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LONDON (Reuters) - The Bank of England told banks on Wednesday to accelerate their efforts to ditch the Libor interest rate benchmark if they want to avoid facing more punitive terms when borrowing from the central bank. FILE PHOTO: The Bank of England logo is seen on a lectern during the launch event for the new note design at the Turner Contemporary gallery in Margate, Britain, October 10, 2019. Leon Neal/Pool via REUTERS. The BoE wants Libor, which banks were fined billions of pounds for trying to rig, replaced with the central bank’s own overnight “risk-free” Sonia rate by the end of 2021. Market participants have started to use Sonia for new futures contracts, but progress in the cash... Full story

26 February