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OCC Issues Joint Statement
on LIBOR Transition

The Office of the Comptroller of the Currency (OCC) and other federal financial institution regulatory agencies (collectively, the agencies), in conjunction with the state bank and state credit union regulators, today issued a joint statement to remind banks that U.S. dollar (USD) LIBOR panels will end on June 30, 2023, and to emphasize that it is important that banks with USD LIBOR exposure complete their transition of remaining LIBOR contracts as soon as practicable.

This included warnings to ensure that replacement rates had been negotiated and that they were appropriate for the banks' "products, risk profiles, risk management capabilities, customer and funding needs, and operational capabilities."

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Principia Partners LLC provides solutions for derivative and fixed income operations. Global financial institutions and independent asset managers have used the award-winning Principia Analytic System since 1995 to unify valuations, portfolio management, risk surveillance, hedge accounting and operational control across the breadth of fixed income and derivative products. In 2015, Principia launched its Analytic Service, pasVal, to make its award-winning pricing and analytics available to an even broader range of businesses.