New York Fed Plans Libor Rate Phaseout by end of 2021

The President of the New York Federal Reserve Bank, John Williams, reiterated plans to phase out the use of Libor rate by the end of 2021, Reuters reported.

“It doesn’t matter whether you are a large global bank or a local company with a handful of employees, you need to be prepared to manage your institution’s transition away from LIBOR,”

Williams said during a webinar organized by the Alternative Reference Rates Committee

“As I’ve said before, let’s not make the existing hole we’re trying to climb out of even deeper.”