Transcription of Progress Report: The Transition from U.S. Dollar LIBOR
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Progress Report: The Transition from U.S. Dollar LIBOR
Progress report : The Transition from Dollar LIBOR The Alternative Reference Rates Committee March 2021 (Updated as of March 31, 2021) 1 The Endgame for USD LIBOR The recent announcements from and regulators and LIBOR s administrator, ICE Benchmark Administration (IBA), have set out clear end dates both for new use of Dollar (USD) LIBOR and for its cessation as a representative, panel-based rate: The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation have issued supervisory guidance encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021 , noting that new USD LIBOR issuance after 2021 would create safety and soundness risks.
Mar 31, 2021 · This third Report from the ARRC describes the progress that market participants have made in transitioning from USD LIBOR, and where progress will need to materially accelerate in order for them to be adequately prepared for the end dates that have been laid out. 1.
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