5.24.1.4 Automatic Rate Set Process for Future Dated Consol Rollover

The Interest Rate will not be defaulted from Daily LIBOR rate while booking future dated Rollover. The system processes CRIX on the Rate Fixing Date. The Interest rate is picked up from Daily LIBOR Rate for the Rate fixing date for Drawdown currency and Interest Rate Period and for Rate Code. The CRIX is processed online once the Job starts processing and also when the rate maintenance available for the Rate fixing date.

If the flag Auto Auth Rate Fixing Events is Yes at loans parameters screen, then CRIX is auto-authorized with maker/checker as SYSTEM. If the flag Auto Auth Rate Fixing Events is No, then CRIX is not authorized. Maker Id for CRIX event is SYSTEM. User is allowed to authorize this event from Consolidation Rollover screen. You have to manually amend the interest rate through Interest Rate Amendment screen (IRAM), if further amendments required for the Rolled over Drawdown interest components. In case of Consol and Split rollover, Rate setting rules should be maintained for each split instruction individually. The Job fails the CRIX event if rate maintenance is not available for the day and an appropriate exception is logged saying rate maintenance is not available.