OTTAWA, July 18 (Reuters) - Central bankers and regulators will discuss the fate of the troubl
ed global libor interest rate next September, including whether it can be reformed or whether it should be replaced, a spokesman for Bank of Canada Governor Mark Carney said on Wednesday.
'Governor Carney has spoken with his counterparts at the major central banks (including the Federal Reserve and the Bank of England) regarding the merits of a coordinated global initiative to quickly and effectively restore the integrity of this vital process, by 1) determining whether there are possible amendments to libor that would reinforce its use as a reliable benchmark, or 2) evaluating whether it should be replaced by one or more alternatives measures of short-term funding conditions,' spokesman Jeremy Harrison said.
He said discussions would begin when central bankers meet in Basel, Switzerland, on Sept. 9 and then continue the following week at the steering committee of the global Financial Stability Board (FSB). Carney chairs the FSB.
(Reporting by Randall Palmer; Editing by Jeffrey Hodgson) Keywords: BANKING LIBOR/MEETING
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