€STR Transparency on errors
Guideline ECB/2019/19 on the euro short-term rate (€STR) establishes that the euro short-term rate methodology includes a transparency policy concerning the periodic publication of errors. The €STR methodology and policies note determines that the ECB will periodically publish summary information on errors larger than 0.1 basis points that were detected after the standard publication and did not meet the republication criteria.
Accordingly, for the purpose of this publication an error is defined as the difference between:
- the published euro short-term rate, and,
- the post-publication calculation of the rate obtained on the basis of the money market statistical reporting (MMSR) dataset (see the euro money market page for more information), after correcting for errors in the treatment of the data as part of the €STR determination process as specified in Guideline ECB/2019/19 and for the failures in submitting a daily report (files reported after the specified deadline) on the part of the reporting agents (revisions outside the €STR determination process are not considered). Only differences larger than 0.1 basis points (i.e. > 0.001 percentage points) are included in the report.
Errors are attributed to three categories depending on the error’s source:
- Reporter late submission: reporter failure to submit a valid file by the prescribed deadline.
- Reporter data error: reporter error affecting the completeness or the correctness of the responses provided to requests for information to confirm the accuracy of the reported statistical information.
- Administrator system or process issue: technical and operational issues affecting Eurosystem members participating in the determination process.
The identified errors that did not meet the republication criteria are published in a table, providing a quantification of their absolute impact on the rate and specifying the underlying reason. The table is published on a quarterly basis, during the second calendar month following the end of the reference quarter.