ESTER

Interest rates - reference rates.

ESTER is an acronym for Euro Short Term Rate.

It is administered by the European Central Bank (ECB), with formal publication from October 2019.

ESTER is designed to reflect the wholesale euro unsecured overnight borrowing costs of euro area banks, and to complement existing benchmark rates produced by the private sector, serving as a backstop reference rate.

The ECB recommends that market participants replace EONIA with the ESTER for all products and contracts, making ESTER their standard reference rate.

ESTER is also sometimes written as '€STR'.

See also

• Benchmark
• EONIA
• EURIBOR
• Euro area
• Euro LIBOR
• European Central Bank
• Fallback
• O/N
• Pre-€STR
• Reference rate
• RFR
• Risk-free rates
• SONIA

Other links

European Central Bank Euro short term rate