June 23, 2020 / 9:46 AM / 14 days ago

Britain bolsters regulatory powers to scrap Libor

LONDON, June 23 (Reuters) - Britain said on Tuesday it will give regulators more powers to ensure that the Libor interest rate benchmark is scrapped in an orderly way by the end of 2021.

“The Government recognises... that legislative steps could help deal with this narrow pool of ‘tough legacy’ contracts that cannot transition from Libor,” Britain’s finance minister Rishi Sunak said in a statement.

“The legislation will ensure that, by end-2021, the FCA has the appropriate regulatory powers to manage and direct any wind-down period prior to eventual Libor cessation in a way that protects consumers and/or ensures market integrity.” (Reporting by Huw Jones, editing by Andy Bruce)

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