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.
Establishment of a working group to advise on CIBOR transition
On 18 November 2025, Finance Denmark and Danmarks Nationalbank announced that they will 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 in the working group as observers. Danmarks Nationalbank and Finance Denmark will act as secretariat for the working group.
Further details, including membership and mandate of the working group will be communicated via this website in the near future. Relevant consultation papers and other documents will also be published here on an ongoing basis.
DESTR provides a basis for enabling CIBOR transition
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.