BoE drops Libor for hedging UK forex reserves
Bank of England adopts Sonia reference rate in UK Treasury swap programme
The Bank of England is putting its words into action on benchmark reform.
The central bank has stopped using Libor swaps with fixings beyond 2021 to hedge the UK government’s foreign exchange reserves and may impose tighter restrictions for Libor-linked collateral lodged with the central bank’s liquidity facility.
Andrew Hauser, executive director for markets at the Bank of England, said a project team at the BoE began advising HM Treasury last year on transitioning to Libor’s successor rate
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