FCA and Bank of England Reaffirm LIBOR Transition Date

The Financial Conduct Authority, Bank of England and members of the Working Group on Sterling Risk-Free Reference Rates reaffirmed that firms should not rely on LIBOR being published after 2021, even with the impact of COVID-19 on markets.

In a joint statement, the Working Group members reminded firms that the end of 2021 should continue to be their target date to make a transition from LIBOR. According to the Working Group, the LIBOR transition remains "essential" to strengthening the global financial systems. With the exception of some segments of the UK market that are delayed in the transition process, the Working Group expects preparations for the transition - despite COVID-19 - to be able to continue.