The EIBOR panel banks has selected \"The National Bank of Fujairah\" to join the EIBOR panel, starting 8 October 2012, following the withdrawal of Barclays Bank from EIBOR fixing process. The EIBOR rates are set by a panel of 12 banks on a daily basis for various tenors by excluding the two highest and the two lowest from the submitted rates and taking the average of the rest.