July 23, 2020 / 2:53 PM / 16 days ago

Euro zone banks not ready for new benchmark rates: ECB

FILE PHOTO: A woman, wearing a protective mask walks past the head quarter of the European Central Bank (ECB) during sunset in Frankfurt, Germany, April 29, 2020, as the spread of the coronavirus disease (COVID-19) continues. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - Euro zone banks are not sufficiently prepared for the transition to new benchmark interest rates replacing Eonia and Euribor, the European Central Bank said on Thursday after carrying out a survey.

“While banks are generally well aware of the complexity of the reforms and the challenges involved, their level of preparation leaves room for improvement, according to the survey,” the ECB said. “Banks are also generally behind schedule in implementing risk mitigation measures.”

The ECB published guidelines on how banks should prepare their governance and risk management for the new rates.

Reporting By Francesco Canepa; Editing by Jon Boyle

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