It stands for interbank term loan; a type of interbank loan that has a fixed term (maturity) during which the lender cannot require repayment of the loan’s face value. A interbank term loan (IBTL) has longer maturities compared to overnight deposits and repos that dominate the interbank markets.

These loans are used by banks, in these markets, co-insure long-term liquidity risks. Examples include term repos and term deposits.