January 9, 2013 / 6:42 AM / 5 years ago

Norway's DNB bank to book $42 mln swap gain in Q4

OSLO, Jan 9 (Reuters) - DNB, Norway's biggest bank, will book a 235 million crown ($41.90 million) accounting gain on the mark-to-market adjustment of its basis swaps, it said on Wednesday.

For the full year, however, the accounting adjustment for its swaps will result in a 1.69 billion crown loss, it said in a statement.

Basis swaps are derivative contracts entered into in connection with long-term funding in international capital markets where the funding currency is converted to crowns.

However, over the lifetime of the product, the mark-to-market adjustments will have zero effect, it added.

$1 = 5.6084 Norwegian krones Reporting by Balazs Koranyi

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