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

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.