Libor % re-payments ?

mayfly1

Several banks have recently been fined huge amounts for illegally fixing the inter bank Libor rate.
This is the rate that decides what everyone pays in interest on Mortgages; Credit Cards; Loans etc.

The rigging of this rate means we have all been paying too much interest for many years.

A financial journalist on the MoS hinted that the banks may be made to repay the overcharged % that they have stolen from us ? And so they should.

I wonder if anyone knows of anything definite on this ?

It will cost them trillions - serves them right !

dunstonh

This is the rate that decides what everyone pays in interest on Mortgages; Credit Cards; Loans etc.

Actually, very few consumer deals are based on LIBOR. It can be an influence but is not the only factor.

A financial journalist on the MoS hinted that the banks may be made to repay the overcharged % that they have stolen from us ? And so they should.

Not logical when you consider that the majority of the time LIBOR was manipulated to be lower. Plus, as mentioned, very few interest rates were LIBOR trackers.

I wonder if anyone knows of anything definite on this ?

As things currently stand, the LIBOR issue is expected to have no impact on the retail consumer. Some businesses may have scope as they may have been more directly affected.

roonaldo

mayfly1 wrote: »

Several banks have recently been fined huge amounts for illegally fixing the inter bank Libor rate.
This is the rate that decides what everyone pays in interest on Mortgages; Credit Cards; Loans etc.

I know of no credit cards that use libor. its mainly sub-prime mortgages were most commonly libor rates.

The rigging of this rate means we have all been paying too much interest for many years.

no, actually probably the opposite as they were rigging the rates LOWER.

Did you read this on the CAG website by any chance? Stolen? behave.