Recital 5

(5)EONIA has been designated as a critical benchmark pursuant to Commission Implementing Regulation (EU) 2019/482 ² . Regulation (EU) 2021/168 of the European Parliament and of the Council ³ , which introduced into Regulation (EU) 2016/1011 Article 23b, has conferred on the European Commission the power to designate one or more replacements for a critical benchmark where all conditions laid down in Article 23b of Regulation (EU) 2016/1011 are met. The statement by EMMI on 31 May 2019 announcing the discontinuation of EONIA, along with the circumstance that, at the time of the issuance of that statement, there was no successor administrator that would continue to provide that benchmark, satisfies the condition laid down in Article 23b(2), point (b) of Regulation (EU) 2016/1011.