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Letters to the CEOs of Major Financial Institutions regarding LIBOR Transition

June 1, 2020
Bank of Japan

The Bank of Japan, together with the Financial Services Agency, has written to the CEOs of major financial institutions regarding LIBOR transition. The purpose of sending the letters is to urge financial institutions to take actions for permanent cessation of LIBOR and to request submission of relevant materials to review the progress of preparedness in individual firms. Although the letters have been sent to some financial institutions, we will monitor preparedness of other financial institutions based on the contents of the letters. Any financial institutions using LIBOR are expected to accelerate their actions by responsible and active involvement of management officials with due consideration for description of the letters.