualifying mortgages to the company under Transfer and Servicing Agreements. [Owner banks use partial consolidation for their equity investments. TBC]
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| 7 |
Government guarantee |
No government guarantee. Shareholder and capital-support arrangements among the owner banks are contract based
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| 8 |
Other Comments |
The company is a mortgage-purchase aggregator, not a secured lender to member banks
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