July 9, 2012 / 4:42 PM / in 5 years

Fed's Williams says Libor revelations undermine trust in banks

COEUR D‘ALENE, Idaho (Reuters) - The revelation that Barclays appeared to have manipulated a key short-term borrowing rate has undermined confidence and trust in the entire banking system, a top Fed official said on Monday.

“Trust is absolutely critical to conduct any type of business,” San Francisco Federal Reserve Bank President John Williams said, answering an audience question after a speech to bankers here.

Reporting by Ann Saphir; Editing by Chizu Nomiyama

Our Standards:The Thomson Reuters Trust Principles.
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