Question

a) In the article "The Libor Scandal: A Need for Revised National and International Reforms", Girasa and Kraus (2014), the following financial institutions were found to be involved in the scandal:

1. Barclays Bank:
2. UBS (formerly Union Bank of Switzerland):
3. Royal Bank of Scotland (RBS):
4. Rabobank (Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A).:

Explain how these were involved and how they were penalised.

b) What alternative methods for determining LIBOR were suggested and have any of these been implemented since?