Treasury written question – answered on 3rd July 2012.

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Photo of Steven Baker Steven Baker Conservative, Wycombe

To ask the Chancellor of the Exchequer if he will make an assessment of the need for a Competition Commission inquiry into the routine procedures for setting LIBOR.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

The Chancellor of the Exchequer, my right hon. Friend Mr Osborne, announced in the House of Commons on 2 July 2012, Hansard, columns 612-14, that the Government have committed to an independent review of the regulation of LIBOR, to be headed by Martin Wheatley (CEO designate of the Financial Conduct Authority) and has proposed the establishment of a full Parliamentary Committee of Inquiry comprised of representatives from both the Commons and the Lords, and set up by a Joint Resolution of both Houses into professional standards in the financial services industry. We expect the review and inquiry will draw on relevant expertise, including competition authorities, as appropriate.

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