At the beginning of the year we shared some insights into what each business area was going to focus on this year to make sure we put our customers first as we transition away from LIBOR by December 2021. In reality, the challenge was even greater because the regulators asked that we transition customers with existing Sterling LIBOR loans by the end of September – only 2 months from now.  

The end of the road is in sight 

Take a quick look at the key moments in the LIBOR journey

Customers have a number of reasons why they might choose for the actual change of rates payable to take effect only at the end of 2021, but the FCA are encouraging everyone to make an informed decision on when and how to transition their contracts so the changes can be made in good time, in line with the Q3 milestone. Customers have not only our Bankers and Relationship Managers available to help them, but also numerous other sources of information – on the FCA, Bank of England and Working Group on Sterling Risk-Free Reference Rates websites, and through trade bodies and advisors. 

“The end-Q3 date is there for a good reason. It’ll help avoid things like getting caught in a pre-Christmas rush – where there may be a squeeze in IT, legal or other resources, or find there’s simply too little time to adjust to any unexpected hurdles.” 

(Edwin Schooling Latter, Director of Markets and Wholesale Policy at the FCA)

There are many good reasons that now is a good time to help focus our customers – as outlined by the Financial Conduct Authority (FCA) recently. Our front-line colleagues have been working closely with customers to provide the information and support they need to understand the changes, overcome any challenges they might have, and take the steps to transition.  

But the past year and a half has been difficult for many and a number of our customers have told us they’re not ready to make the changes needed yet.  

‘What our customers say to us is important – and we keep this in mind as we continue to work closely with them to complete the journey to the end of LIBOR. Ultimately though, the FCA have one key message – that everyone needs to have an active conversion plan in place in the next few months to meet the LIBOR deadline. 

On showing we’re meeting their expectations...

On when we’re key in their planning … 

You’ll have seen from the previous “Let’s talk LIBOR” and “Let’s talk LIBOR again” what we have in place to meet the regulatory instructions, work with customers to agree their replacement rates, and complete the transition away from LIBOR. 

On our in-depth LIBOR explanations and presentations …

We’re also doing independent research to make sure that we’re on the right track giving customers the support they need to make the informed decisions for a smooth transition. And if they are reluctant to move now, there is usually good reason for this.

Check out what our customers say about us

Donal Quaid, NatWest Group Treasurer and LIBOR Programme SRO, shares his thoughts on what still needs to be achieved before the end of the year.

Including detailed guidance packs, FAQs, customer documentation, webinar replays on various LIBOR topics, and links to relevant external web sites on the LIBOR transition. 

Commercial Banking LIBOR hub

Trade and Working Capital LIBOR page

NatWest Markets LIBOR hub

Wealth LIBOR hub

Lombard LIBOR hub

RBS International LIBOR hub 

Ulster Bank Ireland DAC LIBOR hub