MercoPress. South Atlantic News Agency

Three former Barclays employees charged with manipulation of Libor rate

Libor, the average rate at which banks lend to one another, is decided daily.

Three former employees of Barclays have been charged in connection with the alleged manipulation of the London Interbank Offered Rate (Libor). The Serious Fraud Office, SFO, said Jay Vijay Merchant, Alex Julian Pabon and Ryan Michael Reich had been charged for “conspiracy to defraud”.

 The three will appear at Westminster Magistrates Court in a few weeks' time, the SFO added.

Libor, the average rate at which banks lend to one another, is decided daily.

Most of the world's biggest banks contribute estimates to form the Libor rate.

But there have been allegations that some have looked to profit from it by understating or overstating their submissions.

The SFO said it was continuing to work with the UK's Financial Conduct Authority and the US Department of Justice over its Libor investigation.

It has now brought 12 charges in relation to Libor, including three other former Barclays employees.