The FCA also stated it will consult in Q2 2021 on the publication of certain LIBOR settings on a ‘synthetic’ basis (a different calculation methodology) after the aforementioned dates to potentially support the transition of ‘tough legacy’ contracts (contracts that are expected to be particularly difficult to transition) in limited circumstances. UK LIBOR Transition Recommendations On 24 February 2021, the Working Group on Sterling Risk-Free Reference Rates (RFRWG) reiterated its recommendation to banks to cease issuance of GBP LIBOR loans, bonds, securitisations and linear derivatives that expire post 2021 by 31 March 2021 and to cease issuance of GBP LIBOR non-linear derivatives that expire post 2021 by 30 June 2021, unless these derivatives are used for risk management purposes or to facilitate transition.