Libor, which is a lending benchmark used by the banks in the European region across financial markets in a broad range of activities, has been in the limelight due to its manipulations by global banks for their own gains.
Media sources reported that the initial plan may not materialize, and the EU regulators are likely to keep the Libor management in London.
However, the EU is planning to appoint a group of various member states, to keep a tab on the supervision of Libor.
In May this year, it was reported that the UK FCA was planning to replace the troubled London interbank lending rate (LIBOR) with a new dual-track system, including survey-based lending rates along with transaction-linked indices, is likely to take place by latest 2014.
Many global banks, including British bank Barclays, Royal Bank of Scotland (RBS), Swiss lender UBS, came under the scanner of regulatory authorities in 2012 for allegedly fixing the Libor rate.
In February 2013, Royal Bank of Scotland (RBS) agreed to pay $612m (£390m) monetary penalty over settling of Libor rate rigging scandal with the US and UK regulators.
In December 2012, Swiss lender UBS agreed to pay CHF1.4bn ($1.53bn) in fine to the US, UK and Swiss authorities, while Barclays agreed to pay $450m fine in June for manipulating Libor.
