Add Fallback Clauses To Euribor Contracts, ECB Tells Banks

Law360, London (November 6, 2019, 1:14 PM GMT) -- The European Central Bank told lenders on Wednesday to ensure they have “robust written plans” for financial contracts underpinned by Euribor to protect them if the scandal-hit interest rate benchmark is disrupted or eventually dropped.

A group set up by the central bank has issued guidance for banks in the European Union, urging them to write fallback provisions into cash products and derivatives transactions that refer to the Euro Interbank Offered Rate. The benchmark, known as Euribor, is based on the average interest rates used by a panel of European banks when they borrow money from each another.

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