Euribor – What is it?
With the introduction of the Euro as the single currency in 1999, the European Union decided to set a new bank reference rate for all member states.
This led to the introduction of the Euribor, sponsored by the European Banking Federation and representing some 4,500 banks in 24 member states. It is also used by the Financial Markets Association. Its introduction helped ensure that the European money market is adequately reflected and regulated and set a benchmark for all of its members. All members must adhere to a strict code of conduct which ensures transparency and efficient management.
The majority of lenders in Spain have now adopted the Euribor as the standard base rate for all types of lending. On top of this base rate a variable is added dependent on various factors. Most lenders used the annual Euribor as their base rate. Movements in the Euribor are available on the official site. Current Euribor stands at 4.373%.
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