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Rules for fixing CIBOR

CIBOR is the rate of interest at which a financial institution is willing to lend Danish kroner for a period of 1 week, 2 weeks, 1, 2, 3, 6, 9 or 12 months' maturity to a prime bank on an unsecured basis

CIBOR supporters are not obliged to deliver liquidity on their fixed quotas to other CIBOR supporters. Every CIBOR supporter should aim to have a CIBOR that reflects an interest level that is as realistic as possible.

As of 1 January 2014, the number of maturities has changed.

Quotas are fixed for CIBOR by every CIBOR supporter with two decimals at 10.30AM.

There are currently the following CIBOR supporters:

  • Danske Bank
  • Jyske Bank
  • Nordea Bank
  • Nykredit Bank
  • Spar Nord Bank
  • Sydbank

The number of CIBOR supporters

CIBOR is calculated for individual periods. The calculation takes the number of CIBOR supporters as a starting point. With 12 or more CIBOR supporters, the three highest and three lowest rates are left out and a simple average of the remaining rates is calculated. With 11 or fewer CIBOR supporters, the two highest and two lowest rates are left out and a simple average of the remaining rates is calculated. 

If there are fewer than eight CIBOR supporters the highest and lowest rates are left out and a simple average of the remaining rates is calculated. If there are fewer than four CIBOR supporters, a simple average of the rates is calculated. The calculated CIBOR is published with four decimals at 11AM.

If errors are found in the CIBOR fixing after publication, this will be corrected and the corrected news will be published as soon as possible.

Rules for fixing CIBOR are available on the Finance Denmark's homepage.

Individual CIBOR supporters' prices are published after 11AM on Finance Denmark's homepage.

The committee

A committee has been established in connection with CIBOR and SWAP reference rates. The main aim of the committee is to ensure the quality of CIBOR and SWAP reference rate supporters and their quota fixings.

Members of the committee are appointed by Finance Denmark's board of directors. Eligibility requires an employment relationship at a CIBOR or SWAP reference rate supporter. If the employment relationship is terminated, membership of the committee will automatically be terminated. The applicable CIBOR or SWAP reference rate supporter can subsequently choose to nominate a new person as member of the committee. 

Eligibility for the committee requires thorough knowledge of the Danish financial market and that the person in question does not fix quotas for CIBOR and SWAP reference rates on a daily basis. Finance Denmark is the secretariat for the committee and participates in its meetings without voting rights.

The committee deals with all questions concerning CIBOR, including setting the circle of supporters. The rules for this are stated in "Rules for participating as a CIBOR supporter".

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Finance Denmark is an business association for banks, mortgage institutions, asset management, securities trading and investment funds in Denmark. Our members are mortgage institutions, banks, savings banks, cooperative savings banks, Danish branches of foreign banks, asset managers, Danish securities dealers and investment funds. 

Read more about Finance Denmark and our work