IBORs (Interbank Offered Rates) such as LIBOR, EURIBOR or TIBOR are interest rates for inter-bank loans. They are important benchmark interest rates, e.g. for loan agreements with a variable interest rate. IBORs are calculated by obtaining quotes from panel-banks. In the past, IBORs were subject to manipulations. As a reaction, the EU-Benchmark-Regulation established a framework which inter alia determines how IBORs shall be determined. The previous way of calculating benchmark interest rates are admissible only until 31.12.2019.