1. Update of ER form definitions for July 2020 reporting onwards
We are updating the Form ER definitions for the SME floating rate loan series referencing LIBOR and SONIA linked transactions. These series on Form ER (lines 50A1-50A3 and 101A2-101A4) will reference SONIA, rather than LIBOR/SONIA with effect from July 2020 reporting. Loans linked to similar reference rates should continue to be reported in these lines.
Sterling LIBOR will be discontinued after the end of 2021. The update to ER definitions is being made ahead of this deadline to facilitate a smooth transition from LIBOR to SONIA. The ER form template has also been updated.
If you have any questions, please email the rates team: DSDRateTeam@bankofengland.co.uk.