Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions her Department has had with regulators regarding LIBOR‑related settlements with banks during the period in which criminal investigations were ongoing.

The Government commissioned the independent Wheatley Review in July 2012 to identify and recommend changes to the regulatory framework in light of the LIBOR scandal. The Government accepted the Review’s recommendations and implemented associated reforms to the regulation and oversight of benchmarks.

Since then, LIBOR has been wound down, reflecting concerns about its reliability. This has been supported by coordinated action across government and regulators, alongside the transition to alternative benchmarks. The Treasury engaged closely with regulators throughout the programme to support the transition away from LIBOR. The transition was successfully completed, with all LIBOR settings having now ceased and no significant market disruption arising as a result.

The investigations and subsequent prosecutions relating to the LIBOR scandal were led by the operationally independent Serious Fraud Office. The Government is not able to comment on the specifics of any individual case, but the Government’s position on financial market abuse is clear: it undermines the integrity of public markets, impairs the effectiveness of financial markets, and reduces public confidence in them.