---

Professional Standards in the Banking Industry

I am very grateful to the right hon. Gentleman for giving way. I intervene on one key point. It is clear from what he says that he desires that the preliminary part of his judicially led inquiry should produce recommendations on the lessons to be learned from the scandal of the manipulation of LIBOR as quickly as possible and by the end of the year. The question whether there is to be a criminal investigation is not in my hands or, indeed, those of anybody in this House. The idea that such an inquiry can be run in tandem with a criminal investigation is, I am afraid, impossible.