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.
Company will build new headquarters, manufacturing plants and pay $38 billion in taxes for overseas funds
Eurostat says inflation down 0.1 percentage point from November
Some 10.74 million vehicles from VW or its subsidiaries ranging from Porsche and Audi to Skoda and Seat rolled out of dealerships last year -- an increase of 4.3 percent over the previous year, the carmaker said.
The publication cited an anonymous source close to regulators tackling online finance risks.
BIST 100 rises 0.01 percent to open at 114,429.64 points, foreign currency rates go up
BIST 100 up 0.18 percent while USD/TRY exchange rate climbs over 3.8
Unemployment rate in October fell 1.5 percentage point year-on-year, says TurkStat
BIST 100 drops 0.31 percent to open at 114,286.27 points on Monday, US dollar decreases to 3.75 Turkish liras
U.S. Treasury Secretary says he wants to make sure bitcoin does not become a ‘digital Swiss bank account’
About 12 minutes into trading, the Dow Jones Industrial Average was at 25,675.70, up 0.4 percent.
BIST 100 rises 0.30 percent to open at 115,062.79 points on Friday, US dollar/lira, euro/lira exchange rates go down
Food Price Index gains 8.2 percent year-on-year in 2017, reaching highest annual average since 2014