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EU: Commission looking to force banks to openly collaborate on setting benchmark interest rates

By  |  February 8, 2013

According to reports, new European legislation is being drafted that would force banks to sit on a panel to set benchmark interest rates like Euribor to ensure validity. In the government’s response to the ongoing, wide-spread rate rigging scandals, the European Commission is reportedly drafting a list of banks that would be forced to sit on the panel as a preventative measure against rate-rigging. Three big banks have been fined over interest rate benchmarks, the latest of which being Royal Bank of Scotland. According to EU financial services chief Michel Barnier, the Commission would propose the legislation in the second quarter of 2013.

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