International bodies concerned about LIBOR transition

A report published today by the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS) has raised concerns about the apparent lack of commitment of financial markets to move away from LIBOR.

FSB and the BCBS say this suggests a real risk to global financial stability, and suggests a significant and sustained effort is required from both financial and non-financial institutions to transition away from LIBOR by the end of 2021. It notes that FSB member jurisdictions are better prepared than non-members, and also that authorities in LIBOR jurisdictions are more advanced than others.

The report provides various insights on the challenges this poses and sets out some recommendations for authorities on how they can provide support to financial institutions and their clients to progress away from LIBOR. The three primary recommendations are:

  • the need for regulators to identify transition risks and challenges and engage with trade associations and financial institutions on them;
  • Facilitation of LIBOR transition by means of a formal transition strategy; and
  • Coordination, including developing fallback language and exchanging information on best practices and challenges.

The report will be delivered to G20 Finance Ministers and Central Bank Governors ahead of their meeting on July 18th.

Also today, the International Association of Insurance Supervisors (IAIS) published a complementary report (included as an annex to the above). In this report the IAIS contributes the insurance perspective to the issue of LIBOR transition.

IAIS also comment on the unique position of the insurance sector, and the distinct challenges that LIBOR transition could cause in terms of exposure. It notes in particular that insurers may be exposed on both sides of the balance sheet.

Similar to the FSB-BCBS report, the IAIS report encourages insurance supervisors to strongly encourage a commitment of insurers to transition away from LIBOR, and contains very similar recommendations for supervisors.


Jonny Williams

Jonny Williams

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