This decision of the British authorities is part of the very global project driven by the G20 which aims at reinforcing the protection of savers, borrowers and investors by replacing certain benchmarks in order to increase their reliability and robustness.
The forthcoming end of LIBORs - for the five currencies EUR, CHF, JPY, GBP and USD - has been confirmed, as has the end of EONIA. New benchmarks, the "RFR - Risk Free Rates", will be used progressively.
In order to prepare for the transition to RFRs, the private sector has organised itself around working groups under the aegis of national authorities across the world and the ECB for the Eurozone.
Within this framework, Indosuez is working with all Crédit Agricole group entities to protect the interests of its clients.
For further information, you can refer to Crédit Agricole group’s special focus "2021: new benchmarks and the end-game for LIBOR".
February 16, 2022