Those bankers who turn out to have broken the law should certainly be prosecuted, of course. At the moment there is a big debate about exactly what the law allows and whether it should be changed; but of course these are two separate things.

Several bankers have now been sacked for their role in manipulating the interest rate to increase their own profits, and the banks themselves have been fined. Under existing law we don't have the power to bring criminal prosecutions for the LIBOR activities. This brings us to the second question: should the law be changed?

Ken Clarke, the UK Justice Minister, thinks the City of London and other financial centres should be radically changed and some practices which are legal now should become illegal. Hopefully we may see some real changes which could restore some trust in the banking system, but although I would love to see some of those at the head of the system made really accountable, I'm not very optimistic. What do you think?