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The ARRC was charged with providing the market with the tools that would be needed for a transition from LIBOR: an alternative rate that did not share the same structural instabilities that have led LIBOR to this point, a plan to develop liquidity in the derivatives market for this new rate so that cash users could hedge their interest rate risk, and models of better contract language that helped limit the risk from a LIBOR disruption. The Federal Reserve convened the ARRC based on our concerns about the stability of LIBOR. Clarity on the exact timing and nature of the LIBOR stop is still to come, but the regulator of LIBOR has said that it is a matter of how LIBOR will end rather than if it will end, and it is hard to see how one could be clearer than that. My key message to you today is that you should take the warnings seriously. Despite that development, some continue to speculate that LIBOR can remain in production indefinitely. Financial Conduct Authority has intervened to preserve LIBOR's stability only through the end of 2021. Not everyone paid attention to those warnings, but the risks that we pointed to have materialized. Since 2014, the official sector has publicly warned that LIBOR could become unstable. I am sorry I cannot be present at the Alternative Reference Rates Committee's (ARRC) fourth roundtable, but I wanted to share these remarks with you at what is the start of the next critical stage in the transition away from LIBOR. Factors Affecting Reserve Balances - H.4.1.Industrial Production and Capacity Utilization - G.17.Survey of Household Economics and Decisionmaking.Household Debt Service and Financial Obligations Ratios.Financial Accounts of the United States - Z.1.Statistics Reported by Banks and Other Financial Firms in the.Senior Credit Officer Opinion Survey on Dealer Financing.New Security Issues, State and Local Governments.Senior Loan Officer Opinion Survey on Bank Lending.Charge-Off and Delinquency Rates on Loans and Leases at.Assets and Liabilities of Commercial Banks in the U.S.
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Aggregate Reserves of Depository Institutions and the.Payments System Policy Advisory Committee.International Standards for Financial Market.Supervision & Oversight of Financial Market.Sponsorship for Priority Telecommunication Servicesįinancial Market Utilities & Infrastructures.Federal Reserve's Key Policies for the Provision of Financial.Regulation HH (Financial Market Utilities).Regulation II (Debit Card Interchange Fees and Routing).Regulation CC (Availability of Funds and Collection of.Securities Underwriting & Dealing Subsidiaries.Enforcement Actions & Legal Developments.Federal Financial Institutions Examination Council (FFIEC)īanking Applications & Legal Developments.Federal Reserve Supervision and Regulation Report.Community & Regional Financial Institutions.