The European Central Bank (ECB) has updated its working group on euro risk-free rates webpage to include a communication toolkit for market participants to use in their own communication and education efforts. The communication toolkit consists of:
- frequently asked questions regarding the euro short term rate (€STR), the working group and its governance, transition issues from EONIA to €STR, fallback rates, the development of term rates and derivative markets;
- a slide deck entitled “Preparing for the interest rate benchmark reforms and the new risk-free rate”. The slides provide an overview on what is happening in respect of the transition from interbank offered rates to risk-free rates, the role of the working group on euro risk-free rates, the transition from EONIA to €STR, fall-back provisions, and what market participants need to do. The slides also provide an update on international developments and a transition timeline; and
- a checklist on how to navigate the transition from EONIA to €STR.