What is Euribor?

Guide · 12-month Euribor · Euribor.site

Euribor is the Euro Interbank Offered Rate. In one sentence: it is a published percentage that describes the rate at which a panel of banks would lend euros to one another for a stated term. It is not a dollar price, not a stock ticker and not a quote to buy euros on an app.

The administrator is the European Money Markets Institute (EMMI), based in Brussels. That name matters because people often say “the ECB published Euribor today.” The ECB publishes policy rates and €STR. EMMI publishes Euribor. Policy moves the market; the market print is a separate number.

Key: if a search reads “euribor exchange rate” or “euribor money,” the useful page is still this one. You want an interest-rate benchmark in percent, not a currency pair.

Several tenors exist: one week, one month, three months, six months and twelve months, among the set EMMI maintains. This website automates the 12-month tenor because that is the series most euro-area household floating-rate loans still name, and it is the series in the public JSON feed we reuse from irph.es.

A new 12-month fixing is issued on TARGET business days, late morning Central European Time. Saturday, Sunday and TARGET holidays have no new print. “Euribor today” on a Sunday is Friday’s fixing until Monday’s publication window.

A loan reset almost never uses a single Tuesday. The deed usually says: take the average of the 12-month fixings in month M, add the contractual spread, and that coupon applies until the next review. That is why the home page shows a daily print and a month-to-date average.

What Euribor is used for

In much of the euro area, floating-rate mortgages and some SME loans still point at 12-month Euribor plus a margin. The household sees a payment change when that average, not the overnight cash rate, moves enough to matter in the formula.

Wholesale markets use Euribor tenors in derivatives and floating-rate notes. That world has its own conventions (day count, lookback, floor). This site stays with the retail-readable 12-month print and the monthly average.

A reader in the United States usually lives in SOFR, fed funds and Treasury space. Euribor still matters if you hold euro bonds, a European rental, or a corporate facility drawn in euros. It does not set a 30-year U.S. mortgage quote. See Euribor vs SOFR.

Key: same word, different job. “Rate” in U.S. housing ads is a consumer APR-style quote. “Euribor rate” on this site is a wholesale euro benchmark that a contract then turns into a household coupon.

What Euribor is not

It is not LIBOR. Sterling, dollar and Swiss LIBOR panels were wound down on a different timetable. Old slides that say “Euribor is European LIBOR” are a nickname, not a legal identity.

It is not €STR. €STR is overnight and transaction-based at the ECB. A deed written on Euribor 12m does not silently become an €STR loan. Euribor vs €STR.

It is not the ECB deposit facility. The facility is a policy tool. Traders watch it; your formula names an index. Euribor vs ECB rates.

How to read a number on this site

Daily fixing: last TARGET day in the daily file.

Month-to-date average: mean of this calendar month’s prints so far.

Last closed month: mean of a finished month, from the monthly file that begins in January 1999.

If those three disagree, they are supposed to. They answer three different questions. Mixing them in one sentence is how people scare themselves with a Tuesday spike that will be diluted in the monthly mean.

Official methodology: emmi-benchmarks.eu. Our live table: Euribor today. History chart: from 1999.

If you only remember one operational habit: write down the tenor, the averaging month and the spread from the contract before you argue with a payment letter. The letter is applying algebra. The algebra is only as good as those three inputs.

A short history you can actually use

Euribor was introduced with the euro. The monthly 12-month file we chart begins in January 1999. That is why the long graph does not start in 1998: the complete monthly average for 1998 is not in the feed, and we will not paint empty years.

The path since then is not a straight line. There is a pre-crisis climb, a 2008 peak, a long descent, a stretch of negative prints, and a fast rise in 2022–23 when inflation and policy turned. Those chapters are visible on the history page without a narrator inventing turning points.

Panel banks change over time. Governance tightened after the global benchmark scandals of the 2010s. The current hybrid method is designed to lean on transactions when they exist. That story belongs on EMMI’s site; our job is to show the resulting 12-month number without theatre.

This English site exists because Search Console already showed impressions for “what is euribor”, “euribor rate” and “current euribor” on a Spanish sister domain. Matching the query language is the honest next step — not translating a Spanish mortgage FAQ line by line.

If you came here to decide whether a payment letter is sane: take the month named in the letter, look it up in the monthly table, add your spread, and only then open a calculator. Skipping that order is how “Euribor today” becomes an argument instead of a check.

Field guide: five screens, five jobs

Bank app: usually last monthly average plus your margin. Good for “what am I paying until review.” Bad for “what printed this morning.”

Newspaper widget: often the last daily 12-month print. Good for colour. Bad as a legal citation.

This site’s hero: last daily print in the feed, with the date. Pair it with the month-to-date card before you forward a screenshot.

EMMI: the administrator. Use it when someone challenges the existence of a tenor or a method.

ECB: policy and €STR. Use it when the question is “what did Frankfurt decide,” not “what average sits in my deed.”

Write those five jobs on a note the first time you explain Euribor to a colleague. The second conversation will be shorter and less mystical.

A worked check: suppose the daily print is 3.000 and the month-to-date mean is 2.940 after twelve sessions. A letter that uses “3.000 plus margin” for a yearly reset is probably using the wrong clock unless the deed truly names a single day — which most do not.

New readers should open the history chart after this page. Seeing 1999–today in one line does more for intuition than another paragraph of definitions. Then come back and the words “term rate” will feel less abstract.

If a relationship manager says “Euribor is the European Fed funds,” smile and ask which tenor. Precision is not rudeness. It is how you avoid signing the wrong reset.

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