FHLB Des Moines Announces Advance Product Changes
posted on Monday, January 4, 2021 in Business News
In preparation for the expected phase-out of the London Interbank Offered Rate (LIBOR) by the end of 2021, the Bank has implemented the following product changes effective January 4, 2021.
- Reducing the minimum term on LIBOR and Member Option LIBOR Advances from a minimum term of one year to a minimum term of 3 months (maximum maturity date not to exceed December 31, 2021)
- Discontinuation of the Capped LIBOR Advance
In addition, the Bank has eliminated the six-month rate reset frequency on the Member Option Variable-Rate (MOVR) Advance effective January 4, 2021.
Contact the FHLB Des Moines Money Desk at firstname.lastname@example.org or 800.544.3452, ext. 2122 with questions.