APA ots news: ESMA and the Austrian Financial Market Authority welcome EURIBOR panel enlargement
Wien (APA-ots) - On 29 September 2022, the European Money Markets
Institute (EMMI), EURIBOR administrator, announced that Raiffeisen
Bank International AG (RBI) will join the EURIBOR panel on 2 November
2022.
ESMA and the Financial Market Authority Austria FMA welcome the
inclusion of RBI in the panel as a positive development for users of
EURIBOR and for safeguarding market confidence in this critical
benchmark in general.
Verena Ross, ESMA Chair, said:
"The enlargement of the EURIBOR panel will contribute to the
robustness and reliability of EURIBOR by supporting its capacity to
measure its underlying market. The EURIBOR panel today does not
include any banks from Austria, so the addition of Raiffeisen Bank
International AG has the further benefit of enlarging the
geographical base of the EURIBOR calculation. ESMA invites other
credit institutions, which are active in the euro unsecured money
market, to consider becoming members of the EURIBOR panel.
Eduard Müller, Executive Director Austrian Financial Market
Authority FMA, said:
"The EURIBOR is by far and away the most frequently used reference
rate in the markets of Central Eastern and South East Europe. It is
therefore particularly important that this rate is also based on data
taken from these markets. We particularly welcome RBIs entry into
the EURIBOR panel, which ensures that this is now the case.
Under the Benchmarks Regulation (BMR), ESMA is responsible for the
supervision of EMMI as the administrators of the EU critical
benchmark EURIBOR, and the National Competent Authorities are
responsible for the supervision of the banks contributing to EURIBOR.
The Austrian FMA will be responsible for the supervision of RBI under
the BMR when the bank will start contributing to the EURIBOR panel.
ESMA and the supervisors of the EURIBOR panel banks closely cooperate
on EURIBOR related matters as they are, respectively, the chair and
the members of the EURIBOR College of supervisors.
Notes for editors
1. ESMA is the European Unions securities markets regulator. Its
mission is to enhance investor protection and promote stable and
orderly financial markets.
It achieves these objectives through four activities:
i. assessing risks to investors, markets and financial stability;
ii. completing a single rulebook for EU financial markets;
iii. promoting supervisory convergence; and
iv. directly supervising specific financial entities.
2. ESMA achieves its mission within the European System of
Financial Supervision (ESFS) through active cooperation with the
European Banking Authority (EBA), the European Insurance and
Occupational Pensions Authority (EIOPA), the European Systemic Risk
Board, and with national authorities with competencies in securities
markets (NCAs).
3. The FMA is the independent, autonomous and integrated
supervisory authority for the Austrian financial market. It is an
integral part of the European System of Financial Supervisors, and
represents Austria in relevant committees in European institutions,
and cooperates closely and actively with the network of supervisors.
4. The statutory aims of the FMA are to:
i. contribute towards financial market stability in Austria,
ii. increase confidence in the efficient functioning of Austrias
financial market,
iii. protect investors, creditors and consumers in accordance with
legal provisions, and
iv. act in a preventive manner with respect to compliance with
supervisory standards, while also punishing breaches committed in a
consistent manner.
Rückfragehinweis:
FMA
Klaus Grubelnik
Mobil: +43 676 88 249 516
klaus.grubelnik@fma.gv.at
ESMA
Sarah Edwards
Tel.: +33 (0)1 58 36 43 27
press@esma.europa.eu
Digitale Pressemappe: http://www.ots.at/pressemappe/694/aom
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OTS0080 2022-10-03/11:00