Fraud probe over liquidity auctions

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Published: Thursday 5th March 2015 by The News Editor

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The Serious Fraud Office (SFO) has launched an investigation into Bank of England liquidity auctions held during the financial crisis.

Material has been submitted to the SFO by the Bank of England concerning the auctions during 2007 and 2008.

An independent inquiry had previously been launched by the bank into the matter, conducted by Lord Grabiner QC.

Following its conclusion, the Bank of England referred the matter to the SFO last November.

An SFO spokesman said: “The SFO can confirm it is investigating material referred to it by the Bank of England concerning liquidity auctions during the financial crisis in 2007 and 2008.”

In a statement the Bank of England said: “Following the confirmation by the Serious Fraud Office (SFO) that it is investigating material referred to it by the Bank of England, the Bank can now confirm that it commissioned Lord Grabiner QC to conduct an independent inquiry into liquidity auctions during the financial crisis in 2007 and 2008.

“Following the conclusion of that initial inquiry, the BoE referred the matter to the SFO on November 20 2014. Given the SFO investigation is ongoing, it is not appropriate for the Bank to provide any additional comment on the matter at this time.”

Andrew Tyrie MP, chairman of the Treasury Committee, said: “The Bank referred this to the Serious Fraud Office when Lord Grabiner’s initial findings were made clear to them.

“This was the right thing to do. I was informed about the referral on November 21 2014.

“We must now await the outcome of the SFO’s work. The sooner their findings are published, the better.”

Published: Thursday 5th March 2015 by The News Editor

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