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ARTICLE · 02 DECEMBER 2020

Libor Administrator Proposes Extending Timeline For Discontinuing Some U.S. Dollar Benchmarks

Holland & Knight
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The Intercontinental Exchange (ICE) Benchmark Administration (IBA), which is the administrator of the London Interbank Offered Rate (Libor), announced on Nov. 30, 2020.

United StatesFinance and Banking
Douglas Youngman
Douglas Youngman
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Highlights

  • The Intercontinental Exchange (ICE) Benchmark Administration (IBA), which is the administrator of the London Interbank Offered Rate (Libor), announced on Nov. 30, 2020, that it will consult in early December on its intention to cease the publication of the one-week and two-month U.S. dollar (USD) Libor settings immediately following the Libor publication on Dec. 31, 2021, and the remaining USD Libor settings immediately following the Libor publication on June 30, 2023.
  • The new proposal is significantly longer than the timeline that had been previously contemplated for the discontinuation of the widely used one-month, three-month and other USD Libor benchmarks.
  • In response to the IBA's announcement, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued a statement encouraging banks to transition away from the USD Libor as soon as practicable and in

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