NIBOR - the Norwegian Interbank Offered Rate - is a collective term for Norwegian money market rates at different maturities. NIBOR is intended to reflect the interest rate level lenders require for unsecured money market lending in NOK with delivery in two days after trade. The rules adopted by FNO apply to NIBOR with maturities of one week, two weeks, one month, two months, three months, four months, five months, six months, nine months and twelve months.

NIBOR is calculated as a simple average of interest rates published by the NIBOR panel banks for each maturity, after omitting low and high rates based on provisions laid down in the rules. The interest rates published by the panel banks shall reflect which interest rate the bank charges on lending in NOK to a leading bank that is active in the Norwegian money and foreign exchange markets. The rates are to be regarded as best possible estimates, not binding offers.

NIBOR is published as an annual nominal interest rate over 360 days, in accordance with foreign exchange market standards. The percentage return over the term is thus calculated by dividing the interest rate by 360 and multiplying it by the actual number of days to maturity.

Panel banks

The NIBOR panel banks are:

• DNB Bank ASA
• Danske Bank
• Handelsbanken
• Nordea Bank Norge ASA
• SEB AB
• Swedbank