The Federal Reserve Bank of New York may have been aware of problems in the way banks were compiling Libor as early as 2007, a Reuters article says, which would suggest global regulators moved slowly in dealing with the problem.
According to the article, the New York Fed says that in late 2007, as the financial crisis began, it received "occasional anecdotal reports" about Libor problems from Barclays, and in the spring of 2008, it looked at how Barclays' Libor submission was prepared. The New York Fed then submitted its suggestions for reforming Libor to U.K. regulators.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
