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The manner in which interbank lending rates are calculated and overseen may undergo a revamp in the near future, it has emerged.
According to the Financial Times, banks across the world - along with regulatory bodies - are considering an overhaul in this area amid claims that the crucial Libor lending figure might have been manipulated during the economic crisis.
Currently, an investigation into this alleged illegal activity is ongoing but it is thought the system - which underpins some £6.29 trillion in loans to companies and consumers globally - may have been compromised.
And, with this in mind, the news source reported that the British Bankers Association is now holding discussions with financiers about whether alterations need to be implemented in areas such as "incoming liquidity rules".
The body added that it would keep the markets and public informed about how these talks are developing before any final decision is made.
By Asim Shah
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