That placed a much higher value on the company than analysts had long assumed, and since the launch the stock has risen 17%.

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The cost of ELA to IBRC is assumed to be 200 basis points higher than the MRO rate but this profit margin goes to the Central Bank and is subtracted off when calculating the net cost.

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In addition, the assumed price of silver in the 2012 report is more than 300% higher than in the 2011 report, despite the fact that the price of silver has actually fallen substantially since then.

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The company assumed it would have to offer a rate 0.3-0.5 percentage point higher than government bonds when it went to the market last month, said Masatoshi Hoshi, its head of treasury and accounting.

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