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Since the 2007-2009 financial crisis, substantial academic effort has beendedicated to improving our understanding of interbank lending networks (ILNs).Because of data limitations or by choice, the literature largely lacks multipleloan maturities. We employ a complete interbank loan contract dataset toinvestigate whether maturity details are informative of the network structure.Applying the layered stochastic block model of Peixoto (2015) and other toolsfrom network science on a time series of bilateral loans with multiple maturitylayers in the Russian ILN, we find that collapsing all such layers consistentlyobscures mesoscale structure. The optimal maturity granularity lies betweencompletely collapsing and completely separating the maturity layers and dependson the development phase of the interbank market, with a more developed marketrequiring more layers for optimal description. Closer inspection of theinferred maturity bins associated with the optimal maturity granularity revealsspecific economic functions, from liquidity intermediation to financing.Collapsing a network with multiple underlying maturity layers or extracting onesuch layer, common in economic research, is therefore not only an incompleterepresentation of the ILN's mesoscale structure, but also conceals existingeconomic functions. This holds important insights and opportunities fortheoretical and empirical studies on interbank market functioning, contagion,stability, and on the desirable level of regulatory data disclosure.

Loan maturity aggregation in interbank lending networks obscures mesoscale structure and economic functions