| In the same way as the refinancing risk, the rate refixing risk is calculated on the basis of a rolling 6-month average. |
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| Consequently, in comparison with previous years, some risk parameters relating to refinancing and refixing risks were substantially increased. |
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| Alongside the refinancing risk, the Treasury also monitors the rate refixing risk. |
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| The interest rate and refinancing risk are monitored in the light of the duration, weighted average maturity and refixing risk. |
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| In the context of debt management, there are two critical indicators for the Treasury: the refinancing risk and the refixing risk. |
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| Once the facing is dry, it is turned over for adhesive coverage and refixing. |
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| These operations took account of the limits imposed for the risk of refixing at 12 and 60 months. |
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| Accordingly, the Agency monitors very closely the exchange risk, the financing risks, the rate refixing risk and the credit risk. |
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| Finally, the third series of indicators monitors the refinancing risk and the rate refixing risk, and the phasing-out of the CHF-denominated debt. |
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| The changes in indicators measuring the refinancing risk and refixing risk is not discussed here since it is the subject of an analysis in Part 2 of this report. |
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| The assumptions used to process interest-rate sensitive positions are based on the Bank's practice in refixing interest-rate and comply with regulatory requirements. |
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