ESTR is the Euro Short-Term Rate, which is an unsecured overnight interest rate that is administered by the European Central Bank (ECB). ESTR is the risk-free rate (RFR) replacement for EONIA. ESTR reflects the wholesale euro unsecured overnight borrowing costs of banks located in the euro area, is published on each TARGET2 business day by the ECB at 8:00am Brussels time based on transactions conducted and settled on the previous TARGET2 business day with a maturity date of T+1, is based entirely on daily confidential statistical information relating to money market transactions collected in compliance with the Money Market Statistical Reporting Regulation and is subject to correction and republication at any time up to 9:00am Brussels time.

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