18 November 2025
Danmarks Nationalbank supports the decision of Finance Denmark to analyse and make recommendations for a transition away from CIBOR, the Copenhagen Interbank Offered Rate, to transaction-based reference rates.
Transitions away from quote-based IBORs to reference rates anchored in transactions follow international standards and have been completed in many jurisdictions. In some others where IBORs remain—such as the Eurozone—significant reforms have been implemented to ensure that remaining IBORs are predominantly transaction-based.
Robust and reliable reference rates in Danish kroner are essential for financial market participants, businesses, and households alike. Reference rates are widely used across financial products, including bank loans, mortgage bonds, and interest rate derivatives, and serve as key inputs for the valuation of financial assets.
Establishing a working group to advise on CIBOR transition
Finance Denmark and Danmarks Nationalbank will in collaboration establish a working group which will analyse and make recommendations on a transition away from CIBOR to transaction-based reference rates. The working group will consist of representatives from the financial sector. Danmarks Nationalbank and the Danish Financial Supervisory Authority will participate as observers in the working group. Danmarks Nationalbank and Finance Denmark will act as secretariat for the working group.
Further information, including members and mandate of the working group will be communicated via Danmarks Nationalbank's website.
Relevant consultation papers and other material will also be published on the website on an ongoing basis.
DESTR provides a basis for enabling CIBOR transition
Finance Denmark is the owner of CIBOR, CITA and SWAP. These reference rates are administered by DFBF, Danish Financial Benchmark Facility.
Danmarks Nationalbank is the owner and administrator of DESTR, Denmark Short-Term Rate, and follows the same methodology as €STR, Euro Short-Term Rate. DESTR is a transaction-based reference rate, which has been published by Danmarks Nationalbank since 2022. The use of DESTR has since the introduction been firmly established across Danish markets. Having a well-established short-term transaction-based reference rate, which can also serve as the basis for forward-looking reference rates, is central to enabling a transition away from CIBOR.
Enquiries can be directed to press advisor Peter Levring on tel. +45 3363 6383.