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Rules for participating as a CIBOR supporter in group 2

To participate as a CIBOR supporter in group 2 a financial institution must honour the following requirements:

Fixing quotas
Quotas are fixed for CIBOR on all Danish banking days.

CIBOR supporters residing outside of Denmark can refrain from setting CIBOR on public holidays in the CIBOR supporter’s home country. If the CIBOR supporter wishes to make use of this option, they must inform Finance Denmark at the start of the new calendar year of the days, where CIBOR will not be set.

Consideration as a CIBOR supporter in group 2 requires that the financial institution in question has been active on the money market for a period of at least one year.

A potential CIBOR supporter can apply themselves or be suggested by a member of group 1.

The requirement for participation is that the committee evaluates that the potential supporter:

influences the market with several products within the product portfolio;
provides sufficient resources;
will increase the quality of CIBOR due to their participation.

An application for enrolment as a CIBOR supporter should be sent to Finance Denmark and the application will subsequently be considered  at the next committee meeting. If it is reasonably justified that the financial institution that has submitted an application would be able to live up to the requirements mentioned above, then the institution will enter an active trial period of up to one month. If the trial period proceeds in a satisfactory manner, the committee will recommend to Finance Denmark’s board of directors that the financial institution in question is enrolled as a CIBOR supporter.

A CIBOR supporter, who is a member of group 1, and who may wish to become a member of group 2 cannot be automatically transferred to group 2. A separate approval of the wish to participate as a CIBOR supporter in group 2 must be obtained.

A CIBOR supporter must technically be able to report on CIBOR.

Resignation and exclusion
A financial institution can at its own request resign as CIBOR supporter with one month’s written notice to Finance Denmark. Re-enrolment can only take place after discussions in the committee and subsequently after a trial period of up to one month.

If a CIBOR supporter does not live up to their obligations in relation to the current rules, the CIBOR supporter will receive a written recommendation from the committee. Repeated violations of the current rules can lead to exclusion, as the committee can recommend to Finance Denmark’s board of directors that the financial institution in question is excluded from the circle of CIBOR supporters. A written recommendation and a recommendation to Finance Denmark’s board of directors about excluding a CIBOR supporter requires 2/3 majority in the committee. The decision on recommendation for exclusion is reported to the CIBOR supporter, who has been recommended for exclusion. The exclusion of a CIBOR supporter takes effect from the moment that Finance Denmark’s board of directors makes a decision on the matter.

Day-count convention
Lending interest rates, which refer to the CIBOR rates, must be calculated in accordance with the day-count convention on the money market, which is ACT/360.

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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. 

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