Libor

The government has admitted it is ‘difficult' to ascertain the impact of the LIBOR rigging scandal on consumers and whether banks will have to pay out compensation as a result of it.

Royal Bank of Scotland (RBS) will be hit with greater fines than Barclays over the LIBOR-fixing scandal, a member of the Treasury select committee has claimed.

A former director of Barclays has accused the Commons Treasury committee of launching a "completely unacceptable" character assassination of the bank's former chief executive Bob Diamond.

Seven major banking groups, including HSBC and Royal Bank of Scotland, have been summoned to appear before US regulators investigating the LIBOR fixing scandal.

The Financial Services Authority (FSA) will today suggest scrapping LIBOR and replacing it with a borrowing rate based on actual trades, it has been reported.

Barclays Bank is considering a new remuneration process which would see bonuses for its top executives reduced and payment deferred until they have retired.

Bankers found to have rigged LIBOR rates could face jail time after the Serious Fraud Office (SFO) said it would look to bring criminal charges against perpetrators, the Telegraph reports.

The British Bankers Association (BBA) has come under fire from a former member of the LIBOR compilation team at Thomson Reuters, who claims the organisation was told on a weekly basis in 2008 that the rates were being distorted.

The European Commission has cracked down on the fixing of interest rates in the latest twist to the LIBOR scandal, which has dominated headlines in recent weeks.

Financial Services Authority (FSA) chairman Lord Adair Turner said the regulator is reviewing its approach to supervision following the LIBOR scandal, but said it would cost too much to prevent all malpractice in the industry.