BOE's Ramsden The time for 'last orders' on Libor is now

The Bank of England (BOE) Deputy Governor Dave Ramsden was on the wires last minutes, via Reuters, making his scheduled speech.

Key Quotes:

“Firms need to be focused on what they need to do to be able to transact Sonia-based products, and stop adding to their post-2021 Libor exposures.”

“The time has come for financial firms to make their “last orders” based on the discredited interest rate benchmark Libor.”

He did not comment on the economy nor on the monetary policy.