FCA publishes a statement on LIBOR panels

The FCA has confirmed  that all 20 of the panel banks for LIBOR (the London Interbank Rate) have agreed to support the LIBOR benchmark, ensuring the sustainability of the rate until 2021.

The confirmation follows Andrew Bailey’s, FCA Chief Executive, speech in July 2017, on the need for a transition period for LIBOR until the end of 2021, at the end of which a transition can be made to alternative rates.

Based on the panel banks’ support, the FCA expects its focus to turn towards developing alternative rates and working towards a transition that can be executed smoothly.