Dear customers,
this is to inform you that in accordance with the Declaration of FCA (FCA – Financial Conduct Authority) as of 5 March 2021 (https://www.fca.org.uk/publication/documents/future-cessation-loss-representativeness-libor-benchmarks. pdf) regarding the consideration of the LIBOR reference rate (calculated on the basis of interbank rates / London Interbank Offered Rate) as a non-representative one after 30.06.2023, ProCredit Bank decided to fix the LIBOR value at its last publication as of 30.06.2023.
Thus, the interest rate for loans issued in USD with the reference rate LIBOR 6m (London Interbank Offered Rate), starting with 15.08.2023 will be recalculated based on the value from 30.06.2023, published by the Bank here.
For additional information or in order to migrate credit contracts to the reference rate used by the Bank - Term SOFR 6m, please contact your advisor.
Respectfully,
ProCredit Bank team
