Powered by Lexis+®
Jurisdiction(s):
United Kingdom
CASE STUDY

“Because of the pure breadth and depth of black letter law research and practical guidance that LexisNexis provides, we don't have to rely on counsel as much as perhaps firms that don't use LexisNexis.”

KaurMaxwell

Access all documents on €STR

€STR meaning

What does €STR mean?
In practice, €STR (the euro short-term rate) is the overnight euro risk-free reference rate used in finance and legal documentation for interest calculations, discounting, and fallback provisions, and has replaced eonia. It measures wholesale unsecured overnight borrowing costs of euro-area banks and is administered and published by the European Central Bank each TARGET2 business day. It is not defined in UK statute or case law; it is a benchmark within scope of the EU Benchmarks Regulation and, post-Brexit, the UK Benchmarks Regulation for use by supervised entities. In Ireland, the EU BMR applies directly. Typical drafting includes compounded €STR in arrears with observation shifts and TARGET2 calendars; specify screen rate/source, day-count (ACT/360), fallback waterfall, and any credit adjustment spread where replacing EUR-libor or EONIA. EONIA was computed as €STR plus 8.5 basis points from October 2019 and ceased on 3 January 2022. €STR underpins ISDA 2020 IBOR Fallbacks, euro derivatives discounting, and is increasingly referenced in loans and bonds as part of the euro IBOR/LIBOR transition. Usage and meaning are consistent across England & Wales, Scotland, Northern Ireland and Ireland.
Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.

View the related News about €STR

NEWS
GDPR Article 82(3) and force majeure: stricter compensation defence and contractual implications for joint controllers and controller-processor relationships under the DPA 2018

How has the exemption available for controllers under the GDPR in relation to liability to compensate data subjects changed? Under the earlier Data Protection Directive 95/46/EC (Article 23(2)), where a person was entitled to damages from a controller due to unlawful processing, the controller could rely on a potential exemption if it was not responsible for the event that caused the loss. Recital 55 offered two illustrations of situations for which the controller would not bear responsibility: a mistake by the data subject, and a case of force majeure The language of these provisions lacked clarity, and the concept of ‘force majeure’ has no consistent definition across EU legal systems (it does not even carry a settled meaning in English law, depending heavily on contractual wording). Unsurprisingly, this carve-out, and the reference to force majeure, was therefore loosely carried across into national implementing legislation. For example, the Data Protection Act 1998 (DPA 1998) gave a controller a defence in claims for compensation...

Read More Right Arrow
NEWS
TCC (England and Wales): Prior notice under 43.1A was a condition precedent to termination; 'absolute discretion' concerned starting the process only (Interserve v Hitachi)

Original news Interserve Construction Ltd v Hitachi Zosen Inova AG [2017] EWHC 2633 (TCC), [2017] All ER (D) 82 (Nov) What are the practical implications of this case? Although the outcome rested largely on the parties’ bespoke terms, the case underscores the need to examine termination provisions with care both when contracting and before attempting to terminate. It also indicates that, when interpreting the parties’ chosen wording, the court is unlikely to construe it in a manner that fails to give operative effect to expressions such as ‘subject to’. What was the background? Hitachi, the EPC contractor for an energy from waste plant in Worcestershire, engaged Interserve as sub‑contractor. Dissatisfied with Interserve’s performance and delay, Hitachi served a notice under sub‑clause 43.1 of the sub‑contract, invoking grounds (h) and (q). Those grounds provided that, if Hitachi failed to proceed regularly or diligently with the works or committed a material breach: ‘…then, subject to Sub‑Clause 43.1A and without prejudice to any other rights or remedies which’...

Read More Right Arrow
NEWS
The Father v Worcestershire CC: UKSC holds foster care is not detention; habeas corpus and judicial review cannot circumvent Children Act 1989 remedies (England and Wales)

The Father (Appellant) v Worcestershire County Council (Respondent) [2025] UKSC 1 What are the practical implications of this case? Acting without legal representation, the father pursued his case to the Supreme Court, which entertained his submissions and examined the legal position that would have applied had the children been confined rather than living in foster care. The Court heard him in full and addressed the framework relevant to situations where children would, in fact, have been deprived of liberty rather than cared for by foster families. Its status as guidance will assist judges dealing with analogous cases in practice. The decision offers guidance for family courts facing comparable applications and, by extension, informs deprivation of liberty matters. On whether care orders issued by the High Court or the Family Court are susceptible to judicial review, the Supreme Court observed that an order of the High Court is not amenable to judicial review because that court has unlimited jurisdiction; the correct avenue is appeal or a bid for reconsideration (para...

Read More Right Arrow

View the related Practice Notes about €STR

PRACTICE NOTES
Protected persons and witness protection arrangements under the Serious Organised Crime and Police Act 2005 (UK): eligibility, providers, measures and duties

Those requiring protection Chapter 4 of Part 2 of the Serious Organised Crime and Police Act 2005 (SOCPA 2005) sets out arrangements to safeguard people involved in investigations and legal proceedings. The UK Protected Persons Service operates regionally, delivered by the police but co‑ordinated by the National Crime Agency (NCA). It aims to ensure that witnesses and other vulnerable individuals facing life‑threatening risk receive protection and support by: setting national standards of quality, improving co‑ordination across currently fragmented services, encouraging intelligence exchange between police forces, and bolstering local provision to deliver a uniform and accountable service The Central Bureau of the NCA serves as the national headquarters for the UK Protected Persons Service, providing strategic and practical support and co‑ordination to officers assisting protected persons. Under SOCPA 2005, s 82, a ‘protection provider’ (typically the police) may put in place suitable protective measures for any person where they reasonably consider the person’s safety...

Read More Right Arrow
PRACTICE NOTES
COMAH 2015 (Great Britain): Seveso III implementation, scope, operator obligations, safety reports, emergency planning, public information, competent authority functions, inspections and enforcement

The Control of Major Accident Hazards Regulations 2015 (COMAH 2015), SI 2015/483, seeks to avert major workplace accidents and establish controls so that, if an incident does occur, the consequences for people and the environment are limited. COMAH 2015 operates by defining core duties for all obligated sites/businesses and also sets a tiered regime, imposing tighter controls on businesses handling dangerous substances above stated thresholds. The Health and Safety Executive (HSE) issues guidance on applying the COMAH regime, and operators are urged to follow it, and to review and update, where necessary, risk assessments and emergency arrangements under COMAH. This supports ongoing compliance and risk reduction. Legislative framework COMAH 2015 received Royal Assent in March 2015 and came into force on 1 June 2015. COMAH 2015 implemented the requirements of Directive 2012/18/EU of the European Parliament and of the Council of 4 July 2012 on the control of major accident hazards involving dangerous substances, amending and subsequently repealing Directive 96/82/EC (Seveso III), which was published in July...

Read More Right Arrow
PRACTICE NOTES
Executing contracts and deeds in corporate insolvency: office-holder powers, joint/several appointments, witnessing, virtual signing and HM Land Registry requirements (England and Wales)

When deciding how a deed or contractual agreement should be signed, the execution block to use will vary according to: the type of document (for example, a contract or a deed) who is signing on behalf of the entity (the company itself, an administrator, liquidator, administrative receiver, receiver, nominee or supervisor) Type of document Broadly, documents fall into two groups: agreements/contracts, which require valuable consideration deeds, for which consideration is not needed Deeds are instruments that: state on their face that they are intended to take effect as a deed are properly executed as a deed Because deeds must be executed in the presence of a witness to be binding, they carry a stronger presumption of validity than instruments simply signed by the parties, or those under seal. The witness should ideally be independent (not the party’s solicitor, colleague, spouse, family member, or another party to the deed)...

Read More Right Arrow

View the related Precedents about €STR

PRECEDENTS
Private statutory nuisance: precedent complaint for magistrates’ court under section 82 Environmental Protection Act 1990

Before the [ insert name ] Magistrates' Court on [ insert date ] Defendant: [ insert name of the individual liable for the statutory nuisance OR, where appropriate, the owner of the premises from which the nuisance originates ] Address: [ insert address ] Matter of complaint That, on [ insert date ], a statutory nuisance, within meaning of Environmental Protection Act 1990, s 79(1) [ specify paragraph ], was present at [ specify the premises and its address ] and still persists now, and that [ name of person responsible for the statutory nuisance ] remains responsible for the statutory nuisance...

Read More Right Arrow
PRECEDENTS
Precedent: UK seconded employee privacy notice—employer and host data sharing, lawful bases (including special category data), rights, retention, security and international transfers

Stop press: The Data (Use and Access) Act 2025 (Commencement No 6 and Transitional and Saving Provisions) Regulations 2026, SI 2026/82 now commence the remaining provisions of the Data (Use and Access) Act 2025 (DUAA 2025). Provisions covering the areas below apply from 5 February 2026, while those on penalty notices and complaints apply from 19 June 2026. For further details, see Practice Note: Data (Use and Access) Act 2025—employment implications. This Precedent will be updated shortly to reflect these changes. subject access requests legitimate interests purpose limitation automated decision-making international transfers enforcement [ Insert name of organisation ] Data protection privacy notice (secondment) As you are aware, it is proposed that you will be seconded to [ insert name ] (host employer). This notice sets out which personal data (information) [ insert name of employer ] [ trading as [ insert trading name, if different ] ] (‘we’ or ‘Company’) will provide to, and receive from, your...

Read More Right Arrow
PRECEDENTS
Corporate Information Security Policy Precedent (UK): UK GDPR and DUAA 2025 compliance, access and IT controls, third-party processing, international transfers, homeworking, training and breach reporting

Stop press The Data (Use and Access) Act 2025 (Commencement No 6 and Transitional and Saving Provisions) Regulations 2026, SI 2026/82 now bring the remaining parts of the Data (Use and Access) Act 2025 (DUAA 2025) into effect. Provisions on subject access requests, legitimate interests, purpose limitation, automated decision-making, international transfers and enforcement apply from 5 February 2026, while those concerning penalty notices and complaints apply from 19 June 2026. For further details, see Practice Note: Data (Use and Access) Act 2025—employment implications. This Precedent will be updated shortly to reflect these developments. 1 Introduction 1.1 The Company upholds the highest standards of information security and regards confidentiality and data security with the utmost seriousness...

Read More Right Arrow

View the related Q&As about €STR

Q&As
Rent deposit deed top‑up breach: s146 LPA & s82 CA 2020 forfeiture

Under section 146 of the Law of Property Act 1925 (LPA 1925), a landlord cannot enforce a leasehold right of forfeiture unless a notice—commonly known as a 'section 146 notice'—is first served on the tenant. There are specific requirements governing the contents of that notice. See Practice Note: Forfeiture of a lease. Under LPA 1925, s 146(11), the obligation to give notice does not extend to 're-entry or forfeiture or relief in case of non-payment of rent'...

Read More Right Arrow