Zero-coupon woes for DZ

The bank will book trading losses of e40 million due to its interest rate swaps positions for 2002, and will write down exceptional losses expected at more than e100 million in last year’s account, also associated with the swaps.

The losses are related to zero-coupon swaps entered into by the former DG Bank in 1997, before it merged with GZ Bank in 2001. When DG Bank upgraded its trading and risk systems in 1999 to a service provided by Summit Systems, a unit of UK systems provider Misys, swaps

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