Euribor and Libor

Euribor and Libor are key rates in the financial markets because they are used as benchmarks for derivative instruments such as forward rate agreements, short term interest rates, futures contracts and interest rate swaps for loans, mortgages, FRN (Floating Rate Notes) and more.

The Euro Interbank Offered Rate (Euribor) is a daily reference rate based on the averaged interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the interbank market.

The panel of Eurozone banks contributing to Euribor consists of the following 44 banks:

AustriaErste Group Bank AG
AustriaRZB Raiffeisen Zentralbank Österreich AG
BelgiumDexia Bank
FranceBanque Postale
FranceHSBC France
FranceSociété Générale
FranceCrédit Agricole s.a.
FranceCrédit Industriel et Commercial CIC
GermanyLandesbank Berlin
GermanyBayerische Landesbank Girozentrale
GermanyDeutsche Bank
GermanyWestLB AG
GermanyDZ Bank Deutsche
GermanyNorddeutsche Landesbank Girozentrale
GermanyLandesbank Baden-Württemberg Girozentrale
GermanyLandesbank Hessen
GermanyThüringen Girozentrale
GreeceNational Bank of Greece
IrelandAIB Group
IrelandBank of Ireland
ItalyIntesa Sanpaolo
ItalyMonte dei Paschi di Siena
LuxembourgBanque et Caisse d'Épargne de l'État
NetherlandsING Bank
NetherlandsRBS N.V.
PortugalCaixa Geral de Depósitos (CGD)
SpainBanco Bilbao Vizcaya Argentaria
SpainBanco Santander Central Hispano
SpainConf. Española de Cajas de Ahorros
SpainCaixaBank S.A.
Other EU BanksBarclays Capital
Other EU BanksDen Danske Bank
Other EU BanksSvenska Handelsbanken
Int. BanksUBS (Luxembourg) S.A.
Int. BanksCitibank
Int. BanksJ.P. Morgan Chase & Co
Int. BanksBank of Tokyo Mitsubishi

Euribor is calculated daily at 11:00 AM CET.

The London Interbank Offered Rate (Libor) is the average interest rate that leading banks in London charge when lending to other banks. Banks may borrow money for one day, one month, two months, six months, one year etc., and they pay interest to the lender based on an agreed rates. The Libor figure is an average of these rates.

Libor is produced daily by the British Bankers Association (BBA) at 11:00AM UK time.

The Tokyo Interbank Offered Rate (Tibor) is a daily rate published by the Japanese Bankers Association (JBA) based on the interest rates at which banks offer to lend unsecured funds to other banks in the Japanese interbank market.