Mark Carney Admits to the BOE’s Possible Role in Forex Manipulation

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Mark Carney Admits to the BOE’s Possible Role in Forex Manipulation

 

The probing of BOE’s Governor Mark Carney has had him admitted the bank’s possible role in forex manipulation scam

ForexMinute.com – Amidst the ongoing grilling of the Bank of England’s top officials, the bank’s Governor Mark Carney has admitted that he had acknowledged the possible role of the bank in the recent forex manipulation scam in last October by a market participant. The questions regarding the matter was pressed by lawmaker Andrew Love.

The committee has also asked Mr. Carney the reason for the suspension of BOE’s staffer, which made into headlines last week. The governor answered with the same expected reply, stating the decision to be in the interest of fairness, as the staffer was found to be escalating records to the bank’s top officials. “There is evidence which has warranted suspension,” he told the lawmakers.

The man has also indicated to always give a helping hand – a “Carte Blanche” – to the investigators, whenever required.

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Lawmaker Andrew Love has also questioned Mr. Carney that why BOE hasn’t taken any step between June 2013 (the month when BOE’s role in the scam was speculated) and October (when the investigation began).

Carney replied, “The BOE supported FCA with technical perspective on FX market, potential dynamics that could be relevant”.

“Did the FCA ask the BOE to investigate whether it was itself involved?” questioned the lawmaker.

“Not to my knowledge”, Carney told him.

The man although cited that BOE has been cooperating extensively with the investigators. “I would not want to leave you with the impression that we’ve done something and we can relax,” said he. “This is important to the FX market and to the integrity of the Bank of England. We owe it to the people of this country, to parliament, and to our employees, who have acted with integrity and a spirit of public service. We can’t come out of this with a shadow of doubt about the integrity of the Bank of England”

To contact the reporter of the story: Jonathan Millet at john@forexminute.com