On November 30, ICE Benchmark Administration Limited (IBA) announced that it will hold a consultation on its intention to (1) cease the publication of the one week and two month USD LIBOR settings after December 31, 2021, but (2) continue publishing the remaining USD LIBOR settings until June 30, 2023. This treatment of USD LIBOR stands in contrast to IBA’s previously announced intention to cease the publication of all GBP, EUR, CHF and JPY LIBOR settings after December 31, 2021.

According to IBA, the consultation will begin “in early December” and will close “for feedback by the end of January 2021.”

This possible postponement of the demise of the overnight and one, three, six and 12 month tenors of USD LIBOR to June 30, 2023 has been endorsed by Alternate Reference Rate Committee and the UK Financial Conduct Authority. US banking regulators issued a joint statement that is supportive of the postponement but which stresses that US banks should transition away from LIBOR transactions “as soon as is practicable” but should certainly not enter into new USD LIBOR transactions after December 31, 2021.

The IBA announcement is available here.

The ARRC announcement is available here.

The announcement from the UK Financial Conduct Authority is available here.

The statement of the US banking regulators is available here