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.
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):