Note 28 - Financial derivatives
All derivatives are booked at fair 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 for hedging purposes and held for trading 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 14 on market risk related to interest rate risk, and for market risk related to currency exposure, see note 15 on market risk related to currency exposure.
| Parent Bank | ||||||
| Fair value through profit and loss (NOKm) | 31 Dec 2021 | 31 Dec 2020 | ||||
| Contract | Fair value | Contract | Fair value | |||
| Currency instruments | amount | Assets | Liabilities | amount | Assets | Liabilities |
| Foreign exchange derivatives (forwards) | 6,834 | 98 | -79 | 4,947 | 72 | -143 |
| Currency swaps | 10,027 | 205 | -154 | 9,376 | 295 | -51 |
| FX-options | 58 | 1 | -1 | 132 | 1 | -2 |
| Total currency instruments | 16,919 | 304 | -235 | 14,455 | 368 | -196 |
| Interest rate instruments | ||||||
| Interest rate swaps (including cross currency) | 252,753 | 1,776 | -1,866 | 249,493 | 4,924 | -5,535 |
| Short-term interest rate swaps (FRA) | - | - | - | 2,000 | 7 | -7 |
| Total interest rate instruments | 252,753 | 1,776 | -1,866 | 251,493 | 4,931 | -5,542 |
| Commodity-related contracts | ||||||
| Stock-exchange-traded standardised forwards and futures contracts | 814 | 190 | -190 | 1,549 | 83 | -83 |
| Total commodity-related contracts | 814 | 190 | -190 | 1,549 | 83 | -83 |
| Hedging | ||||||
| Interest rate instruments | ||||||
| Interest rate swaps (including cross currency) | 36,895 | 353 | -511 | 37,771 | 921 | -48 |
| Total interest rate instruments | 36,895 | 353 | -511 | 37,771 | 921 | -48 |
| Total | ||||||
| Total interest rate instruments | 289,649 | 2,129 | -2,376 | 289,265 | 5,852 | -5,590 |
| Total currency instruments | 16,919 | 304 | -235 | 14,455 | 368 | -196 |
| Total commodity-related contracts | 814 | 190 | -190 | 1,549 | 83 | -83 |
| Accrued interest | 569 | -699 | 872 | -977 | ||
| Total financial derivatives | 307,382 | 3,192 | -3,500 | 305,269 | 7,175 | -6,845 |
| Group | ||||||
| Fair value through profit and loss (NOKm) | 31 Dec 2021 | 31 Dec 2020 | ||||
| Contract | Fair value | Contract | Fair value | |||
| Currency instruments | amount | Assets | Liabilities | amount | Assets | Liabilities |
| Foreign exchange derivatives (forwards) | 6,834 | 98 | -79 | 4,947 | 72 | -143 |
| Currency swaps | 10,027 | 205 | -154 | 9,376 | 295 | -51 |
| FX-options | 58 | 1 | -1 | 132 | 1 | -2 |
| Total currency instruments | 16,919 | 304 | -235 | 14,455 | 368 | -196 |
| Interest rate instruments | ||||||
| Interest rate swaps (including cross currency) | 252,753 | 1,776 | -1,866 | 249,493 | 4,924 | -5,535 |
| Short-term interest rate swaps (FRA) | - | - | - | 2,000 | 7 | -7 |
| Total interest rate instruments | 252,753 | 1,776 | -1,866 | 251,493 | 4,931 | -5,542 |
| Equity instruments | ||||||
| Equity options | 69 | 32 | -25 | 21 | 9 | -12 |
| Equity forwards/futures | 1,329 | 0 | -384 | 1,393 | 42 | -322 |
| Total equity instruments | 1,397 | 33 | -409 | 1,414 | 51 | -334 |
| Commodity-related contracts | ||||||
| Stock-exchange-traded standardised forwards and futures contracts | 814 | 190 | -190 | 1,549 | 83 | -83 |
| Total commodity-related contracts | 814 | 190 | -190 | 1,549 | 83 | -83 |
| Hedging | ||||||
| Interest rate instruments | ||||||
| Interest rate swaps (including cross currency) | 36,895 | 353 | -511 | 37,771 | 921 | -48 |
| Total interest rate instruments | 36,895 | 353 | -511 | 37,771 | 921 | -48 |
| Total | ||||||
| Total interest rate instruments | 289,649 | 2,129 | -2,376 | 289,265 | 5,852 | -5,590 |
| Total currency instruments | 16,919 | 304 | -235 | 14,455 | 368 | -196 |
| Total equity instruments | 1,398 | 33 | -409 | 1,414 | 51 | -334 |
| Total commodity-related contracts | 814 | 190 | -190 | 1,549 | 83 | -83 |
| Accrued interest | 569 | -699 | 872 | -977 | ||
| Total financial derivatives | 308,779 | 3,224 | -3,909 | 306,683 | 7,226 | -7,179 |
Financial results
Annual report and notes
