​Banks likely to meet 2021 Libor deadline for new contracts but not legacy, UK FCA chief Bailey says

12 April 2019 9:15am
Andrew Bailey, head of the UK’s Financial Conduct Authority, expressed confidence that banks would meet a 2021 deadline for transitioning from Libor benchmarks to less risky market-based rates in new financial contracts.

However, many current contracts with inter-bank Libor rates will likely not be amended by then, said Bailey, who also is co-chair of the Financial Stability group coordinating the worldwide transition.

Asked about prospects for meeting the 2021 deadline, he said in an interview in Washington yesterday: “There shouldn’t be any need to use Libor for new products.”