Business ETC uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more »
Dublin: 13 °C Saturday 25 October, 2014

Three former bankers charged in connection with UK lending rate fixing

It brings the total of people charged in relation to the scandal to six.

Image: Joe Giddens/PA Wire/Press Association Images

BRITAIN’S SERIOUS FRAUD Office is charging three former Barclays employees in a scandal related to the rigging of a key market interest rate.

Authorities say criminal proceedings have begun against Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas for actions between June 2005 and August 2007.

A court date has not yet been set to enter pleas.

At least six people have been implicated in the manipulation of the London interbank lending rate, known as LIBOR.

The rate is used by banks to borrow from each other and indirectly affects the cost of loans in the wider economy.

Britain’s Barclays and Royal Bank of Scotland, Switzerland’s UBS and the Dutch Rabobank have been fined a total of €2.6 billion by U.S. and British regulators for manipulating LIBOR.

Read: European banks to be fined up to €1.6 billion each today for rate-fixing >

  • Share on Facebook
  • Email this article
  •  

Read next:

Comments (17 Comments)

Add New Comment