What you need to know

• Timeline. The following chart outlines the final publication dates for LIBOR tenors. Please note that any new loans or swaps after December 31, 2021 will not utilize LIBOR. Also, Webster Bank will no longer lend or allow for draws with 1-week or 2-month LIBOR tenors as of July 2, 2021.
  

  Final Publication Dates for LIBOR Tenors
  LIBOR Currency	LIBOR Tenors	Final Publication Date
  EUR, CHF, JPY, GBP	All tenors	December 31, 2021
  USD	1-week, 2-month	December 31, 2021
  USD	Overnight, 1-month, 3-month, 6-month, 12-month	June 30, 2023

• LIBOR Alternatives. The Alternative Reference Rates Committee (ARRC) has identified a possible Replacement Index called the Secured Overnight Financing Rate (SOFR) plus a spread adjustment for loans. The International Swaps and Derivatives Association (ISDA) has also identified a Replacement Index in their October 23 IBOR Fallbacks Supplement and IBOR Fallbacks Protocol. Those changes went into effect on January 25, 2021 and all new Swaps entered into on or after that date are expected to use this replacement index upon LIBOR cessation unless a bilateral agreement is required. Please see links following in “Additional Resources” to learn more from the ARRC or ISDA. Note that the industry is also looking at other replacement indices that Webster Bank may leverage as well.
• Support During Transition. As we implement the Replacement Index, Webster will work collaboratively with our customers through your Relationship Manager and/or Treasury Sales Representative on the terms of your loan/interest rate Swap and the timing of any changes. We are committed to making these changes in a way that considers the best interest of our customers and Webster Bank.
• What’s Next. Currently, Webster Bank customers with a loan or Swap using a LIBOR index do not need to do anything. Your Relationship Manager and/or Treasury Sales Representative will be contacting you in the near future to explain any upcoming changes that will affect your loan/Swap. However, in the meantime if you have any questions, please feel free to reach out to your Relationship Manager or Treasury Sales Representative.

We will continue to keep you informed as more information becomes available. Please check this page for future updates.