Bank of England Deputy Governor Sam Woods intends to meet banks in the first quarter of 2020 to ascertain whether regulations are impeding their ability to abandon using the London interbank offered rate benchmark, Reuters reported Dec. 18.

Regulators expect Libor to be phased out by the end of 2021, following a series of scandals that saw banks fined billions of dollars and bankers jailed over manipulation attempts.

"We consider that the need to transition is a critical one for all involved, and firms must take appropriate action now so that they have transitioned to alternative rates ahead of the end of 2021," Woods said in a letter to an industry working group, according to the report.