ARB's Danescu says new IRCC too broad a mixture with no connection with the market
Publicat:Whereas the interbank offered rate ROBOR was correlated with medium-term lending, just like a single fruit jam, the new Consumer Credit Reference Index (IRCC) is a sort of marmalade of an unknown fruit mix, an index calculated based on overnight transactions which has no connection with the market, executive president of the Romanian Banking Association (ARB) Florin Danescu declared on Wednesday at the Financial Market Forum, according to Agerpres.
"Explaining the ROBOR and the IRCC is very difficult. The IRCC is an average of several ROBOR rates, an average of several interbank rates…
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