LONDON, March 5 Britain's financial watchdog
said it should have performed better in how it responded to
banks rigging Libor benchmark interest rates but saw no major
The FSA published an internal report on Tuesday into when it
first knew about manipulation of the London Interbank Offered
Rate (Libor), used to price trillions of dollars of products
from credit cards to home loans.
FSA Chairman Adair Turner said as the watchdog had no direct
oversight of Libor, it "did not respond rapidly to clues that
lowballing might be occuring".
"The report also reveals that while some information was
available relating to lowballing, there is, for the period
covered, no evidence of any information, direct or indirect,
available to the FSA which indicated that traders were
manipulating LIBOR for profit," Turner said.