(16)The result of the public consultation by the Commission has shown support, including by public authorities from the Member States most concerned for designating a statutory replacement for all settings of CHF LIBOR in line with the recommendations of the Swiss NWG. While CHF LIBOR is a forward-looking rate, where the client knows in advance the interest due for the upcoming period, compounded SARON is a backward-looking rate. That means that the interest rate over a given period is only known at the end of that period. In order to facilitate the use of the interest rate at the beginning of the interest period, a potential solution would be to determine the interest rate on the basis of an observation period preceding the interest period. On 29 September 2020, the Swiss NWG recommended, in cases where the interest payment has to be known at the beginning of the interest period, to use the compounded SARON in accordance with the ‘last reset’ methodology. Such methodology consists of determining the interest rate for the upcoming period on the basis of the observed compounded interest rate for a prior period that is equal to the length of the interest period at hand.