Cognisant of these risks, Libor currency areas have moved to identify alternative reference rates to replace Libor amid growing consensus that, at some point, Libor will cease to exist – not least because the Financial Conduct Authority has already made it known that it will not persuade or compel banks to submit Libor beyond 2021.
And somebody has jokingly changes the lyrics of the famous song “Killing me softly with his song” to ‘killing it softly with Bailey’s song’. Finding and agreeing on new reference rates has proved to be a long and difficult road.