fbpx

U.S. Banks Urged to Stop Using Libor on New Loans by End of 2021

U.S. Banks Urged to Stop Using Libor on New Loans by End of 2021

WASHINGTON—U.S. regulators on Monday pressed banks to stop using the London interbank offered rate on new transactions by the end of 2021 while backin

In China, Online Grocery Shopping Gets Political
Tencent Doubles Stake in Universal Music Group
Scientists warn U.S. isn’t doing enough to track Covid strains

WASHINGTON—U.S. regulators on Monday pressed banks to stop using the London interbank offered rate on new transactions by the end of 2021 while backing a plan to allow many existing transactions to mature before Libor fully winds down in June 2023.

The moves amount to the strongest and clearest guidance yet from regulators about the risks to banks for writing new contracts based on Libor, an interest-rate benchmark that global policy makers moved to scrap after concluding it was balky and prone to manipulation.

Entering…

This post first appeared on wsj.com

Do You Enjoy This Article?
Sign up for our newsletter and receive FREE access to download SuccessDigest Digital Weekly Edition for attainment of your financial freedom in the new digital economy!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.

COMMENTS

WORDPRESS: 0
DISQUS: 0
%d bloggers like this: