Libor scandle

[Redarress]

Has anyone thought how much the man in the street has been overcharged by the Banks due to them fiddling the Libor rate.
I have a business over draft ,a commercial mortgage ,a hedge product to supposedly limit my exposure on the commercial mortgage and finally a mortgage on my house. How much have I been overcharged by my bank and how do I go about getting a refund ?

[groak]

"...the pump don't work coz the vandals took the scandle..."

Bob Zimmerman (1965)

[Redarress]

groak said:

"...the pump don't work coz the vandals took the scandle..."

Bob Zimmerman (1965)

Ok so we know spelling is not my strong point NOW ANSWER THE QUESTION.

[davepoth]

Redarress said:

Has anyone thought how much the man in the street has been overcharged by the Banks due to them fiddling the Libor rate.
I have a business over draft ,a commercial mortgage ,a hedge product to supposedly limit my exposure on the commercial mortgage and finally a mortgage on my house. How much have I been overcharged by my bank and how do I go about getting a refund ?

You would sue. Good luck with that, the bank would throw every lawyer in the known world at your case because of the potential of other people following if the claim was successful.

[Redarress]

davepoth said:

You would sue. Good luck with that, the bank would throw every lawyer in the known world at your case because of the potential of other people following if the claim was successful.

So it would be fair to say that due to the Banks illegal methods a large proportion of society has been defrauded of hard earned cash ?

[davepoth]

Redarress said:

davepoth said:

You would sue. Good luck with that, the bank would throw every lawyer in the known world at your case because of the potential of other people following if the claim was successful.

So it would be fair to say that due to the Banks illegal methods a large proportion of society has been defrauded of hard earned cash ?

No, it probably wouldn't. It can't be fraud without the intention to defraud and I don't think anybody has even suggested that any financial losses were intentional; rather that they were a byproduct of their intended actions.

[limpsfield]

It was manipulated both above and below where it should have been.

So you may actually have been undercharged.

I look forward to thre thread on "which bank should I send my cheque to as a refund for the LIBOR scandal"

[R11ysf]

Redarress said:

Ok so we know spelling is not my strong point NOW ANSWER THE QUESTION.

How do you know you have been overcharged? You could have been undercharged. Are you going to contact the bank to find out how much extra you owe them?

[otolith]

Which of those products are pegged to LIBOR?

[Cheib]

Redarress said:

Has anyone thought how much the man in the street has been overcharged by the Banks due to them fiddling the Libor rate.
I have a business over draft ,a commercial mortgage ,a hedge product to supposedly limit my exposure on the commercial mortgage and finally a mortgage on my house. How much have I been overcharged by my bank and how do I go about getting a refund ?

Very few products availble to individuals are pegged to Libor.....not sure about business rates.

The quantum is tiny.....we're talking 0.01 or 0.02 % on a given day. You need to have some absolutely gargantuan lending/borrowing to make it worth persuing.

[Redarress]

Thanks for your comments. So the majority of products are not affected by the Libor rate ?

[R11ysf]

Redarress said:

Thanks for your comments. So the majority of products are not affected by the Libor rate ?

No. Most products available to the public are linked the Bank of England base rate. Your commercial loan may have an element linked to LIBOR, but as written above the amount of the moves was miniscule and they may even have been in your favour. This was about actually trading the fixings on a daily basis and for a fair while they didn't want to let on how bad their situation was so they actually held LIBOR at a lower rate than was the reality - i.e. any LIBOR pegged borrowing was paying less.

Think of it as a share price; if the price of a share on Jan 1st is £10 and over the course of a month they manipulate it up and down between £9.90 and £10.10 and at the end of the month it is at £10, what have you lost? Only if you were buying or selling the shares in this period would you have been affected, but if you held them all the way through, as I imagine your mortgages have been, then there has been virtually no effect. Also the amount or the manipulation was microscopic compared to the example I gave above.

There is no compensation to be gleaned here, only fines for the naughty boys playing the dodgy game.

[Redarress]

Pistonheads at its best. Thank you for the explanations

[Redarress]

Double post

Edited by Redarress on Monday 1st October 22:48