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Official and reference interest rates

Eurosystem official rates

The official interest rates of the Eurosystem are:

  • The interest rate on the main refinancing operations (MROs);
  • The rate on the marginal lending facility, i.e. the interest rate at which banks may obtain overnight liquidity from the Eurosystem;
  • The rate on the deposit facility, i.e. the rate at which banks may make overnight deposits with the Eurosystem.

Date

Deposit facility

Main refinancing operations

Main refinancing operations

Marginal lending facility

With effect from

Fixed rate tenders

Fixed rate

Variable rate tenders

Minimum bid rate

2016

16 Mar.

−0.40

0.00

-

0.25

2015

9 Dec.

−0.30

0.05

-

0.30

2014

10 Sep.

−0.20

0.05

-

0.30

11 Jun.

−0.10

0.15

-

0.40

2013

13 Nov.

0.00

0.25

-

0.75

8 May.

0.00

0.50

-

1.00

2012

11 Jul.

0.00

0.75

-

1.50

2011

14 Dec.

0.25

1.00

-

1.75

9 Nov.

0.50

1.25

-

2.00

13 Jul.

0.75

1.50

-

2.25

13 Apr.

0.50

1.25

-

2.00

The Eurosystem’s official interest rates are key for implementing monetary policy and signalling the monetary policy stance.

The rate on the marginal lending facility normally provides a ceiling for the overnight market interest rate, whereas the rate on the deposit facility normally provides a floor. A corridor is thus provided for the development of the overnight market interest rate.

The definition of official interest rates plays an important role in the formation of the short-term interest rates in the euro area interbank money market, such as EURIBOR and EONIA rates.

 

EURIBOR

EURIBOR (Euro Interbank Offered Rate) rates are the reference interest rates for maturities from 1 week up to 1 year in the money market.

They are also used as reference rates in a wide range of financial instruments, including variable-rate housing loans and derivatives.

EURIBOR rates are computed on a daily basis as an average of quotes provided by a panel of prime banks in the euro money market. 

EURIBOR are rates at which one prime bank offers euro unsecured funds within the euro area to another prime bank.

The European Money Markets Institute (EMMI) is the entity responsible for regulating, calculating and publishing these rates on a daily basis.

 

EONIA

The EONIA (Euro OverNight Index Average) rate is the reference interest rate for the overnight maturity in the euro money market. 

It is computed on a daily basis as a weighted average of overnight unsecured lending transactions in the euro interbank market, in countries that are members of both the European Union and the European Free Trade Association (EFTA).

EONIA is computed from the daily quotes of a panel of reference banks in the euro money market.

The European Central Bank (ECB) is the entity responsible for the daily calculation of the rate and the European Money Markets Institute (EMMI) is the entity responsible for regulating and publishing the EONIA on a daily basis.