What is Euro Interbank Offered Rate?

Legal Definition
The OFFER side of the EURObased interbank DEPOSIT market, or the rate at which prime BANKS are willing to lend funds. EURIBOR, which is set every business day at 11 am Brussels time by the European Banking Federation, is quoted for maturities of one week and monthly to one year, and serves as an important base reference for other financial instruments (e.g., DERIVATIVES, FLOATING RATE NOTES) with a floating rate component. See also EURO OVERNIGHT INDEX AVERAGE.