A letter from top regulator
He told MPs yesterday that the Co-op had passed this information on to Lloyds, contradicting some previous evidence to the Treasury Select Committee.
Bailey, who heads the prudential regulation authority at the Bank of
The biggest cause was the bad debts it acquired when it merged with the
"The Co-op merger took the Britannia out of the spotlight, but it did not solve the underlying problem," Bailey said.
Bailey also denied the Bank of
It comes after claims that officials were told that traders at different banks would discuss the rates in advance of the fixes.
But Bailey said there is "no evidence" the Bank was told of the alleged collusion.
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