The Bank of England has urged City firms to accelerate their efforts to abandon the scandal-ridden Libor financial benchmark and threatened to use its powers against them in an attempt to hasten the overhaul.
Companies have been given until the end of next year to stop using the rate and the Bank and the Financial Conduct Authority said yesterday that “the time to act is now”.
What in buggery’s it got to do with the FCA?
Sure, this other rate might be better, look at this one we’ve prepared for you over here. But legal insistence that it must not be used?
Sod off Matey, sod off.