DNB Group: Basis swap impact in fourth quarter

In the fourth quarter of 2012, the DNB Group will record a positive effect of basis swaps connected to funding of approximately NOK 235 million. For the full year 2012, there will be a negative effect of basis swaps of approximately NOK 1 687 million. In the fourth quarter of 2011, a positive effect of NOK 2 069 million was recorded, while there was a positive effect of NOK 3 031 million for the full year 2011. 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.