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BBA shocked at FSA LIBOR findings

The British Bankers’ Associations says it is shocked at the findings of the Financial Services Authority probe into Libor fixing at Barclays.

The regulator dished out its largest ever fine to the bank of £59.5m bringing the total cost to the firm in fines to £290m, including US penalties.

Chancellor George Osborne today revealed HSBC and Royal Bank of Scotland are also being investigated for Libor fixing.

The BBA says: “The BBA is shocked by yesterday’s report about Libor. The banks which contribute to the Libor rate must meet the necessary obligations to their regulators.

“The BBA has proactively co-operated with the authorities at every stage and will continue to work with the regulatory investigations into Libor, submitting information and making staff available for interview.”

A review into Libor was launched in March that will consider how rates are set in the future.

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Comments
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  • Chris Gardner 30th June 2012 at 3:16 pm

    Shocked? what a loads of cobblers.Even the cleaners knew.

  • Paul Neill 28th June 2012 at 2:32 pm

    Heads will roll because of this. let’s ban another dozen mortgage brokers!