The manipulation of reference interest rates, including LIBOR and EURIBOR, which was uncovered in 2011, served as motivation for IOSCO (International Organisation of Securities Commissions) to initiate a reform of benchmarks. In 2016, the European Union subsequently adopted the Benchmark Regulation (BMR). Critical benchmarks had to be replaced by the end of 2021 – these included EURIBOR, LIBOR and EONIA. All interest-linked products such as variable-rate securities, loans and derivatives are affected by a change in the benchmarks.

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