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LIBOR Panel Banks and Users Group

The LIBOR Panel Banks and Users Group ("LPBAUG") is independent of the BBA and any other organisation and will continue to have the sole responsibility for all technical aspects of BBA LIBOR. The Group consists of experienced market participants - with an invitation extended to all LIBOR panel banks - along with other parties and associations who do not submit to the bbalibor rate setting process.

The Group is chaired by a representative from a contributing bank who submits to a minimum of three bbalibor currencies, with two Deputy Chairmen below them.

All Group members shall have a vote, apart from the BBA LIBOR Secretariat. Each member will have the option to allow a named alternate of suitable standing to attend meetings if they are not able to and this alternate will act in place of the member.  All members of the Group serve as individuals representing their firms and will be expected to act in the best interests of the bbalibor benchmark and the markets it serves.

The Group will meet every two months but will meet more frequently if required. The Group has two sub-committees: Fixings and Oversight. The Fixings sub-committee will investigate anomalous behaviour observed in rate submissions and report back to the LPBAUG concerning its findings. The Oversight sub-committee will decide what action needs to be taken in respect of a particular contributing bank referred to them by the Fixings sub-committee. Each sub-committee is chaired by a deputy chairman of the Committee.

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