Europe should follow NZ's rates model - Bankers' Association

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Europe should follow NZ's rates model - Bankers' Association

3News NZ

Last month Barclays was fined $290 million pounds by British and American regulators (AAP)

Last month Barclays was fined $290 million pounds by British and American regulators (AAP)

By 3 News online staff

The United States is to question another seven banks for alleged manipulation of Libor, the interest rate they use to lend money to each other.

Last month Barclays was fined $290 million pounds by British and American regulators for rigging that Libor rate.

New Zealand Bankers' Association chief executive Kirk Hope spoke to Firstline about the issue.

“There had been concerns raised with the BBA,” he says, “I think they knew that they had some issues with this mechanism.”

Mr believes the world should move to a rates model more in line with the New Zealand system.

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Comments

26/08/2012 10:57:38 a.m.

Longtack wrote:

JUDYNZ - it goes into the big Gummint pot from where it's disbursed to various public services. Where did you think it went?

26/08/2012 9:16:31 a.m.

Fair NZer wrote:

A fine of $290 million pounds by British and American regulators for rigging that Libor rate is really "a slap on the wrist" compared to the PROFITABILITY of the Bank.....

24/08/2012 1:23:48 p.m.

Judynz wrote:

Who Exactly gets thie Fine Money?? Where does it disappear to.?? Who benefits?? I bet its not the PEOPLE.