Bank of England correspondence with the Federal Reserve Bank of New York and BBA in relation to Libor

In response to media reports of correspondence between Timothy Geithner and Mervyn King, in relation to Libor, the Bank of England issued the statement.
Published on 13 July 2012

Concerns about difficulties in setting Libor in the stressed market conditions of late 2007 and 2008 were widely expressed, including in the media, although no evidence of deliberate wrongdoing had been cited. In response, the British Bankers Association (BBA), which was responsible for the setting and governance of Libor, launched a review of the process in June 2008.

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