You can use the search function to find a range of UK Finance material, from consultation responses to thought leadership to blogs, or to find content on a range of topics from Capital Markets & Wholesale to Payments & Innovation.
Commenting on chancellor Rishi Sunak's statement that the government intends to legislate to facilitate LIBOR transition for 'tough legacy? contracts, Stephen Pegge, UK Finance Managing Director of Commercial Finance, said:
The government's intention to legislate for the transition of 'tough legacy? LIBOR contracts provides welcome clarity, removing uncertainty for both customers and lenders and playing a key role in ensuring fair and consistent customer outcomes. The industry continues its efforts to transition all contracts that can be amended ahead of the cessation of LIBOR as this provides for the greatest certainty for both borrowers and lenders. "These changes are likely to actually permit greater focus and resource on contracts which are not 'tough legacy? in nature and help encourage a smoother quicker and more efficient transition for these contracts. This work will accelerate in the coming months, with legislation aimed at those contracts which are not possible to amend an important aide to the transition.
The government's intention to legislate for the transition of 'tough legacy? LIBOR contracts provides welcome clarity, removing uncertainty for both customers and lenders and playing a key role in ensuring fair and consistent customer outcomes. The industry continues its efforts to transition all contracts that can be amended ahead of the cessation of LIBOR as this provides for the greatest certainty for both borrowers and lenders.
"These changes are likely to actually permit greater focus and resource on contracts which are not 'tough legacy? in nature and help encourage a smoother quicker and more efficient transition for these contracts. This work will accelerate in the coming months, with legislation aimed at those contracts which are not possible to amend an important aide to the transition.
<p>For more information please call the UK Finance press office on 020 7416 6750 or email <a href="mailto:press@ukfinance.org.uk">press@ukfinance.org.uk</a></p> <p>UK Finance is the collective voice for the banking and finance industry.</p> <p>Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</p>
19.04.24
17.04.24
15.04.24
By downloading this document, you understand and agree that any sharing, distribution or republishing of the content, without prior written authorisation from the author or content managers at UK Finance, shall be constituted as a breach of the UK Finance website terms of use.
