Establishment of JBA TIBOR Administration and commencement of its operations

April 1, 2014
JBA TIBOR Administration

　　We are pleased to announce the establishment of the JBA TIBOR Administration ("JBATA"; Chairman: Akihiro WANI) today, April 1, 2014 and its commencement of the "JBA TIBOR" calculation and publication operations transferred from the Japan Banker's Association.

JBATA was formed to establish a more independent and neutral administration framework for the JBA TIBOR. JBATA requires reference banks that submit rates to comply with the "JBA TIBOR Code of Conduct", which sets out rules to be abided　by and necessary procedures to be established by reference banks in connection with their rate submission, as well as monitors reference banks' compliance with the Code of Conduct and rate submissions. With regard to the background relating to the establishment of JBATA, please see "Report on the Review of JBA TIBOR Administration" released by the Japanese Bankers Association on December 27, 2013.

JBATA will seek to maintain and enhance the credibility and transparency of JBA TIBOR and will be committed to strengthen the administration of JBA TIBOR, through establishing and maintaining a framework in accordance with the IOSCO's "Principles for Financial Benchmarks" ("IOSCO Principles"), so that JBA TIBOR will be recognized internationally as a benchmark that conforms to the IOSCO Principles and will continue to be used widely as a representative benchmark for the Japanese yen interest rates.

Below is the overview of the JBATA.

Name （Acronym）	Ippan Shadan Hojin (or General Incorporated Association) JBA TIBOR Administration (JBATA)
Executive Officers	Directors(5), Auditor (1) （please see Annex）
Address	1-3-1 Marunouchi, Chiyoda-ku, Tokyo
Date of Establishment	April 1, 2014
Objectives	To contribute to the development and sound growth of the money market, through calculation and publication relevant to the administration of JBA TIBOR.
Description of Business	○Calculation and publication of JBA TIBOR ○Publicity activities and management of complaints and inquiries regarding JBA TIBOR ○Development, revision and abolition of rules and guidelines relevant to administration of JBA TIBOR ○Development, revision and abolition of Code of Conduct for reference banks, and monitoring of compliance to the Code of Conduct and monitoring of the rate submission by reference banks ○Development and management of organization relevant to administration of JBA TIBOR ○Development and management of organization to ensure the credibility and transparency of the administration of JBA TIBOR
Organizational Structure	○JBA TIBOR Planning Committee 　Comprised of directors of relevant banks. and its primary responsibility is to review and discuss issues related to the organization of JBATA ○JBA TIBOR Administration Committee 　Comprised of directors of relevant banks and its primary responsibility is to review and discuss administrative issues of JBA TIBOR ○JBA TIBOR Oversight Committee（please see Annex）　Comprised of lawyers, accountants, academic experts, and other experts, and its primary responsibilities are to monitor compliance to the Code of Conduct and to monitor rate submission by reference banks ○JBA TIBOR Operation Department and JBA TIBOR Internal Audit Office　　Primary responsibilities are operations related to rate calculation and publication, organizational management and internal audit.