BBA resigned to likely loss of Libor-setting role

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The British Bankers' Association (BBA) has issued a statement saying it will support the conclusions of the Wheatley review if the investigation recommends the association be stripped of its power as Libor rate-setter. The move comes following a news report stating the BBA had already voted in favour of relinquishing its role.

The UK government on July 2 commissioned a review of Libor to be headed by Martin Wheatley, the chief executive-designate of the UK's Financial Conduct Authority after Bar

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