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 | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |