LONDON (Reuters) – Euribor, a euro version of the tarnished Libor interest rate benchmark, will be available for the forseeable future, the European Union’s markets watchdog said on Monday.
Regulators are ending the use of sterling and dollar Libor or London Interbank Offered Rate by the end of next year after banks were fined billions of dollars for trying to manipulate the benchmark.
But Steven Maijoor, chair of the European Securities and Markets Authority or ESMA, said Euribor, or Euro Interbank Offered Rate, performed well during recent pandemic-related market volatility in March onwards.
“ESMA will substitute the Belgian FSMA as supervisor of Euribor in January 2022 and I can clearly state that, as of today, the discontinuation of Euribor is not part of our plans,” Maijoor told an online City Week event.
(Reporting by Huw Jones, editing by Louise Heavens)
