Europe should follow NZ's rates model - Bankers' Association
Fri, 24 Aug 2012 7:22a.m.
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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26/08/2012 10:57:38 a.m.
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.
Who Exactly gets thie Fine Money??
Where does it disappear to.??
I bet its not the PEOPLE.
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