Statement of changes in equity

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GROUP 31.12.2018Total equityEC capitalShare premiumAdditional Tier 1 capitalPrimary capital fundGift fundDividend equalisation fundValue adjustment fundOther equity
Equity as at 31 December 2017 (notes 28 and 29)6 0789843553492 4701251 21678501
Effect of transition to IFRS 9 as of 01.01.2018 *)1   44 43-78-8
Equity as at 01.01.20186 0799843553492 5141251 2590493
Changes in own equity certificates621 2 1  
Distributed dividend to the EC holders-138       -138
Distributed dividend to the local community-141       -141
Interest paid on issued Additional Tier 1 capital-11       -11
Equity before allocation of profit for the year5 7959863563492 5161251 2600203
Allocated to the primary capital fund129   129    
Allocated to the dividend equalisation fund127     127  
Allocated to the owners of Additional Tier 1 capital11       11
Allocated to other equity29       29
Proposed dividend allocated to the EC holders153       153
Proposed dividend allocated to the local community156       156
Profit for the year60500012901270349
Change in value on basis swap spreads-18       -18
Tax effect of change in value on basis swap spreads4       4
Pension estimate deviations12   6 6  
Tax effect of pension estimate deviations-3   -2 -1  
Total other income and costs from comprehensive income-50004050-14
Total profit for the period60000013301320335
Equity as at 31 December 2018 (notes 28 and 29)6 3949863563492 6491251 3910538
         
          
GROUP 31.12.2017Total equityEC capitalShare premiumAdditional Tier 1 capitalPrimary capital fundGift fundDividend equalisation fundValue adjustment fundOther equity
Equity as at 31 December 2016 (notes 28 and 29)5 44198635402 3461251 09251487
Changes in own equity certificates-3-21 -2    
Distributed dividend to the EC holders-138       -138
Distributed dividend to the local community-141       -141
Issued Additional Tier 1 capital349  349     
Interest paid on issued Additional Tier 1 capital-6       -6
Equity before allocation of profit for the year5 5029843553492 3441251 09251202
Allocated to the primary capital fund130   130    
Allocated to the dividend equalisation fund128     128  
Allocated to the owners of Additional Tier 1 capital6       6
Allocated to other equity14       14
Proposed dividend allocated to the EC holders138       138
Proposed dividend allocated to the local community141       141
Profit for the year55700013001280299
Equities available for sale - changes in value27      27 
Pension estimate deviations-12   -6 -6  
Tax effect of pension estimate deviations3   2 1  
Total other income and costs from comprehensive income18000-40-5270
Total profit for the period575000126012327299
Equity as at 31 December 2017 (notes 28 and 29)6 0789843553492 4701251 21678501
          
          
PARENT BANK 31.12.2018Total equityEC capitalShare premiumAdditional Tier 1 capitalPrimary capital fundGift fundDividend equalisation fundValue adjustment fundOther equity
Equity as at 31 December 2017 (notes 28 and 29)5 8579843553492 4701251 21678280
Effect of transition to IFRS 9 as of 01.01.2018 *)10   44 43-78 
Equity as at 01.01.20185 8669843553492 5141251 2590280
Changes in own equity certificates621 2 1  
Distributed dividend to the EC holders-138       -138
Distributed dividend to the local community-141       -141
Interest paid on issued Additional Tier 1 capital-11       -11
Equity before allocation of profit for the year5 5829863563492 5161251 2600-10
Allocated to the primary capital fund129   129    
Allocated to the dividend equalisation fund127     127  
Allocated to the owners of Additional Tier 1 capital11       11
Proposed dividend allocated to the EC holders153       153
Proposed dividend allocated to the local community156       156
Profit for the year57600012901270320
Change in value on basis swap spreads0        
Tax effect of change in value on basis swap spreads0        
Pension estimate deviations12   6 6  
Tax effect of pension estimate deviations-3   -2 -1  
Total other income and costs from comprehensive income900040500
Total profit for the period58500013301320320
Equity as at 31 December 2018 (notes 28 and 29)6 1669863563492 6491251 3910310
          
          
PARENT BANK 31.12.2017Total equityEC capitalShare premiumAdditional Tier 1 capitalPrimary capital fundGift fundDividend equalisation fundValue adjustment fundOther equity
Equity as at 31 December 2016 (notes 28 and 29)5 23498635402 3461251 09251279
Changes in own equity certificates-3-21 -2    
Distributed dividend to the EC holders-138       -138
Distributed dividend to the local community-141       -141
Issued Additional Tier 1 capital349  349     
Interest paid on issued Additional Tier 1 capital-6       -6
Equity before allocation of profit for the year5 2959843553492 3441251 09251-6
Allocated to the primary capital fund130   130    
Allocated to the dividend equalisation fund128     128  
Allocated to owners of Additional Tier 1 capital6       6
Proposed dividend allocated to the EC holders138       138
Proposed dividend allocated to the local community141       141
Profit for the year54400013001280285
Equities available for sale - changes in value27      27 
Pension estimate deviations-12   -6 -6  
Tax effect of pension estimate deviations3   2 1  
Total other income and costs from comprehensive income18000-40-5270
Total profit for the period562000126012327285
Equity as at 31 December 2017 (notes 28 and 29)5 8579843553492 4701251 21678280
The effect on Equity on transistion to IFRS 9: 
   
GROUP PARENT BANK
   
 Value adjustment fund 
78Closing balance according to IAS 39 (31.12.2017)78
-78Reclassification of financial instruments from available for sale to fair value over ordinary profit and loss-78
0Opening balance according to IFRS 9 (1.1.2018)0
   
 Retained earnings 
4 312Closing balance according to IAS 39 (31.12.2017)4 091
78Reclassification of financial instruments from available for sale to fair value over ordinary profit and loss78
1Change in impairments on transition to IFRS 922
-Change in value on loans valued at fair value on transition to IFRS 9-9
0Tax effect of changed impairments and fair value assessments on transition to IFRS 9-3
4 391Opening balance according to IFRS 9 (1.1.2018)4 179
   
1Total change in equity on transition to IFRS 910
   
The Group's equity increased by NOK 1 million after tax as a consequence of the implementation of IFRS 9, whereas the equity in the Parent Bank increased by NOK 10 million after tax.
   
The implementation of IFRS 9 had no impact on the primary capital of the Group or the Parent Bank as the expected losses according to the capital adequacy requirements already exceeded the calculated ECL according to IFRS 9.