Barclays withdraws from panel in UAE
Source: Agencies |
July 16, 2012, Monday
|
Print Edition
Print Edition
BRITISH bank Barclays plans to pull out of the rate-setting panel for interbank lending in the United Arab Emirates because of its involvement in the Libor scandal in Britain, three industry sources said yesterday.
Barclays belongs to a panel of 12 banks that quote indicative interbank lending rates in UAE dirhams. The quotes are averaged to create a daily range of Emirates Interbank Offered Rates (Eibor), which are used for financial instruments.
"Barclays has indicated to the UAE central bank that it wants to quit the panel, and the central bank has called for a meeting on Tuesday to discuss who will replace Barclays," a source familiar with the matter said.
Late last month, Barclays agreed with US and British regulators to pay US$453 million in fines for attempting to manipulate the London Interbank Offered Rate through its submissions to the Libor panel.
Barclays belongs to a panel of 12 banks that quote indicative interbank lending rates in UAE dirhams. The quotes are averaged to create a daily range of Emirates Interbank Offered Rates (Eibor), which are used for financial instruments.
"Barclays has indicated to the UAE central bank that it wants to quit the panel, and the central bank has called for a meeting on Tuesday to discuss who will replace Barclays," a source familiar with the matter said.
Late last month, Barclays agreed with US and British regulators to pay US$453 million in fines for attempting to manipulate the London Interbank Offered Rate through its submissions to the Libor panel.
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