Practice has, however, brought to light an additional, unexpected problem concerning the reliability of the data themselves. Here, the Commission relied on the budget and debt figures produced by the national agencies.
ASIC and APRA have supervisory responsibilities in this area and associated powers to pursue if needed. Our current assessment is that Australian firms have made progress on the LIBOR transition to date. There is, however, variation across firms and continued focus and effort is needed in the year and a bit that remains.