Roberta Blackman-Woods (City of Durham, Labour)
To ask the Chancellor of the Exchequer
(2) if he will take steps to ensure that suitable measures for redress will be made available to UK businesses mis-sold financial products based on LIBOR if banks are found to be guilty of rate manipulation.
Stewart Hosie (Dundee East, Scottish National Party)
To ask the Chancellor of the Exchequer what assessment his Department has made of the potential effects of the fixing of the LIBOR on the ability of UK banks to (a) remain solvent and (b) operate without payments from the public purse during 2008.
Greg Clark (Tunbridge Wells, Conservative)
Such misconduct includes attempted manipulation. In some cases those attempts were to lower the final LIBOR rate, and in others they were to increase it. Such attempts may only have moved the overall LIBOR rate by a fraction of a percentage point, if at all. Consequently it is very difficult to establish any sort of net effect from the attempted manipulation.
The Government believe that this and other recent examples of misconduct in the banking sector are completely unacceptable. This is why the Government are taking action now, including comprehensive reform of the regulatory system.