The governor of the Bank of England said Tuesday that U.S. authorities did not show him any evidence of manipulation of a key market rate when they raised concerns in 2008.
Mervyn King told a House of Commons committee that during the 2008 financial crisis, there was widespread concern about what the London interbank offered rate, or LIBOR, was indicating about the state of banks. However, there were no fears being voiced about misreporting.
UK lender Barclays has since been fined $453 million by U.S. and U.K. financial authorities for manipulating LIBOR between 2005 and 2009. Barclays chief executive Bob Diamond have resigned as a result of the scandal and chairman Marcus Agius says he will go once his successor is chosen.