Notification of Erroneous Data Input by Panel Banks
Section 5.1 of the Post Publication Redetermination policy sets out a process for the publication of Erroneous Panel Data submitted by Panel Banks. Such data is detailed below.
Date of Report – 10 June 2020
Two input errors were reported to SFBF on 10th June 2020 by a Panel Bank as a result of their regular internal compliance checks. Both were in reference to 6-month STIBOR and reported for May 19th and May 27th.
The errors were reported too late to activate the published Post Publication Redetermination Policy. However, if the errors had been reported within the time frame of that Policy the revised 6 month STIBOR fixing would not have changed by more than 2bps (basis points) threshold which would have triggered a redetermination of the benchmark.
As with all erroneous input data reported outside of the notification period this error has been documented and presented to the Oversight Committee for consideration in the context of continuous improved measures.