Economy

xchrom

(108,903 posts)

27. BOE Suspends Employee as Notes Show Currency Concerns From 2006

Wed Mar 5, 2014, 09:42 AM

Mar 2014

http://www.bloomberg.com/news/2014-03-05/boe-suspends-staff-member-as-it-probes-currency-manipulation.html

The Bank of England suspended a staff member and published records showing concerns about risks of benchmark currency-rate manipulation were raised in meetings as early as July 2006.

The BOE is probing allegations officials condoned practices at the heart of a widening rigging scandal involving traders at the world’s largest banks. It said today the investigation has found no evidence to date its employees were involved in collusion.

The central bank requires staff “to follow rigorous internal control processes,” according to the statement. The suspended individual, who wasn’t named, is being investigated and “no decision has been taken on disciplinary action.”

The minutes released today chronicle meetings of the Chief Dealers’ Subgroup of the Foreign Exchange Joint Standing Committee through February 2013. The group was formed in 2005 to bring together central bank officials with spot traders to discuss market issues.

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