In an attempt to limit the economic fallout from the coronavirus (COVID-19) pandemic, central banks around the world have slashed bank rates to record lows. In the UK, the Bank of England Bank Rate (the Base Rate) sits at an all-time low of just 0.1%, amid speculation of further cuts. The Bank of England is not ruling out taking rates below zero.At the same time, work continues on the transition from LIBOR. Certain interim milestones have been delayed as a result of coronavirus (the regulators’ initial target of the cessation of new sterling LIBOR business has been moved from Q3 2020 to Q1 2021). However, a joint statement of the Financial Conduct Authority, Bank of England and Working Group on Sterling Risk-Free Reference Rates made clear that firms must continue to work on the basis that LIBOR will not be published after the end of 2021.In this briefing by Philip Snell, Matthew Tobin, Richard Jones, Oliver Storey, Oliver Wicker, Katherine Meloni, Eric Phillips, Jessica Brodd and Latifah Mohamed of Slaughter and May, we consider the implications of falling and potentially negative central bank rates for interest payment obligations that reference either LIBOR or the risk-free rates (RFRs) designed to replace it.