The February Club meeting is on Thursday 27th February at 7.30pm in the New Inn, Lechlade. Club member, Simon Hersom of Hersom Whittaker Limited, will be talking about LIBOR – the London Interbank Offered Rate, which is a benchmark interest rate, at which major global banks lend to one another in the international interbank market for short-term loans.
Now this might sound like a rather dry topic, but let’s call it ‘Banking B*****ks’ and it becomes more interesting! Simon will explain everything you ever wanted to know about banks and banking – warts and all! Even the things that the banks never told you and don’t want you to know!
Did you know for example that on 27th June 2012, Barclays Bank was fined £200 million for the attempted manipulation of LIBOR rates? Why was this such a big deal? Simon will explain. And he will also explain that this only came to light because those involved with this were careless enough to have an online chat group! Then there’s the story of RBS – a bank with around 135,000 employees, but with only half a dozen people working on the LIBOR desk and they weren’t even full time workers!
The meeting is free to attend, so please come along to the New Inn on Thursday 27th February and be prepared to be enlightened!