Note 12 Other debt The Bank’s debt consist of the following: Amounts in NOK million 31 Dec. 2021 31 Dec. 2020 Accounts payable 38.6 27.5 Social and other indirect taxes 16.3 17.0 Other short-term debt 87.5 98.0 Total other debt 142.4 142.5 Subordinated loans (ISIN NO0010941131) 3 months NIBOR + 5.0 % interest margin 65.0 65.0 Total subordinated loans 65.0 65.0 RECONCILIATION OF SUBORDINATED LOANS: Amounts in NOK million 2021 2020 Opening balance 65.0 64.9 Amortisation of transaction costs/change NIBOR interest rate recognised against “interest expenses” - 0.1 Closing balance 65.0 65.0 The Bank’s subordinated loan was refinanced in February 2021 with the same conditions as the previouly loan. Expiration date for the loan is 3 March 2031 with the option for to call for first time as at 3 March 2026, and thereafter each quarter on every interest payment date. The next interest payment date is 3 March 2022. All deposits from the Bank’s customers are from individuals in Norway, Sweden and Germany. Interest rates for deposits are not fixed, except for some fixed-rate interest deposits in Germany with a term period of 1 and 2 years maturity. Total deposits to German customers amounted to NOK 2,873 million as at 31 December 2021 (31 December 2020: NOK 2,359 million). The Bank’s average (weighted) offered interest rate in 2021 was 0.75 % (2020: 1.72 %) for Norwegian deposit customers, 0.53% for German deposit customers (2020: 0.44 %) and 0.84 % for Swedish deposit customers (2020: 0.90 %). The calculation is based on actual interest expenses and average deposit balances each month. The Bank did not have any unused bank credit limits or other limit facilities as at 31 December 2021 nor 31 December 2020. 66 Notes to the financial statements
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