Euro unsecured overnight interest rate

The ECB’s Governing Council has decided to develop a daily euro unsecured overnight interest rate based on data already available to the Eurosystem. This will complement existing benchmark rates produced by the private sector and will serve as a backstop to private-sector benchmark rates.

It will be finalised before 2020.

Public consultation

A first public consultation is currently underway to gather feedback from market participants and all other interested parties on the high-level features of the new rate. It will run until 17:00 CET on 12 January 2018.

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How will it be calculated?

The rate will be calculated based entirely on transactions in euro that are reported by banks in accordance with the ECB’s money market statistical reporting (MMSR). It will be designed in line with the international standards set by the International Organization of Securities Commissions (IOSCO) on financial benchmarks.

The precise methodology will be determined in consultation with the industry and published in due course.