1 Week 0.078
1 Month 0.112
3 Months 0.190
6 Months 0.345
9 Months 0.457
I Year 0.576
Updated Nov 29 2012 
Prime Rate 0.72% - Bank of Ireland (changed July 18)

Oct 14, 2011: Bank of Ireland to raise business interest rates

The ECB's benchmark rate of 0.75% was agreed on July 05, 2012.

The pre-credit crisis margin was typically 0.1% and the current rate is slightly above this margin.

Euribor Historical Rates from 1998 including monthly averages

The money market reference rates for the euro.

Since the 1st of January 1999, Europe has a new currency, the euro. To date, 15 countries of the European Union have adopted the euro.

A new financial market emerged following the introduction of the euro and developed its own benchmarks.

The benchmarks for the money and capital markets in the euro zone are EURIBOR and Eonia.

Euribor (Euro Interbank Offered Rate) is the rate at which euro interbank term deposits within the euro zone are offered by one prime bank to another prime bank.

Eonia (Euro OverNight Index Average) is an effective overnight rate computed as a weighted average of all overnight unsecured lending transactions in the interbank market, initiated within the euro area by the contributing panel banks.

These rates benefit from:

A large integrated market with a single currency.
An impressive panel of quoting banks of first class credit standing.
A solid Code of Conduct setting out strict rules for the panel banks.
An independent Steering Committee of market experts which oversees the application of the Code of Conduct and monitors market developments.

Panel Banks

The contributors to Euribor are the banks with the highest volume of business in the euro zone money markets. The panel of banks contributing to Euribor consists of:

Banks from EU countries participating in the euro from the outset.
Banks from EU countries not participating in the euro from the outset.
Large international banks from non-EU countries but with important euro zone operations.

The banks contributing to Eonia are the same as the Panel Banks contributing to Euribor.


The panel of contributing banks currently consists of:

Austria Erste Bank der Österreichischen Sparkassen RZB - Raiffeisen Zentralbank Österreich AG
 
Belgium Dexia Bank Fortis Bank
  KBC  
 
Finland Nordea  
 
France BNP - Paribas Natexis Banques Populaires
  IXIS CIB Crédit Agricole s.a.
  HSBC CCF Crédit Industriel et Commercial CIC
  Société Générale  
 
Germany Bankgesellschaft Berlin Bayerische Hypo- und Vereinsbank
  Bayerische Landesbank Girozentrale Commerzbank
  Deutsche Bank DZ Bank Deutsche Genossenschaftsbank
  Dresdner Bank Landesbank Baden-Württemberg Girozentrale
  Landesbank Hessen - Thüringen Girozentrale Norddeutsche Landesbank Girozentrale
  WestLB AG
 
Greece National Bank of Greece  
 
Ireland AIB Group Bank of Ireland
 
Italy Banca IntesaBci Capitalia SpA
  Banca Nazionale del Lavoro Sanpaolo IMI Bank
  Monte dei Paschi di Siena UniCredito Italiano
 
Luxembourg Banque et Caisse d'Épargne de l'État  
 
Netherlands ABN Amro Bank Rabobank
  ING Bank  
 
Portugal Caixa Geral De Depósitos (CGD)  
 
Spain Banco Bilbao Vizcaya Argentaria Confederacion Española de Cajas de Ahorros
  Banco Santander Central Hispano  
 
Other EU Banks Barclays Capital Den Danske Bank
  Svenska Handelsbanken  
 
International Banks Bank of Tokyo - Mitsubishi J.P. Morgan Chase & Co.
  Citibank UBS (Luxembourg) S.A.

Technical features

The following information has been produced by the European Banking Federation (FBE) which represents the interests of over 4500 European banks.

Main specifications

The reference rate is referred to as Euribor (Euro Interbank Offered Rate).

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.

Euribor is quoted for spot value (T+2) and on an act/360 day-count convention. It is displayed to three decimal places.

Panel Banks contribute for one, two and three weeks and for twelve maturities from one to twelve months.

Contribution of data

Every Panel Bank is required to directly input its data no later than 10:45 a.m. (CET) on each day that the Trans-European Automated Real-Time Gross-Settlement Express Transfer system (TARGET) is open.

Each Panel Bank is allocated a private page on which to contribute its data. Each private page can only be viewed by the contributing Panel Bank and by Reuters staff involved in the fixing process.

From 10:45 a.m. to 11:00 a.m. (CET) at the latest, the Panel Banks can correct, if necessary, their quotations.

Calculation of Euribor

At 11:00 a.m. (CET), Reuters will process the Euribor calculation.

Reuters shall, for each maturity, eliminate the highest and lowest 15% of all the quotes collected. The remaining rates will be averaged and rounded to three decimal places.

Publication of Euribor

After the calculation has been processed at 11:00 a.m. (CET), Reuters will instantaneously publish the Euribor reference rate on Reuters pages 248-249, which will be made available to all its subscribers and to other data vendors.

At the same time, the underlying Panel Bank rates will be published on a series of fifteen composite pages which will display all the rates by maturity.

Reuters will also display successor Euribor rates in the exact same location as the national currency rates which they succeed. National currency rates which were quoted on an act/365 basis will be replaced in the same location by a converted Euribor act/365 displayed to three decimal places.

Historical data for Euribor can be found on Reuters pages 47860-66 (for a period going back one month) or by contacting Reuters in London (tel: 44-207-832-9577 - fax: 44-207-583-1619).

Fallback provisions

Before calculating at 11:00 a.m. (CET) on each TARGET day the Euribor for that day, Reuters shall verify if all Panel Banks have made their data available for that day in accordance with established procedures. If one or more Panel Banks have failed to do so, Reuters shall use reasonable efforts to remind such Panel Banks by telephone or any other means of communication of their obligation to provide the data and shall invite them to submit the data immediately. Should any Panel Bank, after such a reminder, still not provide its data until 11:00 a.m. (CET), Reuters shall calculate the Euribor for that day without the missing data and promptly notify Euribor FBE in writing.

If more than 50% of Panel Banks fail to provide their data by 11:00 a.m. (CET), Reuters shall delay calculating the Euribor until 50% of the Panel Banks have quoted. If this is not possible before 11:15 a.m. (CET), Reuters shall, at 11.15 a.m., either:

if 12 or more Panel Banks from 3 or more countries have provided data, calculate and display the Euribor based on this data.
if fewer than 12 Panel Banks have provided data or if the Panel Banks which have provided data are from fewer than 3 countries, Reuters shall delay the calculation of the Euribor for that day until 12 or more Panel Banks from 3 or more countries have provided data. Reuters, at 11:15 a.m. (CET), indicate the delay on the page where Euribor should be displayed.

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