EIOPA launched two related workstreams on the adjustments which will be required to EIOPA’s risk-free rate (RFR) methodology and production, in light of the EU Benchmark Regulation (EU BMR) which requires financial benchmarks to be transparent and to measure the underlying economic reality in a representative way.
- A consultation on Interbank Offered Rates (IBOR) transitions, with a deadline of 23 July.
- An information request from NSAs on the impact of IBOR transitions with a deadline of 25 June.
EIOPA proposes to adopt a common approach for all currencies on the transition to the new rates in order to continue producing consistent RFR term structures. This has been developed in consideration of recent market developments and responses received to the discussion paper published in January 2020.
Insurance Europe response – draft