Live or die: Libor phase-out leaves local banking sector with lots of work, options
SOME bankers would consider adjustments to the phaseout of Libor less a labor of love, as the end of the 34-year-old financial tool brings additional tasks the sector must undertake.
“The most important number in finance will disappear in 2021,” lawyer Russell Stanley Geronimo wrote in an opinion piece for the BusinessMirror. (See, “Is the Philippines ready for the 2021 Libor phaseout?” August 17, 2020)
“The London Interbank Offer Rate (Libor), which is an interbank interest rate at which banks on the London money market are willing to lend to one another, will soon be phased out.”
By 2022, the banking industry will be introduced to a new benchmark for borrowing costs.
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