BBA statement on conclusions of Wheatley Review into LIBOR
The British Bankers' Association said:
"The BBA worked very closely with the Wheatley Review of LIBOR and believe today's report is an essential step. The BBA has strongly stated the need for greater regulatory oversight of LIBOR, and tougher sanctions for those who try to manipulate it. The BBA Council has indicated it would support any recommendation that responsibility for LIBOR should be passed to a new sponsor.
"The absolute priority now for everyone is to ensure the provision of a reliable benchmark which has the confidence and support of all users, contributors and global regulators, and we will work closely with the Government and regulatory bodies to ensure this."