Corporate growth was 1.8%. In the Q4 , we've seen only small FX developments on the average FX, so we expect to see minor effects on the NII. The FX split in the loan portfolio per Q3 was 8% U.S. dollars, 7% euro, and 6% Swedish krona. The policy rate was cut by 25 basis points from 450 to 425 in June, and our corresponding customer repricing of a cut of up to 25 basis points on loans and deposits took effect from August 25, meaning that it will have full effect in the Q4 . Furthermore, the central bank cut the key policy rate by another 25 basis points in September, and our corresponding customer repricing of a cut of up to 25 basis points on loans and deposits took effect from November 18, meaning that it will have partial effect in the Q4 .
DNB Carnegie expects one additional 25 basis points cut to the key policy rate in June this year to end at a terminal level of 3.75. With its latest policy rate decision in December, the central bank published an updated monetary policy report, which included only very minor adjustments to the expected policy rate path. We continue to see a fiercely competitive environment. One-off, we will book a technical correction of other NII of approximately negative 80 million NOK in Q4. As we informed the market of in November, we expect NII to be negatively impacted by a regulatory change related to tax accounts in Norway, which became effective on January 1, 2026. The loss of deposit volumes as a result of this change is expected to have a negative annual NII impact effect for DNB of approximately 300 million NOK.
To capital, in the Q3 , we reported a CET1 ratio of 17.9%, well above the NFSA's expected level of 16.6%. Based on the end-of-period FX development in the Q4, there will be only minor positive effects on the CET1 ratio. We repeat the FX sensitivity on CET1. Whether it's a 10% change in FX, there is an approximately 20 basis points change in CET1 ratio. Just as a reminder, the capital cost of the 1% share buyback program that we announced in October was taken in Q3. So far, we have completed more than 70% of the current program. As we know, we received the NFSA's annual SREP decision in mid-November. The Pillar 2 requirement remains unchanged, but the Pillar 2 guidance was reduced by 25 basis points from 1.25% to 1%. The decision took effect from December 31, 2025.
As we did last year, we expect higher REA volume for operational risk as a result of higher income in the last years. REA volumes for operational risk are adjusted once a year as a calculation of average income over the last three years. So, in Q4 2024, the CET1 effect was negative 32 basis points. Year to date, we have reserved 60% of retained profits, reflecting the average of the last three years' payout ratio. This will, in Q4, be adjusted to reflect the actual proposed payout ratio for 2025. And then over to net commission and fees.
Sure, thanks, Rune. Starting with net commission and fees, generally, activity levels tend to be higher in the Q4 compared to the Q3, impacting fee levels positively. Moving on to financial instruments at fair value, customer revenues in DNB Carnegie, or FICC, typically see a seasonally higher activity level in the Q4 compared to the Q3, but is, of course, also impacted by market volatility. The mark-to-market effects on the AT1s and the basis swaps have already been announced. The basis swaps were a positive 83 million NOK, and the FX AT1 were a positive 248 million NOK, and a reminder on the outstanding FX AT1 amounts, we have $700 million outstanding and SEK 4.95 billion outstanding.
Moving on to costs, a seasonally higher activity level that we typically see in the Q4 compared to the third, all else equal, typically leads to somewhat higher costs in the Q4. DNB Carnegie's macro team expects salary inflation in Norway to come in at 4.8% for the year 2025. As communicated previously, we expect to incur non-recurring integration costs related to Carnegie of NOK 250 million for the full year 2025, and year to date, per the Q3, we'd seen such non-recurring costs of approximately NOK 200 million. Keep in mind that we had seasonally low holiday-paid disbursements in Sweden in the Q3 of approximately NOK 45 million, and finally, on cost, a reminder on pension expenses.
As previously mentioned, normalized pension expenses are expected to be approximately 500 million NOK per quarter, and the closed defined-benefit compensation scheme is primarily linked to the development in global equities. Moving on to asset quality, there's really no change in our message on asset quality. The portfolio is still carefully monitored, and we are still generally comfortable with the risk in the portfolio.
As you know, impairments will vary from quarter to quarter, driven by potential changes to macro input factors in the ECL model and/or company-specific events, as you've seen in past quarters, and as we've said previously, given the elevated level of uncertainty driven by the global macro picture, it would be natural to see more company-specific events, but again, we do not see any systemic areas of concern in our portfolio. Finally, a kind request or a reminder to please submit your consensus estimates to Rune by close of business this coming Friday, January 9. That marks the end of our call. We thank you very much for attending, and we wish you a nice day ahead. Thank you so much.
Thank you.