IBOR Transition FAQs
Last Update: May 2023
These FAQs are provided for customers of First Abu Dhabi Bank PJSC and each of its affiliates (collectively, 'FAB') who may have a conventional or an Islamic product or agreement which uses or references the London Interbank Offered Rate ('LIBOR') or another inter-bank offered rate (together with LIBOR, the 'IBORs') as a benchmark rate.
Information relating to IBOR discontinuation may change at any time, and by providing you with these FAQs, FAB does not imply that the information contained herein is correct at any time subsequent to the date set out above, or that any other information provided to you in relation to IBOR discontinuation is correct at any time subsequent to the date of the relevant communication containing such information.
The IBOR transition is an ongoing process. FAB is constantly monitoring the market developments associated with the transition away from LIBOR and other IBORs to Risk-Free Rates (RFRs). FAB is assessing impacts and designing risk mitigating strategies to support its customers through the transition.
FAB does not accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to benchmark rates such as IBORs or any alternative rate including, without limitation, whether the composition or characteristics of any alternative rate will be similar to, or produce the same value or economic equivalence as, the original benchmark rates (including IBORs) or whether any alternative rate will have the same volume or liquidity as the original benchmark rate prior to its discontinuance or unavailability.
Except where we otherwise agree with you in writing, FAB does not provide advice, or recommendations on the suitability of your product choice or financing solution. You should consider whether you need to obtain professional independent advice (legal, financial or otherwise), prior to entering into any agreement or investing in a product which references a benchmark rate such as an IBOR. FAB does not owe you any duties or have any liability to you in relation to its management of the transition from IBOR benchmark rates to alternative rates. FAB is not under an obligation to update the information in this document.
