World Bulletin/News Desk
Europe's biggest insurer, Allianz, is worried about the role central banks may have played in an interest rate rigging scandal that has enveloped some leading international lenders, the insurer's chief financial officer said on Friday.
"We do not find it funny, what has happened, in particular the arising implication that it is not just the banks but central banks being involved in this," Oliver Baete told a conference call with analysts.
"That really gives us cause for concern," Baete added.
An Allianz spokeswoman said Baete was speaking generally and declined to specify which central banks Baete had in mind.
More than a dozen global lenders, including Citigroup, JPMorgan and Deutsche Bank, are under investigation over whether they manipulated a benchmark interest rate called Libor in an attempt to make profits or hide weaknesses.
Royal Bank of Scotland on Friday said it had dismissed staff in the scandal, while rival Barclays was fined $453 million by U.S. and UK regulators last month.
But banking regulators, too, have come under scrutiny.
The Bank of England's deputy governor, Paul Tucker, was ensnared in the scandal when Barclays released notes suggesting Tucker may have condoned the rigging. Tucker has denied the allegations.
U.S. Treasury Secretary Timothy Geithner said on July 26 that the Federal Reserve Bank of New York did not encourage banks to misrepresent their borrowing costs when setting Libor when he was the head of the regional Fed bank in 2008.
The Libor rate is used for $550 trillion of interest rate derivatives contracts and influences rates on a wide array of consumer products such as mortgages and credit cards.
Allianz's Baete said Germany's insurers were making checks on an industry level to see if any losses had been sustained but added that his own company had no third-party assets directly tied to Libor and did not expect major losses on money it manages for its internal insurance clients.
Summit is expected to provide member states with opportunity to consult, exchange views on the most important issues concerning them in the framework of the Gas Exporting Countries Forum
Slowdown in Chinese economy, rising oil stocks in US, and oversupply from OPEC are all factors making price of oil lower
'World is more connected than ever before. More and more developing countries are seeking to join global trade networks,' WTO director-general says
European Central Bank is ready to use ‘all instruments available’ to stimulate the eurozone economy, Draghi says
Kazakhstan has overtaken Australia as the lead supplier of uranium for US reactors.
Depreciation of emerging market currencies, combined with low commodities prices, have made investors around the globe nervous
Global growth at further risk from Chinese asset price deflation, and US interest rate increases, Moody's says
Traders fear Chinese government will withdraw support measures markets
European Commission president 'convinced' three-year plan will boost investment in EU
Deal aims to bolster fight against tax fraud through exchange of financial information on Turks holding accounts in US and vice versa
Vessels were delivered to port of Alexandria on June 17
The economic cost of violence according to the 2015 Global Peace Index has reached a staggering $14.3 trillion with Syria the least peaceful country.
The leading opposition lawmaker has said that Turkish President Erdogan is open to all possiblities for a coalition.
Qatar has filed a lawsuit against the leader of the National Front in France for his comments regarding "terror" activities.
Saudi Arabia will put in place an electronic bracelet system for all pilgrims visiting the country to perform their Hajj duties.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.