How do I know if I have exposure that will require transitioning?
MCB is currently scoping impacted contracts and assessing whether amendments may be required for LIBOR discontinuation and how to best make these amendments.
MCB will get in touch with its clients for the needed amendments.
However, we do encourage you to review all your outstanding financial contracts that are maturing beyond 2021 to ascertain if they reference LIBOR (either directly or indirectly) for any determination.
If in doubt, we advise clients to seek advice with their Relationship Manager or key contact person at the Bank to evaluate the impact on each existing transaction as well as on his/her portfolio.