DNB Group: Basis swap impact in second quarter 2013

In the second quarter of 2013, the DNB Group will record a negative effect of basis swaps connected to funding of NOK 89 million.

For the full year 2012 and the first quarter of 2013, there were negative effects of basis swaps of approximately NOK 1687 million and NOK 233 million, respectively. 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