Recital 14

(14)The result of the public consultation by the Commission established the important role of certain CHF LIBOR tenors in mortgage contracts, particularly the 1-month, 3- month, 6-month and 12-month tenors. The lack of a clear and unambiguous replacement rate in mortgage contracts that reference CHF LIBOR would give rise to legal uncertainty, which may trigger litigation and contract frustration. It is therefore appropriate for the Commission to designate a statutory replacement for those four tenors of CHF LIBOR to be used in any contract, and in any financial instrument as defined in Directive 2014/65/EU of the European Parliament and of the Council ³ , including but not limited to savings accounts, mortgages and loans, including consumer credit agreements and small business loans, governed by the laws of one of the Member States that do not contain fall-back provisions or suitable fall-back provisions.