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Msg  124462 of 125090  at  11/30/2020 9:32:52 AM  by

rlp2451


Fed: Banks should start LIBOR shift "as soon as practicable"

 

Fed: Banks should start LIBOR shift "as soon as practicable"

·1 min read
 

WASHINGTON, Nov 30 (Reuters) - U.S. regulatory agencies on Monday encouraged banks to begin using alternatives to the LIBOR reference rate "as soon as practicable," and said that after Dec. 31, 2021 the use of LIBOR would be considered a "safety and soundness" risk taken into account by examiners.

Contracts in place before that date, however, will be allowed to stay in place without any changes until June 30, 2023 under new proposed rules intended to allow a more gradual shift from the widely used LIBOR rate as a benchmark.



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