Treasury Select Committee chairman Andrew Tyrie said the evidence that was presented to his committee showed there had been failings both in internal monitoring and in regulatory supervision over Libor.
When publishing the committee's report, Conservative MP Mr Tyrie said:
The sustained rigging of a crucial benchmark rate has done great damage to the UK's reputation. Public trust in banks is at an all time low.
Urgent improvements, both to the way banks are run and the way they are regulated, is needed if public and market confidence is to be restored.
The manipulation was spotted neither by the FSA [Financial Services Authority] nor the Bank of England at the time. That doesn't look good.