For LIBOR, several banks selected as panel banks submitted to the LIBOR administrator the market-based rates at which they could raise funds without collateral in the London interbank market, and the administrator aggregated them by a fixed method and published the result as a benchmark rate1. The submitted rate was originally the funding rate of a "prime bank", but from 1998 it changed to the bank's own funding rate2. In 2012 it came to light that some panel banks had manipulated the rates they submitted, submitting rates that differed from the market1.

For the JBA TIBOR, the administrator calls the banks that submit rates "reference banks"3. Both panel banks and reference banks are banks that submit rates to the administrator. This site writes panel banks in general explanations and in LIBOR, and reference banks, the administrator's term, in explanations of the JBA TIBOR.

How the banks submitting for TIBOR are selected and how the rate is calculated are explained in the TIBOR article.

Notes

  1. Bank of Japan, Financial Markets Department and Financial System and Bank Examination Department, and Financial Services Agency, "円LIBOR 移行対応の振り返りと今後の取り組み" (Review of the Transition from Yen LIBOR and Future Efforts) (BOJ Review 2022-J-8, in Japanese), p. 1, opening of the section on the LIBOR cessation. ↩ ↩2

  2. The same source, p. 7, footnote 4. ↩

  3. JBA TIBOR Administration, "金利指標改革を踏まえた全銀協TIBORの現状および今後の展望（2026年６月）詳細説明資料" (Detailed explanatory material on the current state and outlook of JBA TIBOR in light of the benchmark reform, June 2026) (in Japanese), p. 2 (the third page of the PDF), "リファレンス・バンクとは？" (What is a reference bank?). ↩