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4. juli 2012, 14:35:35
Mort 
Why is Libor so important?

The Financial Services Authority (FSA) says Libor and Euribor are "benchmark reference rates fundamental to the operation of both UK and international financial markets".

The prices of trillions of pounds worth of financial transactions around the world are set according to Libor. Among them, financial swap deals worth £225tn are indexed to Libor, and loans totalling £6.4tn, the British Bankers' Association says.

Does Libor affect my mortgage?

Some mortgages are directly linked to the Libor rate. But even for those that aren't, it is used by banks to help them set the interest rates that they charge some of their own mortgage or loan customers.

The Libor rate is vital because it is followed far more closely by the banks than the interest rates set by the Bank of England, because the Libor rate is a far more accurate appraisal of real world circumstances.

What happened at Barclays?

Staff at Barclays filed misleading figures for interbank borrowings they made.

Firstly, between 2005 and 2008 - and sometimes working with traders at other banks - they tried to influence the Libor rate - so as to try to boost their profits.

Then between 2007 and 2009, at the peak of the global banking crisis, Barclays filed artificially low figures. This was to try to hide the level to which Barclays was under financial stress.

How could the actions of Barclays' traders affect me?

As already discussed, the Libor rate is determined from the banks telling the British Bankers' Association their own interbank lending rates. It goes into a pot with figures from other banks to work out the daily rate.

Any change in that main rate could feed through the financial system to make loans, mortgages or credit card interest rates more expensive, or cheaper.

One economist stated today that 5 billion people were affected by this rigging of Libor rates

And they didn't do it alone!

10. juli 2012, 08:02:53
Iamon lyme 
Ämne: Re:
(V): "How could the actions of Barclays' traders affect me? As already discussed, the Libor rate is determined from the banks telling the British Bankers' Association their own interbank lending rates. It goes into a pot with figures from other banks to work out the daily rate. Any change in that main rate could feed through the financial system to make loans, mortgages or credit card interest rates more expensive, or cheaper. One economist stated today that 5 billion people were affected by this rigging of Libor rates"

Really? 5 billion people out of a total world population of...

http://www.census.gov/main/www/popclock.html

10. juli 2012, 08:51:12
MissDelish 
Ämne: Re:
Iamon lyme: well 5bil is a mere drop in the ocean in comparison to those numbers. Perhaps that (V) has it wrong.

10. juli 2012, 09:56:17
Iamon lyme 
Ämne: Re:
MissDelish: 5 bil is close to 2/3 of all the people in the world.

Printing statements like what that one economist said can grab our interest and sell news papers, but if you think about what it really means...

"One economist stated..." that nearly 2/3 of all the people in the world "were affected by this rigging of Libor rates"

It's like the butterfly effect. If you accidentally kill a butterfly, it can affect the lives of thousands of people.. or millions of people.. or billions.. or trillions...

I killed a bug the other day. The possible repercussions are mind boggling.

10. juli 2012, 12:33:17
Mort 
Ämne: Re:well 5bil is a mere drop in the ocean in comparison to those numbers
MissDelish: 5 billion is smaller then 313 million???


....Since when?

10. juli 2012, 18:24:43
Iamon lyme 
Ämne: Re:well 5bil is a mere drop in the ocean in comparison to those numbers
(V): 313,917,341 is US population.

World population is 7,025,368,983. five billion is smaller than that, but not by much.

16:16 UTC (EST+5) Jul 10, 2012

10. juli 2012, 19:23:49
Mort 
Ämne: Re:well 5bil is a mere drop in the ocean in comparison to those numbers
Iamon lyme: Yes.. I know. That is why I questioned the statement of...

"well 5bil is a mere drop in the ocean in comparison to those numbers."

It's like some weird reversal of the European billion!

10. juli 2012, 22:17:26
MissDelish 
Ämne: Re:well 5bil is a mere drop in the ocean in comparison to those numbers
Iamon lyme: thank you LamonLyme....a case of someone not reading the appropriate statements properly :)

10. juli 2012, 22:19:09
Papa Zoom 
Ämne: Re:well 5bil is a mere drop in the ocean in comparison to those numbers
MissDelish: I kept telling people Lemon Lime is smarter than I and so we can't be the same person. I don't even know what you guys are talking about.

10. juli 2012, 22:24:51
Mort 
Ämne: Re:well 5bil is a mere drop in the ocean in comparison to those numbers
MissDelish: Yes you did.

10. juli 2012, 12:30:46
Mort 
Ämne: Re:
Iamon lyme: Yes... really. Millions of transactions each day are affected by the Libor rate GLOBALLY. It affects loan rates, some mortgage rates, the rates banks lend to each other.

IE Trillions of pounds (even more in dollars) every single day.

....well this "butterfly" is big.... big enough to cause a several class action legal cases. The investigation JPMorgan Chase, Citigroup, Bank of America, and UBS.

With more banks to follow more than likely.... Unless they do a Murdoch and burn all the evidence!!

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