Euribor is the Euro Interbank Offered Rate, the rate at which euro interbank term deposits within the euro zone are offered by one prime bank to another prime bank. It is published at 11.00 a.m. CET for spot value (T+2). Euribor is the benchmark rate of the large euro money market that emerged after 1999. It is sponsored by the European Banking Federation (EBF), which represents the interests of some 5000 European banks and by the Financial Markets Association (ACI).
The choice of banks quoting for Euribor is based on market criteria. The banks participating in the calculation ("panel banks") are of first class credit standing and have been selected to reflect the diversity of the euro money market.
A strict code of conduct sets out rules covering, among other things:
- the criteria used to determine which banks may belong to the panel of banks.
- the obligations of the panel banks.
- the tasks and the composition of the steering committee, which is responsible for overseeing Euribor.
Calculation and Publication
Thomson Reuters is the screen service provider responsible for computing and publishing Euribor. Each panel bank is required to directly input its data no later than 10:45 a.m. on days in which the system is open. From 10:45 a.m.to 11:00 a.m.(CET) at the latest,the panel banks can correct their quotations if necessary. At 11 a.m., Thomsor Reuters processes the calculation. For each Euribor maturity, the highest and lowest 15 percent of all the quotes collected are eliminated. The remaining rates are then averaged and rounded to three decimal places. The resulting calculation is instantaneously published to Thomson Reuters subscribers and data vendors under the code "EURIBOR=." 
European banks considered that the introduction, in 1999, of a single European currency, the euro, made it necessary to establish a new interbank reference rate within the Economic and Monetary Union: Euribor.
Euribor was first published on December 30, 1998 for value January 4, 1999.