Bank of England response to 'Fixing LIBOR', a report by the Treasury Select Committee

The Bank welcomes the Treasury Select Committee’s conclusion that the Bank of England did not have any regulatory responsibilities for LIBOR during the relevant period.
Published on 18 August 2012

Under the Financial Services Bill currently before Parliament the Bank of England will take over responsibility for prudential supervision of financial firms next year. The report calls for a much stronger governance framework for the Bank of England. Such a framework is enshrined in the Financial Services Bill. Regulatory decisions, including on the suitability of senior banking executives, will ultimately lie with the board of the Prudential Regulation Authority, which will include both Executive and non-executive Directors, and not solely with the Governor of the Bank of England.

PDFPress release

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