Libor is the rate of Exchange on the interbank market, important in that and also in what it's on the Libor rate that thousands of external financial transactions in interbank relations are based. In this manipulations on the Libor operated by banks are properly catastrophic. What can therefore be a disaster was opened with the sanction of Barclays on 27 June 2012 by the British Financial Services Authority (FSA) for manipulation. Investigations are underway, on multiple grounds, by many authorities on multiple grounds.
The statement made on August 3, 2012 by the Royal Bank of Scotland is interesting in that, in the same time that it dismiss them, it said that manipulations that could discover in it are attributable to individuals and only to them. The system was thus not fraudulent. Therefore the declaratory system could be saved.