A bank borrows for 360 days and simultaneously lends the proceeds for 90 days. This transaction creates a synthetic forward rate agreement (FRA) closest to a:

If a bank borrows for 360 days and simultaneously lends the proceeds for 90 days, it creates a synthetic long (borrower) position in a 90-day FRA on 270-day LIBOR. The bank has no net position for the first 90 days and a borrowing position at a fixed rate of interest for the subsequent 270 days.