European Banking Federation: Euribor-EBF is a transparent structure

19 October 2011

The EBF feels that there is perhaps not enough understanding of the elaboration of the benchmarks themselves in the EC. The EBF is happy to share its expertise and open its files to help the enquiry. But for the time being, no official notification from the Commission has been received.

The EBF acknowledges the enquiry opened by the European competition authorities with serenity. “We have nothing to hide”, declared Guido Ravoet, chief executive of the EBF and member of the Steering Committee of Euribor-EBF. “We ensure the good governance of Euribor-EBF and the close monitoring of the benchmark. We operate in full transparency and I believe that the large number of banks which take part in our panel (44) should be a guarantee against possible agreements.”

The European Banking Federation (EBF) is the creator of Euribor-EBF, an international non-profit-making association whose members are the national banking associations of the eurozone Member States.

Euribor® (the Euro Interbank Offered Rate), is the rate at which euro interbank term deposits are offered by one prime bank to another prime bank within the euro area. Created in 1999, Euribor-EBF is also used by the European Central Bank for its re-financing operations, a further proof of the reliability of the benchmark.