The Euro Overnight Index Average (EONIA) is the average overnight reference rate for which European banks lend to one another in euros. It is published each day at 9:00 a.m. CET by the European Central Bank (ECB). The EONIA reflects current market conditions and provides an indication of the average cost of unsecured funding in the euro money market.The ECB began publishing EONIA on December 3, 2001, as a successor to EURIBOR (the Euro Interbank Offered Rate). EURIBOR was discontinued because it was determined that EONIA better reflected current market conditions.The calculation methodology for EONIA is based on submissions from contributing banks, which are then weighted according to their size in the euro interbank market. The ECB also publishes a range of different maturities for EONIA so that users can select the maturity most relevant to them.
