DNB - non-recurring effects in first quarter 2013
Report
Press release
DNB - non-recurring effects in first quarter 2013
Following the ruling of the Norwegian Supreme Court on 22 March 2013, DNB will make provisions of approximately NOK 450 million in the first quarter of 2013 to cover compensation payments to customers who have made debt-financed investments in certain structured products. The amount represents the estimated total compensation to which the affected customers may be entitled and includes the previously announced amount of NOK 60 million. The provisions will be classified as other expenses.
Fixed-rate loans in DNB are recorded at fair value through profit or loss. There were insignificant effects of mark-to-market adjustments in the first quarter of 2013.
As previously announced, basis swaps will have a negative effect of NOK 233 million in the first quarter of 2013.
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Contact persons in Investor Relations in DNB:
Jan Erik Gjerland, tel. +47 23 26 84 08 or mobile +47 46 930 410
Thor Tellefsen, tel. +47 23 26 84 04 or mobile +47 915 44 385