DEFINITION of 'Euro Interbank Offer Rate - Euribor'

Euribor is a reference rate expressing the average interest rate at which eurozone banks offer unsecured loans on the interbank market.

BREAKING DOWN 'Euro Interbank Offer Rate - Euribor'

The Euro Interbank Offer Rate (Euribor) in fact refers to a set of eight money market rates corresponding to different maturities: the one-week, two-week, one-month, two-month, three-month, six-month, nine-month and 12-month rates. The rates, which are updated daily, represent the average interest eurozone banks charge each other for uncollateralized loans.

Euribor rates are an important benchmark for a range of euro-denominated financial products, including mortgages, savings accounts and derivatives. Euribor's role in the eurozone is analogous to Libor's in the U.S. and Britain.

The 20 panel banks that contribute to Euribor handle the largest volume of eurozone money market transactions. They are:

• Belfius (Belgium)

• BNP-Paribas (France)

• HSBC France

• Natixis (France)

• Crédit Agricole (France)

• Société Générale (France)

• Deutsche Bank (Germany)

• DZ Bank (Germany)

• National Bank of Greece

• Intesa Sanpaolo (Italy)

• Monte dei Paschi di Siena (Italy)

• UniCredit (Italy)

• Banque et Caisse d'Épargne de l'État (Luxembourg)

• ING Bank (Netherlands)

• Caixa Geral De Depósitos (Portugal)

• Banco Bilbao Vizcaya Argentaria (Spain)

• Banco Santander (Spain)

• CECABANK (Spain)

• CaixaBank (Spain)

Barclays (Britain)

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