Featured Product

    ECB Issues Guideline and Publication Time for Euro Short-Term Rate

    July 11, 2019

    ECB published a guideline that transposes the IOSCO principles on financial benchmarks to ensure that an appropriate and transparent control framework is in place. The guideline (ECB/2019/19) covers the governance of the €STR, along with the administration and oversight of the €STR determination process. The guideline shall take effect on the day of its notification to the national central banks, which shall comply with the guideline from October 01, 2019. Additionally, ECB has decided that, as of the start date on October 02, 2019, the euro short-term rate (€STR) will be published at 08:00 CET on each TARGET2 business day.

    The guideline on €STR governs the euro short-term rate and establishes the ECB responsibility for its administration and the oversight of the euro short-term rate determination process. It also establishes the tasks and responsibilities of ECB and national central banks with respect to their contribution to €STR determination process and other business procedures. The guideline includes articles on definitions, underlying interest represented by €STR, outsourcing of tasks and responsibilities, control framework, cessation of €STR, complaints procedure, compliance statement, and periodic reporting and review.

    €STR will be published via the Market Information Dissemination (MID) platform and through the ECB Statistical Data Warehouse. Technical specifications for the rate publication will be made available in September 2019. If errors are detected following the publication of €STR that affect €STR by more than 2 basis points, ECB will revise and republish €STR on the same day at 09:00 CET. No changes will be made to €STR after that time. 

     

    Related Links

    Keywords: Europe, EU, Banking, Securities, EONIA, €STR, ECB/2019/19, Guideline, Interest Rate Benchmarks, IOSCO, ECB

    Related Articles
    News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News
    News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News
    News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News
    News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Reports Assess Impact of Pandemic on Financial Stability

    FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.

    November 17, 2020 WebPage Regulatory News
    News

    RBNZ Consults on Implementation of Capital Review Changes

    RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.

    November 17, 2020 WebPage Regulatory News
    News

    IASB Announces Andreas Barckow as the New Chair from July 2021

    The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.

    November 17, 2020 WebPage Regulatory News
    News

    HKMA Consults on Capital Rules for Bank Equity Investments in Funds

    HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.

    November 17, 2020 WebPage Regulatory News
    News

    ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA

    ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).

    November 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6153