On 12 February 2021, UK Finance issued a report Discontinuation of LIBOR – Guide for banks and lenders.

The purpose of the report is to help UK Finance members understand where the LIBOR transition process has got to, and identify the actions they need to take now to ensure they are ready to meet the various LIBOR implementation deadlines. Sections 1 to 5 of the report set out where the LIBOR transition process has got to at the start of 2021, reflecting on the developments to date and identifying the remaining industry progress to be made over the course of 2021 that firms should be aware of. To equip firms with awareness of the logistical considerations of transition and a practical checklist, section 6 of the report identifies the actions firms could now be considering from a commercial and operational perspective, providing a checklist for transition strategies to help meet the various LIBOR implementation deadlines.