Working group on euro risk-free rates
The working group on euro risk-free rates was initially established in 2017 by the ECB, together with the Belgian Financial Services and Markets Authority, ESMA and the European Commission in order to identify and recommend risk-free rates that could serve as an alternative to benchmarks used in a variety of financial instruments and contracts in the euro area. The working group is now discontinued.
On 13 September 2018 the working group recommended the euro short-term rate (€STR) to be used as the risk-free rate for the euro area.
On 11 May 2021 the working group recommended Euribor fallback trigger events and rates in order to support market participants in developing contractual fallback provisions for a scenario in which Euribor may permanently cease to exist.
From 11 May 2021 onwards the secretariat of the working group has been provided by ESMA. A revised terms of reference was issued to update the mission of the working group. During the ESMA secretariat, the working group included 29 voting members and five associations as non-voting members. Three public institutions acted as observers (the European Commission, the ECB and ESMA). The complete list of participating institutions is available here: Composition of the working group.
On 13 November 2023 the last meeting of the working group took place with the publication of a Final Statement. During its activity, the working group regularly consulted market participants and end users, gathered feedback from other public authorities and transparently reported on its meetings and deliberations, regularly publishing the minutes of its meetings as well as other publications (e.g. guidance, recommendations, statements) in order to foster the interest rate reform in the EU. For more details on the working group’s commitment to transparency, please consider the Competition Law compliance Guidelines.
Document published by the working group under ESMA secretariat
| 12 December 2023 | Minutes of the 13/11/2023 meeting |
| 4 December 2023 | Final Statement | News item |
| 20 November 2023 | Comparative Table of Available Term €STR Rates |
| 14 August 2023 | Minutes of the 13/07/2023 meeting |
| 22 May 2023 | Minutes of the 03/04/2023 meeting |
| 4 May 2023 | Guidance on EURIBOR Fallbacks for Corporate Lending products |
| 3 February 2023 | Minutes of the 13/12/2022 meeting |
| 24 October 2022 | Minutes of the 15/09/2022 meeting |
| 26 September 2022 | Recommendation on the availability of derivative products referencing €STR |
| 18 July 2022 | Minutes of the 17/06/2022 meeting |
| 8 April 2022 | Minutes of the 02/03/2022 meeting |
| 3 March 2022 |
Call for expression of interest issued towards administrators developing €STR-based forward-looking term structure as a fallback in EURIBOR-linked contracts - deadline: 8 April 2022 |
| 2 March 2022 | Work Programme for 2022/23 |
| 26 January 2022 | Minutes of the 03/12/2021 meeting |
| 13 December 2021 | Statement on Preparedness for the Cessation of EUR, GBP, CHF and JPY LIBORs and EONIA, and ceasing use of USD LIBOR in new contracts, at the end of 2021 |
| 9 December 2021 | Statement from the EUR Risk Free Rates Working Group |
| 15 November 2021 | Letter from the Chairman of the EUR Risk Free Rates Working Group to the European Commission with regards to the designation of statutory replacement rates for GBP & JPY LIBOR |
| 29 September 2021 | Minutes of the 29/09/2021 meeting |
| 31 August 2021 | Letter from the Chairman of the EUR Risk Free Rates Working Group to the European Commission with regards to the Commission consultation on the draft Implementing Regulation designating a statutory replacement for EONIA |
| 18 August 2021 | Minutes of the 01/07/2021 meeting |
| 26 July 2021 | Recommendations from the Working Group on Euro Risk-Free Rates on the switch to risk free rates in the interdealer market |
| 15 July 2021 | Letter from the Chairman of the EUR Risk Free Rates Working Group to the European Commission with regards to the transition from EONIA to the Euro Short Term Rate |
| 12 July 2021 |
Call for expression of interest to join the Working Group on Euro Risk-Free Rates – deadline 30 July 2021 |
For questions or comments please contact EuroRFR@esma.europa.eu.