BoE's Bailey: No evidence Bank knew of any forex manipulation

Tuesday, 11 Feb 2014 | 5:46 AM ET
imon Dawson | Bloomberg | Getty Images

The Bank of England said on Tuesday it has seen no evidence to back claims it condoned or was aware of manipulation in the foreign exchange market.

Andrew Bailey, BoE deputy governor and chief executive of the Prudential Regulation Authority told parliament's Treasury Select Committee the central bank has see "no evidence yet to substantiate claims that a Bank official in any sense condoned" foreign exchange manipulation.

(Read more: Deutsche Bank fires Argentine trader in wake of FX probe:source)

"The Bank of England does not condone any form of market manipulation in any context whatsoever," Bailey said.

Bailey said the claims, which the central bank first heard about last October, were being taken "very seriously" and a review has been initiated, led by internal and external legal counsels.

(Read more: Singapore Traders May Have Manipulated Forex Rates)

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