Note 30 - 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.
The contract amount shows absolute values for all contracts.
For a description of counterparty risk and market risk, see note 6 on risk factors. For further details concerning market risk linked to interest rate risk, see note 16, and for market risk related to currency exposure, see note 17.
| Group | ||||||
| This note is virtually identical for the Parent Bank and the Group. | ||||||
| Fair value through profit and loss (NOK million) | 2013 | 2012 | ||||
| Contract | Fair values | Contract | Fair values | |||
| Currency instruments | amount | Assets | Liabilities | amount | Assets | Liabilities |
| Foreign exchange derivatives (forwards) | 2,337 | 76 | -15 | 1,478 | 42 | -61 |
| Currency swaps | 30,085 | 516 | -344 | 19,273 | 282 | -144 |
| FX-options | 11 | 0 | 0 | 15 | 0 | 0 |
| Total currency instruments | 32,433 | 592 | -358 | 20,765 | 323 | -205 |
| Fixed income instruments | ||||||
| Interest rate swaps (including cross currency) | 109,576 | 1,996 | -1,939 | 95,214 | 2,343 | -2,267 |
| Short-term interest rate swaps (FRA) | 619,860 | 233 | -231 | 134,500 | 27 | -29 |
| Other interest rate contracts | 342 | 0 | 0 | 1,247 | 62 | -62 |
| Total non-standardised contracts | 729,778 | 2,229 | -2,170 | 230,961 | 2,432 | -2,357 |
| Hedging | ||||||
| Interest rate instruments | ||||||
| Interest rate swaps (including cross currency) | 18,171 | 634 | -13 | 12,545 | 515 | -319 |
| Other interest rate contracts | - | - | - | - | - | - |
| Total non-standardised contracts | 18,171 | 634 | -13 | 12,545 | 515 | -319 |
| Total foreign exchange and fixed income instruments | ||||||
| Total interest rate derivatives | 747,949 | 2,863 | -2,183 | 243,505 | 2,948 | -2,677 |
| Total currency derivatives | 32,433 | 592 | -358 | 20,765 | 323 | -205 |
| Total financial derivatives | 780,382 | 3,455 | -2,541 | 264,271 | 3,271 | -2,882 |
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
