How is FHLB Des Moines preparing for this transition?
We completed a multi-year plan to prepare our own operations for the LIBOR phase-out and have taken steps to begin implementing that plan. Those steps have included participating in SOFR-indexed debt issuance and issuing SOFR-indexed advances to our members.
As part of that plan, on June 30, 2020 we ceased entering into new LIBOR referenced instruments with maturities beyond December 31, 2021. We also updated our pledged collateral certification reporting requirements in an effort to encourage members to distinguish LIBOR-linked collateral maturing past December 31, 2021. Click here to learn more.