Menu
Business

US treasury wanted Libor reforms

NEW documents show United States treasury secretary Timothy Geithner pressed the Bank of England four years ago to make changes to the key interest rate Libor.

More than a dozen banks are under investigation over suspected rigging of the rate.

The London interbank rate, also known as Libor, influences interest rates globally, from mortgages to credit cards.

In 2008, Mr Geithner, as head of the New York Federal Reserve, sent a private email to the Bank of England governor Mervyn King and recommended six ways to enhance the credibility of the rate.

The email, which included a two-page memo, has been obtained by the Washington Post.

Read more at ABC news online.

Topics:  banking big banks


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Discover a land before time

FLASH BACK: The Central Highlands were once home to multitudes of volcanos, spread over the plains.

Go on a journey through the land before time with Peter Grigg.

Race day to help locked out miners

No Caption

Moranbah race day held to help raise funds for locked out miners.

On the verge of history

Brooks Pleasure, won Race 1 at Callaghan Park.

Brook's Pleasure is making history at Callaghan Park.

Local Partners