Singapore regulator said to plan bank rebuke on rate rigging
Singapore’s central bank plans to reprimand banks in the city-state as early as Friday following an 11-month review into how benchmark interest rates are set, five people with knowledge of the matter said.
The Singapore Foreign Exchange Market Committee, which includes the Monetary Authority of Singapore and banks, plans to separately announce changes to the rate-setting process on the same day, two of the people said yesterday, asking not to be identified before the announcements are made.
http://www.theedgesingapore.com/the-dail...gging.html
Libor change aims to prevent rigging scandal repeat
12 June 2013 Last updated at 12:48 GMT
A banking industry body is to change how the key Libor interest rate is set, in order to avoid a repeat of last year's rigging scandal.
http://www.bbc.co.uk/news/business-22871584
Other countries initiate criminal proceedings, ours just give reprimand.
The report from Singapore Foreign Exchange Market Committee is due soon, as soon as today. Let's give them the benefit of doubt.
In LIBOR case, the manipulation is obvious IMO.
The report is announced... what exactly is the "deficiencies in setting"? Does it mean inflated?
MAS concludes SIBOR review, finds deficiencies in twenty banks
SINGAPORE — Twenty banks were found to have deficiencies in setting interest rate and foreign exchange benchmarks, and will be required to set aside cash reserves with the authority while they address the issues, said the Monetary Authority of Singapore (MAS) as it unveiled its year-long review on the financial benchmark setting processes yesterday.
The review also uncovered hundreds of attempts by 133 traders from these banks to manipulate the benchmarks, though no conclusive finding suggests that such manipulation has succeeded, MAS added.
http://www.todayonline.com/business/mas-...enty-banks
The higher charges came after the Singapore government announced measures in late February to cool the motor market, including restricting the loan amount to no more than 60 per cent of a car's purchase price, to be repaid in no more than five years.
As a result, banks and other lenders faced a substantial drop in interest earnings, which they are now trying to recoup with higher interest charges.
http://www.asianewsnet.net/Cooling-measu...47062.html
wahhh how come all sound so negative on banks
monday ocbc dbs uob red red red
Will LIBOR move up after this action ?
lower demand so price got to go up.....if this is not rigging I don't know what is
(14-06-2013, 09:39 PM)Behappyalways Wrote: [ -> ]The higher charges came after the Singapore government announced measures in late February to cool the motor market, including restricting the loan amount to no more than 60 per cent of a car's purchase price, to be repaid in no more than five years.
As a result, banks and other lenders faced a substantial drop in interest earnings, which they are now trying to recoup with higher interest charges.
http://www.asianewsnet.net/Cooling-measu...47062.html