Arab Today, arab today credit suisse launches probe into libor fixing
Last Updated : GMT 15:39:54
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Arab Today, arab today

Credit Suisse launches probe into Libor fixing

Arab Today, arab today

Arab Today, arab today Credit Suisse launches probe into Libor fixing

Geneva - AFP

Switzerland\'s second bank Credit Suisse has launched an internal inquiry into the Libor interest-rate rigging scandal but not found any \"significant problem\" so far, its chief said on Saturday. Chief executive officer Brady Dougan told Le Temps newspaper that \"although the issue is complex and investigations are on in the bank, we do not think at present that Credit Suisse faces a significant problem in this matter.\" He said the bank was cooperating with \"surveillance authorities\" probing the scandal. British bank Barclays was fined £290 million ($452 million, 360 million euros) after it acknowledged attempting to manipulate the Libor and Euribor rates between 2005 and 2009. Libor (London Interbank Offered Rate) is a flagship London instrument used as an interest benchmark throughout the world, while Euribor is the eurozone equivalent. The rates play a key role in global markets, affecting what banks, businesses and individuals pay to borrow money.

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