Libor Exit Plans Set Up Showdown for Firms Versus Regulators
- Businesses have ‘written off’ 2020 to move away from benchmark
- Lenders, borrowers are risking legal no man’s land after 2021
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Corporate treasurers in crisis-fighting mode look set to miss looming deadlines to abandon the scandal-plagued Libor benchmark, threatening a showdown with regulators powering ahead with reforms.
In the grip of this once-in-a-generation pandemic, many businesses have already given up on this year when it comes to shifting away from the reference rate that has underpinned trillions of dollars in loans, bonds and derivatives, according to the Association of Corporate Treasurers.