On Tuesday, the three-month inter-bank lending rate declined to 4.63% from 4.83% late last week.

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Mr Wheatley is also conducting a review of Libor, the inter-bank lending rate that has been discredited following manipulation by traders.

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The shadow home secretary said it was a scandal no-one has been arrested for the "multi-billion pound" Libor inter-bank lending rate fraud.

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Intially, seven banks, including HSBC and Royal Bank of Scotland, were questioned in the U.S. for alleged manipulation of the Libor inter-bank lending rate.

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David Cameron has, so far, only called for accountability at Barclays to go the very top and for a narrow inquiry into the management of LIBOR - the inter-bank lending rate.

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There has been a furore over the fixing of the London inter-bank lending rate, known as Libor, which is considered to be one of the most crucial interest rates in finance.

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Posted 6.59am: The BBC has seen documents which show that ministers in the last Labour government held discussions with banks about policies which would allow the Libor rate - the inter-bank lending rate - to fall.

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Which senior Whitehall figure told the Bank of England to tell Barclays that they should get their LIBOR - or inter bank lending interest rate - down?

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Mr Coogan warned that the bank's efforts had yet to have much effect on the London Inter-Bank Offered Rate (Libor), the main interest rate governing the cost of lending between banks.

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