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Over Three Quarters Of Financial Institutions Are Not Prepared For LIBOR Transition, According To New Research From Duff & Phelps, A Kroll Business Date
05/05/2021
Duff & Phelps, A Kroll Business, the world’s premier provider of governance, risk and transparency solutions, today publishes research revealing 77% of financial institutions do not have a comprehensive plan in place for LIBOR transition, which is due to take place on 31 December 2021.
Over half of the firms (54%) surveyed identified LIBOR exposures, but have not yet taken necessary action to resolve their liability. Of that 54%, 58% had not catalogued transition provision, and 42% were unsure of what to do next. Almost a quarter (23%) of the firms surveyed have not begun any formal processes to identify exposure.