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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

2019

18 Sep.

-0.50

0.00

-

0.25

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 interbank market interest rate, whereas the rate on the deposit facility normally provides a floor. In a normal liquidity environment, a corridor is thus provided for the development of the overnight interbank market interest rate.

Official interest rates play an important role in the formation of the short-term interest rates in the euro area interbank money market.

 

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.

 

€STR

The euro short-term rate (€STR) is the new reference interest rate for the euro overnight money market and is also considered the euro risk-free interest rate. This rate was published by its administrator, the ECB, for the first time on 2 October 2019.

The €STR is based on daily borrowing transactions in the euro unsecured overnight money market that are conducted both in the interbank market and with other financial entities other than banks, such as insurance corporations, pension funds or money market funds.

 

EONIA

The EONIA (Euro OverNight Index Average) rate is a reference interest rate for the overnight maturity in the euro money market, which will be discontinued at the end of 2021 and replaced by the €STR.

Until 30 September 2019, EONIA had been computed as a weighted average of overnight unsecured lending transactions in the euro interbank market, and had been computed from the daily quotes of a panel of reference banks in the euro money market.

From 2 October 2019 to the end of 2021, EONIA is calculated on the basis of the €STR, plus a fixed spread (+8.5 basis points).