LONDON Feb 20 The European Banking Federation
has made substantial progress in changing how the Euribor
interest rate benchmark is compiled after several lenders were
fined for rigging it, two European Union regulators said on
The European Securities and Markets Authority (ESMA) and the
European Banking Authority (EBA) published guidelines a year ago
in a bid to restore public confidence in Euribor and its British
counterpart, Libor or London Interbank Offered Rate.
ESMA and EBA said in a statement that the EBF has applied
four of their recommendations in full, with a further six
"Euribor-EBF is on the right path," EBA Chairman Andrea
"Its progress in terms of governance and conduct reflects a
strong commitment to ensuring the quality of its benchmarks. I
remain confident that the Euribor-EBF will soon complete its
work, building on the continued support and commitment of panel
banks," Enria said.
ESMA Chairman Steven Maijoor said Euribor should also be
ready to respond to advances in international cooperation on
reforming interbank benchmarks.
The guidelines from the watchdogs are an interim fix pending
a new European Union law to regulate major benchmarks.