BBA warned banks on LIBOR-EURIBOR rate-rigging

The British Bankers’ Association (BBA) issued a warning to banks in April 2008 to “submit honest rates” to its Libor setting panel. One email, dated 21 May 2008, appears to show that Angela Knight, the chief executive of the BBA, was aware of the potential for banks to submit rates not reflecting the price at which they though they might borrow. She refers to the issue in an email sent to Paul Tucker, deputy governor of the Bank of England, as they discuss potential changes to the way the rate is set, the Guardian reported in July. You may also be interested in our archive posts from 21th, 19th and 18th July.