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Euribor (Euro Interbank Offered Rate) is a daily reference rate, published by the European Money Markets Institute (EMMI), based on the averaged interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro wholesale money market (or interbank market).[1]


Euribor rates are considered to be the most important reference rates in the European money market. They are used as the basis for the pricing of many financial products, including mortgages, savings accounts, and derivatives.


Euribor was first published on 30 December 1998, following the introduction of the euro. It was established by the European Banking Federation and ACI - The Financial Markets Association.

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.


Euribor is calculated for various maturities:

  • 1 week
  • 1 month
  • 3 months
  • 6 months
  • 12 months

The rate is calculated using data from a panel of around 20 large banks operating in Europe. Each bank provides its quote, and after excluding the highest and lowest 15% of quotes, the remaining rates are averaged to produce the Euribor rate.


Euribor plays a crucial role in the European financial system:

  • It serves as a benchmark for trillions of euros in financial contracts.
  • It is used in the pricing of many financial derivatives, particularly interest rate swaps.
  • Many variable-rate mortgages and other consumer loans are priced based on Euribor.

Controversies and Reforms[edit]

Like its counterpart LIBOR, Euribor has been subject to manipulation scandals. In response, several reforms have been implemented: The number of Euribor tenors was reduced from 15 to 5 in 2013.

The calculation methodology was changed to be more transaction-based.

Increased regulatory oversight was introduced.


  1. Euro money market reference rate. European Money Markets Institute.