Bank of Ireland Benchmark Reform Hub


Benchmark rates & reform

Benchmark rates are based on an index that determines the amount payable under a financial instrument or a financial contract, or the value of a financial instrument.  Banks including Bank of Ireland use benchmark rates in the provision of its products and services, most particularly in loans and interest rate hedging products.  The most commonly used benchmark rate in Bank of Ireland is EURIBOR (Euro interbank offer rate).

Since 2014, financial institutions worldwide have been progressively moving towards replacing or reforming benchmark rates in what is known as Benchmark Reform.  Benchmark Reform involves the introduction of new alternative reference rates to replace certain existing benchmark rates as well as the reform of other existing benchmark rates to become compliant with the EU Benchmarks Regulation.  New Risk Free Rates (RFR) , which are overnight rates based on actual transactions have become the common replacement and are considered risk free or nearly risk free rates.

The EU Benchmarks Regulation, which came into effect across the EU on 1 January 2018, supports the reform process, introducing a common framework and consistent approach to benchmark regulation across the EU.  It requires EU financial institutions such as Bank of Ireland, to have robust plans in place covering their usage of benchmarks, including clear fallback mechanisms, should the benchmark be unavailable for any reason.

As at 30th June 2023 the following Benchmarks, most relevant to Bank of Ireland and its customers were subject to reform;

Benchmark (Currency) Reform type Alternative Rates Date
EURIBOR (Euro) Reformed N/A April 2021
GBP LIBOR (Sterling) Cessation RFR SONIA

Bank of England Bank Rate

December 2021
1 week , 12 month USD LIBOR  (US Dollar) Cessation RFR SOFR

Average SOFR

December 2021
JPY LIBOR (Japanese Yen) Cessation RFR TONA

Bank of Japan Rate

December 2021
CHF LIBOR (Swiss Franc) Cessation RFR SARON

Swiss National Bank Rate

December 2021
EONIA (Euro) Cessation RFR €STR December 2021
All other USD LIBOR (US Dollar) Cessation RFR SOFR


June 2023
CDOR (Canadian Dollar) Cessation RFR CORRA June 2024


If you have any questions in relation to Benchmark Reform please contact your Bank of Ireland  Relationship Manager

Benchmarks continue to be under review and further reform may happen in the future. Further information on Benchmark Reform can be found  on the following websites;

Europe –

UK –

US –