The current pandemic of the COVID-19 virus has prompted many businesses to implement measures to protect the well-being of their employees, the broader community and the continuation of business services. In this context the CFBF Board of Directors has implemented measures to ensure the uninterrupted calculation and publication of the PRIBOR benchmark.

The CFBF has activated its business continuity plan which has a provision under societal disruption events for its employees to perform their duties via telecommuting. To facilitate this arrangement the CFBF has tested its back-up systems and procedures. The telecommuting arrangement can be implemented at short notice when deemed appropriate by the CFBF Board.

Under the CFBF Panel Bank Code of Conduct, Panel Banks are required to have their own business continuity plans to maintain their obligations as a contributor of input data to the CFBF. The CFBF is confident that input data will be received to support the ongoing publication of the benchmarks.

The CFBF Board and management are monitoring the pandemic situation closely as it develops. Any decisions to implement the measures described here will be done so with the best interests of the benchmark stakeholders and to ensure the integrity of the PRIBOR benchmark is maintained.

Further updates to the situation will be published on the CFBF website as they occur.