UBS, Credit Suisse Questioned by Finma Over Libor, Sonntag Says
The Swiss Financial Market Supervisory Authority, known as Finma, contacted UBS AG (UBSN) and Credit Suisse Group AG (CSGN) regarding investigations into how the Libor interest rate was set, Der Sonntag reported.
Finma sent both banks detailed questions about the London interbank offered rate, the newspaper said, citing people close to the matter.
Regulators in the U.S., Europe and Asia are investigating whether banks that help set key rates for $360 trillion of securities were involved in collusion. Barclays Plc was fined $451 million in the U.K. and U.S. on June 27 for submitting false Libor rates.
“We are taking the investigations seriously and are fully cooperating with the authorities,” Tatiana Togni, a spokeswoman for UBS AG, said told Bloomberg News by telephone.
Credit Suisse spokesman Marc Dosch, declined to comment when contacted by Bloomberg News. Tobias Lux, a spokesman for Finma, said the regulator is “following the Libor investigations closely and is in close contact with the banks concerned.”
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