FACTBOX: Global interest rates in 2007

LONDON (Reuters) - The U.S. Federal Reserve cut its main interest rate by a quarter percentage point on October 31 to 4.50 percent. As a result the average rate set by central banks of the Group of Seven nations fell to 3.85 percent from 3.90 percent, while the average rate set by 11 leading central banks -- the five that decide monetary policy for the G7 nations plus six other major banks -- slipped to 4.55 percent from 4.57 percent.

For interest rate changes in 2006 please double click on ID:nL16106090

The following table of average rates is aimed at reflecting the movement of official policy rates during the economic cycle rather than actual borrowing costs.

2007 MONTH: END05..END06..01...02...03...04...05...06...07...08...09...10...11...12 ------------------------------------------------------------------------------ G7 AVG: 2.85 3.65 3.70 3.75 3.80 - 3.85 3.90 4.00 4.00 3.90 3.85 - - 11 AVG: 3.10 4.00 4.05 4.09 4.20 4.23 4.27 4.41 4.48 4.50 4.55 4.55 - - ------------------------------------------------------------------------------ FED 4.25 5.25 - - - - - - - - 4.75 4.5 - - BOJ 1) 0.00 0.25 - 0.5 - - - - - - - - - - ECB 2.25 3.50 - - 3.75 - - 4.0 - - - - - - BOE 4.50 5.00 5.25 - - - 5.5 - 5.75 - - - - - BOC 3.25 4.25 - - - - - - 4.5 - - - - - ------------------------------------------------------------------------------ SNB 2) 1.00 2.00 - - 2.25 - - 2.5 - - 2.75 - - - RBA 5.50 6.25 - - - - - - - 6.50 - - - - RBNZ 7.25 7.25 - - 7.5 7.75 - 8.0 8.25 - - - - - RIKSBK 1.50 3.00 - 3.25 - - - 3.5 - - 3.75 4.0 - - NORWAY 2.25 3.50 3.75 - 4.0 - 4.25 4.5 - 4.75 5.0 - - - DENMARK 2.40 3.75 - - 4.0 - - 4.25 - - - - - - ------------------------------------------------------------------------------ NO. OF RATE CHANGES: 2006: 40 2 2 5 1 2 6 3 2 4 2 - - ------------------------------------------------------------------------------ MONTH: END05..END06..01...02...03...04...05...06...07...08...09...10...11...12 ------------------------------------------------------------------------------ EASTERN EUROPE: POLAND 4.50 4.00 - - - 4.25 - 4.5 - 4.75 - - - - HUNG 6.00 8.00 - - - - - 7.75 - - 7.5 - - - CZECH 2.00 2.50 - - - - 2.75 - 3.0 3.25 - - - - SLOVAK 3.00 4.75 - - 4.50 4.25 - - - - - - - - RUSSIA 12.0 11.0 10.5 - - - - 10.0 - - - - - - UKRAINE 9.5 8.5 - - - - - 8.0 - - - - - - ROMANIA 7.5 8.75 - 8.0 7.5 - 7.25 7.0 - - - 7.5 - - ------------------------------------------------------------------------------ LATIN AMERICA: BRAZIL 18.00 13.25 13.0 - 12.75 12.5 - 12.0 11.5 - 11.25 - - - MEX 3) 8.2 7.0 7.0 7.0 7.0 7.1 7.2 7.2 7.2 7.2 7.2 7.3 - - CHILE 4.5 5.25 5.0 - - - - - 5.25 5.5 5.75 - - - ------------------------------------------------------------------------------ ASIA KOREA 3.75 4.50 - - - - - - 4.75 5.0 - - - - THAI 4) 4.00 5.00 4.75 4.5 - 4.0 3.5 - 3.25 - - - - - PHIL 7.50 7.50 - - - - - - 6.0 - - 5.75 - - TAIWAN 2.25 2.75 - - 2.875 - - 3.125 - - 3.25 - - - INDS 12.75 9.75 9.5 9.25 9.0 - 8.75 8.5 8.25 - - - - - INDIA 5.25 6.00 - - - - - - - - - - - - CHINA 5.58 6.12 - - 6.39 - 6.57 - 6.84 7.02 7.29 - - - ------------------------------------------------------------------------------ MIDDLE EAST/AFRICA: SARB 7.0 9.0 - - - - - 9.5 - 10.0 - 10.5 - - ISRAEL 4.5 4.5 4.25 4.0 - 3.75 3.5 - 3.75 4.0 - - - - TURKEY 13.5 17.5 - - - - - - - - 17.25 16.75 - - ------------------------------------------------------------------------------ MONTH:DEC05..DEC06..01...02...03...04...05...06...07...08...09...10...11...12

NOTES:

If rates change more than once a month, the last rate for that month is listed.

Slovenia has been removed from the table as it joined the euro zone on Jan 1, 2007.

1. On March 9, 2006 the BOJ said it would no longer set a target for the amount of surplus funds in the money market, ending its "quantitative easing" policy, and adopted a more conventional tactic of guiding the unsecured overnight call rate. On July 14, 2006 it raised interest rates for the first time in six years.

2. The Swiss National Bank targets a range for the three-month Swiss franc LIBOR rate. It currently targets roughly the midpoint of that range.

3. The Bank of Mexico manages reserve money through weekly open market operations. The benchmark is the 28-day treasury bills, Cetes. This is a monthly average rate, rounded to one decimal.

4. On January 17, 2007 the Bank of Thailand set a new policy rate based on the 1-day repurchase rate BOT15, instead of the 14-day rate. The rate was set at 4.75 percent, compared with the market close that day of 4.9375 percent (For details please double click on ID:nBKK140398). Comparisons in the table for the end of 2005 and 2006 show the 14-day rate. ------------------------------------------------------------------------------

INTEREST RATES. (All the interest rates are policy rates identified by each central bank):

GROUP OF SEVEN CENTRAL BANKS:

U.S FEDERAL RESERVE = federal funds rate

BANK OF JAPAN = overnight call rate

EUROPEAN CENTRAL BANK = refi rate

BANK OF ENGLAND = bank rate

BANK OF CANADA = overnight funding rate

MAJOR CENTRAL BANKS:

SWISS NATIONAL BANK = 3-month Swiss Libor

RESERVE BANK OF AUSTRALIA = cash rate

RESERVE BANK OF NEW ZEALAND = cash rate

SWEDISH RIKSBANK = repo rate

NORGES BANK = deposit rate

DENMARKS NATIONALBANK = 2-week cd rate

CENTRAL AND EASTERN EUROPE:

NATIONAL BANK OF POLAND (NBP): 28-day intervention rate

NATIONAL BANK OF HUNGARY: (NBH) 2-week deposit rate

CZECH NATIONAL BANK (CNB): 2-week repo rate

NATIONAL BANK OF SLOVAKIA (NBS): 2-week limit repo rate

CENTRAL BANK OF RUSSIAN FEDERATION (CBR): refinancing rate

NATIONAL BANK OF UKRAINE (NBU): discount rate

NATIONAL BANK OF ROMANIA (NBR): monetary policy rate

LATIN AMERICA:

CENTRAL BANK OF BRASIL (BCB): Selic rate

CENTRAL BANK OF CHILE (BCC): Discount rate

BANK OF MEXICO: 28 day Cetes rate

ASIA:

BANK OF KOREA: Overnight call rate

BANK OF THAILAND: 1-day repurchase (repo) rate. End-05 and end-06 comparisons are for the 14-day repo rate (see note 4 above)

CENTRAL BANK OF PHILIPPINES: Overnight borrowing rate

CENTRAL BANK OF CHINA (TAIWAN): Discount rate

BANK INDONESIA: Bank Indonesia (BI) reference rate

RESERVE BANK OF INDIA: Reverse repo rate

PEOPLE'S BANK OF CHINA: One-year yuan lending rate

MIDDLE EAST/AFRICA:

SOUTH AFRICAN RESERVE BANK: Repurchase rate

BANK OF ISRAEL: Short-term lending rate

CENTRAL BANK OF TURKEY: Overnight borrowing