Reference metadata describe statistical concepts and methodologies used for the collection and generation of data. They provide information on data quality and, since they are strongly content-oriented, assist users in interpreting the data. Reference metadata, unlike structural metadata, can be decoupled from the data.
Eurostat, the statistical office of the European Union
1.2. Contact organisation unit
C.1: National accounts methodology; Standards and indicators
1.3. Contact name
Restricted from publication
1.4. Contact person function
Restricted from publication
1.5. Contact mail address
2920 Luxembourg LUXEMBOURG
1.6. Contact email address
Restricted from publication
1.7. Contact phone number
Restricted from publication
1.8. Contact fax number
Restricted from publication
2.1. Metadata last certified
28 June 2021
2.2. Metadata last posted
28 June 2021
2.3. Metadata last update
28 June 2021
3.1. Data description
Day-to-day money market interest rates: averages for the euro area (EONIA= Euro OverNight Index Average), national series for EU countries outside of euro area, and other national series (Turkey, US, Japan).
1-month, 3-month, 6-month and 12-month interest rates: averages for the euro area (EURIBOR), and national series for EU countries outside of euro area. 3-month interest rates are also available for the US and Japan.
3.2. Classification system
Series are based on national methodologies. EONIA and Euribor follow a European methodology (see The European Money Markets Institute). Both use the same panel of banks.
3.3. Coverage - sector
Financial insitution.
3.4. Statistical concepts and definitions
The money market rates shown are reference rate for short-term interest rates on the financial market for loans or deposits. Most of the series shown are interbank rates. There are the following maturities: overnight, 1-month, 3-month, 6-month and 12-month.
Overnight rates
Euro area series: The rate is the EONIA (Euro OverNight Index Average), the effective overnight reference rate for the euro, computed as a weighted average of all overnight unsecured lending transactions in the interbank market, initiated within the euro area by the contributing panel banks. EONIA is computed with the help of the European Central Bank. The series start in January 1994.
National series: These are usually day-to-day interbank rates.
Denmark: Tomorrow next rate of national bank interbank interest rate. The series start in January 1997.
United Kingdom: The Sterling OIS market uses as its overnight rate reference the "SONIA" (Sterling OverNight Interbank Average) index published by the Wholesale Market Brokers' Association (WMBA). "SONIA" is the daily weighted average of all overnight interbank deposits of more than 5 millions GBP, compiled before 3 p.m. by the seven largest money brokers (about 70% of the market). The British Bankers' Association oversees the calculation. From January 1997 to December 2000, WMBA was publishing the rate, along with associated information, on wire services, in the morning (9.00 a.m.) of the following day.
Thereafter the UK series refer to the Interbank overnight offered rate average, calculated from the British Bankers' Association.
Sweden: SEK deposit overnight STIBOR (STockholm InterBank Offered Rate). From January 1985 to February 1991, the money market interest rate corresponded to a daily rate caught at 11.00 a.m. (ask) from the Reuter-system. Thereafter it is Sweden Interbank overnight offered rate (Stibor) average.
Rates for 1-month, 3-month, 6-month and 12-month
Euro-area series: From January 1999, the euro area rates are for 1 to 12-month EURo InterBank Offered Rates. EURIBOR is the benchmark rate of the euro money market that emerged in 1999. It is the rate at which euro interbank term deposits are offered from one prime bank to another and is published at 11.00 a.m. CET for spot value (T+2 days). The rate was first published on 4 January 1999 capturing the value of 30 December 1998.
The contributors to EURIBOR are the banks with the highest volume of business in the euro area money markets. The panel of banks consists of:
Banks from EU countries participating in the euro from the outset.
Banks from EU countries not participating in the euro from the outset.
Large international banks from non-EU countries but with important euro area operations.
From January 1990 to December 1993: interbank deposit bid rates weighted by GDP.
From January 1994 to December 1998: 3-month LIBOR.
Denmark: From January 1970 to June 1988 the series is the interbank deposit bid rates.
Thereafter it is CIBOR (Copenhagen InterBank Offered Rate).
CIBOR is a reference interest rate for liquidity offered in the interbank market in Denmark on an uncollateralized basis. No CIBOR reporting bank is under an obligation to supply liquidity to other CIBOR reporting banks at its offered rate. CIBOR reporting banks should aim to offer CIBOR rates that reflect the interest rate level as realistically as possible.
At 10.30 a.m. of each banking day, CIBOR reporting banks fix a CIBOR rate to two decimal places. The rates are reported to Danmarks Nationalbank (the Danish central bank).
Danmarks Nationalbank calculates CIBOR for the individual maturities by omitting the two highest and the two lowest rates and then calculates a simple average of the remaining rates. The rates offered by the individual CIBOR reporting banks are published on the website of Danish Bankers Association after 11.00 a. m.
United Kingdom: LIBOR (London InterBank Offered Rate) average
The BBA LIBOR is the most widely used benchmark or reference rate for short-term interest rates. It is compiled by the BBA (British Bankers Association) and released to the market at about 11.00 a. m. of each day. LIBOR is the rate of interest at which banks borrow funds from other banks, in marketable size, in the London interbank market. Series start in January 1986.
Sweden: From January 1987 to February 1991: Interbank deposit bid rates. Thereafter STIBOR (STockholm InterBank Offered Rate) average.
Turkey: the day-to-day rate is, until December 2018, the interbank repo market rate. From January 2019 it is the rate for all repo transactions.
3.5. Statistical unit
Reporting banks.
3.6. Statistical population
All panels of reporting banks.
3.7. Reference area
EU Member States, Euro area aggregate, Turkey, United States (only 3-month), Japan (only 3-month).
Data after 1999 cover euro area and national series for the EU Member States which are not members of the euro area. Before 1999, national series for all EU Member States are available. Prior to 1999, Luxembourg is not included in the aggregate calculations.
The same rate was used for Luxembourg and Belgium before 1999, as both countries were members of the Belgium-Luxembourg Economic Union (BLEU) and monetary association.
3.8. Coverage - Time
Most of the series start after 1995. However, some start as early as January 1970. The length of time series varies considerably.
3.9. Base period
Not applicable.
All the interest rates are expressed in percentages per annum.
Month, quarter, year.
6.1. Institutional Mandate - legal acts and other agreements
No specific rules apply.
6.2. Institutional Mandate - data sharing
Not applicable.
7.1. Confidentiality - policy
Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society.
7.2. Confidentiality - data treatment
Not applicable.
8.1. Release calendar
For the Euribor 3-month rate, the date of release is disseminated on the website.
In line with the Community legal framework and the European Statistics Code of Practice Eurostat disseminates European statistics on Eurostat's website (see item 10 - 'Accessibility and clarity') respecting professional independence and in an objective, professional and transparent manner in which all users are treated equitably. The detailed arrangements are governed by the Eurostat protocol on impartial access to Eurostat data for users.
Monthly, quarterly and annual.
10.1. Dissemination format - News release
News releases on-line.
10.2. Dissemination format - Publications
None.
10.3. Dissemination format - online database
Please consult free data on-line or refer to contact details.
Data availability varies depending on the country and the indicator. There is a good coverage since 2000. A few series are discontinued.
13.1. Accuracy - overall
Not applicable.
13.2. Sampling error
Not applicable.
13.3. Non-sampling error
Not applicable.
14.1. Timeliness
Normally within T + 15 days.
14.2. Punctuality
Data are generally available according to the mentioned timeliness.
15.1. Comparability - geographical
Data can be used for regional comparison.
15.2. Comparability - over time
Data can be used for analyses over time.
15.3. Coherence - cross domain
In Key indicators on EU policy - Short-term indicators - Monetary and financial indicators and in General statistics - European and national short term indicators - Monetary and financial indicators monthly averages of day-to-day and 3-month interest rates are available.
15.4. Coherence - internal
Not applicable.
Not available.
17.1. Data revision - policy
All data disseminated consist of data already disseminated by the ECB. The revision policy is therefore effectively the revision policy applied by the ECB.
17.2. Data revision - practice
The revision practice effectively corresponds to the revision practice of the ECB. Because of the nature of the data, ECB normally revises the data in case of error correction, which happen rarely, since errors are extremely infrequent.
18.1. Source data
Figures for the EU Member States, United States and Japan are collected by the European Central Bank and transmitted to Eurostat by electronic means.
The source of data for Turkey is the National Central Bank. For Turkey, the annual and quarterly data are calculated by the National Central Bank as an average of the monthly data.
Data prior to 1999 were obtained from the money market and collected directly by the European Commission.
The type of survey depends on the national methodology.
Data may be checked with National authorities, the ECB and the FBE (European banking association).
18.5. Data compilation
Until December 1998, the euro area series is the weighted average of country data.
18.6. Adjustment
Not applicable
For the national series of euro area countries before January 1999 see link "irt_h_ddmr_esms" and "irt_h_mr3_esms" at the bottom of the page. There are series breaks in some series.
Day-to-day money market interest rates: averages for the euro area (EONIA= Euro OverNight Index Average), national series for EU countries outside of euro area, and other national series (Turkey, US, Japan).
1-month, 3-month, 6-month and 12-month interest rates: averages for the euro area (EURIBOR), and national series for EU countries outside of euro area. 3-month interest rates are also available for the US and Japan.
28 June 2021
The money market rates shown are reference rate for short-term interest rates on the financial market for loans or deposits. Most of the series shown are interbank rates. There are the following maturities: overnight, 1-month, 3-month, 6-month and 12-month.
Overnight rates
Euro area series: The rate is the EONIA (Euro OverNight Index Average), the effective overnight reference rate for the euro, computed as a weighted average of all overnight unsecured lending transactions in the interbank market, initiated within the euro area by the contributing panel banks. EONIA is computed with the help of the European Central Bank. The series start in January 1994.
National series: These are usually day-to-day interbank rates.
Denmark: Tomorrow next rate of national bank interbank interest rate. The series start in January 1997.
United Kingdom: The Sterling OIS market uses as its overnight rate reference the "SONIA" (Sterling OverNight Interbank Average) index published by the Wholesale Market Brokers' Association (WMBA). "SONIA" is the daily weighted average of all overnight interbank deposits of more than 5 millions GBP, compiled before 3 p.m. by the seven largest money brokers (about 70% of the market). The British Bankers' Association oversees the calculation. From January 1997 to December 2000, WMBA was publishing the rate, along with associated information, on wire services, in the morning (9.00 a.m.) of the following day.
Thereafter the UK series refer to the Interbank overnight offered rate average, calculated from the British Bankers' Association.
Sweden: SEK deposit overnight STIBOR (STockholm InterBank Offered Rate). From January 1985 to February 1991, the money market interest rate corresponded to a daily rate caught at 11.00 a.m. (ask) from the Reuter-system. Thereafter it is Sweden Interbank overnight offered rate (Stibor) average.
Rates for 1-month, 3-month, 6-month and 12-month
Euro-area series: From January 1999, the euro area rates are for 1 to 12-month EURo InterBank Offered Rates. EURIBOR is the benchmark rate of the euro money market that emerged in 1999. It is the rate at which euro interbank term deposits are offered from one prime bank to another and is published at 11.00 a.m. CET for spot value (T+2 days). The rate was first published on 4 January 1999 capturing the value of 30 December 1998.
The contributors to EURIBOR are the banks with the highest volume of business in the euro area money markets. The panel of banks consists of:
Banks from EU countries participating in the euro from the outset.
Banks from EU countries not participating in the euro from the outset.
Large international banks from non-EU countries but with important euro area operations.
From January 1990 to December 1993: interbank deposit bid rates weighted by GDP.
From January 1994 to December 1998: 3-month LIBOR.
Denmark: From January 1970 to June 1988 the series is the interbank deposit bid rates.
Thereafter it is CIBOR (Copenhagen InterBank Offered Rate).
CIBOR is a reference interest rate for liquidity offered in the interbank market in Denmark on an uncollateralized basis. No CIBOR reporting bank is under an obligation to supply liquidity to other CIBOR reporting banks at its offered rate. CIBOR reporting banks should aim to offer CIBOR rates that reflect the interest rate level as realistically as possible.
At 10.30 a.m. of each banking day, CIBOR reporting banks fix a CIBOR rate to two decimal places. The rates are reported to Danmarks Nationalbank (the Danish central bank).
Danmarks Nationalbank calculates CIBOR for the individual maturities by omitting the two highest and the two lowest rates and then calculates a simple average of the remaining rates. The rates offered by the individual CIBOR reporting banks are published on the website of Danish Bankers Association after 11.00 a. m.
United Kingdom: LIBOR (London InterBank Offered Rate) average
The BBA LIBOR is the most widely used benchmark or reference rate for short-term interest rates. It is compiled by the BBA (British Bankers Association) and released to the market at about 11.00 a. m. of each day. LIBOR is the rate of interest at which banks borrow funds from other banks, in marketable size, in the London interbank market. Series start in January 1986.
Sweden: From January 1987 to February 1991: Interbank deposit bid rates. Thereafter STIBOR (STockholm InterBank Offered Rate) average.
Turkey: the day-to-day rate is, until December 2018, the interbank repo market rate. From January 2019 it is the rate for all repo transactions.
Reporting banks.
All panels of reporting banks.
EU Member States, Euro area aggregate, Turkey, United States (only 3-month), Japan (only 3-month).
Data after 1999 cover euro area and national series for the EU Member States which are not members of the euro area. Before 1999, national series for all EU Member States are available. Prior to 1999, Luxembourg is not included in the aggregate calculations.
The same rate was used for Luxembourg and Belgium before 1999, as both countries were members of the Belgium-Luxembourg Economic Union (BLEU) and monetary association.
Month, quarter, year.
Not applicable.
All the interest rates are expressed in percentages per annum.
Until December 1998, the euro area series is the weighted average of country data.
Figures for the EU Member States, United States and Japan are collected by the European Central Bank and transmitted to Eurostat by electronic means.
The source of data for Turkey is the National Central Bank. For Turkey, the annual and quarterly data are calculated by the National Central Bank as an average of the monthly data.
Data prior to 1999 were obtained from the money market and collected directly by the European Commission.
The type of survey depends on the national methodology.
