ESMA finds no stability risk in Cecabank's Euribor panel exit

The European Securities and Markets Authority (ESMA) has concluded that the upcoming withdrawal of the Spanish institution Cecabank from the Euribor panel poses no risk to general financial stability. Following a comprehensive review conducted in coordination with the Euribor College of Supervisors, regulators determined that the exit will not compromise the representativeness or functionality of the money market benchmark.

Cecabank is scheduled to officially cease providing data for the reference interest rate calculation on September 30, 2026.

Authorities noted that the Euribor panel has become more resilient due to an expanded participant base since 2022. During this period, four new banks joined the panel, including KBC Bank in May 2026. This increased diversity in the contributor pool is expected to compensate for the departure of individual members without diminishing the quality of the benchmark used for various financial instruments and credit contracts across the Eurozone.