Working group for alternative reference rates in NOK Meeting minutes Friday 23 August and Wednesday 4 September 2019 Norges Bank – Bankplassen 2

To ensure sufficient liquidity for Nowa derivatives, the working group proposes that banks active in the interest rate derivatives (IRD) market agree to support the market by

Furthermore, the working group proposes setting the spread adjustment equal to the median difference between Nibor and term- adjusted Nowa over the past five years before Nibor