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    FSB Issues Statement on LIBOR Cessation, Finalizes 2022 Work Program

    November 22, 2021

    The Financial Stability Board (FSB) recently published a summary of its plenary meeting in Basel as well as a statement to support preparations for LIBOR cessation. Despite the significant progress in transitioning to risk-free rates, market participants still need to finalize preparations to cease new use of LIBOR by end-2021. Considering the significant use of USD LIBOR globally, FSB believes it is important to reinforce the message and timeline from supervisors globally to ensure there is no interruption to new business and financing. FSB also considers engagement with emerging markets and developing economies to be a key part of LIBOR transition globally. FSB will continue to monitor the final steps in completing LIBOR transition over the coming months.

    At the FSB Plenary meeting in Basel, members discussed vulnerabilities in the global financial system, reviewed issues of relevance to the emerging market and developing economies, and agreed the work program for 2022. The finalized 2022 work program will be published in January. Plenary members expressed their gratitude for Randal Quarles’ leadership and commitment in chairing FSB during the past three years and look forward to working with Klaas Knot, who will take over as FSB Chair on December 02, 2021. The Plenary also discussed key issues in completing resolution reforms going forward, including follow-up work to close gaps identified in the evaluation of the effects of too-big-to-fail reforms for systemically important banks. The following are some of the key deliverables that were discussed:

    • FSB will provide an updated assessment of the financial stability implications of crypto-assets to the G20 in February 2022.
    • FSB will publish a discussion paper to provide basis for a dialog between the public and private sector on emerging policy approaches and industry practices that could prove effective to support a smooth transition out of debt overhang issues stemming from the recent global upheaval.
    • The 2021 Resolution Report, which marks the tenth anniversary of the adoption of the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions, will be published in early December. 


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    Keywords: International, Banking, Insurance, Securities, LIBOR, Benchmark Reforms, LIBOR Transition, Risk-Free Rates, Work Program, Cryptoassets, FSB

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