WestLB has left the panel of banks setting interbank lending rates for U.S. dollars, Financial Times reports. The German lender requested for removal as its volume in dollars was inconsistent with the aim of being a Libor panel member.
Now, 19 banks will set dollar libor lending rates after the removal of WestLB from the list. WestLB is going through restructuring after it received state help from the European Union during the financial crisis.
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