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  1. Hi - I have been checking the info that GMAC gave me for an interest only mortgage, on reading through their tariff booklet and Mortgage Guide 2000, for Interest Rates it says the following: "The interest rate charged will be based on "LIBOR" plus an additional amount (a "margin") e.g.3% over the Libor rate. This means that if LIBOR were at 7%, the interest rate would be 10%. The margin applied will depend on the type of scheme you are taking and your personal and financial circumstances and this will be set out in your Mortgage Offer." OK - I notice that little bit about your circums
  2. Hi folks. I was wondering, out of interest, if someone could use the LIBOR scandal as a way of getting a default removed from their credit file? I've seen some responses from banks, when asked to remove a default, that they would not because they believed it was correct to place the default on the customer's credit file because it was "a true and accurate reflection of the customer's financial situation at the time", but surely it wasn't, if the banks had been fiddling LIBOR, as this affects credit card interest rates, loan interest rates, etc? Thanks for reading, ML
  3. My mortgage is with the dreaded SPML/Capstan/Acenden and my mortgage rate is supposed to be based on the Libor rate. As we all know this was fixed and the banks were fined. My question is this; How does or can this affect me and my mortgage? Does this mean that I am owed anything back from my "lovely" mortgage lender?
  4. Hi can anyone help me find the historical 3 mnth Sterling LIBOR rates going back to 2007. I have a Kensington Morgage based on these figures. Many thanks Stuart
  5. I have had a Libor based tracker mortgage + 4.2% for the last 8 years. With the findings and ongoing investigation into rate fixing are we going to be able to make claims at some stage ??
  6. ICAP has been fined £55m by US and British regulators after admitting its role in the Libor-rigging scandal that has already seen three major banks pay more than £1bn in financial penalties. Staff at the London-listed broker set up by the former Conservative Party treasurer Michael Spencer were found to have provided false and misleading information as part of an attempt to manipulate borrowing rates. In internal communications, employees described Libor-submitters at some banks as “sheep” and took bribes, including champagne, dinners and even talk of Ferraris, from friendly traders to h
  7. Some of the written conversations between ICAP brokers and trader regarding the manipulation of Libor, published by the . US Commodity Futures Trading Commission. List here: http://www.consumeractiongroup.co.uk/forum/newthread.php?do=newthread&f=27
  8. THE ARMED FORCES COVENANT (LIBOR) FUND A fund to support the delivery of the armed forces covenant Document Source: https://www.gov.uk/government/publications/armed-forces-covenant-libor-fund-successful-projects In December 2012, the importance of the covenant was highlighted by the decision of the Chancellor to transfer £35 million from fines levied on the banks for attempting to manipulate Libor to the MOD for use in supporting the armed forces community. Over 3 tranches, the fund has supported 96 charities and good causes supporting the Armed Forces Community in a vari
  9. The FSA has finalised new rules to regulate Libor and other financial benchmarks in the wake of last year’s rate rigging scandal. Libor will be regulated from 1 April when the Financial Conduct Authority comes into force. Under the final rules, published today, the Libor administrator will need to corroborate submissions and monitor suspicious activity. Firms submitting Libor data must outline a clear conflict of interest policy with appropriate systems and controls.The FSA believes this will result in clear, robust rules which will give firms and their employees comfort that the regulato
  10. Hi, I'm new and maybe in the wrong place but I'm sure someone will help me there. We started a business with a loan from Barclays. The business plan showed a period of 3-4 years to go into profit. It involved converting a country house into self catering holiday accomodation. During the six months it took to sell and purchase properties the interest rate doubled. We were on target time wise and were due to open in the summer, as in the plan. Obviously we were struggling with repayments and had extended the overdraft. On the Friday of a bank holiday weekend we received a letter out of the blu
  11. Several banks have been fined in this LIBOR situation and the RBS has been involved today according to the news. Can someone please tell me where all of this large amount of money that is exacted in fines goes?
  12. Hong Kong is to investigate possible Libor rigging by UBS, a day after the Swiss bank agreed to pay £940m to regulators for trying to manipulate the key rate on an "epic scale" and two former traders at the bank were charged with conspiracy. The Hong Kong Monetary Authority, the city's de facto central bank, said it has received information from overseas regulators about "possible misconduct" by UBS involving submissions for the city's interbank rate, known as Hibor, and other reference rates in Asia. UBS was fined by Swiss, British and US regulators on Wednesday after an investigation r
  13. After Swiss bank UBS agree to pay £940m in fines to settle charges of manipulating Libor, Damian Reece, The Telegraph's Head of Business, says the scale of undetected wrongdoing is "shocking". Swiss banking giant UBS has agreed to pay £940m to regulators in order to settle charges of manipulating Libor interest rates, fraud and paying bribes to brokers. UBS' 1.4bn Swiss franc (£940m) fine includes a £160m payment to the Financial Services Authority, the largest penalty ever levied by the British watchdog, and $1.2bn paid to US authorities. The penalty is the second-largest fine paid
  14. Damian Reece, The Telegraph's Head of Business, says the scale of fines awarded to banks will have an impact on their ability to lend money to consumers. UBS has swallowed a £940m fine after a global probe revealed its staff orchestrated the manipulation of benchmark interest rates. The extent of the wrongdoing was highlighted in a series of emails released by the Financial Services Authority (FSA), which showed how traders and brokers conspired to rig the rate and referred to each other in congratulatory terms. In this video, Telegraph Head of Business Damian Reece explains the impact th
  15. Swiss banking giant UBS has agreed to pay £940m to regulators in order to settle charges of manipulating Libor interest rates, fraud and paying bribes to brokers. The penalty is the second-largest fine paid by a bank and is more than three times the £290m fine levied on Barclays in June for attempting to rig the Libor benchmark rate used to price financial contracts around the world. UBS' 1.4bn Swiss franc (£940m) fine includes a £160m payment to the Financial Services Authority, the largest penalty ever levied by the British watchdog, and $1.2bn paid to US authorities. As part of t
  16. Swiss bank prepares to pay a fine of around £630m for rigging Libor, a fresh embarrassment after the Kweku Adoboli trading scandal. Banks face another big hit to their reputation as UBS of Switzerland prepares to pay a fine of around £630m for rigging Libor – more than twice the amount Barclays paid for attempting to manipulate the key interest rate. Details of the settlement with the Financial Services Authority and a number of US and Swiss regulators are expected to be released next week. The news will be a fresh embarrassment for the Swiss bank after Kweku Adoboli, a former employee, w
  17. The Serious Fraud Office has confirmed three arrests over the fixing of the London InterBank Offered Rate (LIBOR). Three men, aged 33, 41 and 47 have been arrested and taken to a police station in London for interview in connection with the investigation into how LIBOR rates were manipulated. All three arrested are British nationals and were arrested at one residential premises in Surrey and two homes in Essex. The news comes just days after the Financial Services Authority (FSA) opened its consultation on how best to set LIBOR in future. It is also considering which organisations sh
  18. Rich Ricci, one of Barclays' top bankers, told MPs that the bank has fired five out of 13 people "disciplined" over the Libor scandal - but that many had already moved on. The bank is attempting to rebuild its reputation after being fined a record £290m in June for manipulating the London interbank offered rate (Libor), used used to fix the cost of borrowing on mortgages, loans and derivatives worth more than $450 trillion (£281 trillion) globally. After launching its own investigation, Barclays “terminated” five of 13 people disciplined, Rich Ricci, head of Barclays’ investment banking
  19. A class action complaint filed earlier this month in New York federal court claims borrowers with adjustable-rate mortgages based on the London Interbank Offered Rate, or Libor, paid more than they rightfully should have due to the rate's manipulation by the global banks involved in setting it. More: http://money.cnn.com/2012/10/16/news/companies/libor-homeowners-mortgages/index.html
  20. The Royal Bank of Scotland (RBS) has announced a pre-tax loss of £1.26 billion for the three months to the end of September. It takes the total loss for the year to £3.4 billion and compares to a £2 billion operating profit for the same period in 2011. A further £400 million provision for payment protection insurance (PPI) compensation increased the loss. The bank also made a £1.5 billion charge against the value of its own bonds. The taxpayer-owned bank is also preparing for talks with regulators to settle its role in the manipulation of the Libor interbank lending rate. The bank said it expe
  21. The Financial Services Authority, is investigating claims by a whistleblower that Britain's £300bn wholesale gas market has been "regularly" manipulated by some of the big power companies, exploiting weaknesses that echo the recent Libor scandal. Separately, the energy regulator Ofgem has been warned by a company responsible for setting so-called benchmark prices, ICIS Heren, that it had seen evidence of suspect trading on 28 September, a key date as it marks the end of the gas financial year and can have an important influence on future prices. http://www.guardian.co.uk/bus
  22. Lloyds Banking Group has become the latest British lender to be drawn into the Libor-rigging investigations by state prosecutors in the US. The bailed-out lender is one of nine banks to receive subpoenas from New York attorney-general Eric Schneiderman and his Connecticut counterpart George Jepsen. Several other European banks have also received the requests for information, including Credit Suisse and Societe Generale, as well Bank of America and Japanese lenders Bank of Tokyo-Mitsubishi UFJ and The Norinchukin Bank. The subpoenas were originally issued in August, according to The Wall
  23. Martin Wheatley announces proposals to beef up 'broken' interest rate setting system. City dealers who rig Libor should face criminal charges, the head of the review into reforming the benchmark interest rate will say on Friday as he announces proposals to beef up regulation of the "broken" rate-setting system. Martin Wheatley, a senior regulator at the Financial Services Authority, will also stress that other institutions face similar punishments to those handed out to Barclays, which was fined £290m for its attempts to manipulate the rate used to set borrowing costs for companies and ho
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