Deadline to end use of Libor in doubt as banks stall on software changes
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LONDON (Reuters) - Many banks in Britain are unlikely to hit an October deadline to stop writing loans tied to the discredited Libor benchmark as they grapple with upgrading to crucial new software that allows them to use replacement reference rates, industry sources said.It is another sign of how practical considerations are undermining regulators' desire for banks to move away from using the London Interbank Offered Rate, which is embedded in some $350 trillion of financial products..