In a recent OECD study on the business sector, Greece, though not the worst performer, unfortunately ranks among the countries with most bureaucratic impediments: large number of licenses and certificates required from different authorities both in order to open a new business but also even when operating for years, big delays in issuing them, lengthy judicial procedures, retroactive tax controls, sometimes going back to more than 10 years etc.
It promoted considerations on the choice and usage of alternative interest rate benchmarks replacing yen LIBOR  Final stage (March 2021-)  With more progress made in the considerations, tools necessary for the transition are ready  -> Now the focus is on the actual transition activities by individual market participants 1  Chart 2  Three options for alternative interest rate benchmarks  TIBOR  Based on interbank rates submitted by 15 financial institutions in Japan, including major banks  O/N RFR Compounding (Fixing in Arrears)  Based on the uncollateralized overnight call rate used in actual transactions  The most robust benchmark, but it may be less compatible with the existing administrations and systems because the interest amount is only finalized just before the next payment  TORF（Tokyo Term Risk Free Rate）  The term risk-free rate in Japan  Based on the OIS rate, a fixed interest rate exchanged in the interest rate swaps (IRS) to a  floating rate calculated using the uncollateralized overnight call rate compounded in arrears  It may be more compatible with the existing operations and systems but how to establish its robustness is a critical issue 2  Chart 3  Toward the acceleration of the LIBOR transition (1)  Milestone  The issuance of new transactions for loans and bonds referencing yen LIBOR needs to be ceased by the end of June 2021  Tools for the success  The Committee indicated in the results of its first public consultation that the term riskfree rate received the most support as an alternative benchmark  The publication of a production rate for TORF started on April 26, 2021 (about two  months ahead of its initial schedule)  3  Chart 4  Toward the acceleration of the LIBOR transition (2)  Milestone  The amount outstanding of legacy contracts for loans and bonds referencing yen LIBOR needs to be reduced substantially by the end of September 2021  Tools for the success  The Committee indicated in the results of its second public consultation that its  recommendation to give TORF the first priority and the O/N RFR Compounding (Fixing in Arrears) the second priority as fallback rates was supported by many market participants  Industry groups, including the JBA, published samples for fallbacks in loans 4  Chart 5  Toward the acceleration of the LIBOR transition (3)  Milestone  New transactions of yen LIBOR swaps needs to be ceased and transitioned to those of OIS  Tools for the success  The Committee published "Preparations for the discontinuation of LIBOR in the JPY interest rate swaps market"  New transactions of yen LIBOR swaps should be ceased by no later than the end of September 2021  OIS should be the dominant option replacing yen LIBOR swaps 5■