Further details about wholesale - euro/ecu bills data

View the data

Overview

Bids are made on a yield basis. The rate shown is the average secondary market mid rate for 3-month bills, expressed using the standard euro money market yield convention (per cent per annum, using actual days to maturity and a year of 360 days).

Euro bills only have a single maturity date in any given month, namely the Thursday after the second Tuesday of the month. The end-quarter rate reflects the rate on the bill with just under 3 months remaining to maturity. The monthly average is for the bill maturing in the month three months later.

Euro/Ecu Bills

Since July 1999 euro bills have been issued by the Bank of England. Prior to this, euro Treasury bills were Government securities representing a charge on the Consolidated Fund of the UK , denominated in euro (before 1999 in Ecu). The procedures for issuance and interest rate calculations for Bank of England euro bills and euro Treasury bills are the same (as follows):

Further information

7 banks are contacted on a daily basis for the median rate for that day, for the relevant type of euro-commercial paper. The rate published is the average of these 7 observations.