DEFINITION of 'Panel Bank'

Panel bank is the name given to the participating group of banks that contribute to the Euro Interbank Offer Rate (EURIBOR). This group is made up of the largest participants within the Euro money market. Each panel bank complies daily quotes on the interest rates that banks offer to one another for overnight loans. The resulting figure, the EURIBOR, is thus similar to London Interbank Offered Rate (LIBOR) in the United Kingdom.

The EURIBOR is used as a reference rate for bonds, swaps, loans, and other instruments. Another Eurozone overnight interest rate that is commonly used, and is in competition with EURIBOR, is the EONIA rate.

As of July 2018 there are 20 panel banks from 10 countries. In 2016, there were 23 panel of banks contributing to EURIBOR, which is down from 44 contributing banks in 2012. The panel banks are those with the greatest volume of daily business in the Eurozone money markets. These include banks from EU countries participating in the euro as well as large international financial institutions from non-EU countries, but who have significant Eurozone operations.

BREAKING DOWN 'Panel Bank'

Panel bank institutions transact the largest volumes within the Euro market, and provide stability and liquidity. Furthermore, these banks are located both inside and outside of Europe, and aren't always associated with regions recognizing the EU. Panel banks are responsible for setting the EURIBOR overnight rate, which is subsequently used as a benchmark rate against which several other rates are set - such as those on swaps, loans, mortgages, and auto loans. Interest rate swaps, in particular, are based on the EURIBOR rate.

Panel Bank Members

Panel bank members can change over time as certain banks become more active in Eurozone money markets, and as others' wane. Each panel bank must adhere to the EURIBOR code of conduct and attest to them on an annual basis, maintained by the European Money Markets Institute (EMMI).

As of July 2018, there are 20 contributing panel banks from 10 countries (all of which are in the EU or UK at this time):

Belgium
Belfius

France
BNP-Paribas - HSBC France - Natixis - Crédit Agricole s.a. - Société Générale

Germany
Deutsche Bank - DZ Bank 

Greece
National Bank of Greece

Italy
Intesa Sanpaolo - Monte dei Paschi di Siena - UniCredit

 

Luxembourg
Banque et Caisse d'Épargne de l'État

Netherlands
ING Bank

Portugal
Caixa Geral De Depósitos (CGD)

Spain
Banco Bilbao Vizcaya Argentaria - Banco Santander - CECABANK - CaixaBank S.A.

Other EU Banks
Barclays 

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