British finance minister George Osborne will make a statement on Thursday about a regulatory probe that found Barclays bank had manipulated interbank lending rates over several years. A spokeswoman for the House of Commons said Osborne would address parliament shortly after 1100 GMT on a Financial Services Authority investigation into the how Britain’s key interbank lending rate, Libor, was fixed. Barclays will pay 290 million pounds ($453 million) to U.S. and British authorities to settle allegations that it manipulated interest rates. Libor underlies everything from derivatives trades to U.S. consumer credit card rates to loans as far afield as those financing Turkish phone networks.
