Short-term interest rates (irt_st)

Reference Metadata in Euro SDMX Metadata Structure (ESMS)

Compiling agency: Eurostat, the statistical office of the European Union


Eurostat metadata
Reference metadata
1. Contact
2. Metadata update
3. Statistical presentation
4. Unit of measure
5. Reference Period
6. Institutional Mandate
7. Confidentiality
8. Release policy
9. Frequency of dissemination
10. Accessibility and clarity
11. Quality management
12. Relevance
13. Accuracy
14. Timeliness and punctuality
15. Coherence and comparability
16. Cost and Burden
17. Data revision
18. Statistical processing
19. Comment
Related Metadata
Annexes (including footnotes)



For any question on data and metadata, please contact: EUROPEAN STATISTICAL DATA SUPPORT

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1. Contact Top
1.1. Contact organisation

Eurostat, the statistical office of the European Union

1.2. Contact organisation unit

Unit C2: National accounts production

1.5. Contact mail address

2920 Luxembourg LUXEMBOURG


2. Metadata update Top
2.1. Metadata last certified 10/07/2019
2.2. Metadata last posted 10/07/2019
2.3. Metadata last update 10/07/2019


3. Statistical presentation Top
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 (see : https://www.emmi-benchmarks.eu/) follow a European methodology. Both use the same panel of banks.

3.3. Coverage - sector

Financial insitutions

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


4. Unit of measure Top

All the interest rates are expressed in percentages per annum.


5. Reference Period Top

Month, quarter, year.


6. Institutional Mandate Top
6.1. Institutional Mandate - legal acts and other agreements

No specific rules apply.

6.2. Institutional Mandate - data sharing

Not applicable


7. Confidentiality Top
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. Release policy Top
8.1. Release calendar

For the Euribor 3-month rate, the date of release is disseminated on the website.

8.2. Release calendar access

http://ec.europa.eu/eurostat

8.3. Release policy - user access

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.


9. Frequency of dissemination Top

Monthly, quarterly and annual.


10. Accessibility and clarity Top
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.

10.4. Dissemination format - microdata access

Not applicable

10.5. Dissemination format - other
See : http://ec.europa.eu/eurostat
10.6. Documentation on methodology

Not applicable

10.7. Quality management - documentation

Not applicable


11. Quality management Top
11.1. Quality assurance

Not applicable

11.2. Quality management - assessment

Not applicable


12. Relevance Top
12.1. Relevance - User Needs

Various

12.2. Relevance - User Satisfaction

Not available

12.3. Completeness

Data availability varies depending on the country and the indicator. There is a good coverage since 2000. A few series are discontinued.


13. Accuracy Top
13.1. Accuracy - overall

Not applicable

13.2. Sampling error

Not applicable

13.3. Non-sampling error

Not applicable


14. Timeliness and punctuality Top
14.1. Timeliness

Normally within T + 15 days.

14.2. Punctuality

Good


15. Coherence and comparability Top
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


16. Cost and Burden Top

Not available


17. Data revision Top
17.1. Data revision - policy

Not applicable

17.2. Data revision - practice

Not applicable


18. Statistical processing Top
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.

For EONIA and Euribor see https://www.emmi-benchmarks.eu/

18.2. Frequency of data collection

monthly

18.3. Data collection

The techniques of data collection depend on the national methodology.

For EONIA and Euribor see https://www.emmi-benchmarks.eu/

18.4. Data validation

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


19. Comment Top

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.


Related metadata Top
irt_h_ddmr_esms - Day-to-day rates for euro area countries
irt_h_mr3_esms - 3-month rates for euro area countries


Annexes Top