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 consultations

First public consultation - 28 Nov 2017 - 12 Jan 2018

A first public consultation was held to gather feedback from market participants and all other interested parties on the high-level features of the new rate. It ended on 12 January 2018.

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Second public consultation - 15 Mar to 20 Apr 2018

A second public consultation was launched on 15 March 2018 to gather feedback from market participants and all other interested parties on the defined methodology of the new rate, as well as on key operational and technical parameters. The deadline for submitting comments is 20 April 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.