EU promises change to scandal-tainted bank lending rate

Report from a hearing in the European Parliament on the 24 September 2012 'Public Hearing on tackling the culture of market manipulation - Global action post Libor / Euribor'.

The benchmark London Interbank Offered Rate (Libor), needed to rebuild trust and integrity, but also needed to be regulated, said MEPs, European Commissioners Barnier and Almunia and other financial experts siad.

• Primary Source

ESO: Background information: Consultation on benchmarks and market indices launched following LIBOR manipulation http://www.europeansources.info/record/press-release-consultation-on-benchmarks-and-market-indices-launched-following-libor-manipulation/

ESO: Background Information: Brussels to act over Libor scandal http://www.europeansources.info/record/brussels-to-act-over-libor-scandal/

European Parliament: Press Release, 25.9.12: Libor needs trust, transparency and integrity, but regulation too, say MEPs http://www.europarl.europa.eu/news/en/pressroom/content/20120924IPR52132/html/Libor-needs-trust-transparency-and-integrity-but-regulation-too-say-MEPs

European Central Bank: Eurosytem: EUROPEAN COMMISSION’S PUBLIC CONSULTATION ON THE REGULATION OF INDICES EUROSYSTEM’S RESPONSE, November 2012 http://www.ecb.int/pub/pdf/other/ecconsultation-regulationofindices-eurosystemreplyen.pdf

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