Tuesday 29 July 2014

Tuesday, July 29, 2014 Posted by Hari No comments Labels: , , ,
Posted by Hari on Tuesday, July 29, 2014 with No comments | Labels: , , ,

SOURCE BBC NEWS: Lloyds fined £218m over Libor rate rigging scandal
Lloyds manipulated the London interbank offered rate (Libor) for yen and sterling and tried to rig the rate for yen, sterling and the US dollar. Barclays and the Royal Bank of Scotland have previously paid $453m and $612m in fines related to the Libor scandal. But a "novel" development, setting the bank aside from competitors that have already been fined for Libor-rigging, was its abuse of the government-backed Special Liquidity Scheme. During the financial crisis the Bank of England offered extra cheap loans to banks in trouble for a fee. Lloyds tried to manipulate short term rates, known as repo rates, to reduce those fees thereby abusing a scheme that had been set up to try and help it. Bank of England Governor Mr Carney said: "Such manipulation is highly reprehensible, clearly unlawful and may amount to criminal conduct on the part of the individuals involved." 


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