The Bank of England risks becoming embroiled in an unprecedented criminal investigation over the potential rigging of its money-market auctions launched at the onset of the financial crisis.
Investigators at the UK’s Serious Fraud Office are probing the results of an independent inquiry that have been referred to it with a view to launching a formal investigation, according to people familiar with the matter.
The central bank’s oversight committee instructed Lord Grabiner QC last year to investigate whether any BoE official knew of, or even participated in, attempts to rig a series of auctions as the financial crisis began to bite in late 2007 and 2008, the Financial Times reported last year.