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The Jolly Contrarian’s Glossary

The snippy guide to financial services lingo.™

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The Euro over-night index average (“EONIA”) rate is the onvernight interbank interest rate for the Eurozone: the rate at which banks lend to each other overnight. Thus, it is the overnight EURIBOR rate.


Due, perhaps, to reputational collateral damage from the LIBOR fiasco — cue obligatory dramatic look gopher — interbank offered rates really aren’t the thing anymore — EONIA is to be phased out by the end of 2021 replaced by the haughtier Euro short-term rate (€STR) calculated and determined by the European Central Bank. €STR went live in October 2019.

See also