Wednesday, 13 May 2015

That email

Ping! An email arrives from a reader interested in the piece I wrote a couple of weeks ago about Deutsche Bank's $2.5 billion fine over interest rate manipulation. (Click on the link to remind yourself of the story -

I suspect this reader has a vested interest in the situation. Still, his email posits some valid questions, so I have pasted the main body below:

"I was fascinated to read your piece about the Deutsche Bank settlement and that meeting of the British Banking Association back in April 2008 in which Libor fixing was discussed.  Given the litigation going on at the moment, I’m not surprised RBS, Lloyds and Barclays appear to have ducked answering your very sensible question about whether or not they attended the same meeting.  Who would want to admit they were told about the problems with Libor way back in 2008?

If you dig a little further on Deutsche there’s more about that fateful meeting, though.  The New York Department of Financial Services settlement notice quotes at length from a BBA email that went to the banks after the meeting.  Once again they were warned about Libor fixing.

I wonder, did RBS, Barclays and Lloyds get this email?"

Barclays and Royal Bank of Scotland both declined to comment.

A spokesperson for Lloyds Banking Group said:

"We do not intend to comment on what emails Lloyds did or did not receive from the BBA in 2008. 

Lloyds Banking Group entered into settlement with UK and US federal authorities in connection with LIBOR and BBA Repo Rate on 28 July 2014. The Group’s statement in connection with those settlements and its absolute condemnation of the actions of the individuals responsible for the conduct in question was made clear at the time."


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