Preparations for a post-Ibor world are well under way across the European Union, with 85% of firms surveyed by the regional watchdog saying they are readying themselves for the ailing benchmarks' replacements.

The results of the European Banking Authority's (EBA) December 2018 Risk Assessment Questionnaire reveal that 45 out of 53 bank respondents are taking action now for when Libor, Euribor, Eonia and other key benchmark rates expire.

Ninety per cent of these banks are looking at how the