Euribor adds two new banks to rate setting panel

National Bank of Greece

14/06/2024 12:09

By Marc Jones
       LONDON, June 14 (Reuters) - Administrators of the
Euribor bank-to-bank lending rate said on Friday that Finland's
OP Corporate Bank and National Bank of Greece  NBGr.AT  would
join its panel of banks that contribute to the  benchmark used
in products from mortgages to car loans.
    Interbank rates have been trying to repair their reputations
after a series of rigging scandals more than a decade ago.
    The Brussels-based European Money Markets Institute (EMMI),
which administers Euribor, said the two new banks were expected
to formally join the current 19-member panel in November once a
fresh round of methodology enhancements are finalised.
    Revamping the Euro Interbank Offered Rate, as Euribor is
officially known, aims to reduce the burden on institutions that
provide input by using a standardised approach.
    “The enlargement of the panel is a very important step
towards maintaining Euribor's long-term sustainability," EMMI’s
CEO, Jean-Louis Schirmann, said.  

 (Reporting by Marc Jones; Editing by Alexander Smith)
 ((marc.jones@thomsonreuters.com; +44 (0)20 7513 4042; Reuters
Messaging: marc.jones.thomsonreuters.com@reuters.net  X/Twitter
@marcjonesrtrs))