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Bank charges: Banks want Libor rate replaced

Central bankers have said that they want to see the libor rate replaced.

Governor of the Bank of England, Sir Mervyn King, has said that central banks should have more of a role in producing financial rates. This was agreed in a report from a group of central bankers worldwide titled Towards Better Reference Rate Practices: A Central Bank Perspective.

Mr King said: “It is clear that central banks must play an important role in supporting the development of alternative reference rates.”

The London Interbank Offered Rate (Libor) is a benchmark rate on which all financial transactions around the world are decided.

Major banks are directly involved in setting the Libor rate but recently it was found that some of them were manipulating this rate in order to boost profits. As a result, it has lost credibility.

So far, UBS, Royal Bank of Scotland (RBS) and Barclays have been fined for Libor-rigging.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801557766-ADNFCR



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