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On 14 December 2000, the Governing Council of the European Central Bank (ECB) has decided that, from 2002 until further notice, the Trans-European Automated Real-time Gross settlement Express Transfer (TARGET) system will be closed, in addition to Saturdays and Sundays, on the following days:
  • New Year's Day
  • Good Friday (Catholic/Protestant)
  • Easter Monday (Catholic/Protestant)
  • 1 May (Labour Day)
  • Christmas Day
  • 26 December

For further information, please visit the Website of the ECB.

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EMMI » EONIA® » ABOUT EONIA®

About EONIA®

 

COVID-19 - EMMI is implementing the necessary contingency measures to ensure business continuity during the COVID-19 pandemic.

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    In order to ensure the continuity of its operations during the COVID-19 pandemic, EMMI is implementing appropriate cautionary measures and adopted a set of recommendations issued by the WHO and the Belgian Federal Government.

    Given the systemic importance of its critical interest rates benchmarks (EURIBOR and EONIA) for financial stability in general and the money markets more specifically, EMMI informs that the continuity of its operations will be ensured, regardless of the evolution of the situation. As such:

  • EURIBOR will continue to be published every TARGET day, at or shortly after 11.00 Brussels time for its Defined Tenors (1 week, 1 month, 3 months, 6 months and 12 months);
  • EONIA will continue to be published every TARGET day, at or shortly after 09.15 Brussels time;
  • The STEP Secretariat will continue to be managed and its staff will be reachable by phone or email.

 

 

EONIA®'s underlying interest is the rate at which banks of sound financial standing in the European Union (EU) and European Free Trade Area (EFTA) countries lend funds in the interbank money market in euro.

Since 1st October 2019, EONIA® is calculated with a reformed methodology tracking the €STR, the new euro short-term rate of the European Central Bank (ECB). Published for the first time by the ECB on 2nd October 2019 at 08.00 ECT, the €STR reflects the wholesale euro unsecured overnight borrowing costs of euro area banks. Prior to 1st October 2019, EONIA® was computed as a weighted average of overnight unsecured lending transactions in the EU and EFTA interbank market.

Under the reformed methodology, EONIA® is calculated as the €STR plus a spread of 8.5 basis points. The spread was calculated by the ECB on 31st May 2019 and reflects the historical difference between the underlying interests of the two benchmarks: interbank lending rate for EONIA® versus wholesale borrowing rate for the €STR.

Since 2nd October 2019, EONIA®for day T is available every TARGET day on T+1, at or shortly after 09.15 Brussels time. This timing prevents market participants from being exposed to any additional EONIA® re-fixing, should there be a €STR re-fixing.

To ensure a smooth transitioning from EONIA® to the €STR, EMMI will continue to publish EONIA® every TARGET day until 3rd January 2022, the date on which the benchmark will be discontinued.

 

 


 

The European Money Markets Institute (hereafter EMMI) advises users of EURIBOR® and EONIA® to regularly assess that the EMMI benchmark(s) they use is/are appropriate, suitable and relevant for the targeted market(s). EMMI also advises them to put in place their own contingency provisions in the event any of EMMI’s benchmarks are not available or in case of (temporary) benchmark discontinuation.
To adapt EURIBOR® and EONIA® to changes in the underpinning markets, and to align them with regulatory and market recommendations, EMMI steadily assesses and recalibrates, if and when necessary, their respective calculation methodology.