Banks 'to be accused of Euribor manipulation'

10 December 2012

Several banks are set to face accusations of manipulating the eurozone's interbank offered rate, it has been reported.

According to the Wall Street Journal, officials at the European Union (EU) will soon take a number of financiers to task over suspicions the companies may have colluded to rig Euribor.

Insiders with knowledge of the matter told the news source that the European Banking Federation (EBF) - the body that controls Euribor - is determined to retain control of the rate and, as such, is looking to tighten up its oversight of the figure.

Barclays - which was hit with fines totalling around $450 million for its role in the manipulation of Libor - has already admitted trying to rig Euribor and it is thought that at least another 12 banks are also now under investigation.

Guido Ravoet, chief executive of the EBF said that while there have been "weaknesses" in its Euribor governance", the group is "completely open" to government oversight of its practices.

By Claire Archer

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development