Risk.net reported on Monday that two LIBOR-submitting banks – speaking on condition of anonymity – had indicated that they, and some of the other submitting banks, had accepted they could and would carry on providing submissions for LIBOR’s calculation after 2021. At the same time, at the recent ICMA conference regulators were imploring banks not to wait and hope, echoing comments from Francois Jourdain, chair of the BoE’s working group on sterling risk-free reference rates, on the drawbacks of relying on a fallback being a parachute (“when you hit the ground, it hurts… it doesn’t give you painless certainty”) and, last week, from the FCA’s head of market policy. The scenario where LIBOR survives but with only a few panel banks has been dubbed “zombie LIBOR”. Risk.net reports buy-side concerns that documentation triggers to switch away from LIBOR should be pulled simultaneously to avoid basis risk, and quotes someone from MetLife saying “we’ve already put fallback language in our documents in advance of the market coming up with something”, although since nobody knows what the outcome is, it is questionable whether this wording will be any more tentative than the LMA new fallback wording for loan agreements issued on 25th May, which provides that if a “Screen Rate Replacement Event” occurs the Agent (with the consent of Majority Lenders) and the Parent can agree a substitute.. ISDA is due to consult this month.