COVID-19 and LIBOR Transition: Taking a Market-led Approach

The ongoing COVID-19 pandemic has caused severe market volatility globally. Despite this volatility, the US Federal Reserve, Bank of England (BoE), and the Financial Stability Board (FSB) have reiterated their stance on firms not relying on LIBOR post December 31, 2021. This white paper examines regulatory pronouncements with regard to COVID-19 impacts on LIBOR transition plans and recommends how financial institutions must continue LIBOR project execution, in parallel with their business-as-usual activities.