The use of LIBOR in financial contracts
In the United States in 2014, the Federal Reserve organized the Alternative Reference Rates Committee (ARRC) made up of banks, asset managers, corporate treasurers and industry trade associations to select an alternative reference rate to LIBOR.
LIBOR expected to become unavailable
- The IBA intends to stop publication of two of its USD LIBOR settings – one week and two month – after its December 31, 2021 publication.
- The IBA also intends to stop publishing its most commonly referenced USD LIBOR settings (overnight, and one, three, six, and 12 months) after its June 30, 2023 publication.
U.S. Bank will closely monitor these developments and continue to update this page.
We’re making the transition as smooth as possible for you.
In the meantime, please review the helpful LIBOR resources provided on this page and stay up to date with key industry developments. We also encourage you to take part in consultations by regulators and industry working groups, and seek independent professional advice on any concerns you may have on this transition.
Frequently asked questions
- Alternative Reference Rates Committee (ARRC) (Link opens in a new tab)
- ARRC’s Best Practices for Completing LIBOR Transition (PDF, link opens in a new tab)
- Financial Conduct Authority (Link opens in a new tab)
- International Swaps and Derivatives Association (ISDA) (Link opens in a new tab)
- Paced industry transition plan and milestones (Link opens in a new tab)
- A user’s guide to SOFR (PDF, link opens in a new tab)