Interbank offered spleen

Definition

IBOR is the generic initials dInterbank Offered Rate , or interbank rate offert' , i.e. the rate to which a bank of first category, at one moment given and for a given expiry, ready at another bank of first category in white (in English: unsecured lending ), i.e. without the loan being guaranteed by some credit that it is, like negotiable evidences of indebtedness or transferable securities.

The interbank loan “in white”

The loan in white is at the same time the riskiest operation, most framed by the banking internal regulation and most expensive (of use of the capital or in weight in certain prudential ratios) of the Money market. Therefore, it is thus one of the least frequent and the least important out of global amount. Moreover, the transactions in white tend to be carried out for short expiries, which consumes less in credit lines and capital. They also tend to avoid crossing a date of assessment, like in particular on December 31st.

Nevertheless, paradoxically, it is on this small market that rests, a such pyramid which one would have turned over and posed on his point, a good part of the immense market of the financial derivative products.

Indices IBOR

London: LIBOR

Euro area: the Euribor

In particular disappeared juridically, with the profit of Euribor, on January 1st, 1999:

  • PIBOR, of Paris, for the French franc (FRF), which gave place to a very active derived market;
  • the FIBOR, of Frankfurt, (DEM), which had never really succeeded in being essential vis-a-vis LIBOR Deutschemark;
  • the AIBOR, of Amsterdam, for Guilder (NLG).

The RIBOR of Rome (ITL) seems to have disappeared more tardily.

Other indices IBOR

  • BIBOR : Bangkok - THB
  • BRIBOR: Bratislava SKK
  • CIBOR: Copenhagen - DKK - National Bank of Denmark
  • EIBOR: various currencies - United Arab Emirates
  • HIBOR: HongKong - HKD
  • JIBOR: Jakarta - IDR Bank Indonesia
  • KIBOR: Karachi - PKR
  • MIBOR: Madrid - index domestic, not replaced by the EURIBOR although near to this one, used for mortgage deeds
  • MIBOR: Mumbai - INR
  • NIBOR: Norway - NOK - Bank of Norway
  • SIBOR - Singapore - various currencies of which SGD
  • STIBOR: Stockholm - SEK - Bank of Sweden
  • TIBOR: Tokyo - JPY - index domesticates
  • WIBOR: Warsaw - PLN
  • ZIBOR: Zagreb - HRK
  • SHIBOR: Shanghai - (http://www.shibor.org/shibor/web/html/index.html)
This list is not exhaustive.

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