DNB Group: Basis swap impact in first quarter 2013
In the first quarter of 2013, the DNB Group will record a negative effect of basis swaps connected to funding of approximately NOK 233 million.
For the full year 2012, there was a negative effect of basis swaps of approximately NOK 1 687 million.
Basis swaps are derivative contracts entered into in connection with long-term funding in international capital markets where the relevant currency is converted to Norwegian kroner. These swaps are hedging instruments, and over the lifetime of the derivatives the mark-to-market adjustments will have zero effect. Over time, the accounting effects will thus be reversed.
Contact persons, Investor Relations:
Per Sagbakken: +47 23268400
Jan Erik Gjerland: +47 23268408
This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.
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