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The commonly used Euribor reference rate will be reformed. This will concern all parties that use Euribor and will not result in changes to client loans.

The European Money Markets Institute (EMMI), which is the administrator of Euribor rates, has received permission from the authorities to change the method for determining Euribor rates. The goal is to tie the Euribor to actual money market transactions. When there are not enough trades, other market information can also be used in the determination. The change is not expected to have a significant impact on the reference rates.

Euribor is the money market reference rate for the euro area and is commonly used as a reference rate for loans, for example.

The Euribor rate is determined by the European Money Markets Institute (EMMI). The reference is published daily at 12:00 Finnish time (EET) for different time periods (currently 1 week and 1, 3, 6, and 12 months).

The reform will have no practical impact on loans and no action will be required from clients. Interest on loans will still be derived from the Euribor rate quoted on the quotation date. After the new determinant has become effective, the Euribor rate calculated on the basis of the determinant will be the reference rate. Existing loans will remain unchanged until the next interest rate review date. On the subsequent interest rate review date, the Euribor rate quoted for that day will be used.

The new basis for determining the Euribor rate will be applied no later than January 1, 2020.

For more information, please contact:

Jarkko Heikkilä, Head of Balance Sheet Management, Evli Bank Plc, tel. +358 9 4766 9396,

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