Mirror of CVA from the bank's own default perspective: DVA = (1 - R_own)int_0^T ENE(t),dPD_own(t), where ENE is the expected negative exposure (counterparty's mark-to-market gain on us). Counter-intuitively, a wider own-CDS spread increases DVA and therefore P&L — banks reported 'DVA gains' as creditworthiness deteriorated through 2011, prompting Basel III to deduct DVA from CET1 capital. Required for IFRS 13 fair value but explicitly disallowed in regulatory capital.