Following Barclays' significant fine in June for manipulating the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR), it seems it is possible that these rates may have been subject to manipulation for longer than first anticipated. Documents released in the last few weeks also suggest that regulators in the UK and the US were aware that banks were posting artificial rates.
John Ewan, the director of LIBOR at the British Bankers Association (BBA) at the time the news about the rate-rigging came out, has left the association - although this is said not to be linked to the scandal.
Barclays had admitted that it had sought to manipulate LIBOR for a number of years. Indeed, a number of other banks, in addition to Barclays, are now thought to be involved in the rate fixing scandal, including the BBA, and are being investigated.
The terms of reference for the Wheatley review of the framework surrounding LIBOR has also been published this month, with a discussion paper due to be published on 10 August 2012.