Saturday 19 October 2019 1:14 pm

Serious Fraud Office shut down Libor rigging investigation

The Serious Fraud Office (SFO) has shut down an investigation into the rigging of Libor.

Libor is the benchmark interest rate that tracks the cost of borrowing cash.

The decision comes despite evidence implicating the Bank of England, the BBC reports.

Read more: Regulators say firms must not wait to move away from Libor

The SFO said a detailed review of the evidence had been undertaken.

It means no one from the UK will prosecuted for “low-balling”, where banks understate interest rates they pay to borrow cash.

In a statement, the SFO said: “Following a thorough investigation and a detailed review of the available evidence, there will be no further charges brought in this case. This decision was taken in line with the test in the Code for Crown Prosecutors.”

The code says any evidence must support a realistic prospect of conviction and be in the public interest.

Read more: Bank of England calls last orders on Libor as regulators push 2021 transition

Previously the SFO has prosecuted 13 traders and money brokers over four years in connection with rigging Libor.

The Us Department of justice has prosecuted six, while a further 11 traders were prosecuted for manipulating the eurozone equivalent, Euribor.