Euribor rates

Euribor is a reference rate for the euro area's money markets and is an abbreviation of the words Euro Interbank Offered Rate.

In the beginning of 1999 the so-called Euribor panel comprised 57 banks actively operating in the euro area. Nordea Bank is the only Finnish bank on this panel.

Euribor rates are based on interest offers for interbank fixed term deposits. They are calculated as an average of the quotations given by the panel banks for an interest rate period of one week and for periods of 1-12 months at 12.00 Finnish time. The highest and lowest 15 per cent of the quotations are ignored and an unweighted average is published of the rest. The Euribor is published with three decimal places.

The rate will be defined according to the interest quotation for the chosen period (1, 3, 6, 9, 12 months) on the day in question.

The new interest calculation practice for the euro area differs from the previous practice applied by money markets in most euro countries, including Finland. To prevent changes in existing contracts due to interest calculation practice of market interest rates, the Euribor is being calculated and published in accordance with two day count practices. The Euribor = actual days in the interest rate period/360 days per year and the Euribor 365 = actual days in the interest rate period/365 days per year.

The Euribor 365 is derived from the Euribor and is published as a separate reference rate covering the same periods as the Euribor.

The Helibor rates are based on a 365 days count practice. They will be replaced in contracts concluded before 1.1.1999 with Euribor 365 rates of equal duration.

Nordea Bank uses as reference rates for credits Euribor rates for 1, 3, 6 and 12 months.

The daily Euribor rates are available on the Internet pages of the Bank of Finland.