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COFIX

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Calculation of COFIX

  • 1.Each Information Provider provides necessary information for COFIX calculation to the Korea Federation of Banks (KFB) by the time below.
    • ①COFIX on Monthly Acquired New Funds, COFIX on Outstanding Balance and New COFIX on Outstanding Balance : at 3 p.m. on the 14th of every month (or on the preceding business day if the 14th falls on a holiday)
    • ②Short-Term COFIX : at 5 p.m. on the second business day of every week.
  • 2.The KFB then calculates the COFIX according to the following formula.
    • ①COFIX on Monthly Acquired New Funds= ∑ ( WAMF* X MAF**) / ∑ MAF**

      * WAMF : Weighted average interest rate of monthly acquired new funds of Information Provider
      ** MAF : Monthly acquired new funds of Information Provider

    • ②COFIX on Outstanding Balance= ∑ (WAMB* X MEB**) / ∑ MEB**

      * WAMB : Weighted average interest rate of month-end outstanding balance of Information Provider
      ** MEB : Month-end outstanding balance of Information Provider

    • ③New COFIX on Outstanding Balance = ∑ [(WAMB' X MEB')] / ∑ MEB'

      ※ WAMB', MEB' : Includes 8 products of WAMB and MEB* as well as other deposits and borrowings such as Inter-bank time deposits, Non-resident deposits, Subordinated bonds, Convertible bonds, Demand deposits** and Saving deposits** etc.

      * TIME Deposits, Regular Installment Savings, Mutual Funds, Household Savings, Certificates of Deposit, Repurchase Agreements (Rps), Cover Note Sales, Financial Bonds

      ** Only for the amount estimated to be used for loans.

    • ④Short-Term COFIX = ∑ (WAWF* × WAF**) / ∑ WAF**

      * WAWF : Weighted average interest rate of weekly acquired new funds of Information Provider
      ** WAF : Weekly acquired new funds of Information Provider

  • 3.A previous month’s COFIX is announced on the KFB website (www.kfb.or.kr) as an annualized rate (rounded to two decimal places) after the time below.
    • ①COFIX on Monthly Acquired New Funds, COFIX on Outstanding Balance and New COFIX on Outstanding Balance : at 3 p.m. on the 15th of every month (or on the next business day if the 15th falls on a holiday)
    • ②Short-Term COFIX : at 3 p.m. on the third business day of every week.
  • The announcement date may be adjusted, however, in the cases of natural disasters or other unforeseen circumstances.