After August 2007, as the financial crisis intensified and media scrutiny over banks' health grew, UBS issued "informal directives" to its Libor submitters to "protect our franchise in these sensitive markets", meaning to give an appearance the bank could borrow money easily. These were disseminated by UBS's group treasury and its asset and liability management group.

From June 2008 to at least December 2008, these directives were meant to influence UBS's Libor submissions to ensure they did not attract negative media comment about creditworthiness.

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