Technical issue forces ECB to use €STR contingency

By Lewis McLellan
13 Aug 2020

A technical issue around data submission meant that the euro area short term rate (€STR) did not have enough data to be calculated in the usual way on Tuesday 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 ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial