Discontinuation of LIBOR - Guide for banks and lenders

As we enter the critical final year of LIBOR transition in the sterling market, the Discontinuation of LIBOR - Guide for banks and lenders is intended as useful toolkit for members to support their engagement for the move away from LIBOR and to sign post to the relevant information to support preparations.

Though particularly useful for those who may have been less engaged with the RFR Working Group to date, we hope it will serve as a helpful reference point for all to facilitate full engagement and promote readiness to face the necessary changes during 2021.

The Guide has the following two broad objectives:

  1. To provide a comprehensive overview of LIBOR transition and ongoing developments - Sections 1 to 5 set out where we are with transition at the start of 2021, reflecting on the developments to date and identifying the remaining industry progress to be made over the course of 2021 that firms should be aware of.
  2. To equip firms with awareness of the logistical considerations of transition and a practical checklist - Section 6 identifies the actions firms could now be considering from a commercial and operational perspective, providing a checklist for transition strategies to help meet the various LIBOR implementation deadlines.

We would like to thank UK Finance associate member PwC for their invaluable support. For more information on the work UK Finance is undertaking on LIBOR transition, please contact the team at liborcoreteam@ukfinance.org.uk

12.02.21

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