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The Monetary Authority of Singapore (MAS) has spent the last year reviewing the rate setting process which has resulted in 20 banks being warned.
The idea now is for the Central Bank to implement disciplinary actions for any future wrong doings by the banks.
The MAS has concluded that, 133 traders from various foreign and local banks tried to manipulate the Singapore Interbank Offered rates (SIBOR), the SWAP offered rates and foreign exchange spot benchmarks. However as noted by the MAS, the attempt was unsuccessful.
The MAS has also concluded that the banks involved will have to set aside, reserves with them.
The reserves will have to be deposited within the end of August, and even though for each of the 20 participants the reserves have been calculated up to 1 billion j each – they will also be interest free.
The participating banks will now stand to lose interest on those funds.
Another note from the MAS is that they are now in the process of introducing interest rate calculations as used by all banks and SIBOR will now be under tighter checks.
Article provided by Eltoma Corporate Services