(10)The formal letter from the Working group on euro risk-free rate dated 15 July 2021 specifically requested that the statutory replacement of EONIA be based on €STR, plus the existing fixed spread adjustment between EONIA and €STR, thus avoiding value transfer in the transition. It is appropriate that the statutory replacement for EONIA reflects recommendations from the risk-free rate working group concerned, and therefore be based on €STR plus the fixed spread adjustment calculated by the ECB.