HSBC investigated for manipulating interbank lending ratesFebruary 4, 2012 - 15:59 AMT PanARMENIAN.Net - The Royal Bank of Scotland and HSBC are being investigated by the Swiss authorities over allegations they manipulated the interbank lending rates which may have distorted the price of trillions of dollars of securities. The Swiss Competition Commission (COMCO) said it was looking into 12 banks, including RBS, HSBC, Citigroup and Bank of Tokyo-Mitsubishi, after receiving information that derivative traders may have colluded to set the London Interbank Offered Rate (LIBOR) and Tokyo Interbank Offered Rate (TIBOR). Regulators from America, the European Union and the UK are already investigating whether banks worked together to keep interbank lending rates down to reduce borrowing costs and cap investor panic during the financial crisis. The other banks involved in the inquiry include Credit Suisse, Deutsche Bank, JP Morgan, Mizuho Financial Group, Rabobank, Societe Generale, Sumitomo, Mitsui Banking Corporation and UBS. Libor is the rate banks say they charge each other to borrow money, Checking Account Online reported. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Ucom Celebrates Telecommunication Day May 17 commemorates the founding of the International Telecommunication Union on May 17, 1865. Armenian, Azerbaijani heads of parliament meet in Switzerland President of the Armenian parliament Alen Simonyan met with the Speaker of the Azerbaijani Milli Majlis Sahiba Gafarova. Border residents overnight on highway to protest Armenia’s Residents of Kirants continue to express outrage over the government’s decision to cede land to Azerbaijan. Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. |