February 8, 2013 / 9:46 AM / 5 years ago

EU's Barnier may force banks to help compile Euribor

LONDON, Feb 8 (Reuters) - Banks may be forced to help compile the Euribor interest rate benchmark under a draft law the European Union’s financial services chief will propose later this year.

“The Commission will propose further legislation on benchmarks in the second quarter of 2013 in order to further clarify the framework under which benchmarks should operate,” Michel Barnier said in a statement on Friday.

Regulators are cleaning up how Euribor and its related benchmark, Libor, are compiled by banks after three lenders have been fined for rigging them. Some banks are avoiding taking part in the compilation process.

“Any banks considering withdrawing from the contributing panels should therefore take into account that they may be required to rejoin the panels,” Barnier said.

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