The British Bankers’ Association’s board has had internal discussions about a merger with another trade body, following the Government’s decision to end its role as the administrator of Libor.
Following the recent rate-rigging scandal, Financial Conduct Authority chief executive designate Martin Wheatley recommended reforms for the administration and submission of Libor. In October, the Government accepted the proposals, which will see a new Libor administrator replace the BBA.
The loss of this role will have an uncertain effect on the trade body’s finances, which has led to boardroom discussions about a possible merger.
A BBA spokesman says the idea of a merger with another trade body, such as the Council of Mortgage Lenders, has come up in internal discussions.
He says: “It is an idea which has been floated in the boardroom but I can confirm we are not in discussions with the CML, nor any other trade body at the moment.”