Press releases

M 4
MC/BZ
N° 571
Brussels, 27 May 1998

List of Euribor® Reference Banks Published

The eagerly awaited list of banks which have been chosen to quote for Euribor® has been published today in Brussels. Euribor® (Euro Interbank Offered Rate) is the benchmark rate of the large euro money market that will emerge in 1999.

"The creation of this truly European rate is a landmark for the European financial industry" commented Mr Nikolaus Bömcke, Secretary General of the Banking Federation of the European Union. "I am delighted that we have been able to finalise our panel of banks so soon after the historic naming of the countries which will take part in EMU from its start".

The choice of banks quoting for Euribor® is based on market criteria. These banks are top-rated by international rating agencies. They have been selected to ensure that the diversity of the euro money market is adequately reflected. Consequently, Euribor® will be an efficient and representative benchmark, quoted from within the euro zone itself, where liquidity in euro will be at its strongest.

Most countries - including Belgium, Germany, France, Ireland, Italy, Netherlands, Austria and Finland - have already announced that they intend to replace their domestic benchmark rates with Euribor® for both new and existing contracts. Other countries will follow.

The group of banks quoting for Euribor® will also provide data for Eonia® (European Overnight Index Average), an effective rate based on effective volumes, published with the support of the European Central Bank. Thus, the entire range of euro benchmark rates will be computed using consistent methods.

For further information please contact Mr Tanguy van de Werve, Head of Financial Department of the Banking Federation of the European Union.

Tel : 322/508 37 11 Fax : 322/502 79 66

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List of Euribor® Reference Banks

The contributors to Euribor® are the banks with the highest volume of business in the EMU zone money markets. The banks quoting for Euribor® starting 4 January 1999 have now been determined. These are:

Belgium BACOB
GENERALE BANK
KREDIETBANK/CERA (KBC)

Germany BANKGESELLSCHAFT BERLIN AG / NORDDEUTSCHE LANDESBANK Girozentrale
BAYERISCHE HYPO- UND VEREINSBANK AG
BAYERISCHE LANDESBANK Girozentrale
BHF-BANK AG
COMMERZBANK AG
DEUTSCHE BANK AG
DEUTSCHE GIROZENTRALE - DEUTSCHE KOMMUNALBANK
DG BANK DEUTSCHE GENOSSENSCHAFTSBANK
DRESDNER BANK AG
LANDESBANK HESSEN-THÜRINGEN Girozentrale
SÜDWESTDEUTSCHE LANDESBANK Girozentrale
WESTDEUTSCHE LANDESBANK Girozentrale

Spain BANCO BILBAO VIZCAYA
BANCO CENTRAL HISPANO
BANCO SANTANDER
CECA
CORPORACIÓN BANCARIA DE ESPAÑA (ARGENTARIA)

France BANQUE NATIONALE DE PARIS
CAISSE DES DÉPÔTS ET CONSIGNATIONS
COMPAGNIE PARISIENNE DE RÉESCOMPTE
CRÉDIT LYONNAIS
GROUPE CCF
GROUPE CIC
GROUPE CRÉDIT AGRICOLE
GROUPE DES BANQUES POPULAIRES
PARIBAS
SOCIÉTÉ GÉNÉRALE

Ireland AIB GROUP

Italy BANCA COMMERCIALE ITALIANA
BANCA DI ROMA
BANCA NAZIONALE DEL LAVORO
CASSA DI RISPARMIO DELLE PROVINCE LOMBARDE
CREDITO ITALIANO
ISTITUTO SAN PAOLO DI TORINO
MONTE DEI PASCHI DI SIENA

Luxembourg BANQUE ET CAISSE D'EPARGNE DE L'ETAT
BANQUE INTERNATIONALE A LUXEMBOURG

Netherlands ABN AMRO BANK
ING BANK
RABOBANK
Austria BANK AUSTRIA - CREDITANSTALT GROUP
ERSTE BANK DER ÖSTERREICHISCHEN SPARKASSEN

Portugal CAIXA GERAL DE DEPÓSITOS (CGD)

Finland MERITA BANK LTD

Other EU Banks BARCLAYS CAPITAL
DEN DANSKE BANK
MIDLAND
SVENSKA HANDELSBANKEN

International Banks BANK OF TOKYO - MITSUBISHI
CHASE MANHATTAN
CITIBANK
MORGAN GUARANTY
UBS / WARBURG DILLON READ

In Belgium and Ireland, the bank(s) indicated will rotate after six months with banks of equal size and standing (Credit Communal and Bank of Ireland respectively), leaving the total number of reference banks unchanged.

In addition to these 47 reference banks, four banks from EU countries not participating in the euro from the start (Barclays Capital, Den Danske Bank, Midland and Svenska Handelsbanken) and up to six large international banks from non-EU countries (among them Chase Manhattan, Morgan Guaranty and Bank of Tokyo - Mitsubishi) but with important euro zone operations will be added to the panel of reference banks.

The panel will be reviewed after one year and regularly thereafter to ensure that only the most active banks contribute to Euribor®.

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