According to the high importance of the Libor for the global financial market and therefore also for Austrian banking industry this paper deals with the questions "Which challenges for financial institutions come with Libor, what has to be done to handle recent manipulation and which challenges do especially Austrian banks face when dealing with Libor-tied products since 2008? Should customer loans, derivatives and money market transactions still be linked to Libor as such considering the latest evolution during crisis?" Also questions about the legal and operational impacts of Libor...