Conclusion Retirements always seem far off, until they’re not. LIBOR is no different. What once seemed a distant prospect is now very real. One by one the remaining areas of uncertainty are closing. Now there’s just a year left for all market participants to get three key things done:  -  First, move all your new business off LIBOR as soon as possible next year – and by the end of March for sterling;  11  -  Second, sign the ISDA protocol or make firm alternative plans; and  -  Third, work hard to convert any remaining legacy contracts away from LIBOR. https://www.fsb.org/2020/10/global-transition-roadmap-for-libor/ 5  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  5  To have got to this point is a quite remarkable achievement by everyone involved. Working together, it’s time for one last push before we bid LIBOR farewell for good. Thank you. 6  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  6
Moreover, the appendixes to this Annual Report include a study of the prudential consequences of the international accounting standards that will apply in Europe from 2005 onwards. * In sum, French credit institutions in 2002 amply displayed their ability to withstand cyclical contingencies. Improvements can still be made in terms of risk spreading and surveillance. This is one of the factors to which the Commission Bancaire will play close attention as banks prepare and phase in information systems ahead of the introduction of Basel 2 and new accounting standards. In addition to the two studies I have already mentioned, the appendices of the Annual Report include a review of risk management in financial conglomerates. Let me also mention that a summary of the Commission Bancaire’s judicial decisions is being published at the same time as the Annual Report. This first edition will be updated yearly. 4  BIS Review 32/2003