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Washington, D.C. – Today,
FHFA sent a letter to the 11 Federal Home Loan Banks instructing them that, as of December 31, 2019, they should
stop purchasing investments in assets tied to LIBOR with a contractual maturity
beyond December 31, 2021. As of March 31, 2020, the Federal Home Loan Banks
should no longer enter into all other LIBOR-based transactions involving advances, debt, derivatives, or other products with maturities beyond
December 31, 2021, with only very limited exceptions granted by FHFA. While implementing the transition away from
LIBOR, FHFA will continue to examine the
impact of LIBOR-based transactions on all regulated entities.
FHFA Director Mark Calabria
said, “This is an important step in the transition away from LIBOR to a more
robust reference rate. Beginning this
process immediately and providing clear timelines will help the Federal Home
Loan Banks manage the risks associated with LIBOR in the most safe and sound
Link to Letter
Media: Cynthia Adcock (202) 649-3753
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