8 The position paper of the Risk-Free Reference Rates Workstream (2020) summarises the considerations and conclusions made on the foreign exchange-(FX) implied overnight (O/N) rate Sabor, Sabor MM (the reformed version of Sabor), SAFEX O/N rate, ZARIBOR and SASFR (referred to as ZASFR in the draft statement of methodology and policies governing the SARB-administered benchmarks) 9 BIS (2013) – Towards better reference rate practices: a central bank perspective  Page 4 of 12  the counterparties to the transaction.
This series of operations will start in September 2019 and end in March 2021, and have a maturity of two years each. At our last meeting, we decided that the interest rate in each operation will be set at a level that is 10 basis points above the average rate applied in the Eurosystem’s main refinancing operations over the life of the respective TLTRO.