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Synthetic Libor proposals to come from UK FCA in spring, Schooling Latter says

( January 26, 2021, 14:21 GMT | Official Statement) -- MLex Summary: Proposals allowing the continued publication of the London Interbank Offered Rate on a “synthetic” basis will come from the UK Financial Conduct Authority in spring, the regulator’s director of markets and wholesale policy said today. Although Libor is being phased out by end-2021, with target dates to stop new Libor lending in the interim, the FCA has powers to define which legacy contracts can use a synthetic version of Libor. That may be useful if, for example, a bank needs to amend a retail mortgage contracts but is unable to contact the borrower, Edwin Schooling Latter said.The speech is attached....

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