The US dollar LIBOR panel ended on 30 June. The overnight and 12-month US dollar LIBOR settings have now permanently ceased. The 1-, 3- and 6-month US dollar LIBOR settings will continue to be published under a synthetic methodology. As we said in our 03 April decisions, we expect these settings to cease permanently at end-September 2024.

On 01 July, we published four technical legal notices to implement our decisions. We also published an announcement today to confirm the implementation of our decisions and reiterate our message that we do not want to see transition to so-called ‘credit sensitive’ rates.

We would also like to emphasise that synthetic US dollar LIBOR is only a temporary measure to allow firms some extra time to complete transition and it will be wound down permanently as with all other LIBOR settings. Firms should continue to actively transition contracts wherever possible.