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Press Release 07 June 2013

Phasing out HIBOR Fixings with Less Market Demand

(7 June 2013) The Hong Kong Association of Banks (HKAB) today announced the details of phasing out those tenors of the Hong Kong Dollar Interest Settlement Rates ("Hong Kong Interbank Offered Rate" or "HIBOR") that have less market demand.

Following a review of the HIBOR fixings conducted with the input of the Treasury Markets Association, HKAB proposed earlier to phase out those tenors with less market demand as part of a package of measures to enhance the robustness of HIBOR. This proposal received the support of the Hong Kong Monetary Authority on 6 February 2013.

After consulting the industry further on the implementation arrangements, HKAB has decided that with effect from 1 April 2014, it will cease to calculate and publish HIBOR for tenors of 4 months, 5 months, 7 months, 8 months, 9 months, 10 months and 11 months. HKAB will continue to make available the existing HIBOR fixings which have strong market demand (i.e. overnight, 1-week, 2-week, 1-month, 2-month, 3-month, 6-month and 12-month).

For enquiries, please contact Ms Boey Wong, Secretary of HKAB, at 2521 1169.

The Hong Kong Association of Banks

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