Reuters: Regulatory News: BBA agrees to step back from Libor role

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BBA agrees to step back from Libor role Sep 25th 2012, 14:58 LONDON, Sept 25 | Tue Sep 25, 2012 10:58am EDT LONDON, Sept 25 (Reuters) - The British Bankers' Association said it will give up its responsibility for setting the Libor interbank borrowing rate if the regulator proposes such a move. Following a fixing scandal around the benchmark this summer, Martin Wheatley, managing director of Britain's financial regulator, is due to this week unveil changes to Libor that will strip the BBA of its supervisory role. "If Mr Wheatley's recommendations include a change of responsibility for LIBOR, the BBA will support that," the BBA said in a brief statement on Tuesday.

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