LIBOR and reference rate reform

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Regulators and industry bodies have proposed and agreed on new interest rate benchmarks to replace LIBOR rates that are anticipated to no longer be published or supported past the end of 2021. These new Risk Free Rates will be broad reaching across all industries that use or invest in interest rate linked products, and affect a comprehensive set of financial instruments including fixed income securities, loans, and derivatives.

The transition to these new rates will require significant efforts by institutions to address the impacts on business activities, client interactions, control processes, systems, risk management and financial performance.  Organisations must begin now to prepare for and manage the transition.

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LIBOR and Reference Rate Reform: What is LIBOR and why replace it?

Karyn Daud and Nassim Daneshzadeh discuss what LIBOR is and why there are discussions around replacing it | Duration: 2:48

PwC’s established global network of specialists deeply understands key LIBOR-impacted businesses such as:

  • Capital Markets
  • Commercial Lending
  • Retail Banking and Wealth Management
  • Investment Management
  • Insurance
  • Market Infrastructure
  • Corporate Treasury

We work with you to provide support across the entire lifecycle of the transition, beginning with mobilization and governance, impact assessment, definition of remediation work streams, contract management and remediation, client outreach, systems & process changes, risk and valuation model changes, and managing related tax & accounting implications.

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Contact us

Darren Ketteringham

Partner, PwC United Kingdom

Karyn Daud

Head of Risk Consulting, PwC United Kingdom

Tel: +44 (0)7795 617 469

Nassim Daneshzadeh

Partner Financial Services Risk & Regulation, PwC United Kingdom

Tel: +44 2 07212 6713 

Pieter Veuger

Partner, PwC Netherlands

Tel: +31 (0) 88 792 5157

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