ECB to publish new unsecured overnight interest rate-continued

September 21, 2019--Overnight benchmark interest rates important for financial markets and monetary policy implementation
ECB overnight rate will complement existing benchmark rates produced by the private sector and serve as a backstop to private sector benchmark rates
Preparations for rate to be finalised before 2020, including industry consultation

The Governing Council of the European Central Bank (ECB) decided to develop a euro unsecured overnight interest rate based on data already available to the Eurosystem. The interest rate, which would be produced before 2020, would complement existing benchmark rates produced by the private sector and serve as a backstop reference rate.

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Source: ECB


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