EuriborDaily print versus monthly average
Guide · 12-month Euribor · about eight to ten minutes
Two people can look at “the Euribor” on the same morning and copy two different numbers. Both numbers are real. Both are 12-month Euribor. They still do not belong in the same cell of a spreadsheet.
One number is Tuesday’s fixing: a single TARGET morning, published around 11:00 Central European Time. You see it as the large figure on Euribor today and again on Euribor daily.
The other number is a mean. Add every published 12-month print in a named month. Divide by the count of those prints. That is the monthly average. Mid-month it is still a preview. After the month closes, it becomes the row a loan letter usually names.
The daily print does not exist on Saturday or Sunday. It does not exist on TARGET holidays either: 1 January, Good Friday, Easter Monday, 1 May, Christmas Day and 26 December. If a website shows a Saturday date with Friday’s rate, that is a copy, not a new fixing. The clock is explained on Euribor fixing time.
A reader in New York at breakfast is often looking at yesterday on purpose. Europe has not published yet. That is not a stale cache. It is a timezone.
Clock one is the last daily fixing. Use it when you want to know where the market printed this morning. Use it to watch a trend during the month. Do not drop it into a reset letter unless the deed says the daily print of a named day.
Clock two is the month-to-date average. Use it as a preview: if the rest of the month stayed here, the closed average would sit near this. Rebuild it with the monthly average tool. Divide by the count of prints, never by 30 or 31.
Clock three is the last closed month. Use it when a clause says “the 12-month Euribor of March 2026” or whichever month the review names. That series lives on the history table.
A small example keeps the three clocks honest. Take a loan of €150,000 with 25 years left and a spread of 0.90 points. The payment formula is the ordinary French annuity. The all-in rate is Euribor plus the spread. The monthly interest factor is that all-in rate divided by twelve.
Suppose last year’s closed month sat at 2.200 percent. All-in rate then: 3.100 percent. Suppose this morning’s daily print is 3.100 percent. All-in rate now, if someone wrongly used the daily print: 4.000 percent. The monthly payment moves by more than a hundred euros. That jump is real only if the deed uses the daily print. Most household deeds do not.
Now suppose the month-to-date average is 3.050 percent and the last closed month is 2.950 percent. Three all-in rates, three payments. Put the live figures into daily versus average. If the three payments sit a few euros apart, you are arguing about noise. If they sit tens of euros apart, someone copied the wrong clock.
Read the clause before the website. The useful sentence is short: which tenor, which month, daily or average. The word “Euribor” alone is not a sentence.
Do not mix a 3-month fixing into a 12-month clause because the 3-month number looks calmer. The numbers move together. They are not substitutes on a reset date. This site’s live feed is the 12-month tenor for that reason. Hub: 12-month Euribor.
History belongs with history. A daily tick from this week against a monthly average from 2008 is a crooked ruler. For closed months start at historical rates.
The benchmark is administered by EMMI. Banks and newspapers republish it. Redistributors can lag by a day. If two sites disagree, match the date and the tenor first, then the clock.
A quiet month still has eighteen to twenty-three prints, not thirty. Easter week is shorter. August is not empty; TARGET still sits most weekdays. Count the rows you actually have.
When the letter arrives, it should name a month. Compare that month on the history table with the month in the letter. Then run loan impact with the outstanding principal and the years left — not the original amount unless the loan is new.
Floors, caps and insurance sit outside these three clocks. A floor of 0 percent means a negative index does not drag the all-in rate below the spread. This guide does not read your deed for you. It only stops you pasting the hero number from the home page into a cell that wanted a monthly mean.
Nothing here is a payment notice or a forecast. It is a reading guide. Method: how Euribor is calculated. Payment step: how Euribor affects a loan.
Checklist before you send a number: Is it 12-month? Is it daily or average? Which date or which month? Did I add the spread in a second step? If any answer is “I am not sure”, do not paste yet.
If two websites disagree by a few thousandths, look at the date first. One of them is still on yesterday. If they disagree by a tenth, one of them is on another tenor or another clock. Do not average the two sites together. Pick the clock the deed named and stay there.
A clean path for a busy morning: open the letter, underline the month, open the history table, copy that closed average, add the spread in spread builder, then run the payment. The daily hero number can wait until you are done.