On 23 July 2020, the European Central Bank (ECB) published the results of its industry-wide assessment of banks’ preparedness for the benchmark interest rate reforms. While banks are generally well aware of the complexity of the reforms and the challenges involved, their level of preparation leaves room for improvement, according to the survey. Banks are also generally behind schedule in implementing risk mitigation measures.

To assist banks in their preparation, ECB Banking Supervision is publishing good practices outlining how banks can best structure their benchmark-rate related governance, identify benchmark-rate related risks, and create action plans and documentation in relation to the reforms.