Bank of England and FCA Warn Libor Transition Timeline Could be Impacted

The Bank of England and Financial Conduct Authority (FCA) have warned market participants that the coronavirus pandemic could impact the timeline of the transition away from Libor.   

In a statement, the UK authorities said that while the end of 2021 remains the target for firms to stop using the Libor benchmark, segments of the UK market, such as the loan market, have made less progress in the transition.
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As a result of the impact of coronavirus, the Bank of England and FCA confirmed some interim transition milestones would likely be affected due to disruption to market participants’ transition efforts.