December 18, 2019 / 3:34 PM / 2 months ago

Bank of England to check with banks in 2020 on ending Libor use

LONDON, Dec 18 (Reuters) - Bank of England Deputy Governor Sam Woods said on Wednesday he would meet banks in the first quarter of 2020 to check on whether regulations are hampering their ability to ditch the use of the Libor interest rate benchmark.

“We consider that the need to transition is a critical one for all involved, and firms must take appropriate action now so that they have transitioned to alternative rates ahead of the end of 2021,” Woods said in a letter to an industry working group.

“I would like to suggest that we meet in spring 2020 to consider how work on the regulatory interactions of benchmark reform is progressing.” (Reporting by Huw Jones; Editing by Alison Williams)

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