The NWG Steering Committee has adopted a Recommendation on applying a fallback rate for the WIBOR benchmark in interest rate derivatives

The Recommendation has been prepared by the Derivatives and Valuation Stream of the National Working Group (NWG) for benchmark reform. 

The Recommendation presents the recommended method of replacing the WIBOR benchmark with an Alternative Benchmark in WIBOR-based interest rate derivatives in the event where a Fallback Trigger of a permanent nature occurs.