MPs call for LIBOR inquiry over potential 'misleading' of parliament

‘Abundance of evidence’

Members of Parliament have written to the Treasury Select Committee asking for an inquiry into whether the House of Commons was misled by Bank of England representatives over the LIBOR rigging scandal.

Speaking in the House of Commons yesterday (23 May), Conservative MP David Davis said there was an "abundance of evidence" that selecting LIBOR rates from the range provided for commercial reasons was "normal practice" at the time, and was even "permitted by regulators and central banks". Synthetic US dollar LIBOR to cease in September 2024 In 2010, leaked audio recordings of Barclays employee Peter Johnson, who was responsible for the bank's dollar LIBOR submissions, and his boss Colin Bermingham alerted the US central bank to a collective scheme involving several major financial ins...