Lemanik

22-09-2017

ECB to publish new unsecured overnight interest rate

The European Central Bank said that its governing council decided to develop a euro unsecured overnight interest rate based on data already available to the Eurosystem. The interest rate, which would be produced before 2020, would complement existing benchmark rates produced by the private sector and serve as a backstop reference rate, it added. This interest rate will be based entirely on transactions in euro that are reported by banks in accordance with the ECB's money market statistical reporting, the bank said. RADIOCOR