'Other banks' will pay for British Libor scandal: regulator

LONDON: Other banks will pay the price for their role in the Libor interbank rate-rigging scandal which rocked British lender Barclays, the nation's financial regulator will say later Friday.

"One bank we know of made no effort at all to aid credible submissions and has now paid the price. Other banks will follow," Financial Services Authority managing director Martin Wheatley will say in a government-commissioned report.

The London Interbank Offered Rate (Libor) is a flagship instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.

It is calculated daily, using estimates from banks of their own interbank rates.