July 13 (Bloomberg) -- The Federal Reserve Bank of New York said it became aware that Barclays Plc was underreporting borrowing costs for the London interbank offered rate as early as 2007.
A Barclays employee explained to a New York Fed staffer in April 2008 that “Barclays was underreporting its rate to avoid the stigma associated with being an outlier with respect to its LIBOR submissions, relative to other participating banks,” the New York Fed said in a statement posted today on its website.
“The Barclays employee also stated that in his opinion other participating banks were also under-reporting their LIBOR submissions.”
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