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  I have no earthly reason to doubt a single word you write Peter (#132).
  But...
  The BBA does 'compile' the Libor rate from the information submitted to it from the reporting banks. This gentleman's arrangement is seen as far too cosy by the US authorities, The Commodity Futures Trading Commission (CFTC).
  While the CFTC fined Barclays £128.5m for manipulating it's Libor rates, it also, I read, laid into the BBA. Pointing out that, "the BBA is not regulated" despite publishing "one of the fundamental benchmarks for global financial markets".
  During the relevant times a Barclays Bank employee sat on the steering committee of the BBA with responsibility for the operation and management of Libor. This committee reviewed Libor when the rate was questioned and gave it the all clear.

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