Britain bolsters regulatory powers to scrap Libor

LONDON, June 23 (Reuters) - Britain said on Tuesday it will
give regulators more powers to ensure that the Libor interest
rate benchmark is scrapped in an orderly way by the end of 2021.

"The Government recognises... that legislative steps could
help deal with this narrow pool of 'tough legacy' contracts that
cannot transition from Libor," Britain's finance minister Rishi
Sunak said in a statement.

"The legislation will ensure that, by end-2021, the FCA has
the appropriate regulatory powers to manage and direct any
wind-down period prior to eventual Libor cessation in a way that
protects consumers and/or ensures market integrity."
(Reporting by Huw Jones, editing by Andy Bruce)