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By Alexander GAWRONSKI, Manager Transfer Pricing, and Jean-Nicolas BOURTEMBOURG, Head of International Tax/Transfer Pricing at Grant Thornton Luxembourg.
Until the end of 2021, Interbank Offered Rates (IBORs), including London Interbank Offered Rates (LIBORs), were benchmark rates that underpinned a large number of contractual arrangements and financial instruments carrying a variable interest rate. With 2021 having come to a close, the majority of the LIBORs will be discontinued. As a result, replacement reference interest rates have been or are currently being developed. In March 2021, the Financial Conduct Authority (FCA) and the ICE Benchmarking Administration (IBA) set forth that the LIBORs for Euro, Swiss Franc, most tenors for Sterling and...
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