The BBA’s board voted unanimously to approve the transfer of the administration of LIBOR to the new administrator as recommended by the Hogg Tendering Advisory Committee on 9th July 2013 and has been working since then to ensure a smooth transition.
The BBA will hand over administration of the benchmark on 1st February 2014 following FCA approval.
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The appointment of a new administrator was one of the key recommendations of the Wheatley Review which was set up in 2012 following the revelations of attempts to manipulate LIBOR. The BBA has worked hard to implement all the recommendations of the review in order to restore confidence in LIBOR as a benchmark.
Anthony Browne, chief executive, BBA, said: "Restoring confidence in LIBOR has been an absolute priority for the BBA since I took over as Chief Executive. We have been working hard with regulatory authorities and the Government to put in place much-needed reforms to the system.
"The BBA worked closely with the Wheatley Review into LIBOR, then with the Hogg Committee and latterly with ICE Benchmark Administration Ltd. Today’s announcement is a further step in restoring the credibility of the rate. The BBA has strongly stated the need for greater regulatory oversight of LIBOR, and tougher sanctions for those who try to manipulate it. That is why the BBA Council agreed that responsibility for LIBOR should no longer lie with the BBA.
"The benchmark now has better regulatory oversight and improved governance."
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