The British Bankers’ Association, apparently distancing itself from controversy, has deleted links from its website that refer to its role in setting the London interbank rate as investigations over charges of rate manipulation swirl across the globe.
Bloomberg reported late Wednesday that the links were removed the previous week. On Tuesday the BBA met with bankers and regulators, and in a statement said, “The intention of contributors and the BBA is to engage in a sensible and structured discussion on options for developing Libor for a changing environment. We and the contributors intend to undertake this work in a manner that is conducive to market confidence.”
According to an unnamed source in the report, if it is determined that the BBA, which helped to design Libor 26 years ago, is not appropriate to oversee the benchmark, that duty could be taken over by the Bank of England’s proposed Prudential Regulation Authority.