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Money market rates

The money market is where short-term loans and securities are traded. Based on this general definition, the money market is the counterpart of the capital market, where long-term financial contracts are concluded. In international and national statistics, it is customary to allocate maturities of up to (and including) one year to the money market sector.

On the market for central bank money, which is usually described as the money market in the narrower sense, transactions mainly take place between commercial banks looking to offset individual liquidity surpluses or deficits. The interest rates provided here refer to the interbank money market.

The data are published in the Statistical Section of the Monthly Report, in tables and time series. Pursuant to the Discount Rate Transition Act (Diskontsatz-Überleitungs-Gesetz) in conjunction with the FIBOR Transition Regulation (FIBOR-Überleitungs-Verordnung), in Germany the EONIA interest rate replaces the FIBOR rates (Frankfurt Interbank Offered Rate) for overnight money recorded for the period from 1 July 1996 to 30 December 1998. Pursuant to the FIBOR Transition Regulation, since 30 December 1998 the EURIBOR rates have replaced the corresponding FIBOR rates that were recorded for the period from 2 July 1990 to 31 December 1998.

For the preceding period of time, Frankfurt banks’ daily or monthly values, which were not officially set or quoted, are the only figures available. The Deutsche Bundesbank used information obtained from Frankfurt banks to calculate these values on the basis of “bid rates” and “ask rates” in the interbank time deposit segment. The money market rates reported by Frankfurt banks’ are no longer collected since 1 June 2012.