Lord Flight
Main Page: Lord Flight (Conservative - Life peer)Department Debates - View all Lord Flight's debates with the HM Treasury
(11 years, 10 months ago)
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Lord Flight
My Lords, will the Minister advise the House how many banks from how many countries provide regular LIBOR information in order to produce the average LIBOR rate?
Lord Sassoon
My Lords, I was looking at the setting of one of the rates the other day, and there is a panel of 18 banks. I think that is typical of the number of currencies and the different time horizons, so it is of the order of 18 or so banks on each one. Of course, they are typically the complete spread of global banks. It is by no means an activity of UK banks, notwithstanding the name of the rate.