Panel agrees to the withdrawal of Barclays Bank from EIBOR fixing process
WAM Abu Dhabi, Jul 18th, 2012 (WAM) - The EIBOR panel consisting of Central Bank and Banks representatives has agreed to the withdrawal of Barclays Bank from EIBOR fixing process after the 3 months notice period.
A statement from the UAE Central Bank said that the Panel had met on Tuesday to discuss Barclays Bank's request to withdraw.
The EIBOR rates are set by a panel of 12 banks on a daily basis for various tenors by excluding the two highest and the two lowest from the submitted rates and taking the average of the rest.
Based on the justifications provided by Barclays Bank to withdraw from the EIBOR panel including the circumstances that have occurred for the bank in London and New York, the panel members agreed to the withdrawal after the 3 months notice period, said the statement.