Jens Weidmann: The institutional and economic-policy challenges posed by the sovereign debt crisis Speech by Dr Jens Weidmann, President of the Deutsche Bundesbank, to the Economic Forum 2013, Darmstadt, 30 October 2013. * 1. *  *  Introduction  Professor Frömel Mr Sellner Ladies and gentlemen Thank you very much for your invitation.
[7] This is an important issue for Australian financial institutions, which have substantial exposures to LIBOR through derivatives, bonds and syndicated lending. To replace LIBOR, regulators have worked closely with industry participants to develop alternative risk-free rates, such as the Secured Overnight Financing Rate (SOFR) for the US dollar and the Sterling Overnight Interbank Average Rate (SONIA) for the British pound.