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Fair Trade Commission looks into CD rate manipulation

By  |  July 18, 2012

The Korean Fair Trade Commission has launched an investigation into possible collusion by four major banks over certificates of deposit (CD) rates. The rates are used as a benchmark to set lending rates, in particular, those for homeowner loans. As with the Libor manipulation currently under investigation by multiple regulators, CD rate manipulation can make banks appear more liquid. The banks Kookmin, Shinhan, Woori, and Hana are being investigated, as well as brokerage firms that report the CD rates.

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