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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® » BREXIT

CONSEQUENCES OF BREXIT ON THE USE OF EURIBOR® AND EONIA®  

 

Brussels, 3rd February 2020 - On 31st January 2020, the United Kingdom (UK) officially withdrew from the European Union (EU). As the administrator of the critical EURIBOR® and EONIA® benchmarks, the European Money Markets Institute (EMMI) is providing information on the use of its benchmarks by supervised entities in the UK, based on the information available today.

The Withdrawal Agreement ratified by the EU and the UK provides for a transitional period until 31st December 2020, during which EU law will continue to apply. Consequently, the use of EURIBOR® and EONIA® by supervised entities in the UK will remain unchanged until that date.

As of 1st January 2021, EMMI should be subject to the third country benchmarks regime in the UK. On the same day, the onshored UK benchmarks regulation (UK BMR) should also take immediate effect, including a transitional regime which should allow the use of third country benchmarks like EURIBOR® and EONIA® until 31st December 2022. Please note that EONIA® will be discontinued on 3rd January 2022.

During this time, there will be no requirement for third country benchmarks or their administrators to be included in the Financial Conduct Authority (FCA) benchmarks register.

EMMI will further assess the modalities of complying with the future third country regime in the UK in the coming months, in order to ensure that its benchmarks can continue to be used by supervised entities located in the UK in the longer term.

 

 


Disclaimer

 All information on this pageis provided for informational purposes only. The present statement is not, and should not be taken as or relied upon as constituting, financial, investment, legal, tax, regulatory or any other form of advice, recommendation or assurance. EMMI reserves the right to amend any aspect of this statement. 

No responsibility or liability can be accepted by EMMI nor their respective directors, officers, employees and/or relevant third parties for a) any loss or damage in whole or in part caused by, resulting from, or relating to any error (negligent or otherwise) or other circumstances involved in procuring, collecting, compiling, interpreting, analysing, editing, transcribing, transmitting, communicating or delivering any such information or data from use of this document or links to this document or b) any direct, indirect, special, consequential or incidental damages whatsoever, even if any member of EMMI is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, such information.

EMMI advises benchmark users to take all appropriate measures to verify themselves if, in line with the UK financial domestic legislation, and given each of their specific situations, they may or may not continue to use EMMI’s benchmarks for whatever purpose.

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.