Irish model of handling bad debt isn’t working

BBC’s Panorama recently revealed new evidence about the banking crisis. It suggested that the UK regulator was complicit in manipulating Libor, the main UK benchmark interest rate from which millions of financial products are priced.

The scandal has already led to banks being fined hundreds of millions of pounds while a number of traders have been jailed.

The BBC said its investigations added to evidence the Bank of England had pressured commercial banks to push their Libor rates down and that the transcript of a phone conversation at Barclays called into question evidence previously provided to the UK’s Treasury select committee.