Bloomberg News

U.K. Ministers Wants Independent Libor System Review, BBC Says

June 30, 2012

U.K. ministers are planning to order an independent review to examine the future operation of the London interbank offered rate system after Barclays Plc (BARC) received a $450 million fine following claims that it rigged the rates, the British Broadcasting Corp. said.

The review may be set up next week, with a report ready by the end of the summer, the BBC reported, citing an unidentified person at the governing Conservative Party. Ministers are also considering a review into bankers’ professional standards, it said.

Chancellor of the Exchequer George Osborne has confirmed that HSBC Holdings Plc (HSBA), Royal Bank of Scotland, UBS AG and Citigroup Inc. are also under investigation, the BBC said.

To contact the reporters on this story: Firat Kayakiran in London at fkayakiran@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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