Treasury 'welcomes' committee's Libor report

The Treasury has welcomed a select committee's "detailed and prompt report" into the Libor fixing scandal, saying the Government will study its recommendations "in depth".

The manipulation of key global benchmark rates has been another example of a culture of irresponsibility within the banking system, which the Government is determined to fix as quickly as possible.

The Government has already established the Wheatley Review into Libor, which published a discussion paper last week and will produce final recommendations by the end of the summer, and any necessary legislative changes will be considered for inclusion in the Financial Services Bill or the Banking Reform Bill.

– A Treasury spokesman

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MPs' Libor report scathing

The influential Treasury Select Committee has concluded ex-Barclays boss Bob Diamond was "highly selective" when he gave evidence to MPs on the Libor fixing scandal, and criticised the Bank of England and the FSA for their "failings" on the matter.