Technical issue forces ECB to use €STR contingency

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By Lewis McLellan
11 Aug 2020

A technical issue around the data submission meant that the euro area short term rate (€STR) did not have enough data to be calculated in the usual way this morning, forcing the ECB to use its contingency method.

€STR was published on Tuesday morning at minus 0.554%, 0.2bp lower than Monday's fixing. However, the number of banks reporting transaction data fell from 30 to 15. The ECB’s methodology demands that, in the event of fewer than 20 banks providing data, a volume-weighted average of the new ...

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