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CIBOR (Copenhagen Interbank Offered Rate) is a reference interest rate for liquidity offered in the inter-bank market (in Denmark) on an uncollateralised basis. CIBOR is calculated on the basis of rates offered by a number of individual banks, called the CIBOR offerers. CIBOR is calculated as follows: Every day at 10.30 a.m. each CIBOR offerer fixes a CIBOR rate to two decimal places. This is reported to the Nationalbank. If there are twelve or more CIBOR offerers, Danmarks Nationalbank will omit the three highest and the three lowest rates before calculating a simple average of the remaining rates. If there are eleven or fewer CIBOR offerers, Danmarks Nationalbank will omit the two highest and the two lowest rates before calculating a simple average of the remaining rates. If there are fewer than eight CIBOR offerers, Danmarks Nationalbank will omit only the highest and the lowest rate before calculating a simple average of the remaining rates. The CIBOR rates calculated to four decimal places are then published by Danmarks Nationalbank. CIBOR is calculated for fourteen different maturities: 1 week, 2 weeks, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 and 12 months.
The prices of the individual CIBOR offerers are published on the website of the Danish Bankers Association after 11.00 am.
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