Regulatory Alerts2021-05-17
Circular 3/2021 of the Bank of Spain modifying the definition of the Euro short-term rate (€STR) reference interest rate in Circular 5/2012
The Bank of Spain issued Circular 3/2021 to update the definition of the official Euro short-term rate (€STR) reference interest rate in Circular 5/2012, aligning it with the European Central Bank's new methodology for publishing multi-term €STR composite rates. This modification specifies that the official rate is defined as the multi-term composite rate (covering one week to twelve months) published by the ECB on the last business day of the month. The circular entered into force the day after its publication in the Official State Bulletin to facilitate the Bank of Spain's monthly publication of official rates.
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