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Bank claim: banks consider leaving Libor

Some banks have told the British Bankers’ Association that they no longer want to be involved in setting Libor following the recent scandal that saw three major banks fined.

There is a concern that banks who aid in setting the Libor rate, which sets interest rates on financial products worldwide, will have their reputations damaged or will be at risk of criminal allegations in the future.

Financial regulators are concerned that if banks leave Libor then the benchmark rate’s credibility will be damaged further.

The Financial Services Authority (FSA) has written to some banks warning them against leaving Libor, saying in one letter that the bank’s relationship with the FSA would be damaged.

Barclays, UBS and Royal Bank of Scotland (RBS) were all fined after investigations revealed that they had been rigging the Libor rate.

It was recently suggested that Barclays and RBS receive discounts to their fines as both banks are partially owned by the taxpayer.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801540478-ADNFCR

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