Libor: timeline of a travesty
The Libor scandal has revealed a practice that dates back several years, across two continents.
28 August 2007: New York Fed receives mass-distribution emails suggesting Libor rates are too low.
3 September: Bloomberg reports that Barclays has high Libor rates relative to others.
25 September: Gillian Tett writes in the FT about complaints that Libor rates are a work of fiction.
November: Bank of England hosts meeting of the Sterling Money Markets Liaison Group where members express concern that Libor rates were lower than actual traded interbank rate.
December: The Commodity Futures Trading Commission says a Barclays employee contacted it to complain that the bank was not setting “honest” rates.
6 December: An unnamed Barclays compliance officer expresses concern to the FSA about Libor rates being submitted by other banks.
1 June 2008: Timothy Geithner, the president of the US federal reserve, emails the Bank of England governor with memorandum about enhancing the credibility of Libor.
29 May: Wall Street Journal claims that measures for Libor submissions and credit default swaps have diverged.
October: Deputy Bank of England governor Paul Tucker relays Whitehall’s concerns about Barclays rates to the bank’s chief executive Bob Diamond.
December: British Bankers’ Association review into Libor does not spot any Libor fixing.
27 June 2012: Barclays is fined £290m for Libor fixing following an international investigation by the FSA, the US Department of Justice and the US Commodity Futures Trading Commission.
2 July: Chancellor of the exchequer announces independent review into Libor by Martin Wheatley.
3 July: Mr Diamond and chief operating officer Jerry Del Missier resign.
6 July: Serious Fraud Office announces investigation into Libor fixing.
16 July: Parliamentary Commission on Banking Standards launched.
17 July: FSA tells Treasury select committee that seven other banks are being investigated over Libor fixing.
24 July: Barclays launches review of business practices.
25 July: European Commissions proposes including Libor fixing in market abuse regulations.
10 August: Wheatley Review proposes further criminal powers for the FSA and alternatives to Libor
18 August: Treasury select committee releases report on inquiry into Libor fixing, citing failures at the FSA, Bank of England and Barclays.