RBA’s Debelle warns against buy-side Libor complacency 

Central banker also says Australian dollar swaps may gradually migrate to cash rate if other Ibors end

Guy Debelle
Guy Debelle: transition to alternative reference rates must happen
Image: TRACEY NEARMY/AAP/PA Images

Buy-side firms must stop being complacent and urgently prepare for Libor’s possible disappearance after 2021, a senior Australian central banker has warned.

Appearing by video link at an International Swaps and Derivatives Association event in Hong Kong on May 15, Guy Debelle, deputy governor of the Reserve Bank of Australia (RBA), said awareness of the need to transition to alternative reference rates must improve across the market. 

“On the regulatory side, there is a very clear recognition

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