BoE’s Ramsden calls time on Libor use
Deputy governor says progress on transition to Sonia benchmark needs to accelerate
The Bank of England’s Dave Ramsden has warned firms need to do more to prepare for the transition to new benchmarks and stop selling products linked to Libor ahead of the end-2021 cut-off date.
The deputy governor said firms had made some progress in linking products to the Sterling Overnight Index Average, the BoE-administered rate that will replace Libor in the UK.
“The good news is, transition is happening,” Ramsden said at an event hosted by the BoE on June 5. “There has been real progress
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