The Danish Bankers Association has decided to decrease the number of maturities in CIBOR (Copenhagen Inter Bank Offered Rate) by 1 January 2014. 

CIBOR is the interest rate at which a bank is prepared to lend Danish kroner to a prime bank on an uncollateralized basis for a number of maturities.

As from the 1 January 2014 CIBOR will be limited to the following maturities: 1 week, 2 weeks, 1, 2, 3, 6, 9 and 12 months.

As a result of this decrease the following maturities will be calculated on the 30 December 2013 for the last time: 4, 5, 7, 8, 10 and 11 months. These amendments are a result of a scrutiny of the governing rules and of which maturities are used.

The current governing rules can be seen at the Danish Bankers Associations homepage: www.finansraadet.dk

Yours sincerely

Christine Habel

Direct +45 3370 1091

ceh@finansraadet.dk