15 Transition from LIBOR: Credit Sensitivity Group Workshops; see also Nathaniel Wuerffel, Transitioning Away from LIBOR:  Understanding SOFR's Strengths and Considering the Path Forward. 16 Final Rule on Margin and Capital Requirements for Covered Swap Entities. 17 Facilitating the LIBOR Transition (Regulation Z); see also the CFPB’s updated Consumer Handbook on Adjustable Rate  Mortgages and LIBOR Transition FAQs. 18 FASB Issues Guidance to Assist in Transition Away from Interbank Offered Rates to New Reference Rates; Letter to SEC  confirming treatment of interest rate reset features as embedded derivatives. See also Government Accounting Standards Board Statement No. 93, Replacement of Interbank Offered Rates and International Accounting Standards Board Staff Paper on Issues Leading up to IBOR Reform. 19 Guidance on the Transition From Interbank Offered Rates to Other Reference Rates; see also Letter from the ARRC to U.S.  Treasury Department and Internal Revenue Service regarding proposed regulations and Letter from the ARRC to U.S. Treasury Department and Internal Revenue Service requesting guidance regarding financial contract discount rate transition. 20 CFTC Provides Relief to Market Participants Transitioning Away from LIBOR; CFTC Provides Additional Relief to Market  Participants Transitioning from LIBOR; see also Letter from the ARRC to the CFTC regarding treatment of discount rate changes by derivatives clearing organizations. 21 FHFA, Libor Transition. 22 FHFA Announces Fannie Mae and Freddie Mac Update on LIBOR Transition, February 5, 2020. 23 Fannie Mae to Accept Single-Family SOFR ARM Products Beginning August 3, 2020; SOFR-Indexed ARMS. See also their LIBOR  Transition Playbook.

12  BIS central bankers’ speeches  Central banks in new and uncharted territory Major shifts in export prices have not been alone in posing challenges to the Norwegian economy through history. Financial turbulence and banking crises created their own set of challenges. Central banks play a particular role in the event of financial turbulence. As the bankers’ bank, the central bank acts as lender of last resort. The first time Norges Bank undertook this role was during the Christiania Crash in 1899 – Norway’s first debt-driven real estate bubble. When the most recent financial crisis hit Norway in 2008, our role as lender of last resort was again put to the test. Access to short-term funding dried up. This also affected Norwegian banks. Norges Bank had to provide liquidity support, and the government implemented extraordinary measures to safeguard the financial system. For Norway, the real economy effects of the financial crisis were short-lived. Other countries have had a more difficult time. Since the financial crisis, monetary policy in many countries has been stretched close to the limit with the aim of putting economies back on their feet and keeping inflation above zero. Many countries are still experiencing weak growth. This is not unusual in the wake of a financial crisis. A post-crisis economic downturn may prove to be deep, and it may take a long time to reverse the negative trend. In a number of countries, little support from other policy areas has made the job particularly demanding.