EURIBOR is a daily benchmark for euro-denominated interbank lending. It is derived from the rates submitted by a representative group of prime banks for deposits with maturities of one week and one to twelve months. For each maturity, the submitted rates are averaged and the result is rounded to three decimal places. The corresponding EURIBOR rates are used as reference rates in euro financial markets.
Source: European Central Bank (ECB) (source). This glossary entry is an independently worded adaptation of the cited information.