BoE's says King backed Geithner 2008 Libor recommendations
LONDON, July 13 |
LONDON, July 13 (Reuters) - Bank of England Governor Mervyn King backed proposals from the then New York Federal Reserve head Tim Geithner in 2008 to reform the setting of the Libor interest rate, correspondence released by the BoE on Friday showed.
Earlier on Friday it emerged that Geithner, now U.S. Treasury Secretary, had made several suggestions for the reform of Libor in 2008.
In an email released by the BoE, King wrote to Geithner: "The recommendationso proposed by the New York Fed seem sensible to us .... we will ask the BBA (British Bankers' Association) to include in their consultation document the ideas contained in your note."
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