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PPI: BBA to scale back Libor rates following scandal

Libor interest rates should be cut by next April in order to restore trust in the benchmark after it was fixed by Barclays and other financial institutions, according to a leading trade body, which is adding to the issues currently facing the bank, such as the PPI mis-selling scandal.

The British Bankers Association (BBA) said that only 30 of the 150 variants of Libor should be kept, which would mean ending quoting rates in Australian dollars, New Zealand dollars and Danish and Swedish kronor early next year.

Rates left behind will be spread across five currencies and six maturities under the plan and BBA has also proposed to stop quotes in sterling.

"In the event that oversight of Libor is transferred away from the BBA prior to these proposals being fully implemented, any changes should be open to ongoing review by the new administrative body," the BBA said.

"However, based on initial feedback from stakeholders, the BBA feels that the time-frame proposed in this paper should be achievable."

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801485411-ADNFCR

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