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Legacy transactions
Euribor®
Most countries participating in the euro have replaced their domestic
benchmark rates with Euribor® for both,
legacy transactions and transactions entered into as of January 1st, 1999,
as illustrated by the table below.
National
IBORs and Euribor®
- Situation as of November 1998 - |
| Austria |
Vibor replaced by Euribor®
for new and existing contracts |
| Belgium |
Bibor replaced by Euribor® act/360 for
new contracts and by a converted Euribor® act/365 for existing contracts
(Belgian authorities intend to designate one-week Euribor® as successor
to two-week Bibor quotes) |
| Finland |
Helibor replaced by Euribor®
act/360 for new contracts and by a converted Euribor® act/365 for existing
contracts |
| France |
Pibor replaced by Euribor®
for new and existing contracts |
| Germany |
Fibor replaced by Euribor®
for new and existing contracts |
| Greece |
Athibor replaced by Euribor®
act/360 (as of 1st Jan. 2001)
Old contracts replaced by Euribor® act/365 (as of 1st Jan. 2001) |
| Luxembourg |
No existing rate - Widespread
use of Euribor® expected for new contracts |
| Netherlands |
Aibor replaced by Euribor®
for new and existing contracts |
| Ireland |
Dibor replaced by Euribor®
act/360 or converted Euribor® act/365 as per IBF Day Count Convention |
| Italy |
Ribor replaced by Euribor®
act/360 for new contracts and by a converted Euribor® act/365 for existing
contracts |
| Portugal |
Lisbor replaced by Euribor®
for new contracts - Lisbor may be continued for existing contracts |
| Spain |
Widespread use of Euribor®
expected for new contracts - Mibor to continue as long as market conditions
allow |
Eonia®
In some countries participating in the euro,
Eonia® replaced the national overnight rate. In some others, there
were no national overnight rates.
Further information is available in the table below.
National
Overnight Rates and Eonia®
-Situation as of November 1998- |
| Austria |
Vibor Overnight replaced
by Eonia® |
| Belgium |
Bibor Tom Next replaced by a converted
Eonia® act/365 |
| Finland |
No existing rate |
| France |
TMP replaced by Eonia®; Eonia®
will be the base of TMM, TAM and TAG |
| Germany |
Fibor Overnight replaced
by Eonia®; Eonia® will be the base of Fiona |
| Greece |
No existing rate.
Eonia® used as of 1st Jan. 2001. |
| Luxembourg |
No existing rate |
| Netherlands |
Guilder Overnight replaced
by Eonia® |
| Ireland |
No existing rate |
| Italy |
TMP to continue - Widespread
use of Eonia® expected for new contracts |
| Portugal |
MMI to continue for statistical
purposes |
| Spain |
Widespread use of Eonia®
expected for new contracts - TMPI to continue |
A smooth procedure to switch from old references to Euribor® and Eonia®
The introduction of Euribor® and Eonia®
raised certain issues in relation to derivatives transactions, where the
transactions were agreed before the start of Stage 3 but continued after
1st January 1999.
The International Swaps and Derivatives Association (ISDA) sponsored a
multilateral amendment mechanism, the ISDA
EMU protocol . The protocol modifies Master Agreements between participating
parties collectively, eliminating the need to modify each Master Agreement
individually.
The price sources provision of the said protocol (Annex 2) addresses cases
when national currency reference rates disappear or change. This provision
is designed to prevent any confusion over the switch to the successor
rate Euribor® or Eonia®.
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Euribor FBE takes reasonable measures to ensure the quality and accuracy of the information on this Website. However, neither Euribor FBE nor Euribor ACI, nor the FBE, nor the ACI (collectively, the 'Parties') can be held liable in any way for the inaccuracy or incompleteness of any information that is available on or through this Website.
In addition, none of the Parties can in any way be held liable or responsible for the content of any Website linked to this Website.
EURIBOR is a trade mark registered in the name of Euribor - Fédération Bancaire Européenne. EURIBOR refers to the Euro interbank offered rate. All rights are reserved.
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