Note 29 - Financial derivatives
All derivatives are booked at real value through profit and loss. Gains are carried as assets and losses as liabilities in the case of all interest rate derivatives. This applies both to derivatives used, and to derivatives not used, for hedge purposes. The Bank does not employ cash flow hedging.
| Group | ||||||
| This note is virtually identical for the Parent Bank and the Group. NOK million. | ||||||
| Fair value through profit and loss | 2012 | 2011 | ||||
| Contract | Fair values | Contract | Fair values | |||
| Currency instruments | amount | Assets | Liabilities | amount | Assets | Liabilities |
| Foreign exchange derivatives (forwards) | 1,478 | 42 | -61 | 2,318 | 47 | -58 |
| Currency swaps | 19,273 | 282 | -144 | 19,534 | 410 | -280 |
| FX-options | 15 | 0 | 0 | 60,391 | 313 | -310 |
| Total currency instruments | 20,765 | 323 | -205 | 82,243 | 770 | -648 |
| Fixed income instruments | ||||||
| Interest rate swaps (including cross currency) | 95,214 | 2,343 | -2,267 | 81,052 | 1,834 | -1,685 |
| Short-term interest rate swaps (FRA) | 69,000 | 27 | -29 | 5,000 | 2 | -1 |
| Other interest rate contracts | 1,247 | 62 | -62 | 1,329 | 48 | -45 |
| Total non-standardised contracts | 165,461 | 2,432 | -2,357 | 87,381 | 1,884 | -1,732 |
| Hedging | ||||||
| Interest rate instruments | ||||||
| Interest rate swaps (including cross currency) | 12,545 | 515 | -319 | 15,147 | 572 | -231 |
| Other interest rate contracts | - | - | - | - | - | - |
| Total non-standardised contracts | 12,545 | 515 | -319 | 15,147 | 572 | -231 |
| Total foreign exchange and fixed income instruments | ||||||
| Total interest rate derivatives | 178,005 | 2,948 | -2,677 | 102,528 | 2,456 | -1,963 |
| Total currency derivatives | 20,765 | 323 | -205 | 82,243 | 770 | -648 |
| Total financial derivatives | 198,771 | 3,271 | -2,882 | 184,771 | 3,226 | -2,611 |
The market value of currency swaps and forward foreign exchange contracts is carried net under 'other assets' in the balance sheet.
Financial results
Annual report and notes
