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According to the Financial Conduct Authority of the UK(“FCA”)'s announcement of the timeline for LIBOR(London Interbank Offered Rate) cessation and the Financial Services Commission of Korea's recommendation(statement released on July 13), Korea Eximbank’s new loans issued from October 5, 2021 will be subject to new benchmark rates such as SOFR, and new LIBOR loans will be discontinued according to the schedule as below:
- Schedule of cessation of LIBOR loans -
1. LIBOR*-linked loans scheduled to cease as of January 1, 2022: From October 1, 2021, new contracts and the extension of the maturity of existing contracts won’t be available.
* USD LIBOR (1 Week, 2 Months), EUR/JPY/GBP/CHF LIBOR
2. LIBOR*-linked loans scheduled to cease as of July 1, 2023: From January 1, 2022, new contracts and the extension of the maturity of existing contracts won’t be available. (In the 4th quarter of 2021, SOFR and USD LIBOR** are applied in parallel.)
* USD LIBOR (Overnight, 1/3/6/12 Months)
** When applying USD LIBOR, it is necessary to incorporate fallback language (transition to SOFR at the cessation date of LIBOR publication)
Attachment : Changes in the application of new benchmark rates by currency and Schedule of LIBOR cessation.