British Bankers Assoc Committee Replaces HBOS On Libor Panels

British Bankers Assoc Committee Replaces HBOS On Libor Panels

LONDON -(Dow Jones)- The British Bankers' Association has adjusted the panel of banks that contribute the London Interbank Offered Rate, or Libor, replacing HBOS.

The BBA said the committee that decides which banks should contribute LIBOR, was removing HBOS from its panels.

On the closely watched U.S. dollar LIBOR panel, HBOS will be replaced by Societe Generale. On the U.K. pound- and euro-LIBOR panels, HBOS is replaced by Mizuho Financial Group Inc. (MFG).

BBA said the decision was made "following the recent acquisition of HBOS by Lloyds Banking Group."

Bank are selected "on the basis of reputation, scale of activity in the London market and perceived expertise in the currency concerned, and giving due consideration to credit standing."

-By Laurence Norman, Dow Jones Newswires; 44-207-842-9270; [email protected]

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(END) Dow Jones Newswires

February 06, 2009 08:02 ET (13:02 GMT)

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