CSBS Issue Talking Points - March 2021

LIBOR. This was accompanied by an associated statement by the International Swaps and Derivatives Association (ISDA) . • ICE also announced its intention to end the publication of all GBP, EUR, CHF and JPY LIBOR settings on Dec. 31, 2021. The consultation on these intentions is open for feedback until Jan. 31, 2021. The ICE Benchmark Administration will make statements about these intentions after the consultation is closed. • The Federal Reserve, FDIC and OCC issued a statement on Nov. 30, 2020 referencing the ICE consultation and urging that all institutions stop writing contracts that use U.S. dollar LIBOR as soon as possible, but in any event by Dec. 31, 2021. The extension of LIBOR publication until June 30, 2023 would allow for some legacy contracts written using LIBOR to mature before publication ends. Reference Material 1. ARRC website www.newyorkfed.org/arrc 2. SOFR website https://apps.newyorkfed.org/markets/autorates/sofr 3. FCA website www.fca.org.uk/ 4. ICE website https://ir.theice.com/home/default.aspx SME Contact: Daniel Berkland, Director, Supervisory Processes: 202.559.1987 or DBerkland@csbs.org Date Updated: 12/17/2020

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