Euro Overnight Index Average (EONIA) - Financial definition
Financial acronyms
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Concise definition of the term Euro Overnight Index Average
EONIA is the most important money market interest rate index for the Euro. It represents the weighted average rate at which major banks lend each other liquidities overnight. The EONIA is used as a reference for an important number of money market instruments and contracts, especially deposits, repos and interest rate swaps.
Comprehensive definition of the term Euro Overnight Index Average
The EONIA is calculated by the European Central Bank (ECB) based on the input of a panel of major banks, and published in t+1, by the European Banking Federation (EBF).
It is calculated with a precision of 3 decimals.
The panel of banks is the same which is provides the input for the Euribor rates.
The EONIA has replaced local overnight index rates in Euro zone countries since January 1st 1999.
The EONIA has replaced local overnight index rates in Euro zone countries since January 1st 1999.