Marc Henrard examines why the LIBOR fallback proposals are not satisfactory â explaining why the main proposal is not achievable in practice and a fundamental revision of the fallback's foundations is required. Henrard describes the value transfer coming from the proposed adjustment spread computation. Part of the transfer has already taken place, and more will take place in the near future. The source of the value transfer is analyzed and a quantitative analysis of the spreads is provided and compared to recent market movements.