Under normal conditions, at least 80.00% of the Reference Banks must quote to establish NIBOR.

In the highly unlikely event that less than 80.00% of the Reference Banks are able to quote, FMDQ will establish NIBOR as soon as it can collect quotes from at least five (5) Reference Banks and will derive NIBOR by a simple average without eliminating outliers.

If fewer than five (5) Reference Banks have provided data by 2:30 PM, the NIBOR of the previous business day will be republished at 2:30 PM and will be used as the NIBOR for that day.

Any republished rates from the previous business day shall be clearly identified as such by FMDQ on the page where NIBOR is displayed.