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Simple English definitions for legal terms
EURIBOR
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A quick definition of EURIBOR:
EURIBOR: The abbreviation for EURO INTERBANK OFFERED RATE. It is the interest rate at which European banks lend money to each other. This rate is used as a benchmark for setting interest rates on loans and financial products such as mortgages and savings accounts.
A more thorough explanation:
Definition: EURIBOR stands for EURO INTERBANK OFFERED RATE. It is the interest rate at which European banks lend to one another. It is calculated daily and is used as a benchmark for many financial products such as mortgages, loans, and derivatives.
Example: If a bank wants to borrow money from another bank, it will have to pay an interest rate based on the EURIBOR. For example, if the EURIBOR is 0.5%, the borrowing bank will have to pay 0.5% interest on the amount it borrows.
Explanation: The EURIBOR is an important benchmark for the European financial market. It reflects the cost of borrowing money between banks and is used as a reference rate for many financial products. The example illustrates how the EURIBOR is used to determine the interest rate that a bank has to pay when borrowing money from another bank.