BoE: Continued Libor use is a threat to financial system
Global bodies transitioning to new alternatives
The BoE said “market reliance on the Libor benchmark created a financial stability risk”
The Bank of England (BoE) has warned that the reliance on the Libor interest rate benchmark when setting mortgages, credit card loans and other global contracts could be a threat to the financial system.
Minutes from the Bank's 20 September financial policy committee (FPC) meeting, published on Tuesday, show officials raising concerns over the continued use of Libor to underpin $350trn in contracts, despite...
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