Thomas McLennan, BVRLA’s Head of Policy & Public Affairs provides an insight into the upcoming LIBOR transition in the latest BVRLA Blog.
In his BVRLA blog, Tom cautions that “LIBOR (London Interbank Offer Rate) quotes will disappear after 2021 and current LIBOR based arrangements extending into 2022, will need to be updated to remain effective.”
“Start planning now is the message for firms with LIBOR based borrowings, lendings or arrangements that include a LIBOR based clause. Without transition to a new rate, clauses will not operate as originally intended - action therefore needs to be taken in 2021 to ensure that this does not happen.”
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