Dr. Gertrud R. Traud, Chief Economist

Dear Ladies and Gentlemen,

The London Interbank Offered Rate (LIBOR) has already been consigned to the past, even if rates will continue to be published until at least the end of 2021.

This marks the end of an era in London, where since the mid-1980s LIBOR had become a globally respected and dominant benchmark. The importance of London as a financial centre among investors, asset managers, traders and analysts was underlined by the LIBOR acronym. However, success also entails a certain responsibility.

In the aftermath of the global financial crisis and the exposure of manipulation in the setting of LIBOR rates, the G20 countries issued a call for reform of the scandal-ridden benchmarks. Now, this reform is entering a crucial phase and will have an impact on financial instruments worth trillions of dollars.

In the euro area, IBOR reform also applies to EURIBOR and EONIA, as the new regulations mean that the previous method of determining these European benchmarks is no longer fit for purpose. The aim is for the new benchmarks to be more market-based and transparent, which has meanwhile been achieved through reforms and transition.

The significance of the reform goes beyond its consequences for a large number of financial transactions. The credibility of the financial sector suffered during the financial crisis and in particular as a result of the LIBOR scandals. It is vital that this is put right and that long-term confidence in banks and the monetary economy is restored.

We look forward to holding positive and constructive discussions with you so that we are able to provide you with the best possible support in transitioning to the new benchmarks.

Dr. Gertrud R. Traud, Chief Economist
Dr. Gertrud R. Traud, Chief Economist


Your choice

When we make our website available to you, we use cookies. 

Some are necessary to help our website work properly, and can't be switched off. And some are optional, but support us in order to improve your experience during your visit.

Are you happy to accept cookies to improve our website?


cookie [publisher]purposestorage period
_et_coid [etracker]statistic: cookie detection2 years
allowLoadExternRessources [helaba]statistic: Saves the user decision that external components may be loaded automatically.30 days
allowTracking [helaba]statistic: Saves the user decision that visitor behavior may be tracked.30 days
BT_ctst [etracker]statistic: Is used to detect whether cookies are activated in the visitor's browser or not.session
BT_pdc [etracker]statistic: Contains Base64-coded visitor history data (is customer, newsletter recipient, visitor ID, displayed smart messages) for personalization.2 years
BT_sdc [etracker]statistic: Contains Base64-encoded data of the current visitor session (referrer, number of pages, number of seconds since the beginning of the session), which is used for personalization purposes.session
disclaimer_disclosureRequirements [helaba]necessary: Verification when accessing certain (sub) areas of the websitesession
disclaimer_residenceGermany [helaba]necessary: Verification when accessing certain (sub) areas of the websitesession
hideCookieNotice [helaba]necessary: Saves that the cookie or data protection notice will not be requested every time you visit.30 days
isSdEnabled [etracker]statistic: Detection of whether the visitor's scroll depth is measured.1 hour
WSESSIONID [helaba]necessary: Standard cookie to use with PHP session data.session

You can find out more in our data policy.