Press release on amending the "Rules for determining the ROBID and ROBOR reference rates" as of 6 March 2008
05.03.2008
With a view to bringing the Romanian interbank money market into line with international standards in the field and following the requests of participating banks, the National Bank of Romania is to amend the "Rules for determining the ROBID and ROBOR reference rates" as of 6 March 2008.
The ROBID/ROBOR interbank money market reference rates are calculated on a daily basis by Reuters as an arithmetic mean of the interest rates posted by 10 commercial banks. The 10 commercial banks are selected according to the performance criteria previously defined, and the list is updated every 6 months.
The major changes applicable as of 6 March 2008 refer to the following:
- the list of the 10 participants in the calculation of the ROBID/ROBOR interbank money market reference rates shall be public and each participant's quotations shall be made available on the RBOR1 and RBOR2 pages in the Reuters system;
- the settlement date shall be the day of calculating the reference rates for the overnight (O/N) maturity; the next business day for the tomorrow/next (T/N) maturity; two business days (spot) for all other maturities (1W, 1M, 3M, 6M, 9M, 12M);
- the calculation of ROBID/ROBOR rates shall be based on the quotations of participating banks posted 15 minutes before 11:00 a.m. (local time);
- the highest spread of the ROBOR/ROBID rates shall be 0.50 percentage points for the following maturities: O/N, T/N, 1W, 1M, 3M, and 0.75 percentage points for the following maturities: 6M, 9M, 12M.
The Rules for determining the ROBID and ROBOR reference rates will be posted on 6 March 2008 at www.bnro.ro