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To ask the Solicitor General, how many individuals were charged in relation to LIBOR manipulation; and how many investigations concluded without charges, disaggregated by seniority where such information is held.
To ask the Solicitor General, how many individuals were charged in relation to LIBOR manipulation; and how many investigations concluded without charges, disaggregated by seniority where such information is held.
13 individuals were charged in relation to the Libor investigation. 5 were subsequently found guilty and convicted. The release of the information on investigations concluded without charges would be likely to prejudice the prevention of crime.
To ask the Solicitor General, what records are retained by the Serious Fraud Office concerning decisions not to charge individuals during the LIBOR investigations, and for how long are those records kept.
To ask the Solicitor General, what records are retained by the Serious Fraud Office concerning decisions not to charge individuals during the LIBOR investigations, and for how long are those records kept.
SFO case records are retained in line with its retention policy. This specifies that case related material should be maintained for at least 7 years following case closure, or the closure of any related appeals. Some material may be held for up to 20 years if it were subsequently deemed as being of long-term interest, before being transferred to the National Archives.
To ask the Solicitor General, what procedures were in place during LIBOR investigations to assess the role of senior executives when deciding the scope of criminal inquiries.
To ask the Solicitor General, what procedures were in place during LIBOR investigations to assess the role of senior executives when deciding the scope of criminal inquiries.
The SFO’s investigations into Libor were conducted in line with accepted principles for investigating criminal cases. SFO case teams have access to detailed internal guidance to ensure a consistency of approach on its cases and decisions to charge are the responsibility of the Director in accordance with the Code for Crown Prosecutors.
To ask the Solicitor General, whether her Department has issued any guidance to the Serious Fraud Office following the Supreme Court’s judgment in R (Respondent) v Hayes (Appellant) UKSC/2024/0087.
To ask the Solicitor General, whether her Department has issued any guidance to the Serious Fraud Office following the Supreme Court’s judgment in R (Respondent) v Hayes (Appellant) UKSC/2024/0087.
The judgement made in Tom Hayes’ and Carlo Palombo’s appeal to the Supreme Court regarding their convictions for manipulating Libor and Euribor was not based on flaws in the SFO’s procedures and the need for internal guidance, but that the directions given by the judge at their trials were incorrect in law. The court ruled that trial judges had misdirected juries by treating the question of whether a bank submission is "dishonest" as a matter of law, rather than leaving it to the jury.
The defences contention was that was that this removed from the jury an essential consideration of fact which ought to have been for them to determine. In quashing the convictions, the Supreme Court has indicated agreement with that view.
The SFO was not criticised in the judgment and carefully considers judgments of this nature, as part of its ongoing commitment to delivering effective and fair prosecutions
To ask the Solicitor General, whether she plans to review the Serious Fraud Office’s internal procedures following the quashing of Mr Tom Hayes’ conviction by the Supreme Court.
To ask the Solicitor General, whether she plans to review the Serious Fraud Office’s internal procedures following the quashing of Mr Tom Hayes’ conviction by the Supreme Court.
The judgement made in Tom Hayes’ and Carlo Palombo’s appeal to the Supreme Court regarding their convictions for manipulating Libor and Euribor was not based on flaws in the SFO’s procedures, but that the directions given by the judge at their trials were incorrect in law. The court ruled that trial judges had misdirected juries by treating the question of whether a bank submission is "dishonest" as a matter of law, rather than leaving it to the jury.
The defence’s contention was that was that this removed from the jury an essential consideration of fact which ought to have been for them to determine. In quashing the convictions, the Supreme Court has indicated agreement with that view.
The SFO was not criticised in the judgment and carefully considers judgments of this nature, as part of its ongoing commitment to delivering effective and fair prosecutions.
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential merits of establishing an (a) inquiry and (b) review into (i) the handling of LIBOR manipulation and (ii) the roles of (A) banks, (B) regulators and (C) enforcement bodies.
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential merits of establishing an (a) inquiry and (b) review into (i) the handling of LIBOR manipulation and (ii) the roles of (A) banks, (B) regulators and (C) enforcement bodies.
The Government commissioned the independent Wheatley Review in July 2012 to identify and recommend changes to the regulatory framework in light of the LIBOR scandal. The Government accepted the Review’s recommendations and implemented associated reforms to the regulation and oversight of benchmarks.
Since then, LIBOR has been wound down, reflecting concerns about its reliability. This has been supported by coordinated action across government and regulators, alongside the transition to alternative benchmarks. The Treasury engaged closely with regulators throughout the programme to support the transition away from LIBOR. The transition was successfully completed, with all LIBOR settings having now ceased and no significant market disruption arising as a result.
The investigations and subsequent prosecutions relating to the LIBOR scandal were led by the operationally independent Serious Fraud Office. The Government is not able to comment on the specifics of any individual case, but the Government’s position on financial market abuse is clear: it undermines the integrity of public markets, impairs the effectiveness of financial markets, and reduces public confidence in them.
To ask the Chancellor of the Exchequer, what discussions her Department has had with regulators regarding LIBOR‑related settlements with banks during the period in which criminal investigations were ongoing.
To ask the Chancellor of the Exchequer, what discussions her Department has had with regulators regarding LIBOR‑related settlements with banks during the period in which criminal investigations were ongoing.
The Government commissioned the independent Wheatley Review in July 2012 to identify and recommend changes to the regulatory framework in light of the LIBOR scandal. The Government accepted the Review’s recommendations and implemented associated reforms to the regulation and oversight of benchmarks.
Since then, LIBOR has been wound down, reflecting concerns about its reliability. This has been supported by coordinated action across government and regulators, alongside the transition to alternative benchmarks. The Treasury engaged closely with regulators throughout the programme to support the transition away from LIBOR. The transition was successfully completed, with all LIBOR settings having now ceased and no significant market disruption arising as a result.
The investigations and subsequent prosecutions relating to the LIBOR scandal were led by the operationally independent Serious Fraud Office. The Government is not able to comment on the specifics of any individual case, but the Government’s position on financial market abuse is clear: it undermines the integrity of public markets, impairs the effectiveness of financial markets, and reduces public confidence in them.
To ask the Chancellor of the Exchequer, whether regulatory changes have been implemented following the quashing of Mr Tom Hayes’ conviction by the Supreme Court.
To ask the Chancellor of the Exchequer, whether regulatory changes have been implemented following the quashing of Mr Tom Hayes’ conviction by the Supreme Court.
The Government commissioned the independent Wheatley Review in July 2012 to identify and recommend changes to the regulatory framework in light of the LIBOR scandal. The Government accepted the Review’s recommendations and implemented associated reforms to the regulation and oversight of benchmarks.
Since then, LIBOR has been wound down, reflecting concerns about its reliability. This has been supported by coordinated action across government and regulators, alongside the transition to alternative benchmarks. The Treasury engaged closely with regulators throughout the programme to support the transition away from LIBOR. The transition was successfully completed, with all LIBOR settings having now ceased and no significant market disruption arising as a result.
The investigations and subsequent prosecutions relating to the LIBOR scandal were led by the operationally independent Serious Fraud Office. The Government is not able to comment on the specifics of any individual case, but the Government’s position on financial market abuse is clear: it undermines the integrity of public markets, impairs the effectiveness of financial markets, and reduces public confidence in them.
The story that I will tell this evening starts with understandable public anger at the failure of both business and state during the 2008 financial crisis and the massive institutional failures to bring real villains to justice. The regulators, the US Department of Justice and the Serious Fraud Office rushed...
The story that I will tell this evening starts with understandable public anger at the failure of both business and state during the 2008 financial crisis and the massive institutional failures to bring real villains to justice. The regulators, the US Department of Justice and the Serious Fraud Office rushed...
I thank the right hon. Gentleman for bringing this scandalous miscarriage of justice before the House. The House will have the opportunity to listen to Andy Verity when he comes to the Commons on 6 June, as well as some of those who were prosecuted. I suggest the right hon....
I thank the right hon. Gentleman for bringing this scandalous miscarriage of justice before the House. The House will have the opportunity to listen to Andy Verity when he comes to the Commons on 6 June, as well as some of those who were prosecuted. I suggest the right hon....
This is not the first time that the right hon. Gentleman and I have worked together on a miscarriage of justice, and I will defer to his wisdom on this. Given that it has been a decade, I do not think that a three-month or six-month delay in writing to...
This is not the first time that the right hon. Gentleman and I have worked together on a miscarriage of justice, and I will defer to his wisdom on this. Given that it has been a decade, I do not think that a three-month or six-month delay in writing to...
Let me first congratulate my right hon. Friend the Member for Haltemprice and Howden (Mr Davis) on securing this debate. I recognise the work he has done to raise the profile of issues relating to the LIBOR scandal. I am also grateful to the right hon. Member for Hayes and...
Let me first congratulate my right hon. Friend the Member for Haltemprice and Howden (Mr Davis) on securing this debate. I recognise the work he has done to raise the profile of issues relating to the LIBOR scandal. I am also grateful to the right hon. Member for Hayes and...
Agreed to on question.
Agreed to on question.
On a point of order, Mr Deputy Speaker. Next week, the BBC’s economics correspondent will publish a book and release whistleblower testimony, telephone recordings, emails and documentary data on a number of serious miscarriages of justice in the LIBOR scandal that emerged in 2012. It will show that British and...
On a point of order, Mr Deputy Speaker. Next week, the BBC’s economics correspondent will publish a book and release whistleblower testimony, telephone recordings, emails and documentary data on a number of serious miscarriages of justice in the LIBOR scandal that emerged in 2012. It will show that British and...
Lords question for short debate on what steps they will take to ensure that the Libor system remains available to be exercised by the Bank of England in the event that inter-bank lending is at risk of collapse.
Lords question for short debate on what steps they will take to ensure that the Libor system remains available to be exercised by the Bank of England in the event that inter-bank lending is at risk of collapse.
My Lords, during the three weeks or so since I entered the ballot for this slot, I have continued to maintain close contact with practitioners in the Libor market, as I support the case for a final resolution of the Tom Hayes case and press the argument to confirm the...
My Lords, during the three weeks or so since I entered the ballot for this slot, I have continued to maintain close contact with practitioners in the Libor market, as I support the case for a final resolution of the Tom Hayes case and press the argument to confirm the...
My Lords, I am very glad that the noble Lord’s health is supporting him through this debate. He is absolutely right to draw our attention to the importance of a liquid and well-functioning interbank lending market.
My understanding—and I will leave it to the Minister to make sure that we are...
My Lords, I am very glad that the noble Lord’s health is supporting him through this debate. He is absolutely right to draw our attention to the importance of a liquid and well-functioning interbank lending market.
My understanding—and I will leave it to the Minister to make sure that we are...
My Lords, I congratulate the noble Lord, Lord James of Blackheath, on securing this short debate and hope that he has not taken the shortness of today’s speakers’ list to heart.
As I understand it, the sterling Libor benchmark was wound up at the end of 2021. The Financial Conduct Authority...
My Lords, I congratulate the noble Lord, Lord James of Blackheath, on securing this short debate and hope that he has not taken the shortness of today’s speakers’ list to heart.
As I understand it, the sterling Libor benchmark was wound up at the end of 2021. The Financial Conduct Authority...
My Lords, I thank my noble friend Lord James of Blackheath for securing this debate. I too wish him well with his recovery. I am grateful to other noble Lords for their contributions. I recognise the work my noble friend has done to raise the profile of issues relating to...
My Lords, I thank my noble friend Lord James of Blackheath for securing this debate. I too wish him well with his recovery. I am grateful to other noble Lords for their contributions. I recognise the work my noble friend has done to raise the profile of issues relating to...
To ask Her Majesty's Government, further to the Written Answer by Lord Stewart of Dirleton on 6 April (HL7312), what assessment they have made of the judgment of the US Court of Appeals for the Second Circuit in United States V. DB Group Services (UK) Limited (and Deutsche Bank AG) which...
To ask Her Majesty's Government, further to the Written Answer by Lord Stewart of Dirleton on 6 April (HL7312), what assessment they have made of the judgment of the US Court of Appeals for the Second Circuit in United States V. DB Group Services (UK) Limited (and Deutsche Bank AG) which...
There has been no further assessment made on the judgment of the US Court of Appeal in these cases.