On 11 May 2021, the working group on euro risk-free rates published its recommendations addressing events that would trigger fallbacks in EURIBOR-related contracts, as well as €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered). The recommendations are based on the feedback that the working group received following two public consultations last year covering EURIBOR fallback trigger events and €STR-based EURIBOR fallback rates.
The working group is an industry-led group that was established in 2018. Since the working group’s establishment until 11 May 2021 the European Central Bank provided the secretariat. From 11 May 2021 the secretariat is being provided by the European Securities and Markets Authority.