Legacy

'Legacy' refers to older systems, contracts or other arrangements, implemented before current systems, regulations or other market conditions, but still having a remaining life until their retirement or final maturity.

Legacy LIBOR contracts

"Legacy contracts are those [incorporating LIBOR] that do not mature until after the [cessation of LIBOR]

Depending on the financial product under consideration (loan, derivative etc), the precise response to the disappearance of LIBOR will vary."

ACT Briefing Note, Transition to risk free rate benchmarks.

LIBOR ended in September 2024.

See also

• European Central Bank (ECB)
• Eurosystem
• Eurozone
• Fallback
• LIBOR
• Migration
• NCB
• Payments and payment systems
• Real-time gross settlement system (RTGS)
• Risk-free rates
• T2
• TARGET2
• Tough legacy

Other resource

• The end of LIBOR - Press release - Bank of England - 1 October 2024