Nibor

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.

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 was implemented in Norwegian legislation 6 December 2019. The Norwegian Financial Supervisory Authority, Finanstilsynet, has been designated as the relevant competent authority responsible for carrying out the duties under BMR.

NoRe is authorised by Finanstilsynet, pursuant to Article 34 of the BMR, and is as such included in the register The European Securities and Markets Authority, ESMA, is publishing in accordance with Article 36 of the BMR.

NoRe published on 20 August 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 20 August 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 30 September 2019. New subscribers as from 30 September 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 more information please see our newsletter published September 10th, 2019.

Panel banks:
DNB Bank ASA
Danske Bank A/S
Svenska Handelsbanken AB
Nordea Bank ABP
SEB AB
Swedbank AB

Nibor Committees
- Nibor Advisory Committee
- Nibor Oversight Committee

Complaints Procedure:
See Nibor Framework

Whistleblowing Procedure:
See Nibor Framework