Regulatory Alerts2020-07-10
Added · Updated
Results of Survey on Reform of Interest Rate Benchmarks for Q2 2020
The Hong Kong Monetary Authority issued this report detailing the status of interest rate benchmark reform within the local banking sector as of March 2020. The document quantifies Hong Kong banks' exposures referencing LIBOR and HIBOR, noting significant volumes in assets, liabilities, and derivatives, while highlighting the percentage of these exposures maturing after 2021. It further assesses the preparedness of Authorized Institutions for transitioning to Alternative Reference Rates, revealing that most have established steering committees and transition plans, though many still need to finalize IT system upgrades and risk assessments.
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