Libor Lending Rates Were Probably Fixed, German Regulator Says
Banks probably fixed the London Interbank Offered Rate, or Libor, said Raimund Roeseler, chief of banking supervision at German financial regulator BaFin.
Probes are continuing into the alleged manipulation, Roeseler said before a parliamentary hearing in Berlin today.
Regulators from Canada to Switzerland are investigating whether more than a dozen banks including Deutsche Bank AG (DBK), Barclays, UBS AG (UBSN) and Royal Bank of Scotland Plc were colluding to rig Libor, the benchmark for more than $300 trillion of securities, or hiding their true cost of borrowing. Barclays Plc (BARC) Chief Executive Officer Bob Diamond resigned in July after the bank admitted to manipulating the rate.
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