Even as the ARRC and similar currency groups in other jurisdictions were being formed, the FCA was exerting considerable effort to convince banks to continue submitting to LIBOR.
We have to be aware that two banks left the U.S. dollar panels despite this encouragement, and that the agreement that the FCA reached with the remaining banks to continue submitting voluntarily through the end of 2021 now has just three-and-a-half years left.