Trillions of euros of financial products, from mortgages to car loans, remain pegged to the Euro Interbank Offered Rate as Euribor is officially known. The move to revamp Euribor aims to reduce the burden on institutions that do provide input by using a standardised approach. Having the broadest possible geographical spread of banks in Euribor's panel is seen as the best way to have a full picture of euro-denominated lending costs. Schirmann highlighted that countries with active bank-to-bank lending markets such as Finland, Ireland and Greece currently had no banks on Euribor's panel. Cutting the need for banks to provide bespoke so called "Level 3" estimates should also "significantly diminish" the time and costs involved for banks.

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Persons: Dado Ruvic, Libor, Jean, Louis Schirmann, Schirmann, EMMI, Marc Jones, Mark Potter Organizations: REUTERS, Federal Reserve, European Central Bank, Bank of England, Money Markets, Reuters, Deutsche Bank, Thomson Locations: Euribor's Brussels, Euribor's, Finland, Ireland, Greece