Competition regulators are investigating allegations of anti-competitive business conduct linked to the Euro Interbank Offered Rate (EURIBOR), which is the benchmark rate used by companies to lend to each other. Unannounced inspections were carried out at banking premises in the UK and elsewhere in the EU on 18 October 2011. The European Banking Federation-EURIBOR association, representing 44 banks in this sector, issued a statement on 19 October 2011 acknowledging the inquiry affecting its members and stated that it operated in full transparency and had “nothing to hide”. In the statement, the Chief Executive, Mr Ravoet commented that it was prepared to assist with the inquiry saying that “[We] feel there is perhaps not enough understanding of the elaboration of the benchmarks themselves in the European Commission”.