LONDON, Dec 18 (Reuters) - Bank of England Deputy Governor
Sam Woods said on Wednesday he would meet banks in the first
quarter of 2020 to check on whether regulations are hampering
their ability to ditch the use of the Libor interest rate
benchmark.
"We consider that the need to transition is a critical one
for all involved, and firms must take appropriate action now so
that they have transitioned to alternative rates ahead of the
end of 2021," Woods said in a letter to an industry working
group.
"I would like to suggest that we meet in spring 2020 to
consider how work on the regulatory interactions of benchmark
reform is progressing."
(Reporting by Huw Jones;
Editing by Alison Williams)