Central Banking

‘Clock ticking’ for Australian institutions exposed to Libor – RBA’s Kent

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Australian financial institutions may not be prepared for the transition away from Libor, one of the central bank’s most senior officials has warned.

Speaking in Sydney today (March 19), assistant governor Christopher Kent said the “clock is ticking” for institutions with exposures to the London Interbank Offered Rate.

“A path for transition away from Libor has been cleared,” he said, but he noted changes being undertaken in the Australian market may not be enough.

To replace Libor

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