UK Finance has published a guide for banks and lenders on the discontinuation of LIBOR. This is intended as a toolkit for members to support their engagement for the move away from LIBOR and to sign post to the relevant information to support preparations. The aims of the guide are:
- To provide a comprehensive overview of LIBOR transition and ongoing developments – Sections 1 to 5 set out where we are with transition at the start of 2021, reflecting on the developments to date and identifying the remaining industry progress to be made over the course of 2021 that firms should be aware of.
- To equip firms with awareness of the logistical considerations of transition and a practical checklist – Section 6 identifies the actions firms could now be considering from a commercial and operational perspective, providing a checklist for transition strategies to help meet the various LIBOR implementation deadlines.
Although relevant to all market participants, the guide may be particularly useful for lenders who have been less engaged with LIBOR transition to date.