Thirteen years after the creation of the eurozone killed off the interbank lending market in pesetas, the Banco de España continues to publish a daily estimate for the Madrid Interbank Offered Rate.
That is because Mibor is still the legal reference rate for floating rate Spanish mortgages issued before 2000.
The problem of such long-life contracts will be even more extreme if governments heed calls this week from top US regulator Gary Gensler to scrap Libor and all the other interbank lending rates that are not closely linked to real transactions.
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