Many expect him to remove the BBA from the Libor-setting equation.

FORBES: Libor Regulations On The Way As BBA Agrees To Surrender Duties

In response the British Bankers' Association (BBA) started publishing LIBOR rates in 1986 and they quickly became a vital reference point for the pricing of financial instruments.

ECONOMIST: A financial benchmark that badly needs an overhaul

In the meantime the BBA is considering a LIBOR revamp.

ECONOMIST: A financial benchmark that badly needs an overhaul

Paul Tucker's communication with Barclays senior management came after there'd been a BBA review into allegations of Libor manipulation, and after months of press comment.

BBC: The strange silence and an absence of information

In fact, several months ago, when the BBA announced it was speeding up its probe, LIBOR jumped.

FORBES: UPDATE: LIBOR The Antitrust Division's Trojan Horse?

Each day the British Bankers' Association (BBA) and the European Banking Association publish the Libor and Euribor rates by taking an average of the estimated rates submitted to them by leading banks.

BBC: More banks face interest rate rigging investigation

Nor, if you look at the guidelines for setting Libor on the British Bankers' Association (BBA) website, are they required to.

BBC: Inconvenient truths about Libor

Mr Browne said the BBA, which was in charge of collating the data used to set Libor - a key bank lending rate which became discredited after revelations of manipulation by banks - would do everything it could to fix the issue.

BBC: New BBA chief aims to restore trust in banking sector

The BBA said that it is willing to give up its responsibility in setting the daily Libor rate.

FORBES: Libor Regulations On The Way As BBA Agrees To Surrender Duties