One such occasion was the management of the cash changeover in early 2002; another test of the resilience of the framework came after the terrorist attacks in September 2001. The present market turmoil provides a new challenge to the framework, perhaps the biggest so far. Let me briefly summarise the way in which the different features of the framework have proved to be important.
[7] If you follow these steps in a timely manner, your institution will be ready for the end of LIBOR. Banks' LIBOR transition plans are proceeding. Progress in stakeholder education and the required changes to contracts, systems and processes is in train. It was very pleasing to see overall notional exposures to LIBOR declining over the course of 2020 for the key Australian institutions.