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Euro money market reference rate

Published for the first time on 30 December 1998 – a few days ahead of the introduction of the euro – Euribor® is a euro money market benchmark calculated for five maturities: one week, and one, three, six and twelve months.

It measures ‘the rate at which wholesale funds in euro could be obtained by credit institutions in current and former European Union and European Free Trade Association countries in the unsecured money market.

Euribor® has been declared a critical benchmark by the European Commission in 2016 because of its systemic importance for financial stability. According to in-house estimates based on official or trusted sources, the total outstanding amount of financial instruments and contracts using Euribor® as a reference exceeds €100 trillion.

Since July 2014, Global Rate Set Systems Ltd. (GRSS) had been chosen as the calculation agent for Euribor. GRSS is a specialised and experienced service provider that is entrusted with calculating some of the most critical financial benchmarks that drive the operations of the financial markets.

Publication of rates

Euribor® is published every TARGET2 day, at or shortly after 11:00 CET for each of its tenors.

Intraday re­fixing may happen at 15:00 CET in case of reported revisions to input data, or errors in the collection, calculation, or publication of the benchmark.

To calculate the impact of the revisions, the original input data is replaced by the revised input data, or by the correct benchmark calculation, and the benchmark is recalculated for each fixing day in the period. The recalculated benchmark rates are then compared with the original published rates.