»»  europe

EU PROPOSALS WOULD TAKE CONTROL OF LIBOR FROM LONDON (0 comments)

European authorities are to propose bringing control of the inter-bank lending rate, Libor, under the supervision of a Paris-based regulator.

The draft regulation proposes moving oversight of the scandal-hit benchmark from London to the European Securities and Markets Authority (ESMA).

Libor is used to price trillions of pounds worth of financial contracts, including loans and mortgages.

A Treasury source said the government was "relaxed" about the plans