A bar chart showing net interest margins (NIMs) following the 1998 refinancing wave for banks holding high and low levels of long-term assets. Between 1999 and 2000, the median NIM at banks with high concentrations of long-term assets declined by 15 basis points, while banks with low concentrations of long-term assets saw an increase in NIM of 23 basis points. Between 2001 and 2002, the median NIM at banks with high concentrations of long-term assets rose by 23 basis points, while banks with low concentrations of long-term assets saw a decline in NIM of 23 basis points.