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Barclays fined for attempting to manipulate Libor rates

  • British bank Barclays has been fined $450 million for trying to manipulate a key bank interest rate that influences the cost of loans and mortgages.

    Its traders lied to make the bank appear more stable during the financial crisis and often worked with traders at other banks to make a profit.

    The fine is part of an international investigation into the setting of interbank rates between 2005 and 2009.

    Barclays' wrongdoing relates to the daily setting of the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor).

    The interest rates are two of the most important in the global financial markets and affect the value of trillions of dollars of financial deals between banks and other institutions.