EU Commission announces replacement rates for Swiss Libor, EONIA

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 22, 2021

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October 22, 2021

BRUSSELS (Reuters) – A new Swiss Franc risk-free rate SARON will automatically replace the Swiss Libor rate in contracts and financial instruments from next year, the European Commission said on Friday.

The EU executive said a risk-free euro short-term rate will also automatically replace the Euro Overnight Index Average (EONIA) in contracts and financial instruments from next year.

Both the Swiss Franc London Interbank Offered Rate (CHF LIBOR) and the Euro Overnight Index Average (EONIA), which form the basis for a range of financial contracts such as mortgages, bank overdrafts, and other more complex financial transactions, will cease to be published at the end of this year.

(Reporting by Rachel Armstrong in London and Foo Yun Chee in Brussels; Editing by Catherine Evans)

Source Link EU Commission announces replacement rates for Swiss Libor, EONIA

Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.