Add Fallback Clauses To Euribor Contracts, ECB Tells Banks

Law360, London (November 6, 2019, 1:14 PM GMT) -- The European Central Bank told lenders on Wednesday to ensure they have “robust written plans” for financial contracts underpinned by Euribor to protect them if the scandal-hit interest rate benchmark is disrupted or eventually dropped.

A group set up by the central bank has issued guidance for banks in the European Union, urging them to write fallback provisions into cash products and derivatives transactions that refer to the Euro Interbank Offered Rate. The benchmark, known as Euribor, is based on the average interest rates used by a panel of European banks when they borrow money from each another.

The guidance from...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!