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.

 

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