This consultation gave interested parties the opportunity to comment on the high-level features of a new unsecured overnight interest rate.
Deadline for submitting comments was 17:00 CET on 12 January 2018.
Only comments received before this deadline were considered.
The ECB has decided to develop a daily euro unsecured overnight interest rate based on data already available to the Eurosystem. The rate, which will be finalised before 2020, will complement existing benchmark rates produced by the private sector and will serve as a backstop reference rate. It will be based entirely on transactions in euro that are reported by banks in accordance with the ECB’s money market statistical reporting (MMSR).