New Cofix 0.90%… Maintain the previous month level
Balance/new balance, 0.04%p, 0.03%p each ↓
Reporter Park Eun-bi = COFIX (COFIX, financing cost index), which is used as the base rate for variable mortgage loans, has declined partially.
According to the’Cofix as of December 2020,’ announced by the Bank Federation on the 15th, the Cofix based on the new handling amount remained at 0.90%, the same as the previous month.
Based on the balance, the Cofix recorded 1.17%, down 0.04 percentage points from the previous month. Co-fix based on the new balance was 0.93%, down 0.03 percentage points from the previous month. The new balance standard has never increased since it has continued to decline since the first announcement in July 2019.
COPIX refers to the weighted average interest rate of funds raised by eight domestic banks, including NH Nonghyup, Shinhan, Woori, SC Cheil, Hana, Enterprise, KB Kookmin, and Citibank Korea. When the interest rate of received products such as deposits, savings accounts, and bank bonds actually handled by the bank increases or decreases, it rises or falls reflecting this.
Based on the new handling amount, Cofix is calculated for the funds newly raised by the bank in the last month, so it reflects market interest rate fluctuations more quickly than the balance standard.
Balance-based co-fixes and new balance-based co-fixes include periodic deposits, periodic deposits, mutual installments, housing installments, transferable deposit certificates, sale of bonds subject to redemption, cover note sales, and financial bonds (excluding subordinated bonds and convertible bonds). For the new balance-based cofix, other deposits, other borrowings and settlement funds are added to this.
An official from the bank explained, “If you want to receive a cofix linked loan, you need to carefully select the loan product after understanding the characteristics of Cofix.”
The short-term co-fix is 0.70~0.75% based on the published interest rate for the last 4 weeks. It is calculated for short-term funds that are 3 months contract maturity.
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