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Libor rigging: timeline Libor rigging: timeline
(about 11 hours later)
The Libor interest-rate scandal dates back to 2005. Little known outside the City, it underpinned trillions of pounds worth of loans, mortgages and financial contracts in Europe and the US.The Libor interest-rate scandal dates back to 2005. Little known outside the City, it underpinned trillions of pounds worth of loans, mortgages and financial contracts in Europe and the US.
Regulators have already imposed £1.7bn of fines on a string of the world's biggest banks, while police are pursuing criminal investigations into staff involved in rigging the rates to suit their employers.Regulators have already imposed £1.7bn of fines on a string of the world's biggest banks, while police are pursuing criminal investigations into staff involved in rigging the rates to suit their employers.
20052005
Between January 2005 and June 2009, Barclays derivatives traders made a total of 257 requests to fix Libor and Euribor rates. Initially, traders sought to inflate the bank lending rate to boost profits – and their own bonuses.Between January 2005 and June 2009, Barclays derivatives traders made a total of 257 requests to fix Libor and Euribor rates. Initially, traders sought to inflate the bank lending rate to boost profits – and their own bonuses.
20072007
After Northern Rock collapses, Barclays submits artificially low rates to give a healthier picture of its ability to raise funds. After Northern Rock collapses, Barclays submits artificially low rates to give a healthier picture of its ability to raise funds.
In a phone call in December, a Barclays employee tells the New York Fed that the Libor rate was being fixed at a level that was unrealistically low.In a phone call in December, a Barclays employee tells the New York Fed that the Libor rate was being fixed at a level that was unrealistically low.
20082008
In April the New York Fed queries a Barclays employee over Libor reporting. In April the New York Fed queries a Barclays employee over Libor reporting.
The Wall Street Journal publishes the first article questioning the integrity of Libor.The Wall Street Journal publishes the first article questioning the integrity of Libor.
Following the WSJ report, Barclays is contacted by the British Bankers' Association over concerns about the accuracy of its Libor submissions.Following the WSJ report, Barclays is contacted by the British Bankers' Association over concerns about the accuracy of its Libor submissions.
Later in the year, the Fed meets to begin inquiry. Fed boss Tim Geithner gives Bank of England governor Sir Mervyn King a note listing proposals to tackle Libor problems.Later in the year, the Fed meets to begin inquiry. Fed boss Tim Geithner gives Bank of England governor Sir Mervyn King a note listing proposals to tackle Libor problems.
20092009
A year on, the BBA issues guidelines for setting Libor rates. A year on, the BBA issues guidelines for setting Libor rates.
20102010
In June, Barclays makes first effort to clamp down on Libor manipulation in email setting out standards of behaviour. In June, Barclays makes first effort to clamp down on Libor manipulation in email setting out standards of behaviour.
20112011
Royal Bank of Scotland sacks four people for their alleged roles in the emerging Libor-fixing scandal. Royal Bank of Scotland sacks four people for their alleged roles in the emerging Libor-fixing scandal.
2012 2012
22 June Barclays chief executive Bob Diamond learns of emails sent by dodgy traders. He later says reading them made him feel "physically ill".22 June Barclays chief executive Bob Diamond learns of emails sent by dodgy traders. He later says reading them made him feel "physically ill".
27 June Barclays admits misconduct. Regulators fine it £360m.27 June Barclays admits misconduct. Regulators fine it £360m.
29 June Diamond insists he will not resign.29 June Diamond insists he will not resign.
July Barclays chairman Marcus Agius and Diamond resign, followed by chief operating officer Jerry del Missier.July Barclays chairman Marcus Agius and Diamond resign, followed by chief operating officer Jerry del Missier.
The prime minister, David Cameron, announces a review of the banking sector, sets up Banking Commission. Serious Fraud Office (SFO) launches a criminal inquiry into Libor manipulation.The prime minister, David Cameron, announces a review of the banking sector, sets up Banking Commission. Serious Fraud Office (SFO) launches a criminal inquiry into Libor manipulation.
Deutsche Bank confirms that a "limited number" of staff were involved in the Libor rate-rigging scandal. It clears senior management. SFO arrests three men in connection with investigations into Libor.Deutsche Bank confirms that a "limited number" of staff were involved in the Libor rate-rigging scandal. It clears senior management. SFO arrests three men in connection with investigations into Libor.
Swiss bank UBS is fined £940m by US, UK and Swiss regulators.Swiss bank UBS is fined £940m by US, UK and Swiss regulators.
2013 2013
January Barclays' new boss, Antony Jenkins, tells staff to sign up to a new code of conduct – or leave the firm – in clean-up operation.January Barclays' new boss, Antony Jenkins, tells staff to sign up to a new code of conduct – or leave the firm – in clean-up operation.
February RBS is fined £390m by UK and US regulators. RBS reduces bonus pot by £300m.February RBS is fined £390m by UK and US regulators. RBS reduces bonus pot by £300m.
Five other financial institutions are still under investigation.Five other financial institutions are still under investigation.
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