Royal Bank of Scotland: LIBOR

Lord McColl of Dulwich Excerpts

Wednesday 4th July 2012 Lords Chamber

[Lord Sassoon]

The noble and learned Lord clearly points to a couple of very important offences in this area, but in the various inquiries that my right honourable friends have announced we also want to see whether there are any gaps. There is one obvious and glaring gap, which a Front-Bench spokesman from the Opposition conceded a couple of days ago, in that FiSMA is defective in the sense of not allowing direct prosecution for LIBOR fixing under the regime, and that needs to be put right.

[Lord McColl of Dulwich]

In view of the poor behaviour of the banks, could we consider changing the name “bank holiday” back to its original name, “Lubbock Day”? The workers used to call them St Lubbock Day, after the distinguished MP, the grandfather of the noble Lord, Lord Avebury.

[Lord Sassoon]

It is a fascinating suggestion. Thank you for that.