The British Bankers’ Association was told that banks were lying about Libor submissions to suit their trading positions as early as 2007, according to evidence at a London criminal trial.

The former trader on trial for allegedly conspiring to rig benchmark interest rates, has admitted to being motivated by greed and was fired by US bank Citigroup in 2010, the prosecution told a London court yesterday.

Former UBS trader Tom Hayes is today due to face trial in England on a series of charges in relation to allegations of Libor rate rigging.

Twenty of the world’s biggest banks have paid more than $235bn (€213bn) in fines and compensation in the last seven years for a litany of misdeeds that has scarred the industry and is delaying its rehabilitation.

A senior banker from a leading British bank has pleaded guilty to trying to rig the interbank lending rate Libor.

Lloyds Banking Group has fired eight members of staff and withheld bonuses worth £3m (€3.83m) as part of disciplinary action taken in the wake of July’s revelations about rate-fixing.

Barclays’ boss Antony Jenkins today banished the ghost of Bob Diamond as he took an axe to highly-paid staff at the investment banking division built up by his predecessor.

Three former employees of Barclays have been charged in relation to the alleged manipulation of Libor benchmark interest rates.

A US regulator has sued 16 big banks that set a key global interest rate, accusing them of fraud and conspiring to keep the rate low to enrich themselves.

The UK Serious Fraud Office sought an extra £19m (€23m) from the government to pay for “blockbuster” cases including a probe into manipulation of benchmark interest rates.

A powerful global financial regulator is to scrutinise benchmarks that are used in currency trading, a first sign that the market may be kept on a tighter leash after manipulation claims.

Replacing the quote-based Libor with an index drawing on actual market trades will not happen any time soon, the benchmark’s new administrator said yesterday.

European Union antitrust regulators are examining the possible manipulation of currency rates, following a Swiss probe into whether banks colluded to manipulate the $5.3 trillion (€3.9tn)-a-day foreign exchange market.

Britain’s fraud prosecutor yesterday charged two former brokers at interdealer broker RP Martin with conspiracy to defraud, stepping up its investigation into the rigging of Libor benchmark interest rates.

The US owner of the New York Stock Exchange will take over the running of Libor, the benchmark interest rate at the centre of a global rigging scandal, wresting control from a British bankers’ trade body for a token £1 (€1.16).

Oil-price manipulation may have wrought “huge” damage to consumers, the EU’s anti-trust chief said yesterday as he drew comparisons with EU investigations into the rigging of bank rates.

Royal Bank of Scotland and Lloyds Banking Group will reveal the impact of another year of scandal when they report further big losses.

Scores of bankers today failed in a bid to prevent their names being revealed during preliminary hearings of a British High Court case centred on the rigging of a lending rate by Barclays staff.

Limerick-headquartered oil and gas exploration company, Circle Oil has secured $12.5m (€9.5m) in additional funding for its assets in Egypt.

Hong Kong financial authorities said today they are investigating Swiss bank UBS over possible misconduct related to the Asian financial centre’s benchmark interest rate.

Fraud, bribery and rate-rigging in the banking industry were laid bare today as Swiss bank UBS agreed a £940m (€1.16bn) settlement with regulators in another damning day for the sector.

Swiss bank UBS agreed today to pay £940m (€1.1bn) to regulators in the biggest penalty yet from the industry’s Libor-rigging scandal.

UBS AG will pay around $1.5bn (€1.15bn) to settle charges that a group of traders at its Japanese unit rigged Libor interest rates, a source familiar with the matter said yesterday as the Swiss bank prepares for a deal with regulators.

British lender Barclays has today called for a new industry body to be formed with the power to ban rogue bankers in the wake of the rate rigging scandal.

Barclays handed the job of restoring its tarnished reputation to an insider today as another scandal threatened to engulf the UK bank.

The Serious Fraud Office has launched an investigation into payments made between Barclays and Middle East investors it tapped for funds at the height of the financial crisis.

The rate-rigging scandal that has rocked the banking industry showed no signs of abating as US authorities summoned three British banks for questioning.

The rate-rigging scandal that has rocked the banking industry showed no signs of abating today as US authorities summoned three British banks for questioning.

Three British banks have been subpoenaed in America over the possible manipulation of an important global interest rate.

British banks are among seven subpoenaed in the US over the possible manipulation of an important global interest rate, it was reported tonight.

HSBC boss Stuart Gulliver apologised for “the mistakes of the past” today as the banking giant set aside a further $1.5bn to cover the cost of mis-selling claims and a money-laundering scandal in the US.

The appalling revelations about the behaviour of global banks in manipulating interest rates such as Libor expose the frailties of existing financial systems worldwide. They may also provide an opportunity for Ireland.

Bank of England boss Mervyn King told MPs he was not to blame for failing to spot the rate-rigging scandal engulfing the industry amid mounting accusations over the central bank’s role..

In order for our banks to regain public trust, they need to change their culture, and remember their core purpose — of service to the community, writes Ray Kinsella

Serious Fraud Office investigators are in talks with the City watchdog in Britain over the Barclays rate-rigging scandal that has rocked the banking industry, Chancellor George Osborne said today.

The Swiss Competition Commission has launched an investigation into possible cartel behaviour by a dozen banks including UBS and Credit Suisse.

More than half of the North's businesses today reported suffering toughened bank lending conditions.

The US Treasury Department said tonight it will provide a $1.5bn loan to Chrysler LLC’s financing arm to be used for new vehicle loans in hopes of boosting sales and ultimately returning the car maker to profitability.

The financial markets saw some relative calm today as investors uneasily awaited a Senate vote on the banking bailout plan, with Wall Street closing with only modest losses and the credit markets still showing signs of strain.

Wall Street rebounded today after its biggest sell-off in years amid growing expectations that US politicians will salvage a $700bn (€496bn ) rescue plan for the financial sector.

Mortgage rates in Britiain could begin rising again following another significant jump in the cost of wholesale funding today.

Mortgage rates could be on their way up again as a result of this week’s market turmoil, experts warned today.

UK mortgage lender Northern Rock eased market concerns today that the current credit crisis could force it to issue a fresh profits warning.