Three quarters of financial institutions unprepared for LIBOR transition - survey

Only a third on track for transition

More than three quarters (77%) of financial institutions lack a comprehensive plan for the LIBOR transition, which is due on 31 December, according to a survey from Duff & Phelps.

More than half (54%) of firms surveyed said they had identified LIBOR exposures but are yet to take any necessary action to resolve their liability, of which 42% were "unsure what to do next", while a quarter (23%) have not begun any formal processes to identify exposure. Act now on LIBOR transition: IA's stark warning to FTSE 350 bosses Jennifer Press, managing director for alternative asset advisory services at Duff & Phelps, said it was "quite surprising" that nine months out from the deadline, houses with a comprehensive plan are in the minority. "The LIBOR transition is one of...