SYDNEY: Australia is scrapping the panel that sets its interbank lending rates after an exodus of banks from the panel, the first major market to dismantle the tarnished structure in the wake of the Libor rate-rigging scandal.
Australia instead plans to base its reference rates on actual market transactions, in line with recommendations earlier this month by a group of global central bankers, and could set the pace for moves in other markets.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
