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| Bank of England liquidity auctions probed by fraud office | Bank of England liquidity auctions probed by fraud office |
| (35 minutes 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, then referred the matter to the SFO. | |
| Liquidity auctions enabled banks to access extra cash during the credit crunch that followed the collapse of Northern Rock. | |
| The Bank confirmed the investigation but would not comment further. | |
| 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 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 QC, 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. "The sooner their findings are published, the better." | "We must now await the outcome of the SFO's work," he said. "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 2014 over whether Bank staff had played any part in foreign exchange [FX] 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. |
| 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." | 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. | Earlier this week the Bank's governor, Mark Carney, declined to comment when MPs asked him about the liquidity auctions investigation. |