Tag Archives: loans

Libor manipulation suit could open the floodgates

The news that the US Federal Deposit Insurance Corporation (FDIC) is suing European banks in London for manipulating Libor should worry central bankers everywhere.

It’s all hush-hush, with details coming from reports in newspapers, rather than made public officially. The Financial Times reported that the FDIC is suing Barclays, Deutsche Bank, Lloyds Banking Group, Royal Bank of Scotland, Rabobank and UBS, as well as the British Bankers’ Association, accusing them of fraudulent misrepresentation.

Lloyds said it doesn’t believe the claim has any merit, while the others did not comment, according to the report.

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Sort out the issue of Swiss franc loans, once and for all

By Piroska M. Nagy

This article was first published on the website of the European Bank for Reconstruction and Development (EBRD).

The Swiss National Bank’s January decision to remove the Swiss franc’s cap against the euro has sent shockwaves through the global economy. It triggered particularly strong reactions in parts of central and south-eastern Europe, where currencies in some countries came under severe pressure.

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Swiss National Bank makes new victims

The Swiss National Bank’s shocking decision last week to scrap the cap that was preventing the Swiss franc from appreciating to more than 1.20 to the euro continues to play out in the markets.

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