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March 12, 2014

Carney Says Employee Suspended for Failing to Raise Alarm on FX

“Bank of England Governor Mark Carney said the employee suspended last week was put on leave for potentially failing to escalate an issue and not because anyone there had turned a blind eye to currency manipulation.

“We have no information that suggests that anyone at the BOE condoned manipulation of markets, facilitated, participated in market manipulation but that’s a pretty low bar,” Carney told Parliament’s Treasury Committee today.

“Lawmakers questioned Carney in London after records released last week seemed to show that senior currency dealers discussed with BOE officials concerns that the market was being manipulated as early as 2006. The central bank opened a review in October into allegations, reported by Bloomberg News last month, that staff condoned practices at the heart of the currency-manipulation scandal.

“If something is not escalated we have to make a judgment on where that responsibility lies,” Carney said, without elaborating on what should have been escalated. “We’ve made that judgment and we stand by it.”


Read full Bloomberg article here.

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