Respondents were split on the type of Libor fallback mechanism to use, with the trade group calculating 46% of respondents chose a so-called hardwired approach, 41% picked an amendment approach and 14% suggested both. The UK loan market is split on the best way to tackle document language ahead of the demise of LIBOR. ARRC received feedback from More than 35 firms on the fallback contract language for loans. Respondents were split, with 41% in favour of a hardwired and 46% preferring an amendment approach. The committee said it will review the feedback and release its final recommendations regarding standard language in November 26 .
The UK loan market is split on the best way to tackle document language ahead of the demise of LIBOR. ARRC received feedback from More than 35 firms on the fallback contract language for loans. Respondents were split, with 41% in favour of a hardwired and 46% preferring an amendment approach. The committee said it will review the feedback and release its final recommendations regarding standard language in November 26 .