Meralis action4/6/2024 ![]() We have just passed the RFRWG end-Q1 milestone for ceasing new use of sterling LIBOR for most products. dollar LIBOR settings that has been issued on or after 1 April 2021 and before 1 January 2022 if it is satisfied that a robust fallback or a future rate-switch mechanism is in place. Additionally, the Bank will only accept collateral linked to those U.S. dollar LIBOR settings if issued after 1 January 2022. dollar LIBOR in new contracts, the Bank will not accept new collateral linked to those U.S. In the meantime, such collateral will not be subject to the scheduled add-ons unless it also references other LIBOR rates. dollar LIBOR settings, the Bank is reviewing its approach to collateral referencing those settings and will communicate its decision in due course. In response to the updated transition timelines for certain U.S. In particular, we reserve the right to waive those add-ons where we are satisfied that a robust fallback or a future rate-switch mechanism (meeting certain conditions) is in place. The Bank previously announced that it would implement scheduled haircut add-ons on LIBOR-linked collateral. dollar collateral, given the later date for cessation? What has changed and how are you treating U.S. The Bank has recently updated its policy for collateral referencing LIBOR. Manage Products and Account Information. ![]()
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