Beeping steering wheel in BMW - what is the cause and how to fix it?

I own a BMW 3 E36 touring with full m-package and I am facing the problem of squeaking steering wheel. It is a three-spoke steering wheel, the loudest squealing occurs during parking lots i.e. intense turning of the steering wheel. I am very much asking for help. The problem affected BMW 3 E36, but

Beeping steering wheel in BMW - what is the cause and how to fix it?
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BMW Driver's Question

I own a BMW 3 E36 touring with full m-package and I am facing the problem of squeaking steering wheel. It is a three-spoke steering wheel, the loudest squealing occurs during parking lots which is when the steering wheel is turned intensively. I am very much asking for help.

The problem was on the BMW 3 E36 touring model but also occurs on other models.

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BMW 3 E36 Touring | By Picamik (Own work (CANON EOS 20D 18-50 f/2.8 SIGMA))[GFDL or CC BY-SA 3.0], via Wikimedia Commons

Response from BM Cars service

The described problem is most often associated with the wear of the slip ring located under the steering wheel. This component, when turning the steering wheel, makes sounds that cannot be removed by "lubrication" or adjustment methods.

Replacing the slip ring solves the problem. Making an accurate diagnosis requires a visit to our service center and confirmation of the above-described defect.

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BMW 3 E36 Touring | By Picamik (Own work)[GFDL or CC BY-SA 3.0], via Wikimedia Commons
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