Another Europe News
What is Libor and why should we care?
http://www.euronews.com/ Libor – the London Interbank Offered Rate – is the average cost of borrowing at which Britain’s banks lend each other money.
It is calculated daily, based on information supplied by those banks and is used worldwide as a benchmark for prices on trillions fo euros worth of derivatives and other financial products.
After the financial crisis, the Libor rate also was seen as a guide to the health of bank’s balance sheets.
Barclays manipulation alone could not have had a big effect on the final rate, but the suggestion is a lot of the big banks were doing the same thing.
And the Libor rate has an effect on the real economy as Tony Greenham, Head of Finance and Business at the New Economics Foundation, explained: “That average is what drives the interest rates paid by hundreds of millions of people on their own mortgages, small business on their loans, student loans, insurance products. It affects a hugely diverse range of financial transactions globally, not just in the UK.”
Britain’s central bank, the Bank of England, is trying to avoid being dragged into this scandal. It has denied it knew about Libor manipulation and was allowing it to happen.
“It is nonsense to suggest that the Bank of England was aware of any impropriety in the setting of Libor,” a BoE spokesman said. “If we had been aware of attempts to manipulate Libor we would have treated them very seriously.”
Barclays said it submitted artificially low estimates of its borrowing costs because it thought rivals were doing the same, and higher submissions would make it appear to be in trouble.
Barclays is the first bank to settle in an investigation which is looking at more than a dozen other banks, including Citigroup, HSBC, UBS and RBS.
HSBC said that as a bank that contributes to setting the Libor interest rate it was providing information to authorities, but the Financial Services Authority said it was not investigating HSBC.
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@0IIIIII
April 21, 2024 at 1:46 am
Saw it months ago on the John Stewart Show.
@matthewgoodsell1422
April 21, 2024 at 1:46 am
4th key, so I am told.
@matthewgoodsell1422
April 21, 2024 at 1:46 am
Me
@InstTaxSolutionsLLC
April 21, 2024 at 1:46 am
They are correct in that the interest rate affects financial transactions not only in the UK, but globally.
@cookieman38111
April 21, 2024 at 1:46 am
I wonder if Cookie and Stephen are aware of this?
@cappygolucky
April 21, 2024 at 1:46 am
The little guy defaults on 20 dollars, MASSIVE DRAMA, Debt Collectors, harrassment, etc etc.
@SergiyBeloy
April 21, 2024 at 1:46 am
Just created the video "Barclays LIBOR fraud" compiled of the best media clips, – including THIS one!, – on the matter:
youtu.be / wak5M_DxkSQ
@TNMamaBear
April 21, 2024 at 1:46 am
it's gone, I just tried to go there. Do you have a copy of the page? if so, can you do a video showing it, or post it somewhere and let us know?
@jx14aby
April 21, 2024 at 1:46 am
This seems like such a complete bunch of nonsense. How could any bank ever rely on an interest rate the banks themselves send in to the British Banker's Association? Why would anyone rely on a bank's actually giving them an honest answer?
@laurejon
April 21, 2024 at 1:46 am
So the Uk public who had loans that were increased as a result should all now be compensated fully. If not, then the Government of the day should fall on its sword for not representing the interests of its electorate.
@junevi2000
April 21, 2024 at 1:46 am
THE CULTURE OF BRITAIN IN GENERAL, NOT JUST IN BANKING IS FRAUDULENT, AND IT IS CONTAMINATING THE WHOLE WORLD.
@psychosavant
April 21, 2024 at 1:46 am
Crimes and scandals are not mutually exclusive.
@88roro11
April 21, 2024 at 1:46 am
we should hope… most people don't know about this, don't care, or will listen to big bankers act like children saying they wont do it again
@Weiszcracker
April 21, 2024 at 1:46 am
Inside job
@toobphish
April 21, 2024 at 1:46 am
Could this be the long awaited, long dreaded, Karma of Empire coming home to the British Isles. If so, before it's over, they'll wish their little islands had gone down with Mother Atlantis! Not to worry, they can all move to the Malvinas Islands; they say Argentinian Sheep make for a cozy cuddle on a cold July morning!
@mesa134
April 21, 2024 at 1:46 am
im sitting here with just my underwear on trying to figure this thing out
@MrBadandrew
April 21, 2024 at 1:46 am
LIEbor
@CazyDayz
April 21, 2024 at 1:46 am
im so mad right now !
@23piz23mitch
April 21, 2024 at 1:46 am
lolool
@annoloki
April 21, 2024 at 1:46 am
Fraud is a crime, not a scandal