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5/11, 4:52 PM (Source: TeleTrader)
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Bailey on LIBOR: Descent is hardest part

While the abandoning of LIBOR (London Inter-bank Offered Rate) was announced 4 years ago, it is very important to do it safely, Bank of England (BoE) Governor Andrew Bailey (pictured) stated on Tuesday, adding in his speech that the "hardest part of mountaineering is often the descent."

Delivering remarks before the Alternative Reference Rates Committee, Bailey urged against using credit-sensitive rates "that do not address" the LIBOR's fundamentals shortcomings, as such a move could endanger the progress made so far.

The United Kingdom Financial Conduct Authority (FCA) announced in March that a formal end to nearly all LIBOR rates is to come at the end of 2021.

Breaking the News / BU