Use of these quotes for new contracts would create safety and soundness risks for counterparties and the financial system. We will supervise firms accordingly. Market participants should act now to accelerate their transition away from LIBOR. The reign of LIBOR will end imminently, and it will not come back. To return to where we started, the year of magical thinking is over.
3/4  BIS central bankers' speeches  1 S e e www.fca.org.uk/news/press-releases/announcements-end-libor  and ir.theice.com/press/newsdetails/2021/ICE-Benchmark-Administration-Publishes-Feedback-Statement-for-the-Consultation-on-ItsIntention-to-Cease-the-Publication-of-LIBOR-Settings/default.aspx. Return to text  2 One-week and two-month U.S. dollar LIBOR tenors will end as of December 30, 2021. IBA will cease publishing  all remaining U.S. dollar LIBOR rates after June 30, 2023. Return to text 3  See www.federalreserve.gov/newsevents/speech/quarles20190410a.htm, www.federalreserve.gov/newsevents/speech/powell2 and www.federalreserve.gov/newsevents/testimony/vanderweide20210415a.htm.