Covid loans support six-month extension for Libor lending
UK working group delays Libor loan end-date to March 2021 as emergency loan scheme shuns Sonia
A planned deadline for banks to cease new lending linked to sterling Libor has been extended by six months to March 2021, as remote working challenges and unprecedented market volatility hamper Libor transition efforts.
Meanwhile emergency loans intended to soften the economic impact of the Covid-19 pandemic on UK businesses are being linked to Libor, rather than its risk-free successor for sterling markets, Sonia.
Following discussions with the Bank of England and Financial Conduct Authority
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