Bank of England 'turbo-charges' 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 Libor interest rate benchmark if they want to avoid facing more punitive terms when borrowing from the central bank.The BoE wants Libor, which banks were fined billions of pounds for trying to rig, replaced with the central bank's own overnight "risk-free" Sonia rate by the end of 2021.Market participants have started to use Sonia for new futures contracts, but progress in the cash loans..