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Bank of England liquidity auctions probed by fraud office Bank of England liquidity auctions probed by fraud office
(about 3 hours later)
The Serious Fraud Office (SFO) is investigating liquidity auctions held by the Bank of England during the financial crisis, the Bank has said.The Serious Fraud Office (SFO) is investigating liquidity auctions held by the Bank of England during the financial crisis, the Bank has said.
The Bank commissioned its own inquiry last year and then referred the matter to the SFO.The Bank commissioned its own inquiry last year and then referred the matter to the SFO.
Liquidity auctions are a process in which commercial banks can access extra cash. Liquidity auctions enable commercial banks to access extra cash for lending.
The Bank confirmed details of the investigations but said it was "not appropriate" to comment further.The Bank confirmed details of the investigations but said it was "not appropriate" to comment further.
The Financial Times reported in November that the Bank was probing whether staff knew or assisted in possible manipulation of auctions it held in in 2007 and 2008. The Financial Times reported in November that the Bank was investigating whether staff knew or assisted in possible manipulation of auctions it held in 2007 and 2008.
The Bank has now confirmed it appointed Lord Grabiner, a senior barrister, to conduct an independent inquiry into the liquidity auctions. The Bank has now confirmed it appointed Lord Grabiner QC, a senior barrister, to conduct an independent inquiry into the liquidity auctions.
It said it referred the matter to the SFO "following the conclusion of that initial inquiry" in November.It said it referred the matter to the SFO "following the conclusion of that initial inquiry" in November.
'Sooner the better''Sooner the better'
Andrew Tyrie MP, chairman of the House of Commons Treasury Select Committee, said that the referral was the "right thing to do".Andrew Tyrie MP, chairman of the House of Commons Treasury Select Committee, said that the referral was the "right thing to do".
"We must now await the outcome of the SFO's work," he said. "We must now await the outcome of the SFO's work," he said. "The sooner their findings are published, the better."
"The sooner their findings are published, the better."
The SFO simply confirmed it was "investigating material referred to it by the Bank of England concerning liquidity auctions" in 2007 and 2008.The SFO simply confirmed it was "investigating material referred to it by the Bank of England concerning liquidity auctions" in 2007 and 2008.
Lord Grabiner previously led an investigation in March over whether Bank staff had played any part in foreign exchange rate manipulation. Lord Grabiner previously led an investigation in March 2014 over whether Bank staff had played any part in foreign exchange [FX] rate manipulation.
Earlier this week the Bank's governor, Mark Carney, declined to comment when MPs asked him about the probe. He concluded: "I have found no evidence to suggest that any Bank official was involved in any unlawful or improper behaviour in the FX market."
Earlier this week the Bank's governor, Mark Carney, declined to comment when MPs asked him about the liquidity auctions investigation.