It adds: “To further enhance the perceptions of the BBA as an objective intermediary in the rate-setting process, we recommend greater transparency.” On June 3, Sir Mervyn replied that the recommendations “seem sensible to us”. He said he had passed the note to Paul Tucker, deputy governor, and asked him to talk to Bill Dudley, a senior executive at the US Federal Reserve, and the BBA, which was about to launch its own review of Libor.