The volume of interbank borrowing activity in this area has significantly reduced since the financial crisis that occurred in the 2008 through 2010 time frame. In turn, the low number of transactions on which the panel banks rely on to submit pricing for LIBOR are insufficient to form estimates. Consequently, the authorities that regulate LIBOR announced that by the end of 2021, they would no longer persuade panel banks to submit their rates into LIBOR. Without submissions from the panel banks, it may not be possible to create or publish LIBOR, and without LIBOR being published or LIBOR no longer representing a market index rate a replacement benchmark rate is needed. It is highly probable that U.S. regulators will not allow LIBOR to be used as a reference rate in financial instruments after 2021.