OMA SAVINGS BANK PLC, RELEASED TO THE STOCK EXCHANGE ON FEBRUARY 3, 2022 AT 2:30 PM EET, OTHER INFORMATION PROVIDED UNDER STOCK EXCHANGE RULES
Oma SSavings Bank Plc at applied to the Finnish Financial Supervisory Authority (FIN-FSA) for the application of the IRB method in vscapital adequacy
The Board of Directors of Oma Savings Bank Plc (OmaSp or the company) has approved the IRB permit application file and the company has decided to initiate a permit procedure with the Finnish Financial Supervisory Authority (FIN- FSA) on the application of the IRB method in capital adequacy. As a first step, the Company is requesting authorization to apply an internal risk classification according to the IRB method to calculate capital requirements for retail credit risk liabilities. Later, the Company will also apply for a license for corporate liabilities as well as revolving retail liabilities.
CEO not Sydanlammi:
“The RIR permit application process was preceded by a long and careful preparation. We have decided to apply IRB-compliant credit risk models immediately, which has improved our risk management methods. Our development work continues. Obtaining the authorization would significantly improve the use of the Company’s capital. Moreover, the application of the IRB method would place OmaSp in a comparable position to the reference banks when we would follow the same reporting models. We will report on the progress and timing of the authorization process as part of our regular financial reports and whenever necessary. »
Nasdaq Helsinki Ltd
OmaSp is a growing Finnish bank and Finland’s largest savings bank by total assets. Approximately 330 professionals provide services nationwide through OmaSp’s 35 branches and digital service channels to more than 150,000 clients. OmaSp focuses primarily on retail banking operations and offers its customers a wide range of banking services both through its own balance sheet and by acting as an intermediary for its partners’ products. Intermediated products include credit insurance, investment and loan products. OmaSp is also engaged in mortgage banking.
The central idea of OmaSp is to provide personalized service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to provide a high level customer experience through personalized service and easy accessibility. In addition, the development of operations and services is customer-oriented. Staff are engaged and OmaSp seeks to support their career development with cross-functional tasks and continuous development. A substantial part of the staff also owns OmaSp shares.