Originally, borrowings by IBRD after July 1, 1982 (i.e., based on the pool-based variable lending rate), using proxy borrowings. Under the new system (May 1989), they would be defined to exclude borrowings that are determined by the Bank to fund investments and any new differentiated loan product should the Bank wish to offer one in the future. The extraction of borrowings that fund investments would be made separately for each currency. The term Qualified Borrowings 1982 is used to describe the old system. See also pool of qualified borrowings.