Mario Draghi, the European Central Bank’s chief
decided to reduce the ECB interest rates by 0.25 basis points, a decision that
surprised the markets, and was against the wishes of the German government.
The reduction of 0.25 basis points finds many
beneficiaries. Businesses, consumers will benefit from the reduced rates, and
those that have borrowed money, like business loans, home mortgage loans,
credit card holders, and tied to the ECB interest rates.
In addition, home improvement loans and
business loans in Euribor (Euro Interbank Offered Rate), which follows a
decreasing trend as that of the ECB interest rates will benefit as well.
Euribor is the average interbank interest rate
at which European banks lend to each other. Economic growth, inflation, and
supply and demand influence the level of the Euribor rate.
Below is a table with one week and one month
data provided by Euribor- rates.eu.
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Euribor is also used as a reference interest
rate for euro denominated interest rate futures contracts, forward rate agreements,
interest rate swaps, and futures contracts.
It is interesting to note that the contributors
to the Euribor are the banks of the member states in the Eurozone with the
highest volume of business. In Greece National Bank of Greece is one of those
member banks.
Another table below showing Euribor rates :
11-08-2013
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11-07-2013
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11-06-2013
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11-05-2013
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11-04-2013
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0.098%
|
0.100%
|
0.101%
|
0.102%
|
0.103%
|
|
0.104%
|
0.110%
|
0.109%
|
0.110%
|
0.110%
|
|
0.122%
|
0.129%
|
0.130%
|
0.129%
|
0.129%
|
|
0.171%
|
0.179%
|
0.180%
|
0.179%
|
0.180%
|
|
0.217%
|
0.228%
|
0.228%
|
0.227%
|
0.227%
|
|
0.324%
|
0.341%
|
0.340%
|
0.341%
|
0.342%
|
|
0.420%
|
0.445%
|
0.446%
|
0.446%
|
0.446%
|
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0.506%
|
0.534%
|
0.535%
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0.534%
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0.532%
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