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    ECB Consults on Developing a Euro Unsecured Overnight Interest Rate

    November 28, 2017

    ECB is consulting on developing a new euro unsecured overnight interest rate. It is calling on market participants and all other interested parties to provide comments on the high-level features of the new unsecured overnight interest rate. Consultation runs until January 12, 2018.

    The consultation provides an overview of the factors supporting ECB’s decision to publish an unsecured overnight rate as well as the consultation questions that address design features of the rate. Through the consultation, ECB aims to collect views of stakeholders regarding the main features of the rate and its publication timing. The consultation follows the ECB decision, which was announced on September 21, 2017, to develop a euro unsecured overnight interest rate based on data already available to the Eurosystem. The interest rate would complement existing benchmark rates produced by the private sector and serve as a backstop reference rate. This consultation is a first step. A second consultation related to the methodology will follow later in the process. The rate will be finalized before 2020.

     

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    Comment Due Date: January 12, 2018

    Keywords: Europe, EU, Banking, Unsecured Overnight Interest Rate, Interest Rate Benchmark, ECB

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