![]() ![]() ![]() Mr Osborne said the total impact on the economy and on individuals was ‘extremely difficult to work out, because the Libor rate was manipulated up as well as down’. In the UK, Labour leader Ed Miliband has also demanded a criminal probe into the interest rate scandal.Īsked how much wider the rate-fixing scandal might go, British Chancellor George Osborne told MPs: ‘HSBC and RBS are two of the banks under investigation, but international banks such as UBS and Citigroup are under investigation too, partly for activities conducted in this country.’ The employees responsible for the LIBOR and EURIBOR submissions went along those requests numerous times in submitting the bank’s contributions, according to the Justice Department. The requests were made by traders in New York and London, via electronic messages, telephone conversations and in-person conversations. ‘For this illegal conduct, Barclays is paying a significant price.' Dollar LIBOR submissions be artificially lowered. Breuer said in a statement: ‘For years, traders at Barclays encouraged the manipulation of LIBOR and EURIBOR submissions in order to benefit their financial positions and, in the midst of the financial crisis, Barclays management directed that U.S. authorities, issued on Wednesday, is likely to be only the beginning of a wave of punishments and civil suits for damages against other banks caught up in the global web of deceit.Įxperts said banks might have to set aside billions of dollars in damages to cover their liabilities resulting from the conspiracy.īetween 20, certain Barclays traders requested that their LIBOR and EURIBOR submitters contribute rates that would benefit the financial positions held by those traders.Īssistant Attorney General Lanny A. The $450million fine on Barclays from the UK and U.S. The Libor rate is crucial, since it is a key benchmark for trillions of pounds’ worth of financial products. Giant Swiss bank UBS said it had approached regulators with information over abuses of the rate-setting system. He added: 'It is in Barclays’ interest to prove the old adage that misery loves company and I expect they'll be implicating a lot of their colleagues in other banks.'Īs a part of the deal, Barclays admitted its role in rigging the LIBOR (London Interbank Offered Rate) and EURIBOR interbank crucial interest rates to mask the scale of their bad debts.Īnd American authorities say Barclays is not alone, with a number of other banks also taking part in a full-scale, global fraud.Ī senior manager at Citigroup’s Japanese operation left the firm late last year after his division was temporarily banned from trading linked to Libor and its Tokyo equivalent, Tibor, by theauthorities. 'This is the proverbial tip of the iceberg,' said Hervey Pitt, former chairman of the Washington-based Securities and Exchange Commission. Coffees will be coming your way either way, just to say thank you for your help in the past few weeks.' He asked: 'If it’s not too late low 1m and 3m would be nice, but please feel free to say “no”. ![]() ![]() In another example from April 2006, a trader requested low one month and three month US dollar Libor rates shortly before the submission was due. The submitter then replied: 'I would prefer this not be in any book!' The trader thanked him, saying: '.when I retire and write a book about this business your name will be written in golden letters.' The submitter replied: 'I am going 90 altho 91 is what I should be posting.' What do you think you’ll go for 3(month)?' As always, any help wd be greatly appreciated. In one example of several provided by the FSA, a trader emailed the Barclays Libor submitter in March 2006, writing: 'The big day arrived… My NYK are screaming at me about an unchanged 3(month) libor. Instant Credit of Outstation Cheque upto Rs.Between 20, more than 200 requests were sent, usually by email or instant messenger - by traders to the Barclays Libor submitters.International VISA/MASTER/RUPAY Debit Card.250/- for cheque operated accounts.ĭuly Filled Application Form, Proof of identity, Address proof, Passport size photograph. 5/- for non-cheque operated accounts and Rs. It is Rs.500 for non-cheque operated account and Rs.1000 for cheque operated account in other branches.įor pension accounts the minimum balance is Rs. 500/- for cheque operated accounts in branches in rural and semi-urban areas. 100/- for non-cheque operated accounts and Rs. You need to maintain a minimum balance of Rs. Minors who have completed ten years of age can apply in their names. Bodies, societies (including co-operatives), educational institutions, associations and other non-trading organizations. Individuals, Joint accounts, Clubs, associations, trusts, Govt. ![]()
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