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SPAREBANKEN PLUSS Annual Report ANNUAL REPORT

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SPAREBANKEN PLUSS Annual Report ANNUAL REPORT SPAREBANKEN PLUSS Annual Report ANNUAL REPORT MACROECONOMIC ENVIRONMENT For the Oslo Stock Exchange, 2008 was a turbulent year. During the first 2008 was affected by the global financial crisis, which hit American half of the year, prices fell by 5.6 per cent. During the first part of the and European banks hard. During the course of the autumn of 2008, third quarter, prices continued to fall, and in September and October the American house mortgage loan giants, Freddy Mac and Fannie plummeted by 25 and 23 per cent respectively. Overall, prices on the Mae, were placed under public administration. In the wake of this, Oslo Stock Exchange fell by 54.1 per cent in 2008. several large investment banks were restructured, merged or acquired by the state. In many countries, it became necessary to introduce and The Norwegian krone weakened during the autumn of 2008, and implement comprehensive measures in order to re-establish trust in the the tightness in the labour market eased markedly. Figures from NAV financial institutions. showed an increase in unemployment, which at the end of December was 2.0 per cent. On a seasonally adjusted basis, there were 64,211 Turbulence and uncertainty in the financial markets brought about jobless, including people relying on local, municipal initiatives a situation in which the inter-bank market ceased to function. Banks all over the world were uncertain about their own and other banks’ BUSINESS AREA AND MARKET financial situation and avoided lending to each other. This triggered Sparebanken Pluss provides services within the areas of financing, savings increased interest rates in the money markets. and placements, insurance, pensions and payment transmission. Norwegian banks also felt the effects of the global financial crisis. This The following is a brief excerpt from the Bank’s corporate vision manifested itself in losses on securities, higher costs for funding loans and statement: reduced access to liquidity. Interest rates for deposits from Norwegian investors in financially strong Norwegian banks rose during the course of ”Sparebanken Pluss shall be ‘The Bank for Sørlandet’; a leading, last autumn, involving a premium of more than two percentage points to financially strong and independent bank, with Sørlandet (the area along be added to the already high interest rates in the money markets. the southern coast and immediate inland districts of Norway, including Vest- and Aust-Agder) as its main market.” The international situation was dramatic. In several countries, the authorities were gradually forced to guarantee people’s deposits with The Bank’s head office is located in Kristiansand. There are 15 local the banks, and in our neighbouring countries state guarantees were branches, 10 in Vest-Agder and 5 in Aust-Agder. During the last four years, provided for the funding of the banking system. In spite of different the Bank has opened four new branches, at Arendal, Grimstad, Søgne and international government packages of measures, the access to long-term Lillesand. The last branch to be opened was Lillesand in May 2008. funding still remained difficult. The new branches have attracted a large number of new customers and By late autumn last year, the Norwegian authorities also had to introduce have been very important for the Bank’s overall growth in recent years. different measures in order to ensure the banks’ funding, partly through The Bank has plans for further branches in the Agder region, especially ‘Bankpakke 1’ (‘Banking package 1’). in the western part of Vest-Agder. The global financial crisis contributed to intensifying the change in the The branch at Lund in Kristiansand was closed in February 2008, and general economic situation which was already in its first phase by the end the customers were transferred to the Bank’s head office. Even after this of 2007. During the course of 2008, house prices and company values closure, Sparebanken Pluss has three branches in Kristiansand, and is the fell much more than most observers had expected. Weaker international only bank with more than one branch in the town. growth resulted in lower demand for Norwegian goods, coupled with the fact that the prices of raw materials plummeted on a global basis. In recent years, Sparebanken Pluss has also enjoyed strong growth in geographic areas outside Sørlandet. This development has been evident Norges Bank changed its benchmark rates of interest five times in 2008. for several years and is primarily related to the Bank’s agreement with The interest rate was changed twice during the second quarter, on each Norway Christian Purchasing Society (KNIF). It has also been noticed occasion by 0.25 percentage points. As a result of the financial crisis, that customers who move away from Sørlandet still like to maintain interest rates were cut three times in the fourth quarter, on the first relations with their “old” bank. two occasions by 0.50 percentage points, and the last time by as much as 1.75 percentage points. At the end of 2008, the benchmark rate of Recently there has also been a tendency for customers who have been interest was 3 per cent. using so-called ‘fee-free’ Internet-linked banks, in addition to their main banks, to bring their banking transactions ‘home’, a situation which The annual growth in domestic gross debt, K2, fell to 9.9 per cent at Sparebanken Pluss has also noticed. This is partly related to changed fee the end of December last year. The 12-month growth fell, both for the policy. In 2008, a comprehensive restructuring of fees was introduced, business sector and private households, the growth of the latter not which means that customers at Sparebanken Pluss can also take having been that low since September 1999. advantage of the virtual absence of fees by using the Bank’s services. In 2008, it was decided to change provider in the insurance area. The aspect of the NOK 58.1 million write-down is the value change of the agreement with Terra Forsikring AS was cancelled on 1 July 2008. bond debt. At the end of the year, the latent gain on the bond-related Tennant Forsikring is now the Bank’s new provider of insurance services. funding and subordinated loan capital (the spread effect) far exceeds the The company is wholly-owned by Gjensidige Forsikring. Tennant provides loss on the bond portfolio. However, this impact has not been booked both non-life- and personal insurance. As a result of this cooperation, as income in the profit and loss account. Such income inclusion in the Sparebanken Pluss will be managing some insurance portfolios for accounts could have been applied according to IFRS. The Bank has a low Gjensidige at Agder. In this connection, however, the Bank has temporarily level of exposure in the bond- and share markets. established a branch in the municipality of Lyngdal. In 2008, operating costs totalled NOK 203.1 million, up by NOK 15.2 In addition to having changed provider of insurance, the Bank has also million on 2007. However, the relative figures show excellent progress. established its own insurance centre, which means increased focus on Costs in relation to average assets finished up at a low level, 0.75 per this area, coupled with the fact that customers are now offered improved cent, down from 0.82 per cent 12 months earlier. Costs as a percentage advisory services as well as special competence. For the same reason, a of income have also remained at a very low level. The overall ratio at the separate investment centre was also established in 2008. end of 2008 was 42.1 per cent 2008 was the first whole year of operations for Pluss Garanti In 2008, a NOK 8.8 million write-down was applied to businesses in Eiendomsmegling AS. The company is owned by Kristiansand og Omegn which the Bank has shares and participations. The significant part of Boligbyggelag (KOBB) and the Bank. The company conducts business in the total amount is accounted for by write-down on shares in and Kristiansand and at Vennesla. In 2009, the real estate brokerage firm guarantees provided for Eksportfinans. and the Bank will intensify their cooperation in Kristiansand. By this spring, all the company’s brokers will be working at the Bank’s premises. After an estimated tax cost of NOK 69.8 million, the profit for the year At Vennesla, this is already the case. Pluss Garanti Eiendomsmegling ended up at NOK 155 million, down from NOK 202.2 million in 2007. AS, as were other real estate brokerage firms, was affected by the financial crisis during the second half of 2008. Adaptations to a market With reference to Law of Annual Financial Statements etc., paragraph with lower sales have been made, even though the sale of residential 3-3, the Bank’s Board of Directors confirms that the assumption of a property has picked up strongly at the beginning of 2009. Pluss Garanti going concern still applies, and that the annual report and accounts have Eiendomsmegling AS is not involved in the markets for holiday cottages been prepared on the basis of this assumption. and commercial property. LOSSES ON LOANS AND COMMITMENTS IN DEFAULT OPERATING RESULT In 2008, under the heading of losses on loans and guarantees, the Bank In 2008, Sparebanken Pluss made a NOK 224.8 million pre-tax profit ended up with a gross loss cost of NOK 48.2 million. Recoveries relating from operations, as against NOK 286.5 million in 2007. This is equivalent to previous confirmed losses totalled NOK 2.6 million. Overall, therefore, to 0.83 per cent of average assets, as opposed to 1.25 per cent in 2007.
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