Bank of England tells lenders to accelerate moves to ditch Libor
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LONDON (Reuters) - The Bank of England told banks on Wednesday to accelerate their efforts to ditch the use of Libor if they want to avoid facing more punitive terms when borrowing from the central bank.The BoE wants Libor, which banks were fined for trying to rig, replaced with the central bank's overnight "risk-free" Sonia interest rate."We need to see another decisive acceleration in effort in 2020 to ensure risk-free rates are adopted across the full range of sterling business, and Libor is..