(2)The original methodology for the calculation of EONIA was based on submissions provided by contributing panel banks. In February 2018, the European Money Market Institute (EMMI), acting as administrator of EONIA, announced that compliance of EONIA with Regulation (EU) 2016/1011 could not be achieved by the time such obligations would apply. Work on EONIA’s orderly wind-down was therefore initiated by EMMI and the financial industry. On 13 September 2018, the Working group on euro risk-free rates recommended the euro short-term rate (€STR) as the euro-denominated risk-free rate as a replacement for EONIA. On 14 March 2019, the working group also published recommendations on a transition from EONIA to €STR, which included a phase during which the methodology for calculating EONIA would be modified and based on €STR, as well as the method to determine the spread adjustment between €STR and EONIA.