Regulatory Alerts2021-10-03
Transitioning from the LIBOR Rate
The Supervisor of Banks issued Directive C-06-2673 to mandate Israeli banking corporations' transition from LIBOR rates to alternative benchmarks following their cessation in late 2021 and 2023. The directive requires banks to assess impacts on customers and products while managing legal, operational, behavioral, and reputational risks associated with the change. Specific provisions regarding customer notification and implementation timelines are enforced with staggered effective dates leading up to the interest rate changes.
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