Geithner's 'early alert' on Libor

The US Treasury Secretary, Timothy Geithner, told the House of Representatives Financial Services Committee yesterday he had alerted the appropriate authorities "early on" about concerns over the key Libor interest rates.

Mr Geithner said he became aware of the problem in 2008, when he was president of the New York Federal Reserve Bank. But documents released by the bank show Barclays told the Fed about possible problems with Libor as early as August 2007. Mr Geithner said he told the authorities at the British Bankers' Association, which sets Libor.