DNB Group: Basis swap impact in first quarter 2016
In the first quarter of 2016, the DNB Group will record a positive effect of basis swaps connected to funding of NOK 1 003 million.
In the first quarter of 2015, there was a positive effect of basis swaps of NOK 1 810 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.
With effect from the second quarter of 2016, DNB will no longer report the basis swap impact ahead of its quarterly reporting.
The reason for this change is that the effect of basis swaps has become only one of many mark-to-market adjustments in the Group’s quarterly reporting, some of which will be negative and some positive. DNB believes it will be better to report and explain these effects all at once when its quarterly report is presented.
For further information, please contact:
Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00
Thor Tellefsen, head of Long-term Funding, tel. (+47) 24 16 91 22
Amra Koluder, SVP Investor Relations, tel. +(47) 23 26 84 08
This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act. This e-mail was sent to you by DNB. To unsubscribe from our mailing list, please visit www.dnb.no/en/ir
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