NoRe and Nibor

Norske Finansielle Referanser AS (NoRe) is established and owned by Finance Norway with the purpose to administer financial benchmarks. NoRe has approval from the Norwegian Ministry of Finance to act as administrator for the Norwegian Interbank Offered Rate (Nibor).

Nibor is a collective term for Norwegian money market rates at different maturities. Nibor is intended to reflect the interest rate level a bank require for unsecured money market lending in NOK to another bank. Nibor is calculated and published by Oslo Børs with maturities of one week, one month, two months, three months and six months.

The Nibor framework consists of the Nibor Rules supplemented with guidelines. The rules describe what the interest rates represents, the requirements laid on the suppliers of data (the panel banks) and how the rates are to be calculated and published.

Nibor and the EU Benchmarks Regulation (BMR)

Norway is not a member of the European Union, but part of the European Economic Area (EEA), governed by the EEA Agreement. The EU Benchmarks Regulation (BMR) is relevant to the EEA and is expected to be implemented in Norwegian legislation soon. We expect that the BMR requirements on Nibor will be effective at the same date that would have been the case if these rates had been administrated within EU. Thus, NoRe plans to apply for authorization for the Administration of NIBOR before the year ends.

NoRe published on August 20, 2019 a consultation on changes to the Nibor methology. The proposal is based on requirements in the BMR and the existing definition of Nibor. The consultation report (in Norwegian) is available here. An English summary is given in the newsletter published on August 20, 2019. 

Access fee - distribution and/or use of Nibor information

Global Rate Set Systems (GRSS) took on the role of being calculation and licencing agent for Nibor September 30th, 2019. New subscribers as from September 30th must engage in an agreement with NoRe through GRSS to get access to Nibor information.

For information about subscription fees, terms and how to subscribe, please see our Subscription area.

For subscribers having a subscription on Nibor information with Oslo Børs, Oslo Børs  will continue as primary distributor until the end of 2019 on existing terms. Subscribers need to obtain a new subscription agreement with NoRe before December 15th to ensure uninterrupted access to Nibor.

For more information please see our newsletter published September 10th, 2019.


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