Definition of Euribor

European interbank offered rate; the rate of interest at which large European banks lend each other Euros. [1]

 

Euribor in the news

in 2012 and the beginning of 2013, the Brussels-based Euribor rate was under regulatory scrutiny as part of the broader investigation into interbank rate manipulation that included manipulation of the Libor rate. In 2012, the FSA in its settlement documents with Barclays over its manipulation of Libor alleged that a senior euro swaps trader at Barclays would have daily conversations with traders at the other banks that submitted rates to determine Euribor. In these phone calls, emails or instant messages, the traders allegedly agreed to contact submitters at their respective banks to pressure them into submitting a rate that would benefit their derivatives positions. Barclays and UBS together paid almost $2bn in fines for manipulating interbank rates. In January 2013, European regulators called for a revamp on how the region's benchmark interbank lending rate was overseen calling for greater transparency on how it was calculated and managed.