What can I do to make sure I am ready for the transition?

Several steps that we encourage our clients to consider taking for now, would include:

  • Review information available on LIBOR transition and keep up to date with the latest transition developments
  • Review all their outstanding financial contracts referenced in LIBOR that are maturing beyond 2021 (e.g. loans, fixed deposits, mortgages, overdrafts, import/export loans, bonds FCY credit cards, derivatives). These contracts are likely to require transitioning
  • Be reassured that MCB will accompany you throughout this transition and will soon be in touch with you
    (i) to provide you with additional information about the LIBOR transition,
    (ii) detail any contracts you have with the bank and that are impacted by the transition and discuss any required alignment with the recommended international practices and requirements,
    (iii) address questions you may have
    (iv) the way forward and timeframes.

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