The Upcoming
  • Culture
    • Art
    • Cinema & Tv
      • Movie reviews
      • Film festivals
      • Shows
    • Food & Drinks
      • News & Features
      • Restaurant & bar reviews
      • Interviews & Recipes
    • Literature
    • Music
      • Live music
    • Theatre
  • Fashion & Lifestyle
    • Accessories
    • Beauty
    • News & Features
    • Shopping & Trends
    • Tips & How-tos
    • Fashion weeks
  • What’s On
    • Art exhibitions
    • Theatre shows
  • Tickets
  • Join us
    • Editorial unit
    • Our writers
    • Join the team
    • Join the mailing list
    • Support us
    • Contact us
  • Interviews
  • Competitions
  • Special events
    • Film festivals
      • Berlin
      • Tribeca
      • Sundance London
      • Cannes
      • Locarno
      • Venice
      • London
      • Toronto
    • Fashion weeks
      • London Fashion Week
      • New York Fashion Week
      • Milan Fashion Week
      • Paris Fashion Week
      • Haute Couture
      • London Fashion Week Men’s
  • Facebook

  • Twitter

  • Instagram

  • YouTube

  • RSS

Barclays fined £290m for manipulating interest rates

Barclays fined £290m for manipulating interest rates
28 June 2012
Abbie Cavendish
Avatar
Abbie Cavendish
28 June 2012

Barclays Bank has been fined almost £300m as part of an investigation into alleged misconduct, which found that the bank attempted to influence interest rates.

Traders worked to change the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor) which implicate both consumer credit cards and mortgages, as well as profit levels for derivatives – or payments accounting for trillions of dollars.

Assistant Attorney from the US Justice Department, General Lanny Breuer, explained the seriousness of the particular areas that Barclays attempted to influence. He said: “Libor and Euribor are critically important…because mortgages, student loans, financial derivatives, and other financial products rely on Libor and Euribor as reference rates”.

General Breuer was keen to elucidate the length of time for which the offences had been going on, adding: “For years, traders at Barclays encouraged the manipulation of submissions used to calculate those rates.”

After receiving the £290m fine, Barclays’ chief executive Bob Diamond is said to have waived the right to his bonus amidst widespread calls for his resignation.

Prime Minister David Cameron, when asked if Diamond should indeed resign, responded: “I think the whole management team have got some serious questions to answer. Let them answer those questions first.”

The Government has said, however, that it remains unclear whether UK law would allow for the prosecution of those involved. In the Financial Services Authority (FSA), Libor does not constitute a “qualifying instrument”, meaning that market abuse rules have not been contravened.

As well as Barclays, up to 40 other banks are said to be under investigation over interest rate fixing, including RBS, HSBC and Lloyds TSB.

Abbie Cavendish

Related Items

More in Uncategorised

Killing Escobar

★★★★★
Andrew Murray
Read More

“There really hasn’t been a film that deals with a platonic male-female relationship in this way”: Natalie Morales and Mark Duplass discuss Language Lessons

Selina Sondermann
Read More

A Brixton Tale

★★★★★
Andrew Murray
Read More

Surge

★★★★★
Andrew Murray
Read More

The Old Ways

★★★★★
Andrew Murray
Read More

Women in film introduce favourite female-directed features for new BFI series on 8th March

The editorial unit
Read More

Berlinale 2021 winners: The full list

Naomi Schanen
Read More

WandaVision

★★★★★
Andrew Murray
Read More

Mother’s Day 2021: Gift guide

Rebekah Absalom
Read More
Scroll for more
Tap
  • Popular

  • Latest

  • TOP PICKS

  • The Girl and the Spider (Das Mädchen und die Spinne)
    ★★★★★
    Berlinale
  • Celebrate International Women’s Day with a Bombay Sapphire Cocktails & Create masterclass
    Food & Drinks
  • Kings of Leon – When You See Yourself
    ★★★★★
    Album review
  • Limbo
    ★★★★★
    Berlinale
  • Delectible drinks that would make the perfect Mother’s Day gift
    Food & Drinks
  • Killing Escobar
    ★★★★★
    Glasgow
  • “There really hasn’t been a film that deals with a platonic male-female relationship in this way”: Natalie Morales and Mark Duplass discuss Language Lessons
    Berlinale
  • A Brixton Tale
    ★★★★★
    Glasgow
  • Surge
    ★★★★★
    Glasgow
  • The Old Ways
    ★★★★★
    Glasgow
  • Berlinale 2021 winners: The full list
    Berlinale
  • WandaVision
    ★★★★★
    disney
  • Coming 2 America
    ★★★★★
    Movie review
  • Kings of Leon – When You See Yourself
    ★★★★★
    Album review
  • The Dissident
    ★★★★★
    Movie review
The Upcoming
Pages
  • Contact us
  • Join mailing list
  • Join us
  • Our London food map
  • Our writers
  • Support us
  • What, when, why

Copyright © 2011-2020 FL Media

England’s hope for the future
Number of graduates in unskilled jobs doubles in five years