Big banks worry small lenders could derail Libor switch

As UK regulator reiterates 2021 warning, dealers say Covid-19 is forcing smaller lenders to divert resources

Pound

Smaller banks are being forced to put their Libor transition preparations on hold amid a coronavirus-induced resource crunch, larger dealers are warning – throwing into jeopardy regulators’ plans to have the whole market migrate to new risk-free reference rates from the end of next year.

While larger banks have dedicated transition teams, smaller firms are being forced to divert resources during ongoing market panics and a massive uptick in emergency lending – meaning they face a challenging

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