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Norway's DNB to book NOK 819 mln loss on swaps in Q4
January 7, 2014 / 6:47 AM / 4 years ago

Norway's DNB to book NOK 819 mln loss on swaps in Q4

OSLO, Jan 7 (Reuters) - DNB, Norway’s biggest bank, will book an 819 million crown ($132.85 million) accounting loss in the fourth quarter on basis swaps connected to funding, down from a gain of 235 million a year earlier, it said on Tuesday.

For all of 2013, basis swaps will have a negative effect of 1.36 billion crowns, down from a 1.69 billion negative affect the year before.

Basis swaps, are hedging instruments related to the bank’s long-term foreign currency funding and over the lifetime of the derivatives the mark-to-market adjustments will have zero effect. ($1 = 6.1648 Norwegian krones) (Reporting by Balazs Koranyi)

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