Euribor

The Euro Interbank Offered Rate (trademarked as Euribor) is a daily reference rate, published by the European Money Markets Institute, based on the averaged interest rates at which Eurozone banks borrow unsecured funds from counterparties in the euro wholesale money market (before only in the interbank market). Prior to 2015, the rate was published by the European Banking Federation.

Domestic reference rates, like Paris's PIBOR, Frankfurt's FIBOR, and Helsinki's Helibor merged into Euribor on EMU day on 1 January 1999.

Euribor should be distinguished from the less commonly used "Euro LIBOR" rates set in London by 16 major banks."Euro LIBOR", Investopedia

Fallback

The EU Benchmark Regulation (Regulation (EU) 2016/1011) requires entities that use a benchmark to have robust plans in place to manage the possibility of a benchmark undergoing substantial changes or ceasing to exist. Where feasible and appropriate, such plans should nominate one or more fallback rates.

To facilitate the drafting of such plans for entities using Euribor® rates, the European Money Markets Institute has developed Efterm, a forward-looking fallback rate based on available market data related to Dealer-to-Dealer and Dealer-to-Client OIS Swaps and futures that reference the European Central Bank's Euro Short-Term Rate (€STR).

Panel banks

Current banks

Country Banks Austria Raiffeisen Bank International Belgium Belfius Finland OP Corporate Bank France BNP Paribas France Crédit Agricole France HSBC Continental Europe France Natixis France Société Générale Germany Deutsche Bank Germany DZ Bank Greece National Bank of Greece 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 (BBVA) Spain Banco Santander Spain Spain CaixaBank UK Barclays

Former banks Country Banks Date of exit 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) and on Eurex.

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

Interest rate swaps Interest rate swaps based on Euribor rates currently trade in money markets 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.

€STR The other widely used reference rate in the euro-zone is €STR, published by the European Central Bank.

Euribor

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