NY Fed to release Libor documents Friday, official says
REUTERS - The Federal Reserve Bank of New York will release on Friday documents showing it took "prompt action" four years ago to highlight problems with the benchmark interest rate known as Libor and to press for reform, an official at the regional U.S. central bank said on Wednesday.
As early as 2007, the New York Fed may have discussed problems with the setting of the London Interbank Offered Rate with Barclays Plc (BARC.L), the British bank currently at the center of the Libor scandal and investigation.
This week, U.S. Rep. Randy Neugebauer requested transcripts related to such conversations between the Fed bank and Barclays. The New York Fed expects to provide on Friday even more documents than those requested by the congressman, according to a source familiar with the plan.
More than a dozen banks are under investigation by authorities in Europe, Japan and the United States over suspected rigging of the Libor, which is used in contracts worth trillions of dollars globally.
Some 16 banks contributed to the setting of dollar Libor rates in 2008, the period at the center of the investigations.
So far Barclays has been the only bank to admit any wrongdoing.
(Reporting By Jonathan Spicer; Editing by Paul Tait)
- Tweet this
- Share this
- Digg this
- Oil falls below $86 as oversupply, global economy worries weigh
- Indiana police charge suspect who may have killed for decades
- Total CEO de Margerie killed in Moscow business jet accident
- California woman gets stuck in chimney trying to sneak into home
- UPDATE 2-Texas investor Sam Wyly files for bankruptcy after losing SEC fraud case
India promised on Monday to open up the coal industry to private players and moved closer to selling a stake in a state-run oil company, as Prime Minister Narendra Modi picked up the pace on economic reform days after relaxing fuel price controls. Full Article
Total CEO de Margerie killed in Moscow plane accident - airport spokeswoman. Full Article