Bloomberg News

Euribor Managers Alerted Barclays on Submissions, L’Echo Says

July 12, 2012

The association that manages the setting of Euribor warned Barclays (BARC) Plc several years ago that there was a problem with its submissions, L’Echo reported.

Euribor, the Euro Interbank Offered Rate, is managed by Euribor-EBF, a non-profit association linked to the banking federation.

“It’s proven that a bank tried to manipulate Euribor, but that did not have an impact in practice,” Guido Ravoet, secretary general of the European Banking Federation, told the Brussels-based newspaper in an interview published today.

Confidence in the euro and London interbank offered rates, benchmarks for trillions of dollars’ worth of financial products worldwide, has been dented following Barclays’s admission that it submitted false rates.

European Union antitrust regulators in October raided banks that offer financial derivatives linked to the Euribor rates, saying they were investigating possible collusion.

To contact the reporters on this story: Jim Brunsden in Brussels at jbrunsden@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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