OP’s Corporate Bank has recently become the first Nordic bank to join a panel managing Euribor rates. The bank has joined 19 major banks from various European countries on the panel, including the Greek National Bank of Greece. The panel’s operating methods are currently being renewed to ensure accuracy and transparency in the calculation and publication of reference interest rates.
Euribor is a widely used reference rate that measures the interest rate at which European banks can obtain euro-denominated financing on the money market without collateral. The European Money Markets Institute (Emmi) manages these reference rates, with banks on the panel participating in determining the Euribor rates. Interest rates are announced on banking days at noon and are commonly used in Finland as reference rates for mortgages.
The addition of OP’s Corporate Bank and the Greek National Bank of Greece to the panel will increase its diversity and provide a more comprehensive representation of European banking practices. The specific dates for their inclusion will be announced later, but it is expected that they will join the panel after November. The renewal of the panel’s operating methods is an important step towards improving accuracy and transparency in the calculation and publication of reference interest rates, which can have a significant impact on financial markets across Europe.
