MT 405 Field Specifications

44. Field 23F: Interest Calculation Basis

FORMAT

Option F

4!c[/30x]

(Code) (Narrative)

PRESENCE

Mandatory in an optional subsequence

DEFINITION

This field specifies the basis of interest calculation.

CODES

Code must contain one of the following codes (Error code(s): T72):

A001	30/360
A002	30/365
A003	30/actual
A004	Actual/360
A005	Actual/365
A006	Actual/actual
OTHR	Other calculation basis

Narrative may contain another bilaterally agreed interest calculation basis.

NETWORK VALIDATED RULES

Narrative may only be present when the code 'OTHR' is present in Code. It is not allowed in all other cases (Error code(s): D81).