RBS and HSBC caught up in Swiss Libor probe

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The probe includes the UK's taxpayer-owned Royal Bank of Scotland and HSBC as well as Citigroup, Credit Suisse Deutsche Bank, JP Morgan Chase, Rabobank Groep, Société Générale, UBS and three Japanese banks.

The Swiss competition commission said it had received information of possible collusion between derivative traders concerning the London Interbank Offered Rate (Libor) and the Tokyo Interbank Offered Rate (Tibor). "Derivative traders working for a number of financial institutions might have manipulated these submissions by co-ordinating their behaviour, thereby influencing these reference rates in their favour," it said.

Libor is derived from the rates banks say they charge each other and used as a benchmark to set rates on about $350 trillion of financial products. Small changes can have large impacts on amounts of interest charged.

US and UK regulators are also investigating whether banks understated Libor to cut borrowing costs and downplay investor panic.

"We are taking these investigations very seriously and are fully co-operating with the authorities," a UBS spokesman said.