Commerzbank strengthens internal supervision for Euribor rates

FRANKFURT Thu Nov 8, 2012 10:44am EST

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FRANKFURT Nov 8 (Reuters) - Germany's second biggest lender Commerzbank has strengthened internal supervision for its rate setting operations involved in arranging the European Interbank Offered Rate (Euribor).

"We have added another level of security" on reporting the Euribor, which is used to price trillions of euros worth of products from home loans to derivatives, Chief Executive Martin Blessing said at a press conference on Thursday

The internal process of reporting rates to the Euribor-setting panel has been made more transparent and verifyable, the CEO added.

"We have not found any irregularities (at Commerzbank)," Blessing said.

Anti-trust authorities are still investigating possible manipulation of Euribor and its bigger counterpart, the London Interbank Offered Rate (Libor).

Manipulations of Libor led to fines of $450 million for Barclays, sparking a drive to reform its methods used to set the price of the interest rates.

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