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Bank claims: Barclays fined by FSA for Libor and Euribor misconduct

Barclays Bank has been fined £59.5 million after the Financial Services Authority (FSA) found it was guilty of misconduct relating to the Euro Interbank Offered Rate (Euribor) and the London Interbank Offered Rate (Libor).

These rates deal with the interest received through bank charges when bodies in this sector lend to each other.

It was found that part of the setting process for Euribor and Libor was made through submissions by Barclays, which dealt with requests made by the lender's interest rates derivatives traders, who wished to improve the bank's trading positions due to a profit motive.

Furthermore, Barclays had curtailed Libor submissions during the credit crunch, with senior management concerned about any negative reports in the media.

The firm also intended to influence other banks' Euribor submissions.

Barclays was found to have insufficient controls relating to this area until June 2010.

Chairman of the Treasury Select Committee Andrew Tyrie said: "This was a serious breach. I am very concerned about it."

"The price setting mechanism of Libor is crucial to the integrity of the markets," he added, stating:  "This appears to have been put at risk."

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801395704-ADNFCR

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