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Showing posts with the label BBC Timeline: Libor-fixing scandal -October 25

BBC Timeline: Libor-fixing scandal -October 25, 2012-.

Timeline: Libor-fixing scandal   26 September 2012 Last updated at 10:53 GMT   Libor, the London inter-bank lending rate, is considered to be one of the most crucial interest rates in finance. It underpins trillions of pounds worth of loans and financial contracts. So, when Barclays was fined £290m back in June after some of its derivatives traders were found to have attempted to rig this key rate, already weak public confidence in banks was harmed further. The scandal forced both Barclays chief executive Bob Diamond and chairman Marcus Agius to resignation. With the Financial Services Authority (FSA), the UK financial watchdog, due to publish its final report on reform of the Libor rating-setting system on Friday, 28 September, here are some of the key dates in the scandal: 2005   As early as 2005 there was evidence Barclays had tried to manipulate dollar Libor and Euribor (the eurozone's equivalent of Libor) rates at the request of its deri