In July 2017, the United Kingdom’s Financial Conduct Authority (FCA) announced that they will no longer compel LIBOR panel member banks to contribute to the benchmark after the end of 2021, and, as a result, LIBOR will be discontinued.
The discontinuation of LIBOR may affect products and services that you’ve previously purchased or entered into, and it’s not yet clear how new alternative reference rates will apply to any such products and services. Please consult with your own financial legal advisors on the possible effects of LIBOR reform.
CIBC FirstCaribbean and its parent CIBC will continue to communicate updates taking place during the transition away from LIBOR. Visit our LIBOR transition page to learn more about LIBOR and how CIBC FirstCaribbean and CIBC will support you during this transitional period.