The ECB published a report on preparations for benchmark rate reforms. The purpose of this report is to share good practices that the ECB has identified in its horizontal assessment of the preparedness of banks supervised under the Single Supervisory Mechanism (SSM) for the benchmark rate reforms.
This report is intended to assist banks by setting out good practices for banks’ governance structure, risk identification approaches, action plans and documentation in relation to the benchmark rate transition. These good practices are consistent with practices identified in the documentation that banks submitted to the ECB in 2019. The identification and evaluation of what constitutes good practices for this purpose were performed by ECB Banking Supervision staff.
The ECB encourages banks to consider the examples of good practice presented in this report in their preparations.