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Danish Bank Group Welcomes Proposal for External Cibor Oversight

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Aug. 2 (Bloomberg) -- The Danish Bankers Association said it welcomed a proposal by Business Minister Ole Sohn to create an external authority to oversee the Copenhagen interbank offered rate.

The government can’t accept that Cibor fixing be monitored by the same banks that submit quotes, Sohn said earlier today, the Borsen newspaper reported.

“The Danish Bankers Association’s sole objective is to create confidence in Cibor,” the group’s Director Joergen A. Horwitz said in an e-mailed statement today. “We therefore welcome the minister’s proposal. A competent, public oversight authority can help restore confidence in Cibor.”

The Bankers Association has “confidence in Cibor,” Horwitz said. “But for us, just as for the minister, it’s crucial that customers and market participants also have confidence in the rate.”

To contact the reporter on this story: Peter Levring in Copenhagen at plevring1@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

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