Bank of English Risk Free Rate Working Group Statement on LIBOR Transition

Jul 28, 2020

Bank of England

Further to the joint statement made by the Working Group on Sterling Risk-Free Reference
Rates (the RFRWG), the Financial Conduct Authority (the FCA) and the Bank of England in
April, it remains the central assumption that firms cannot rely on LIBOR being published after
the end of 2021. The RFRWG has today published a suite of materials designed to assist
firms in taking action and implementing LIBOR transition plans.

Further to the joint statement made by the Working Group on Sterling Risk-Free Reference
Rates (the RFRWG), the Financial Conduct Authority (the FCA) and the Bank of England in
April, it remains the central assumption that firms cannot rely on LIBOR being published after
the end of 2021. The RFRWG has today published a suite of materials designed to assist
firms in taking action and implementing LIBOR transition plans.

The Working Group has updated and revised its priorities and roadmap for 2020-2021. This update reflects progress made since the previous roadmap was published in January 2020, and includes more granular milestones to manage the transition away from Sterling LIBOR-linked products by end-2021.

The Working Group has published a question and answer document on its revised end-Q3 milestones for loan markets. This documents explains which loan products fall within the scope of the Q3 milestones and also explains the actions that market participants should take to reduce their reliance on LIBOR ahead of end-2021 and transition to alternative rates.

  • LinkedIn Social Icon
  • Twitter
  • Instagram
  • Facebook

Contact Us

arrow&v

Contact Claira for prospective & retrospective contract lifecycle management, financial contract management, greater insight scenarios regarding LIBOR Transition, Initial Margin, Collateral Optimization, Credit Defaults/Downgrades & Other Legal/Regulatory Risk items.

Claira's advanced data science capability provides the most innovative legal contract management insights and more intelligent solutions for remediating, drafting or amending documents from scratch, through self-defined templates or from file extract and merge processes.

© 2020 by Claira LLC

Lock up horizontal.png