Legislative amendment ensures competitive framework conditions

DnB NOR Boligkreditt AS has received approval from Kredittilsynet (the
Financial Supervisory Authority of Norway) to operate as a mortgage
institution. "This provides DnB NOR with competitive framework conditions in
relation to foreign competitors in the Norwegian market. International banks
have long had access to less expensive funding due to regulations in their
local countries," says Carl Johan Wickmann, managing director of DnB NOR
Boligkreditt AS. 
 
After many years of analysis and law making, the consultative period for the
regulations is now over, and the Norwegian Ministry of Finance is in the
process of refining the new regulations before they can come into operation.
DnB NOR Boligkreditt AS will then be able to issue covered bonds based on the
best secured housing loans in the DnB NOR Group. 
 
  
Facts about DnB NOR Boligkreditt AS

All new housing loans in the DnB NOR Group secured within 75 per cent of
appraised value will be established in DnB NOR Boligkreditt AS. 

The company will operate as a mortgage institution, and an international credit
rating of AAA is expected. 

Based on the company's loan portfolio, the company can issue own securities,
i.e. covered bonds. Large international investors, such as state banks, life
insurance companies, pension funds, as well as individuals can buy such covered
bonds. The company will seek to obtain listing of the bonds on the stock
exchanges in Luxembourg and Oslo. 
 
 
 
Contact persons:
Carl Johan Wickmann, managing director of DnB NOR Boligkreditt AS,
 tel.: +47 911 05 594
Marit Giske, communications officer, 
tel.: +47 909 29 940