On April 24, the Autoriteit Financiële Markten (AFM) and the Dutch Central Bank (DNB) published a letter to CEOs of financial institutions related to the benchmark reform. Financial institutions in the Netherlands are required to respond by June 17th at the latest.
Next to stressing the importance of the reform, the letter includes a set of questions assessing the progress of the organization’s preparations for the transition. Inquired are for example results of an impact analysis, identified risks and scenarios, mitigation plans, challenges and the structure of the project.
More content related to the benchmark reform can be found on our website, amongst others:
• An overview of the impact of the benchmark reform
• Transition of EONIA and EURIBOR
• For small and midsize banks we are offering a breakfast session addressing the challenges of the reform on May 21st in our office
We are advising our clients on the benchmark reform, so if you need help responding to the letter or have any other questions please let us know. We are happy to support you!