The London Interbank Offered Rate (LIBOR) is a benchmark interest rate meant to represent the rate at which banks would lend to other banks for a specified amount of time on an uncollateralized basis. LIBOR is calculated and published daily across five currencies with seven different maturities, 从一夜到12个月, 使用来自16个小组银行的意见书. 从80年代开始, 当正式出版的索引开始, it has been a popular choice by financial institutions to determine short-term interest rates and for variable rate products such as 信用卡, 抵押贷款, 商业贷款, 和衍生品. As of May 2021, approximately $200 trillion in outstanding contracts are linked to USD LIBOR.

A combination of new regulations and changes to how banks fund themselves has caused the underlying transactions for LIBOR calculations to dwindle. Calculations have relied heavily on “expert judgment” by the LIBOR panel banks due to the limited number of actual transactions for reference, 这使得汇率容易被操纵.

LIBOR’s inadequate underlying transaction volume and resulting inability to ensure true market representation has led regulators to decide that the financial industry should no longer reference the rate. The Alternative Reference Rate Committee (ARRC) was created in 2014 by the Federal Reserve for the purpose of identifying robust alternatives to USD LIBOR and supporting the transition to a new index. In 2017, 金融市场行为监管局, 监管LIBOR的机构, 宣布2021年后将不会强迫小组银行向伦敦银行间拆放款利率报告.  有了这个公告, financial institutions were given a LIBOR publication end date to reference while developing timelines for a transition plan to a new benchmark rate.

有多个潜在的替代者, but those garnering the most attention by the market are the secured overnight financing rate (SOFR), U.S. 优惠利率，彭博短期银行收益率指数，ICE银行收益率指数和AMERIBOR. 自2017年以来, ARRC一直推荐SOFR作为首选替代方案, though widespread adoption of SOFR as a LIBOR replacement in all scenarios is not guaranteed and progress has been slow.

而不是对所有LIBOR生产使用单一替代方案, institutions may use a combination of the options listed above depending on the type of product and on borrower needs.

Publication of the 1-week and 2-month tenors of USD LIBOR will cease after December 31, 2021. The remaining tenors will continue to be calculated and published daily through June 30, 2023, 尽管监管机构已将截止日期定为12月31日, 2021年为任何参考LIBOR期限的新产量.

Contracts that reference LIBOR and mature on or before June 30, 2023, will not be impacted. 参考伦敦银行间拆放款利率，6月30日后到期的合约, 2023, 会不会有新的基准利率. 世界赌博十大网站 is giving due consideration to all possible LIBOR alternatives and will work with impacted customers to ensure the new benchmark is consistent with accepted market practices and substantially equivalent to the LIBOR index rate.

Customers impacted by the discontinuation of LIBOR will be notified by 世界赌博十大网站 in a timely manner with realistic notice of the new benchmark prior to transition.

Your 世界赌博十大网站 Relationship Manager is available to address any questions you might have.

The Bank has established a 伦敦同业拆借利率(LIBOR)过渡 Working Group consisting of key contributors across departments impacted by the transition. The group is working to address all potential risks in order to ensure a smooth and transparent transition for both customers and the Bank and minimize any potential disruptions.

The group is also actively monitoring the development of all potential LIBOR replacements and analyzing each to determine the best fit for our customers and the Bank. We will work together with our customers to communicate updates as they become available.