In EU draw on punishment toughening for frauds with ratesthe European regulators suggest to enter criminal punishment for frauds with key rates, results Reuters words of the commissioner of the European Union in the field of Michel Barne`s financial reforms.
the Euroofficial insists on change of the legislation which allows to carry out now insider transactions and other infringements, in particular to manipulate rate LIBOR (London InterBank Offered Rate), being basis for crediting and the conclusion of other derivative contracts worldwide.
“ we should learn a lesson from business with LIBOR and close an opening which allows to abuse the legislation. Including it is necessary to exclude a direct manipulation market indexes, such as LIBOR “ - has informed a press - the secretary M.Barne.
past week the chief executive of British bank Barclays Bob Dajmond has retired in connection with financial scandal which has burst after announcement of results of investigation of the manipulations spent Barclays and a number of other big banks at definition of one of key rates in the world of interbank crediting - LIBOR. Earlier for the similar reasons the resignation declared chairman of board of directors Barclays of Markus Ejdzhius.
it is necessary to note, on June, 27th 2012ã. The largest British bank - Barclays - has been fined on 452 million dollars by regulators of the USA and Great Britain for frauds at definition of rate LIBOR. Investigation of frauds with LIBOR has been begun in 2008ã. And besides Barclays has concerned such big banks as Royal Bank of Scotland, Lloyds Banking Group, Citigroup, HSBC, UBS and Deutsche Bank, and Barclays became the first bank which has recognised the responsibility. As has found out a consequence, employees Barclays during the period with 2005ã. On 2009ã. Repeatedly manipulated rate LIBOR.
Besides, Barclays, most likely, will be not the unique credit organisation on which will impose serious penalties. Regulators in the USA, Europe and Asia check now the largest world banks which also are suspected of a manipulation by rates of interbank crediting. The attention of regulating bodies was involved with such financial giants, as Citigroup, JP Morgan and Deutsche Bank. According to the supervising departments, the given actions could affect cost of loans for millions clients of banks.
LIBOR is the recognised indicator of financial resources, the basic rate in the interbank market on which banks finance each other.