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Banking / WHITE PAPER
Navin Rauniar
Lead – LIBOR Transition, Banking, Financial Services and Insurance, TCS
Zeeshan (Zee) Rashid
Global Head - Risk and Compliance Advisory and LIBOR Transition, Banking, Financial Services and Insurance, TCS
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The impact of COVID-19 on financial services has been considerable, affecting different lines of business and functions. Likewise, the impact of COVID-19 on LIBOR has been significant, resulting in a great deal of volatility in the LIBOR market. However, regulators have reiterated the unavailability of LIBOR as a benchmark rate post 2021. This means that even as banks scramble to prevent service disruption, their LIBOR transition plans will need to continue on track. To minimize the COVID-19 impact on LIBOR transition, banks must review a few aspects that are intrinsically linked. These include:
The COVID-19 impact on LIBOR transition is largely stemming from market volatility and changes in the regulatory landscape. However, a systematic transition is key to financial stability and banks must take appropriate steps to ensure the same.
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