• Switzerland's news in English
 

UBS dodges questions about Libor penalty

Published: 03 Dec 2012 15:09 GMT+01:00

A deal could be reached as early as this month, unnamed officials were quoted as saying in the report in the online edition of the New York Times on Monday.

But, the same sources also said that the talks might also spill into next year, and there was still a possibility they would break down, which would likely prompt US authorities to sue UBS.

Contacted by AFP on Monday, a spokesman for UBS — the biggest bank in Switzerland — commented merely that the bank's position was unchanged and it had "been cooperating fully with the regulatory and enforcement authorities in connection with Libor investigations."

UBS was the first bank to reveal problems in the rate-setting process of the Libor, otherwise known as the London Inter-Bank Offered Rate, which sets the rate at which banks lend money to each other and also affects a vast range of contracts around the world.

Other banks are also reportedly in advanced talks with regulators about settling allegations that they too manipulated their Libor information, including Royal Bank of Scotland and Deutsche Bank.

Citigroup, JPMorgan Chase and HSBC are also under scrutiny, the New York Times reported.

In June, British bank Barclays was fined $452 million by British and US regulators for attempted manipulation of interbank rates between 2005 and 2009.
 
The Libor system, a benchmark for short-term interest rates, was found to be open to abuse, with some traders lying about market interest rates to boost positions or make groups seem more secure.

Your comments about this article

Today's headlines
Transocean's CEO best paid despite firm's woes
Steve Newman: best-paid CEO in Switzerland last year. Photo: AFP

Transocean's CEO best paid despite firm's woes

Steve Newman, president and CEO of Transocean, was the best paid executive in Switzerland last year with compensation of 14.2 million francs ($14.7 million), despite having to quit the company this year in the wake of massive losses, a new report says. READ  

Teen admits to killing father in canton of Zurich
Photo: Zurich cantonal police

Teen admits to killing father in canton of Zurich

UPDATED: A 19-year-old man has admitted to killing his father, reportedly a former newspaper editor, in the apartment they shared in Pfäffikon in the canton of Zurich, police said on Wednesday. READ  

CERN poised to restart particle accelerator
A section of the Large Hadron Collider. Photo: CERN

CERN poised to restart particle accelerator

Physicists in Geneva have fixed a short-circuit at the world's largest proton smasher, making the particle-hunting machine ready for a restart "within days' time" after a two-year shutdown. READ  

April Fools' Day
April Fool: The Local's collection of gags
Were you fooled into believing that Switzerland was bringing back the bicycle infantry in the Swiss Army? Photo: Rasbak/Wikimedia Commons

April Fool: The Local's collection of gags

No, you weren’t going crazy when you scrolled through The Local this morning. Today, our network temporarily lost its marbles for April Fools' Day. Now it’s time for The Local to fess up and reveal which of our stories were red herrings. READ  

Immigration remains 'top issue' of Swiss voters
Anti-immigration poster. Photo: AFP

Immigration remains 'top issue' of Swiss voters

Immigration and integration of foreigners remain the biggest concern of Swiss voters, according to a survey conducted for the Swiss Broadcasting Corporation six months ahead of national elections. READ  

Talks on Iran's nuclear future head into overtime
TV crews set up outside Beau-Rivage Palace hotel in Lausanne on Wednesday as talks continued. Photo: Fabrice Coffrini/AFP

Talks on Iran's nuclear future head into overtime

Russia and Iran claimed a breakthrough in Lausanne talks on a framework deal cutting back Tehran's nuclear programme, but the US denied everything had been agreed as discussions were due to resume Wednesday. READ  

Niklas sweeps through northern Switzerland
Tree blown down by storm halts train in Lower Saxony, Germany. Photo: DPA

Niklas sweeps through northern Switzerland

UPDATED: Vestiges of Hurricane Niklas swept through northern Switzerland and parts of the Alps on Tuesday, uprooting trees, damaging buildings, blowing down signs and causing the death of one motorist and at least a dozen injuries, according to media reports. READ  

Happy April Fools' Day
Swiss Army revives bike infantry to boost fitness
Photo: Rasbak/Wikimedia Commons

Swiss Army revives bike infantry to boost fitness

Switzerland’s defence department has ordered the reinstatement of the bicycle infantry for the Swiss Army in a bid to improve fitness standards among soldiers. READ  

Timeline: Iran's 12-year nuclear standoff

World powers were grappling in Lausanne on Tuesday to agree by midnight to the outlines of a potentially historic deal with Iran to cut back its nuclear ambitions. READ  

Yemen Red Cross worker dies amid safety worries
Photo: The Local

Yemen Red Cross worker dies amid safety worries

The Geneva-based Red Cross said on Tuesday that one of its volunteers was killed in Yemen, adding that it could not fly in desperately-needed aid due to a lack of security. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Features
Mobility takes off as young urban Swiss catch the car-sharing bug
Education
THE ranks EPFL among seven 'fastest rising young universities'
Features
Six steps for expats to get along better with the Swiss
Business & Money
Ethical Coffee Company aims to beat Nespresso in home market
National
Use of temporary staffing continues to rise in Switzerland
Sponsored Article
Need help with permits and registration in Switzerland?
National
Swiss foreign affairs minister touted as candidate for top UN job
National
One of Switzerland's most celebrated artists dies in Lucerne at 106
Business & Money
Swiss luxury brand Tag Heuer announces plans for smartwatch
National
Valais lights up 13 mountain peaks for 200th anniversary
Business & Money
Switzerland to avoid recession this year: Credit Suisse forecast
Business & Money
Europe's tallest hotel pitched for Swiss mountain village
National
Exlusive interview: surviving Swiss cousin remembers Anne Frank
National
New Credit Suisse chief executive 'offers hope for Africans'
Features
Top tips to help you find an apartment in Switzerland
Business & Money
American expat to make way for African as Credit Suisse CEO
National
Rising Swiss gender pay gap above European Union average
National
Political deal reached to enact Swiss holiday home restrictions
National
Optimism drives this year's Geneva International Motor show
National
Robust Swiss economy beats forecasts for 2014: government
Sport
Federer scores upset win against Djokovic for seventh Dubai title
National
Swiss train in collision near Zurich ignored stop signal: SBB
Technology
Switzerland best in world for per capita European patent filings
Education
New EPFL building to showcase art and science 'under one roof'
National
Same-sex marriage supported by most Swiss: opinion polls
National
New study finds Switzerland is world's best place to retire
National
Army official calls for Swiss women to undergo military training
National
New Swiss health campaign combats smoking as 'norm' for too many
Culture
Abba star Frida records song about first ascent of the Matterhorn
National
Swiss federal government unveils EU immigration quotas bill
Business & Money
HSBC Swiss private bank revelations 'tip of iceberg': whistleblower
Business & Money
FATCA: 'The age of financial privacy is over'
National
Phil Collins' paralyzed ex-wife files lawsuit after Swiss complications
Culture
Gauguin on display in Basel touted as 'most costly painting ever'
Business & Money
Swiss Leaks: HSBC Swiss private bank 'catered to terrorists and crooks'
International
What's keeping British expats in Europe from voting in UK elections?
Business & Money
Trade balance bulges as Switzerland smashes record for exports in 2015
National
Swiss town's ploy against workers living in Italy 'not racist'
National
Architects propose skyscrapers for new Geneva 'urban centre'
Culture
Renowned Israeli conductor dies during symphony in Lucerne
International
Population of Swiss citizens abroad continues to expand
National
Vaud property salesman jailed over costly gambling addiction
National
Right-wing group seeks citizens' vote for national face veil ban
Health
Swiss doctors 'worst' for leaving foreign objects in patients
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

4,688
jobs available