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Hendersons - Barristers' Chambers
Articles Banking, Finance & Financial Services 7th Oct 2020

Alerter by Jack Castle – SONIA & the ‘Tough Legacy’ of LIBOR

Henderson Chambers alerter by Jack Castle

At the end of 2021 the London Interbank Offered Rate (LIBOR) will be discontinued. In its place the Financial Conduct Authority is proposing a different rate to become the market standard, the Sterling Overnight Index Average (SONIA). What is the impact of LIBOR’s discontinuance on regulated credit agreements? How might regulated lenders approach a transfer to SONIA? Will the Government legislate to assist with the change?



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