Tag: LIBOR

• Friday, April 24th 2015 - 08:25 UTC

  Deutsche Bank agrees to pay 2.5bn fine for manipulating the LIBOR rate

  

  The New York State Department of Financial Services (NYDFS) announced Thursday that Deutsche Bank had agreed to pay 2.5 billion (2.3 billion Euros) to US and UK authorities as part of a legal settlement over the bank's role in manipulating the London Interbank Offered Rate (Libor).

• Thursday, October 9th 2014 - 07:05 UTC

  Senior UK banker admits conspiring to defraud by manipulating the Libor rate

  

  A senior banker from a UK bank has admitted conspiring to defraud over manipulating the Libor lending rate. The banker, who cannot be named for legal reasons, is the first person in the UK to plead guilty to the offence.

• Wednesday, July 30th 2014 - 07:45 UTC

  UK and US fine Lloyds group £218m for manipulating the Libor rate

  

  Lloyds Banking Group has been fined £218m for “serious misconduct” over some key interest rates set in London. The group manipulated the London interbank offered rate (Libor) for yen and sterling and tried to rig the rate for yen, sterling and the US dollar, said the US legal order.

• Tuesday, April 29th 2014 - 06:03 UTC

  Three former Barclays employees charged with manipulation of Libor rate

  

  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”.

• Wednesday, March 19th 2014 - 07:13 UTC

  US regulator sues 16 banks for allegedly manipulating the Libor

  

  US regulator has sued 16 banks for allegedly manipulating the London interbank offered rate (Libor).The Libor rate is used to set trillions of dollars of financial contracts, including mortgages and financial transactions around the world.

• Wednesday, July 10th 2013 - 05:50 UTC

  NYSE takes control of LIBOR setting, following collusion from leading banks

  

  The owner of the New York Stock Exchange is set to take control of a key scandal-hit bank interest rate. NYSE Euronext has won the contract for setting the London Inter-bank Offered Rate (Libor), a government-backed committee announced. Libor is used to set trillions of dollars of financial contracts.

• Friday, June 7th 2013 - 07:52 UTC

  Following the scandal, Libor to come under supervision of EU Paris-based regulator

  

  European authorities are to propose bringing control of the inter-bank lending rate, Libor, under the supervision of a Paris-based regulator. The draft regulation proposes moving oversight of the scandal-hit benchmark from London to the European Securities and Markets Authority (ESMA).

• Tuesday, May 14th 2013 - 06:36 UTC

  Petrobras completes record bond offering and collects 11 billion dollars

  

  Brazil’s state-controlled oil firm Petrobras sold 11 billion dollars of global debt on Monday in the largest-ever bond offering by a Latin American company. The deal was split in six tranches comprised of fixed- and floating-rate debt with maturities ranging from three to 30 years, according to a report from Thomson Reuters.

• Tuesday, March 5th 2013 - 16:52 UTC

  Libor rate-rigging: UK regulator failed to act on warnings of “low-balling”

  

  The UK Financial Services Authority repeatedly failed to act on warnings that banks were trying to rig inter-bank lending rates (mainly Libor) at height of the financial crisis, according to an internal review published Tuesday by the regulator.

• Tuesday, February 5th 2013 - 19:17 UTC

  Osborne says with reform bill “no UK government would ever again bail-out an entire bank”

  

  British Chancellor George Osborne has announced the Banking Reform Bill that will not only see savers’ deposits safeguarded but also enforce rules to make it easier for consumers to switch bank accounts.