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UK banks starting to adopt US recommendations on contractual fallbacks for loans in the event of Libor’s demise

By Neil Roland ( August 12, 2020, 20:33 GMT | Insight) -- A growing number of UK banks are choosing to follow US recommendations on how to structure contractual fallbacks for loans from a group of lenders in the event Libor is scrapped, a senior Fieldfisher lawyer said. “There are definitely trends developing in a more hardwired or a more organized switchover than perhaps the consultative type arrangement, which is what we were seeing earlier in the markets,” said Fieldfisher's Richard Gibbard, speaking of the UK market.A growing number of UK banks are choosing to follow US recommendations on how to structure contractual fallbacks for loans from a group of lenders in the event Libor is scrapped, a senior Fieldfisher lawyer said....

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