SNB’s Moser: Moving away from LIBOR will not affect monetary policy

The Swiss National Bank (SNB) Deputy Governing board member Moser is out on the wires, via Reuters, noting that doing away with the LIBOR will not have a big impact on the bank’s monetary policy.

Key Points:

LIBOR (London Interbank Offered Rate) benchmark now in serious jeopardy but moving away from it will not affect SNB's ability to carry out monetary policy

Transition away from LIBOR will be demanding for private sector

Work on planning transition to alternative reference rate should start now

It's up to market participants to choose an alternative rate to LIBOR and carry out a timely transition