Euro short term rate by month 2019-2021

Since its introduction in October 2019, the Euro Short-Term Rate (€STR) has remained constant at between -0.52 and -0.58 percent. As of the end of March 2021, the rate stood at -0.574 percent. The €STR is an interest rate benchmark designed to replace the Euro OverNight Index Average (EOIA), adopting a different calculation methodology that returns significantly lower rates. It is intended that the EOIA will be discontinued from January 3, 2022.

How is the Euro Short-Term Rate calculated?

The €STR uses transaction data included in daily reporting on monetary exchanges from the 52 largest eurozone banks to calculate the average interests rate attached to loans throughout a business day. Only unsecured loans are included, as the rate on secured loans would be affected by the type of underlying collateral. Several key respects distinguish the €STR from alternative benchmarks like the EOIA, and the London Intrabank Offered Rate (LIBOR). First, the €STR is based on transaction data alone, whereas the LIBOR asking major banks directly what rate they would charge other banks for short terms loans. The second main difference is that, by considering money market transactions rather than only intrabank lending (like the EOIA and LIBOR), the €STR incorporates the role of other major actors like money market funds, insurance companies, and other financial corporations.

Difference between €STR and EURIBOR

The Euro Interbank Offered Rate (EURIBOR) is the other main reference interest rate governing eurozone lending. The EURIBOR differs from €STR though as it is based on a survey of the interest rates a panel of major banks would offer other major banks for interbank term deposits. There are therefore different reference rates published for different maturities, for example the EURIBOR one month rate, the EURIBOR six month rate, and the EURIBOR 12 month rate. In contrast, the €STR is intended to track the cost of overnight borrowing.

Monthly euro short term rate from October 2019 to March 2021

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Source

Release date

March 2021

Region

Europe

Survey time period

October 2019 to March 2021

Supplementary notes

Values are for the final trading day of the month, and have been rounded.

According to the source: "The euro short-term rate (€STR) reflects the wholesale euro unsecured overnight borrowing costs of banks located in the euro area. The €STR is published on each TARGET2 business day based on transactions conducted and settled on the previous TARGET2 business day (the reporting date “T”) with a maturity date of T+1 which are deemed to have been executed at arm’s length and thus reflect market rates in an unbiased way."

The euro short term rate was introduced on October 1, 2019, with an initial value of -0.549 percent.

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