LIBOR (FSA Investigation)

Part of Business of the House – in the House of Commons at 12:31 pm on 28 June 2012.

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Photo of George Osborne George Osborne The Chancellor of the Exchequer 12:31, 28 June 2012

The fact of the investigation was something I discussed with Finance Ministers and representatives of other Governments, but I have not spoken with any of them since the FSA report was published yesterday because the issues immediately before us are about Britain and a British bank. As I indicated in my response to my hon. Friend Mr Ruffley, however, a number of international banks were potentially involved, such as UBS and Citigroup, which are not British banks and are in part regulated by overseas authorities. The whole FSA investigation is part of a joint international effort with the US Department of Justice and the Securities and Exchange Commission.