Summary of responses to the ECB’s second public consultation on developing a euro unsecured overnight interest rate

The European Central Bank (ECB) has published a summary of the responses it received to its second consultation on developing a euro unsecured overnight interest rate.

The consultation follows the ECB’s decision to develop a daily euro unsecured overnight interest rate based on data already available to the Eurosystem. The rate is due to be finalised before 2020 and will complement existing benchmark rates produced by the private sector and will serve as a backstop reference rate.