<p>Barclays has agreed to pay 290 million pounds ($451 million) worth penalties to the US and the UK authorities towards settling charges of attempting to manipulating Libor and Euribor rates, the global benchmark rates for lending.<br /><br /></p>.<p>The British banking major would pay penalties of 290 million pounds as part of settlement agreement with the UK’s Financial Services Authority (FSA) and the US Department of Justice (DOJ). The entity said it has also entered into a pact with the US Commodity Futures Trading Commission (CFTC).<br /><br />Out of the total amount, Barclays would shell out 200 million pounds to CFTC and 59.5 million pounds to FSA.<br /><br />Striking an apologetic tone, Barclays CEO Bob Diamond said the events events which gave rise to the resolutions relate to past actions which fell well short of the standards.<br /><br />“I am sorry that some people acted in a manner not consistent with our culture and values,” he said.<br /><br />False reports<br /><br />CFTC in a separate statement said that Barclays had attempted to manipulate and made false reports concerning two global benchmark interest rates — Libor and Euribor — on numerous occasion and sometimes on a daily basis between 2005 to 2009.<br />The regulator pointed out that Barclays’ senior management and multiple traders were involved in the matter and that they also coordinated with traders at other banks to make false reports concerning both benchmark interest rates to benefit derivatives trading positions. The information was used in determining the London interbank offered rate, Libor, and Euribor, which influence many other interest rates.<br /></p>
<p>Barclays has agreed to pay 290 million pounds ($451 million) worth penalties to the US and the UK authorities towards settling charges of attempting to manipulating Libor and Euribor rates, the global benchmark rates for lending.<br /><br /></p>.<p>The British banking major would pay penalties of 290 million pounds as part of settlement agreement with the UK’s Financial Services Authority (FSA) and the US Department of Justice (DOJ). The entity said it has also entered into a pact with the US Commodity Futures Trading Commission (CFTC).<br /><br />Out of the total amount, Barclays would shell out 200 million pounds to CFTC and 59.5 million pounds to FSA.<br /><br />Striking an apologetic tone, Barclays CEO Bob Diamond said the events events which gave rise to the resolutions relate to past actions which fell well short of the standards.<br /><br />“I am sorry that some people acted in a manner not consistent with our culture and values,” he said.<br /><br />False reports<br /><br />CFTC in a separate statement said that Barclays had attempted to manipulate and made false reports concerning two global benchmark interest rates — Libor and Euribor — on numerous occasion and sometimes on a daily basis between 2005 to 2009.<br />The regulator pointed out that Barclays’ senior management and multiple traders were involved in the matter and that they also coordinated with traders at other banks to make false reports concerning both benchmark interest rates to benefit derivatives trading positions. The information was used in determining the London interbank offered rate, Libor, and Euribor, which influence many other interest rates.<br /></p>