UK Finance guide for business customers on LIBOR discontinuation

(i)

making an inventory for LIBOR exposures – e.g. check existing loan facilities and commercial contracts to see what rate(s) they reference;

(ii) 

analysing and assessing affected products – e.g. action is required for LIBOR-referencing contracts that run beyond 2021;

(iii) 

reviewing alternative rates and their pros and cons – e.g. SONIA and Bank Base Rate are examples of alternatives to LIBOR;

(iv) 

considering other elements such as systems, accounting and tax matters; and

(v) 

discussing with lenders and finance providers the steps that may need to be taken to address LIBOR exposures.