LIBOR
(asked on 18th July 2019) - View Source
Question to the HM Treasury:
To ask Her Majesty's Government what assessment they have made of the preparedness of the financial services industry to solve the issue of LIBOR-linked loan contracts before 2021.
This question was answered on 23rd July 2019
The Government is supporting a market – led transition away from LIBOR by end-2021.
UK financial services regulators have said that they will be expecting banks to show that they have eliminated dependency on LIBOR in their lending businesses, have suitable plans to move to non-LIBOR products in new lending well before end-2021, and to explain changes to affected customers.