ESTR stands for Euro Short Term Rate.
ESTR is a rate which reflects the wholesale euro unsecured overnight borrowing costs of euro area banks. The rate is published for each TARGET 2 business day based on transactions concluded and settled on previous day (reporting date T) with maturity of T+1 and which are deemed to be executed at arm’s length and thereby reflect market rates in an unbiased way. The European Central Bank (ECB) is the administrator of ESTR and has the overall responsibility of providing the rate.
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