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Barclays plans to pull out of rate-setting panel in UAE
British bank Barclays plans to pull out of the rate-setting panel for interbank lending in the UAE because of its involvement in the Libor scandal in Britain, industry sources said on Sunday.
Barclays belongs to a panel of 12 banks that quote indicative interbank lending rates in UAE dirhams. The quotes are averaged to arrive at a daily range of Emirates Interbank Offered Rates (Eibor), which are used to price financial instruments in the Gulf’s top financial centre.
“Barclays has indicated to the UAE central bank that it wants to quit the panel, and the central bank has called for a meeting on Tuesday to discuss who will replace Barclays,” a source familiar with the matter said, declining to be named because a public announcement has not yet been made.
The British bank’s departure from the panel could damage its reputation in an important emerging market, though it may suffer little or no direct business impact because it will remain able to lend and borrow.
A spokesman for Barclays said the bank had no immediate comment. UAE central bank treasury officials declined to comment.
Late last month, Barclays agreed with US and British regulators to pay $453 million in fines for attempting to manipulate the London Interbank Offered Rate through its submissions to the Libor panel. There has been no suggestion that it tried to manipulate Eibor.
In addition to Barclays, Citigroup, HSBC and Standard Chartered sit on the Eibor rate-setting panel, along with eight local banks. —
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