EONIA

The EONIA ( Euro Overnight Index Average ) is the interest rate at which unsecured loans in euros granted by a TARGET day to the next on the interbank market in the euro area. It is calculated by the European Central Bank to three decimal places as per- annum interest rate on the interest calculation method act/360. The EONIA was launched by the European Banking Federation (EBF ), composed of the European Central Bank ( ECB ) in 1999 and is now a globally recognized interest rate index ( "benchmark" ) for short-term unsecured money market loans in the euro area.

WKN: 965 994 ISIN: EU0009659945

Calculation in detail

The EONIA is derived from the weighted average of the rates at which the Euribor panel banks on the interbank market in the euro area denominated in Euros, all overnight unsecured loans have effectively completed. In the panel banks are the banks with the highest volume of business in the money market in the euro zone. The panel banks, which currently consist of 42 banks, including 36 from the euro zone, 3 from other EU countries and 3 from banks outside the EU, log in, each TARGET day later than 18:30 o `clock (CET) of the ECB scope and the average interest rate of import of them on that day until the next TARGET day available unsecured money market loans. Since this to be sensitive information in the data put out by the individual banks, the ECB accepts as an independent institution in the calculation. The calculated elimination of each 15 highest and lowest values ​​of average, which is specified since 3 September 2007 with three decimal places, is then forwarded to Reuters, so that the EONIA 6:45 p.m. to 19:00 clock every banking day on Reuters page "EONIA =" is published.

On the EONIA -based financial products

This interest rate is, for example, the basis for EONIA interest rate swaps, as well as for EONIA EONIA Certificates and index funds that seek to track the performance of the EONIA.

Since 1 July 2008, the German Finance Agency offers the overnight interest similar Days bond of the Federal Republic of Germany, whose interest is directly linked to the EONIA.