Euribor is the common reference rate of the money markets in the Euro zone. The name of the rate derives from the English abbreviation Euro Interbank Offered Rate.
Euribor rates are managed by the European Money Markets Institute (EMMI), and they are calculated for interest rate periods determined by EMMI and quoted with three decimals at around 12.00 Finnish time on every quotation day.
Many Finns are particularly interested in the 12-month Euribor, which is the most common rate of housing loans in Finland. The housing loan interest tied to the 12-month Euribor rate is revised every 12 months.
The Euribor rates were quoted for the first time on 30 December 1998 for the value date 4 January 1999. The interest rate practice in the Euro-zone money market is based on the actual days/360 days per year. With the Helibor rates, the interest calculation basis was actual days/365 days per year, but they are no longer quoted in Finland. In order for the content of old agreements not to change because of the interest-calculating practice, the Euribor/365 replaced the former Helibor rate. The Euribor/365 is derived from the Euribor rates and is published as a separate reference rate. The publication of the separate Euribor/365 was discontinued on 31 March 2019, after which in loans for which Helibor was agreed as their reference rate the applicable reference rate is calculated from Euribor rates with the formula Euribor x 365/360.
You can check the daily values of the Euribor rate on the Bank of Finland's Interest rates pageOpens new window.