The FCA confirms that the central assumption that firms cannot rely on LIBOR being published after the end of 2021 has not changed and should remain the target date for all firms to meet.
However, it is likely to affect some of the interim milestones for the transition programmes of UK market segments that have made less progress in transition and are therefore still more reliant on LIBOR, such as the loan market.
The central assumption that firms cannot rely on LIBOR being published after the end of 2021 has not changed and should remain the target date for all firms to meet. The transition from LIBOR remains an essential task that will strengthen the global financial system. Many preparations for transition will be able to continue. There has, however, been an impact on the timing of some aspects of the transition programmes of many firms. Particularly in segments of the UK market that have made less progress in transition and are therefore still more reliant on LIBOR, such as the loan market, it is likely to affect some of the interim transition milestones.
https://www.fca.org.uk/news/statements/impact-coronavirus-firms-libor-transition-plans
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