Regulation
Cecabank to Exit Euribor Panel as ESMA Sees No Representativeness Risk
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The European Securities and Markets Authority (ESMA) issued a statement on 24 September 2026 on the announcement by the European Money Markets Institute (EMMI), the administrator of Euribor, that Cecabank, based in Spain, will withdraw from the Euribor panel. The withdrawal will take effect on 30 September 2026, which will be the bank’s final day contributing input data to the benchmark determination, according to the statement, which ESMA issued in its capacity as supervisor of EMMI.
ESMA and the National Competent Authorities within the Euribor College of Supervisors assessed the impact of Cecabank’s departure on Euribor’s representativeness of the euro unsecured money market. ESMA and the College concluded that the departure does not pose a risk to the representativeness of Euribor.
Under the Benchmarks Regulation (BMR), ESMA is responsible for the supervision of EMMI as the administrator of the EU critical benchmark Euribor, while National Competent Authorities are responsible for supervising the banks contributing to the benchmark. ESMA and the national authorities supervising the Euribor panel banks cooperate on Euribor-related matters as chair and members of the Euribor College of Supervisors, according to an 11 June 2026 ESMA press release describing the supervisory framework.
Panel Composition and Contributor Obligations
EMMI states on its Euribor panel banks page that the current panel of 21 banks contributing to the determination of Euribor is fully representative of the Underlying Interest. The administrator describes Euribor as grounded, to the extent possible, in actual transactions executed on the unsecured euro money market, with the rates calculated based on contributions made by panel banks that are all active participants in that market.
Panel banks were selected with a twofold objective, EMMI states: to reflect adequately the diversity of the euro money market and to ensure that Euribor is representative of its underlying market. The administrator’s country-by-country list includes four Spanish institutions: Banco Bilbao Vizcaya Argentaria (BBVA ), Banco Santander (BSD2.DE ), CECABANK and CaixaBank S.A. Other listed contributors include Raiffeisen Bank International (RAW.DE ) in Austria, Belfius and KBC Bank in Belgium, BNP Paribas in France, Deutsche Bank (DB ) in Germany, Intesa Sanpaolo (ISP.SW ) and UniCredit in Italy, and ING Bank in the Netherlands.
All contributors are required to comply with the requirements laid down in the Euribor Code of Obligations of Panel Banks for aspects related to their contribution procedures, and panel banks must confirm their adherence to the code annually, according to EMMI.
Recent Panel Changes
Cecabank’s departure follows a period of Euribor panel enlargement with the addition of four new panel banks since 2022, including KBC Bank’s recent joining of the panel in May 2026, the ESMA statement said.
EMMI announced the inclusion of KBC Bank in the Euribor panel on 27 May 2026. ESMA and the Belgian Financial Services and Markets Authority (FSMA) welcomed the inclusion on 11 June 2026 as a positive development that contributes to strengthening the robustness and reliability of the benchmark. The FSMA supervises KBC Bank under the BMR when the bank contributes to the calculation of Euribor.
“The addition of KBC Bank to the Euribor panel reflects the interest of financial institutions active in the money market to contribute to the calculation of Euribor, as well as continued market confidence in this key benchmark,” ESMA Chair Verena Ross said in the June release. “A strong benchmark enhances transparency and the availability of reliable information, which are essential to fostering trust and ensuring the smooth functioning of financial markets.”
Jean-Paul Servais, chairman of the FSMA, said: “We welcome the addition of KBC Bank to the Euribor panel, which further strengthens the robustness and representativeness of this critical benchmark. The representativeness of Euribor has namely always been a key supervisory consideration for the FSMA.”
The Cecabank announcement follows an earlier withdrawal addressed by ESMA on 18 February 2026, when the regulator responded to EMMI’s announcement that Barclays Bank PLC, based in the United Kingdom, would withdraw from the Euribor panel effective 27 February 2026, that date being the bank’s final day contributing input data to the benchmark determination, according to a statement published at the time. ESMA and the College assessed that departure and likewise concluded it did not pose a risk to the representativeness of Euribor. The February statement noted that three new panel banks had been added since 2022 and that EMMI’s announcement indicated another bank would soon join the panel.
ESMA said it continues to encourage credit institutions active in the euro unsecured money market to consider joining the Euribor panel, describing participation as actively supporting the robustness and representativeness of this critical benchmark within the EU financial system.
