Reference rates are one of the foundations of the financial system, and it is in the interest of everyone, from the residential mortgage holder to the financial institutions that heavily use these rates, that those foundations have integrity and be well constructed and resistant to manipulation.
As I said at the beginning, the problems with LIBOR have undermined the public’s trust in the financial system. In light of the need to regain that trust, I am certain that our reform efforts will meet with the active cooperation of financial institutions in carrying forward these reforms. 6  BIS central bankers’ speeches