HONG KONG (Reuters). Despite the fact that many benchmarks have been discontinued by 2021, most Asian banks will not remove Libor references in loans agreements. A survey of industry professionals found that the majority of them were still in use.

According to an APLMA survey, 54% of members expect to wait until 2023 in order to get rid of Libor references from existing loans. The results were published Wednesday.

Once dubbed the world’s most important number, the London Interbank Offered Rate or Libor is being ditched after banks were fined in 2012 for trying to manipulate the rate for pricing mortgages, loans and derivatives worth trillions of dollars globally across five currencies.

Most Libor settings were discontinued at the end of last year, with financial institutions shifting contracts to “risk-free” overnight rates compiled by central banks, such as Sofr from the U.S. Federal Reserve, the official replacement to US dollar libor.

Survey results showed that there was a split in Asia with banks using different methods to calculate Sofr. Some prefer a system that’s more widely used in the United States while others use a technique that is used in other countries, such as the UK.

“It is now almost four months since LIBOR was officially discontinued and it is clear that the transition remains a major issue for both new and legacy loans in Asia Pacific,” said Andrew Ferguson, CEO of the APLMA said in a statement.

“With so many uncertainties about calculation methodologies and market conventions, both borrowers and lenders feel it is far better to wait and see what happens than to hardwire the wrong conventions into their legal documentation.”