m current levels. A 3m EUR/NOK put @ 8.25 costs an indicative 76bp. Alternatively, finance it by selling a 3m EUR/NOK 8.65 call. Figure 4: Norway, Real Estate Prices, All Residential Buildings, Total & YoY 20 -0 15 -I to # 5 0 -5 -10 2001 2003 2005 2007 2009 2011 2013 Swat LIPataltil0 Beak IMF 35000 300