First & foremost, the erring and colluding banks, who colluded to fix LIBOR rates, must be heavily penalised for breach of trust with the investors who relied on such "real" information.
Second the Bank of England needs to get a thorough overhaul.
It takes two to tango. Then who undertakes the guarantee that the new rates are transparent, fair and just.
It is very likely that new methodology would be pegging the LIBOR higher and would have some extreme volatility to tackle, no matter whichever way one eliminates the skew.
The biggest casualty again would be the borrowers and the investors & they need to be insulated and banker's must pay for the increases insulating the existing borrower.
This way surely the Pound is also the next casualty & there would hardly be takers for it given the way Euro can become cheap and available at an affordable lending rates.
Bank of England seems would remain very busy in months to come just clarifying to European Union and Federal Reserves, USA.
Certainly a weaker EU is foreseen now more than ever before and let us not get surprised that a veiled threat comes from Britain to exit the Euro Union itself.
Just mark my words.
Second the Bank of England needs to get a thorough overhaul.
It takes two to tango. Then who undertakes the guarantee that the new rates are transparent, fair and just.
It is very likely that new methodology would be pegging the LIBOR higher and would have some extreme volatility to tackle, no matter whichever way one eliminates the skew.
The biggest casualty again would be the borrowers and the investors & they need to be insulated and banker's must pay for the increases insulating the existing borrower.
This way surely the Pound is also the next casualty & there would hardly be takers for it given the way Euro can become cheap and available at an affordable lending rates.
Bank of England seems would remain very busy in months to come just clarifying to European Union and Federal Reserves, USA.
Certainly a weaker EU is foreseen now more than ever before and let us not get surprised that a veiled threat comes from Britain to exit the Euro Union itself.
Just mark my words.