Statement on Financial Services

06 February 2013

Financial Secretary, Greg Clark, made a statement in the House of Commons on Wednesday 6 February 2013 on the investigations into the attempted manipulation of the setting of the London Interbank Offered Rate (LIBOR) interest rates

Shadow Financial Secretary, Chris Leslie, responded to the statement on behalf of the Opposition.

Manipulation of the London Interbank Offered Rate (LIBOR)

Mr Clark updated the House on the investigations of the Financial Services Authority, the US Department of Justice and the US Commmodities and Futures Trading Commission.

Mr Clark said in light of the findings, the Financial Services Authority (FSA) had imposed a fine on The Royal Bank of Scotland plc (RBS) of £87.5 million.

Oral statements

Oral statements are made after Question Time (or at 11am on a Friday) and after any Urgent Questions.

Statements normally relate to matters of policy or government actions. At the end of a statement, MPs can respond or question the government minister on its contents.

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