Call for expressions of interest to join the Working Group on CIBOR transition
Finance Denmark and Danmarks Nationalbank are launching a call for expressions of interest for institutions wishing to join the Working Group on CIBOR transition. While the call is primarily aimed at credit institutions, other non-bank financial institutions are also welcome to express their interest in participating.
The objective of this call of interest is to strengthen the representativeness of the Working Group’s composition by involving additional stakeholders for whom a transition away from CIBOR is relevant.
Selected institutions will join the Working Group as either voting members or observers. Members should anticipate dedicating significant time and resources to the Working Group.
Finance Denmark and Danmarks Nationalbank will determine the composition of the Working Group based on the nominations received, taking into account:
- A maximum of two representatives per member institution
- Market footprint in markets most directly impacted by the transition away from CIBOR. In that regard, institutions are requested to provide their exposure to CIBOR and/or their turnover in DKK interest rate and loan markets.
- A composition such that the Working Group has competencies that can solve the diverse issues that a transition away from CIBOR entails, and
- An indication of commitment to dedicating time and resources to participating in the Working Group and ensuring meeting its objectives.
For further information see the Terms of Reference for the Working Group on CIBOR transition.
Interested applicants are encouraged to apply and invited to outline their expected contribution to achieving the Working Group’s objectives.
If you have any queries or wish to apply, please contact Nicolaj Schou Andersen, Danmarks Nationalbank (nisa@nationalbanken.dk) or Morten Frederiksen, Finance Denmark (mof@fida.dk).
Applications must be submitted at latest 28 January 2026 to the above-mentioned contacts.
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.