Euribor

The Euro Interbank Offered Rate (Euribor)

is a daily reference rate, published by the
European Money Markets Institute,[1] based on
the averaged interest rates at which Eurozone
banks borrow unsecured funds from
counterparties in the euro wholesale money
market (or interbank market). Prior to 2015, the
rate was published by the European Banking
Federation.[2]
Euribor-12m (red), 3m (blue), 1w (green) value
Scope
Euribors are used as a reference rate for euro-
denominated forward rate agreements, short-
term interest rate futures contracts and interest
rate swaps, in very much the same way as
LIBORs are commonly used for Sterling and
US dollar-denominated instruments. They thus
provide the basis for some of the world's most
liquid and active interest rate markets.
Euro Monetary policy
Domestic reference rates, like Paris' PIBOR,
   Euro Zone inflation year/year
Frankfurt's FIBOR, and Helsinki's Helibor
 M3 money supply increases
merged into Euribor on EMU day on 1  
 Marginal Lending Facility
January 1999.  
 Main Refinancing Operations
 
 Deposit Facility Rate
Euribor should be distinguished from the less  
 Euribor
commonly used "Euro LIBOR" rates set in  
London by 16 major banks.[3]

Technical features
Official reference: EURIBOR Technical features (http://www.emmi-benchmarks.eu/assets/fi
les/Euribor_tech_features.pdf)

A representative panel of banks provide daily quotes of the rate, rounded to two decimal places, that each
Panel Bank believes one prime bank is quoting to another prime bank for interbank term deposits within the
Euro zone, for maturity ranging from one week to one year. Every Panel Bank is required to directly input
its data no later than 11:00 a.m. (CET) on each day that the Trans-European Automated Real-Time Gross-
Settlement Express Transfer system (TARGET) is open. At 11:02  a.m. (CET), GRSS (Global Rate Set
Systems) will instantaneously publish the reference rate on Refinitiv (ex. Reuters), Bloomberg and a
number of other information providers which will then be made available to all their subscribers. The
published rate is a rounded, truncated mean of the quoted rates: the highest and lowest 15% of quotes are
eliminated, the remainder are averaged and the result is rounded to 3 decimal places. Euribor rates are spot
rates, i.e. for a start two working days after measurement day. Like US money-market rates, they are
Actual/360, i.e. calculated with an exact daycount over a 360-day year. Euribor was first published on 30
December 1998 for value 4 January 1999.

Panel banks

Current banks

Country Banks[4]
Austria Raiffeisen Bank International

Belgium Belfius
France BNP-Paribas

France HSBC France

France Natixis
France Crédit Agricole

France Société Générale

Germany Deutsche Bank

Germany DZ Bank

Italy Intesa Sanpaolo

Italy UniCredit

Luxembourg Banque et Caisse d'Épargne de l'État

Netherlands ING Bank

Portugal Caixa Geral de Depósitos (CGD)

Spain Banco Bilbao Vizcaya Argentaria

Spain Banco Santander

Spain CECABANK

Spain CaixaBank

UK Barclays

Former banks

Country Banks Date of exit

Greece National Bank of Greece 28 May 2019

Italy Banco BPM 7 January 2019

UK JP Morgan International - London 16 September 2016

Japan The Bank of Tokyo Mitsubishi 1 July 2016

Finland Pohjola Bank 13 May 2016

Finland Nordea 18 December 2015

Denmark Danske Bank 14 May 2015

 Germany Commerzbank 1 October 2014
France La Banque Postale 11 April 2014

Belgium KBC Bank 1 April 2014

France Crédit Industriel et Commercial 31 March 2014

Italy UBI Banca 10 March 2014

Ireland Bank of Ireland 15 February 2014

Austria Erste Group 11 October 2013

Germany Norddeutsche Landesbank Girozentrale 29 June 2013

Ireland Allied Irish Bank 29 June 2013

Germany Landesbank Hessen-Thüringen Girozentrale 1 June 2013

Germany Landesbank Baden-Württemberg 1 June 2013

Germany LandesBank Berlin 1 May 2013

Germany UBS 28 March 2013

Sweden Handelsbanken 20 March 2013

Netherlands Rabobank 3 January 2013

Germany BayernLB 1 January 2013

Germany Deka Bank 30 November 2012

USA Citibank 21 September 2012

Euribor-based derivatives

Euribor futures

EUR Euribor futures are traded on Intercontinental Exchange (ICE)[5] and on Eurex[6]

They were previously also traded on CurveGlobal, part of the London Stock Exchange Group,[7] which
has closed down operations in January 2022.

Interest rate swaps

Interest rate swaps based on short Euribors currently trade on the interbank market for maturities up to 50
years. A "five-year Euribor" will be in fact referring to the 5-year swap rate vs 6-month Euribor. "Euribor +
x basis points", when talking about a bond, will mean that the bond's cash flows have to be discounted on
the swaps' zero-coupon yield curve shifted by x basis points in order to equal the bond's actual market
price.

Eonia
The other widely used reference rate in the euro-zone is Eonia, also published by the European Banking
Federation, which is the daily weighted average of overnight rates for unsecured interbank lending in the
euro-zone, i.e. like the federal funds rate in the US. The banks contributing to Eonia were the same as the
Panel Banks contributing to Euribor. However, "On 1st June 2013, the Eonia and Euribor respective panels
of contributing banks have been differentiated." (EMMI website)

See also
€STR
EONIA
Euro
European Banking Federation
Federal funds rate
LIBOR
TONAR
Prime rate
SARON
SONIA

References
1. "Home | The European Money Markets Institute (EMMI)" (https://www.emmi-benchmarks.e
u/).
2. "Euribor-EBF becomes EMMI", Retrieved 4 Feb 2017. (http://enews.ebf-fbe.eu/2014/09/euri
bor-ebf-becomes-emmi/)
3. "Euro LIBOR", Investopedia (http://www.investopedia.com/terms/e/eurolibor.asp)
4. "Euribor® Panel Banks | the European Money Markets Institute (EMMI)" (https://www.emmi-
benchmarks.eu/euribor-org/panel-banks.html).
5. "Three Month Euribor Futures" (https://www.theice.com/products/38527986/Three-Month-Eu
ribor-Futures). Retrieved 22 December 2019.
6. "Three-Month EURIBOR Futures (FEU3)" (https://www.eurexchange.com/exchange-en/prod
ucts/int/mon/euribor/Three-Month-EURIBOR-Futures-137458). Retrieved 22 December
2019.
7. "Our product offering" (https://www.lseg.com/markets-products-and-services/our-markets/cur
veglobal/products). Retrieved 22 December 2019.

External links
European Central Bank (https://www.ecb.europa.eu/)
Euribor homepage (http://www.emmi-benchmarks.eu/)
Euribor historical data (informative) (http://www.emmi-benchmarks.eu/euribor-org/euribor-his
tory.html)
Euribor Rate, Daily Update (Bank of Finland) (https://www.suomenpankki.fi/en/Statistics/inte
rest-rates/charts/korot_kuviot/euriborkorot_pv_chrt_en/)
Euribor homepage (https://www.emmi-benchmarks.eu/benchmarks/euribor/) (informative
historical data can also be found here (http://www.emmi-benchmarks.eu/euribor-org/about-e
uribor.html))

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