“It’s quite elegant,” says Ayesha Shah, treasurer of the European Bank for Reconstruction and Development (EBRD), based in London. She is talking about the supranational institution’s asset and liability management (ALM) programme: “Libor is basically the transfer price within treasury and within the EBRD as well. We’ve set up a very simple mechanism, but because it is so simple, elegant and flexible, it is actually quite complicated to run.”
Funds – both fixed and floating rate – raised by the
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