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Loan charges: ECB demands market interest rate overhaul

The European Central Bank is calling for the system that sets market interest rates within the eurozone to undergo a serious overhaul following the Libor manipulation scandal.

In response to a European Commission consultation, the organisation, along with the its associated 17 national central banks, has suggested that there should be greater transparency in the system and the rate should be set based on real date, not just bank estimates.

"In the short term, the focus should be on improving the governance process, as well as on providing a clear road map for both the regulation and supervision of Euribor," EBC said in an eight-page response.

This would serve to reinstate the lost confidence in the banking system and prevent any future scandals.

EBC has said that it would not take on the responsibility itself, but suggests that the European Banking Authority or the European Securities and Markets Authority would be well placed to carry it out due to fewer conflicts of interest.

Barclays has already paid £290 million in penalties for manipulating rates and many other banks, including Royal Bank of Scotland, are under investigation.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801488435-ADNFCR

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