Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

Bank charges: Banks want Libor rate replaced

Central bankers have said that they want to see the libor rate replaced.

Governor of the Bank of England, Sir Mervyn King, has said that central banks should have more of a role in producing financial rates. This was agreed in a report from a group of central bankers worldwide titled Towards Better Reference Rate Practices: A Central Bank Perspective.

Mr King said: “It is clear that central banks must play an important role in supporting the development of alternative reference rates.”

The London Interbank Offered Rate (Libor) is a benchmark rate on which all financial transactions around the world are decided.

Major banks are directly involved in setting the Libor rate but recently it was found that some of them were manipulating this rate in order to boost profits. As a result, it has lost credibility.

So far, UBS, Royal Bank of Scotland (RBS) and Barclays have been fined for Libor-rigging.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801557766-ADNFCR

Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Financial Conduct Authority in respect of regulated claims management activities; FRN:838450

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide