Bank of England Governor Mervyn King said the British Bankers Association had to be “nudged” to address concerns on Libor in 2008.
“They did have to be nudged to get into the right direction, but once they had been nudged they worked very hard,” he told lawmakers in Parliament in London today.
“I don’t believe the BBA could possibility be held responsible for monitoring whether the rate was 1 basis point too high or too low,” he said.
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