NoRe follows the effects of the Corona/Covid-19 pandemic and continuously assess the need for contingency measures to ensure the timely calculation and distribution of Nibor. All participants involved in the provision of Nibor are required to have robust continuity planning, and have confirmed that relevant contingency arrangements are in place and working.
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 Global Rate Set Systems (GRSS) with maturities of one week, one month, two months, three months and six months.
Nibor is calculated as a simple average of the interest rates submitted by the Nibor panel banks for each maturity. The calculation omit highest and lowest interest rates according to the Nibor Calculation Methodology.
Nibor is published as an annual nominal interest rate over 360 days as is standard in the foreign exchange market. Thus, the percentage return over the term is calculated by dividing the interest rate by 360 and multiplying it by the actual number of days to maturity.
For more information about Nibor, please see our Nibor Benchmark Statement. The statement is available on our webpage The Nibor Framework.
According to the definitions in BMR, Nibor is an ‘interest rate benchmark’. Thus, specific requirements apply to the provision of, and contribution to, Nibor. Furthermore, Nibor has been assessed and recognised by the European Commission as a critical benchmark as referred to in point (b) of BMR Article 20(1).