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Bank of England's Fisher: rates of 4-5 percent might be normal, eventually

LONDON (Reuters) - British interest rates could eventually rise back to about 4 or 5 percent if inflation falls to the Bank of England's target and economic growth picks up, a top official at the Bank of England said on Thursday. Paul Fisher, a member of the Bank's Monetary Policy Committee, stressed the BoE was not planning to raise interest rates any time soon.

Bank of England keeps interest rates at record low as economy strengthens

LONDON - The Bank of England has decided to keep its key interest rate at a record low of 0.5 per cent as it monitors the economy's strengthening recovery. The Monetary Policy Committee also voted Thursday to refrain from pumping more money into the economy. The bank has so far pumped 375 billion pounds ($600 billion) into the economy since January 2009. The decision had been widely expected because of the bank's new "forward guidance" policy, which new Governor Mark Carney introduced this summer.

Credit Agricole CEO says his bank doesn't want deal with EU in interest rate-rigging probe

PARIS - French bank Credit Agricole says it has refused to make a deal with European Union regulators investigating the manipulation of an interest rate that banks use to borrow from one another. In an interview published in the Thursday edition of French newspaper Les Echos, CEO Jean-Paul Chifflet said the bank had a "good case" and that he rejected "a deal that would have constituted a recognition of responsibility for our company."

Exclusive: EU to levy record fines on Libor banks: source

By Foo Yun Chee BRUSSELS (Reuters) - EU antitrust regulators will levy a record fine of at least 1.5 billion euros on six financial institutions, including Barclays and Royal Bank of Scotland, for rigging the yen Libor interest rate benchmark, a banking industry source said on Wednesday. The world's top interdealer broker, ICAP, and Dutch cooperative bank Rabobank are among the firms that will be fined, the person said. The names of the other two financial institutions were not immediately clear.

Dutch finance minister calls for Rabobank prosecutions over Libor scandal

AMSTERDAM (Reuters) - Rabobank <RABN.UL> traders and bankers involved in an interest-rate rigging scandal should be prosecuted, Dutch Finance Minister Jeroen Dijsselbloem told a local broadcaster, acknowledging public anger over the bank's conduct. Last month, U.S. and European regulators fined the Dutch cooperatively owned bank $1 billion for manipulating benchmark interest rates and its chief executive, Piet Moerland, resigned.

EU to hit banks with huge fines over rate-rigging

The European Union is set to impose multibillion-euro fines on banks alleged to have manipulated key interest rate benchmarks Euribor and Yen Libor, the Financial Times reported on its website Tuesday. Royal Bank of Scotland, Deutsche Bank and Societe Generale are ready to pay penalties next month after reaching an agreement with Brussels. JPMorgan, HSBC and Credit Agricole could pay later without signing such an agreement, according to the financial daily. Societe Generale and Credit Agricole both refused to comment on the report when contacted by AFP.

Exclusive: EU to fine Deutsche, JPMorgan and others in rate probe - source

By Foo Yun Chee BRUSSELS (Reuters) - EU antitrust regulators are set to fine six global banks including Deutsche Bank <DBKGn.DE>, JPMorgan <JPM.N> and HSBC <HSBA.L> after an investigation into the rigging of benchmark euro zone interest rates, a person familiar with the matter said on Tuesday.

EU lawmakers pledge speedy Libor reform, scope debated

By Huw Jones LONDON (Reuters) - European Union lawmakers have pledged rapid approval of a draft EU law to regulate market benchmarks such as Libor, though they sparred over how comprehensive the new regime should be. Big fines for Barclays <BARC.L> and other banks over the past 18 months for rigging interest rate benchmarks such as the London Interbank Offered Rate or Libor, prompted the European Union to propose the rules to supervise such indexes for the first time.

Turkish central bank raises inflation outlook after lira falls

The Turkish central bank, faced with turbulence and a fall of the lira triggered by uncertainty over US monetary policy, raised its inflation forecasts for this year and next on Thursday. The bank pushed up its forecast for this year to 6.8 percent from 6.2 percent indicated previously. And it raised the outlook for next year to 5.3 percent from 5.0 percent. In its quarterly inflation report, the bank said the increases reflected exchange rate developments, resulting in a fall of the value of Turkish lira, and also high oil prices.

Dutch Rabobank fined 774 mn euros over Libor scandal

Financial regulators in three countries fined Tuesday Dutch Rabobank 774 million euros ($1.1 billion), the latest bank to be engulfed by the the Libor rate-fixing scandal. The Financial Conduct Authority has fined Rabobank for "serious, prolonged and widespread misconduct" relating to Libor, Britain's FCA said, echoing rulings from US and Dutch authorities. Libor, or the London Interbank Offered Rate, is a global benchmark that is calculated daily, using estimates from banks of their own interbank rates.
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