FRANKFURT Nov 8 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),"
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.