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Bank charges: Libor may still be fraudulent

Even after the recent Libor scandal, a US regulator has said that the rate may still be subject to fraud.

Chairman of the Commodity Futures Trading Commission, Gary Gensler, told the BBC that the Libor rate was often made up.

He explained that when the rate is set it is supposed to be based off financial transactions in similar areas, however there are situations where there is not enough data to accurately set the rate for some financial transactions and so the rate could be made up.

Mr Gensler met with the BBC in London as he had come to meet with the Financial Services Authority.

Libor is a benchmark rate used to set financial transactions around the world, including interest rates on mortgages.

Investigations were launched after it was suspected that banks had been manipulating Libor in order to boost profits.

UBS, Barclays and Royal Bank of Scotland have all been fined for rigging Libor.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801544180-ADNFCR

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