The ASC Blog

Barclays Bank and LIBOR

Published 23/07/2012 10:39:00

By now most of you have read all the details of this absurd saga. I think that all the important questions have already been asked: We all know who will pay the fines, we all know that had clients of Barclays acted like this they would have been crucified, we all know that senior management will survive and/or receive a big farewell bonus should they not and so on. However, there is another aspect to the absurdity. The fact is that Barclays has not just manipulated LIBOR to go up – on occasions they have also manipulated LIBOR to go down. That resulted in a benefit for business people because whenever a loan was linked to LIBOR that meant that their borrowing costs went down! I am sure this was not part of the original strategy but it is just one of the side effects. This example highlights the complexities of our financial world.

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