More UK Banks Probed for Interest Rate Fixing Scandal
Friday, 29 June 2012 07:21
Posted by David Icke
'British banks including HSBC and Royal Bank of Scotland are subjects of investigation for the alleged financial market manipulation that led to fines of £290 million against Barclays Bank, says the British Treasury chief George Osborne.
In a statement to MPs on Thursday June 28, Osborne said that the two British banks along with Switzerland's UBS and US bank Citigroup are also being probed for allegedly providing false figures on key interest rates upon which mortgages and consumer loans are priced.
Announcing that new criminal offences will be created to punish bankers guilty of misconduct, he added that the law needed tightening because interest rate manipulation at the Barclays scandal was not a criminal offence.'
Read more: More UK Banks Probed for Interest Rate Fixing Scandal
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