Central banks seeking a role in Libor after the scandal
The world's most powerful central bankers are preparing to impose themselves on the financial sector interest rate reporting framework in response to the Libor scandal.
The Bank for International Settlements, which brings together senior central bankers, said yesterday that there was an "important role" for the official sector in the development of a trustworthy rates reporting regime.
Barclays, Royal Bank of Scotland and the Swiss group UBS have all been fined over the past 12 months for manipulating Libor, and regulators are still investigating other banks.
Sir Mervyn King, the Governor of the Bank of England and chairman of the BIS, said the reporting regime could no longer be left solely in the hands of the private banks. "It is clear that central banks must play an important role in supporting the development of alternative reference rates," he said.
A BIS working paper laid out a range of options for reform of the regime.
- 1 Which country would be hardest to invade?
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 4 Floyd Mayweather's mouthguard costs $25,000 - enough to fly to Las Vegas and back 18 times
- 5 Royal baby girl born: Duchess of Cambridge's second child will be a princess thanks to Queen
Which country would be hardest to invade?
Morgan Freeman on the riot-focused coverage of the Baltimore protests: 'F**k the media'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
The man who filmed the Freddie Gray video has been arrested at gunpoint
Nepal earthquake: Many survivors receiving no help despite relief effort
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
Indonesia executions live: 'Hysterical' families heard prisoners being shot dead by firing squad
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
EU exit would hit UK economy much harder than neighbouring countries, study finds
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...