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UK watchdog says milestones for ending Libor hit by coronavirus

LONDON, March 25 (Reuters) - Meeting some of the milestones for ending the use of Libor for pricing loans could be difficult for some firms, Britain's Financial Conduct Authority said on Wednesday.

Libor or London Interbank Offered Rate is an interest rate benchmark used in contracts worth around $400 trillion globally and the FCA has set an end of 2021 date for ending its use, after banks were fined billions of dollars for trying to rig it.

"The central assumption that firms cannot rely on Libor being published after the end of 2021 has not changed and should remain the target date for all firms to meet," the FCA said.

"There has, however, been an impact on the timing of some aspects of the transition programmes of many firms... it is likely to affect some of the interim transition milestones."

(Reporting by Huw Jones; editing by Carolyn Cohn)