BBA begins Libor consultation

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The methodology behind Libor fixings could be overhauled following the release of a consultation paper mulling drastic changes to the compilation of the benchmark rate.

The British Bankers' Association (BBA) published a discussion paper entitled BBA Libor - strengthening for the future on June 10. The consultation follows strong criticism that Libor failed to reflect the true cost of interbank funding as lines of credit evaporated for financial institutions in late 2007 and early 2008.

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