View source for Euribor

{{Short description|Euro interbank offered (interest) rate}}
{{Use dmy dates|date=February 2021}}
[[File:EuriborChart12m3m1w.svg|thumb|350px|Overview from 1999 until 2020 of the Euribor-12m (red), 3m (blue) and 1w (green) values]]
[[File:Euro Monetary Policy.webp|thumb|350px|right|Euro [[monetary policy]]
{{legend|#0076BA|Euro Zone inflation year/year}}
{{legend-line|#FFD932 solid 3px|M3 money supply increases}}
{{legend-line|#EE220C solid 3px|Marginal Lending Facility}}
{{legend-line|#970E53 solid 3px|Main Refinancing Operations}}
{{legend-line|#F27200 solid 3px|Deposit Facility Rate}}
{{legend-line|#FF95CA solid 3px|Euribor}}
]]
The '''Euro Interbank Offered Rate''' ('''Euribor''') is a daily [[reference rate]], published by the [[European Money Markets Institute]],<ref>{{cite web |url=https://www.emmi-benchmarks.eu/ |title = Home {{!}} The European Money Markets Institute (EMMI)}}</ref> based on the averaged [[interest rate]]s at which [[Eurozone]] banks borrow [[unsecured loan|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]].<ref>{{Cite web |url=http://enews.ebf-fbe.eu/2014/09/euribor-ebf-becomes-emmi/ |title="Euribor-EBF becomes EMMI", Retrieved 4 Feb 2017. |access-date=5 February 2017 |archive-date=5 February 2017 |archive-url=https://web.archive.org/web/20170205182642/http://enews.ebf-fbe.eu/2014/09/euribor-ebf-becomes-emmi/ |url-status=dead }}</ref>

==Scope==
Euribors are used as a reference rate for euro-denominated [[forward rate agreement]]s, short-term interest rate [[futures contract]]s and [[interest rate swap]]s, in very much the same way as [[LIBOR]]s are commonly used for [[pound sterling|Sterling]] and [[US dollar]]-denominated instruments. They thus provide the basis for some of the world's most liquid and active interest rate markets.

Domestic reference rates, like Paris's PIBOR, Frankfurt's FIBOR, and Helsinki's [[Helibor]] merged into Euribor on [[Economic and Monetary Union of the European Union#Stage Three: 1 January 1999 and continuing|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.<ref>[http://www.investopedia.com/terms/e/eurolibor.asp "Euro LIBOR", Investopedia]</ref>

== 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).

==Technical features==
:''Official reference: [http://www.emmi-benchmarks.eu/assets/files/Euribor_tech_features.pdf EURIBOR Technical features]''
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&nbsp;a.m. ([[Central European Time|CET]]) on each day that the Trans-European Automated Real-Time Gross-Settlement Express Transfer system ([[TARGET Services|TARGET]]) is open. At 11:02&nbsp;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 rate|''spot'' rates]], i.e. for a start two working days after measurement day. Like US money-market rates, they are ''[[Day count convention#ACT.2F360 .28actual.2F360.29|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===

{| class="wikitable"
|-
! Country
! Banks<ref>{{Cite web|url=https://www.emmi-benchmarks.eu/euribor-org/panel-banks.html|title = Euribor® Panel Banks &#124; the European Money Markets Institute (EMMI)}}</ref>
|- valign="top"
| Austria
| [[Raiffeisen Bank International]]
|-
| Belgium
| [[Belfius]]
|-
| Finland
| [[OP Corporate Bank]]
|-
| France
| [[BNP-Paribas]]
|-
| France
| [[HSBC France]]
|-
| France
| [[Natixis]]
|-
| France
| [[Crédit Agricole]]
|-
| France
| [[Société Générale]]
|-
| Greece
| [[National Bank of Greece]]
|-
| 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
| {{ill|CECABANK|es}}
|-
| Spain
| [[CaixaBank]] 
|-
| UK
| [[Barclays]]
|-
|}

===Former banks===
{| class="wikitable"
|-
! Country
! Banks
! Date of exit
|-
| Italy
| [[Banco BPM]]
| 7 January 2019
|-
| UK
| [[JP Morgan Chase|JP Morgan International]] - London
| 16 September 2016
|-
| Japan
| [[MUFG Bank|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
| [[Helaba|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)<ref name="ice_eur">{{cite web|url=https://www.theice.com/products/38527986/Three-Month-Euribor-Futures|title=Three Month Euribor Futures|access-date=22 December 2019}}</ref> and on [[Eurex]].<ref name="eurex_eur">{{cite web|url=https://www.eurexchange.com/exchange-en/products/int/mon/euribor/Three-Month-EURIBOR-Futures-137458|title=Three-Month EURIBOR Futures (FEU3)|access-date=22 December 2019|archive-date=22 December 2019|archive-url=https://web.archive.org/web/20191222120327/https://www.eurexchange.com/exchange-en/products/int/mon/euribor/Three-Month-EURIBOR-Futures-137458|url-status=dead}}</ref>

They were previously also traded on CurveGlobal, part of the [[London Stock Exchange Group]],<ref name="curveglobal_eur">{{cite web|url=https://www.lseg.com/markets-products-and-services/our-markets/curveglobal/products|title=Our product offering|access-date=22 December 2019|archive-date=22 December 2019|archive-url=https://web.archive.org/web/20191222115034/https://www.lseg.com/markets-products-and-services/our-markets/curveglobal/products|url-status=dead}}</ref> which has closed down operations in January 2022.

===Interest rate swaps===
[[Interest rate swap]]s 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]].

==See also==

* [[€STR]]
* [[EONIA]]
* [[Euro]]
* [[European Banking Federation]]
* [[Federal funds rate]]
* [[LIBOR]]
* [[TONAR]]
* [[Prime rate]]
* [[Romanian Interbank Bid Rate|ROBID]]
* [[SARON]]
* [[SONIA (interest rate)|SONIA]]

==References==
{{reflist}}

==External links==
*[https://www.ecb.europa.eu/ European Central Bank]
*[http://www.emmi-benchmarks.eu/ Euribor homepage]
*[http://www.emmi-benchmarks.eu/euribor-org/euribor-history.html Euribor historical data (informative)]
*[https://www.suomenpankki.fi/en/Statistics/interest-rates/charts/korot_kuviot/euriborkorot_pv_chrt_en/ Euribor Rate, Daily Update (Bank of Finland)]
*[https://www.emmi-benchmarks.eu/benchmarks/euribor/ Euribor homepage] (informative historical data can also be found [http://www.emmi-benchmarks.eu/euribor-org/about-euribor.html here])

{{Reference rates}}
{{Euro topics}}

[[Category:Eurozone]]
[[Category:Banking in the European Union]]
[[Category:Interest rates]]
[[Category:Mortgage industry indicators]]
[[Category:Reference rates]]