When banks started to illegitimately set their LIBOR panel submissions at their convenience, they were facing two main incentives. First, submitting low rates to the panel would signal a low credit spread and hence good financial health of the institution. In theory the individual submissions are not meant to be public, but for example Barclays “...routinely made artificially low LIBOR submissions to protect Barclays’ reputation from negative market and media perceptions concerning Barclays’ financial condition...” . Second, given that the banks' massive interest rate trading books are typically not completely hedged all the time, manipulating the rates in their favour could yield them sizeable profits very quickly. These manipulations, combined with collusion on rates submissions, eventually led to the LIBOR scandal as we know it.