{
  "id": "R42608",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "R42608",
  "active": true,
  "source": "EveryCRSReport.com",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 410268,
      "date": "2012-07-16",
      "retrieved": "2016-04-06T21:45:07.571447",
      "title": "LIBOR: Frequently Asked Questions",
      "summary": "The London Interbank Offer Rate (LIBOR) is an estimate of prevailing interest rates in London money markets. Barclays, a British bank that serves on the panel responding to the LIBOR survey, recently admitted submitting false responses to manipulate the index (and attempting to manipulate a similar index, the Euro Interbank Offer Rate [EURIBOR]). The Commodity Futures Trading Commission (CFTC) and the U.S. Department of Justice (DOJ) reached settlements with Barclays in which the bank agreed to admit fault and pay a large fine.\nThis report answers several frequently asked questions. \nHow is LIBOR calculated?\nWhich banks serve on the dollar LIBOR panel?\nHow can a single bank manipulate LIBOR?\nHow did Barclays manipulate LIBOR?\nHow is LIBOR used in the U.S. financial systems?\nAre there alternatives to LIBOR?\nWere U.S. policymakers, such as the Federal Reserve Bank of New York, aware of problems with LIBOR?",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": true,
      "formats": [
        {
          "format": "HTML",
          "encoding": "utf-8",
          "url": "http://www.crs.gov/Reports/R42608",
          "sha1": "3178861fd8a203102dcb192ec2f1865929f0c8ea",
          "filename": "files/20120716_R42608_3178861fd8a203102dcb192ec2f1865929f0c8ea.html",
          "images": null
        },
        {
          "format": "PDF",
          "encoding": null,
          "url": "http://www.crs.gov/Reports/pdf/R42608",
          "sha1": "122620a7bd4f52b9b6c78ec40bbff0df7f6860f9",
          "filename": "files/20120716_R42608_122620a7bd4f52b9b6c78ec40bbff0df7f6860f9.pdf",
          "images": null
        }
      ],
      "topics": [
        {
          "source": "IBCList",
          "id": 3451,
          "name": "Financial Market Regulation"
        },
        {
          "source": "IBCList",
          "id": 4575,
          "name": "Derivatives Regulation"
        }
      ]
    }
  ],
  "topics": []
}