UK bank scandal must be 'looked into': Pagrotsky
Published: 14 Jul 12 10:06 CET | Print version
Online: http://www.thelocal.se/42020/20120714/
The Libor scandal in London may have caused economic damages for Swedish tax-funded businesses, and ought to be looked into, said the Social Democrats’ tax investigator Leif Pagrotsky.
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A scandal of Liborgate’s magnitude threatens to affect the public’s confidence in the entire market and the bank system globally, including Swedish banks, he emphasized.
Annika Falkengren, CEO of Swedish bank SEB, is also concerned of what effect the Libor scandal may have on the banking system.
“It’s devastating as a bank manager,” she said to Svenska Dagbladet.
Falkengren was unable to guarantee that interest rate manipulation could not occur in Sweden.
“That’s really hard to guarantee. However, the Swedish Stibor market is far smaller. But it’s in the industry’s interest to help clean up,” she said.
On their own initiative starting a few years ago, Swedish banks have been looking into how to make the Stibor rate, the Swedish equivalent of Libor, more transparent.
The Stibor rate is the interest rate that Swedish banks give each other.
Sweden’s Riksbank recently concluded in its stability report that the Swedish Stibor rate is functioning well, Falkengren noted.
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UK Labour MP John Mann has said that the official UK Treasury committee, charged with investigating the Barclays/Libor fiasco will be unable to get to the bottom of the affair.
Now he is talking of starting his own investigation into the shambles and it should be interesting to see how effective the UK opposition parties are
Making your excuses in advance then Annika? The Stibor scandal, coming to a Swedish bank near you..
Of course the Labour party will be able to get to the bottom of the affair as they were the ones in power when it all started!