Tuesday, 26 February 2013 10:08
Government committee seeks new administrator for Libor
The Government has announced it has appointed a committee to seek a new administrator of the Libor.
The Hogg Tendering Advisory Committee for Libor will be chaired by Baroness Hogg and will make recommendations later this year.
The new administrator will be the successor to the British Bankers' Association and it is hoped it will be better able to manage the process and governance of the benchmark.
Libor, the London Interbank Offered Rate, is the benchmark by which banks are prepared to lend to each other.
The Government has already introduced legislation to make Libor a regulated benchmark and its manipulation a criminal offence following Libor manipulation by UBS and Barclays last year.
Financial Secretary to the Treasury, Greg Clark said: "I am pleased that the Hogg Tendering Advisory Committee for Libor can now move forward with its work. The Government is determined to rebuild the reputation of UK financial services.
"Establishing confidence that the attempted manipulation of Libor can never happen again is crucial. That is why the Committee will follow the principles laid out by the Wheatley Review and recommend an organisation that displays the highest standards of transparency and probity to administer Libor. I am grateful to the Committee members for agreeing to take on this important task."
The membership of the committee is:
• Baroness Hogg, (Chair), Chairman; Financial Reporting Council.
• Paul Fisher, Executive Director, Markets; Bank of England.
• George Handjinicolaou, Deputy CEO and Head of EMEA; International Swaps and Derivatives Association, Inc.
• John Kingman, Second Permanent Secretary; HM Treasury.
• John Stewart, Chairman; Legal & General Group Plc.
• Colin Tyler, Chief Executive; Association of Corporate Treasurers.
• Martin Wheatley, Managing Director; Financial Services Authority.
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