Speeches sourced from the Labour party’s online archive More…

Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, in response to the fine the FSA has levied on Barclays, said:

“These are serious instances of market abuse and it is vital that Treasury Ministers now review the regulation of LIBOR arrangements, as we urged them to do in March.

“We need to know what the Government plans to do to prevent traders manipulating the independent interest rates between the banks for their own advantage. Mortgage repayments of ordinary householders up and down the country depend on a fair and true interest rate market mechanism.

“It is right for Barclays to be fined this record amount and for their senior executive to forfeit their bonuses. But we now need to know how many employees were complicit in this process, how many will be losing their jobs as a result, and whether this needs to now go beyond the regulators and into a criminal investigation. And the FSA must urgently look into whether other banks or financial institutions have and are still able to distort the interest rate in this way.”

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