November 28, 2017 / 9:29 AM / a year ago

ECB asks for views on new interest rate

The headquarters of the European Central Bank (ECB) are photographed in front of the skyline with its banking towers in Frankfurt, Germany, November 22, 2017. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - The European Central Bank will hold a public consultation until Jan. 12 on the main features of its new unsecured overnight interest rate, expected to be launched by 2020, it said in a statement on Tuesday.

The ECB unveiled plans in September to devise a new benchmark after industry players failed to revamp existing facilities hit by fraud and dwindling liquidity.

“The interest rate would complement existing benchmark rates produced by the private sector and serve as a backstop reference rate,” the ECB said. “This consultation is a first step. A second consultation related to the methodology will follow later in the process.”

Reporting by Balazs Koranyi Editing by Jeremy Gaunt

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