On 10 March 2021, Partner* Maja Jovančević Šetka and Ermina Delić Kamenčić, Partner at Ketler & Partners, member of Karanovic, participated as expert panellists at a webinar hosted by Dentons, focusing on the effects of the IBOR transition and switching to risk free rates in the Western Balkans. Aside from Maja and Ermina, the panel was comprised of leading experts from Dentons, ING Bank, Erste Group and UniCredit, including two members of the Euro Risk-Free-Rates Working Group which leads the transition process for Euro benchmarks (EURIBOR and EONIA/ESTR).
Maja and Ermina expressed their views on the current state of change and timelines, as well as on possible legal challenges that the IBOR transition could bring in the Western Balkans, such as the issue of renegotiation of existing contracts relying on IBORs.
The webinar happened just after the UK Financial Conduct Authority announced on 5 March 2021 the cessation and loss of representativeness of the 35 LIBOR Benchmark settings currently published by the ICA Benchmark Administration (IBA).
