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Page last updated at 06:43 GMT, Friday, 28 September 2012 07:43 UK

Rate-fixing could become criminal offence

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A report will be released today into the interest-rate fixing scandal that hit the banks earlier this year. It will suggest that it should be a criminal offence for banks to fix the Libor rate.

The BBC's Business Editor Robert Peston described the situation as "another great humiliation for the banks", adding that it matters that people have confidence in the Libor benchmark.

Mr Peston told the Today programme that the banks will no longer have "any kind of role" in overseeing the setting of this process in the future due to "an incurable conflict of interest".

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