Calls for more clarity on UK Libor ‘safe harbour’ consultation

UK Treasury adobe stock 575x375
By Mike Turner
19 Feb 2021

The UK government has opened a consultation on having a ‘safe harbour’ for legacy Libor contracts deemed too difficult to switch to another benchmark before the end of year deadline. However, market participants say much more needs to be clarified in the proposals.

The UK Treasury has launched the consultation after “a number of stakeholders” contacted it with a request for a safe harbour that would “act as a helpful contingency in reducing the potential risk of contractual uncertainty and disputes in respect of certain legacy contracts” that use Libor as ...

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