and us regulators were informed of and us regulators were informed of an international stately drive to manipulate interest rates in the 2008 financial crisis but they cover it up. this morning the times newspaper on the bbc have published quotes from a secretive interview with barclays treasurer who gave evidence. artificially push down benchmark interest rates. that evidence was withheld from parliament and from jurors in the criminal trials of traders for manipulating interest rates. regulators, though, say they have met their disclosure obligations. what is going on, economics correspondent andy verity led the investigation and told me about the significance of holding them at lowering those rates. when you hear about interest rates whether on your mortgage or your personal loan actually they are not based on those central bank interest rate that is business hacks obsess about. they are actually based on how much it cost banks to borrow cash and international money market
libel and durable keep track of those in the way they do that is every morning banks asked the question and what interest rate do you borrow cash. they give the answers. they take an average of all those and they get an average interest rate which is libel. link your dollars and your mobile 4 euros. now, banks have been fined $9 billion since 2012 for manipulating libor and eurobor. we billion since 2012 for manipulating liborand eurobor. we are billion since 2012 for manipulating libor and eurobor. we are used to thinking of this is traders making requests for libor and eurobor to go up requests for libor and eurobor to go up and down when they make their investigates. but we are less used to hearing is a whole load of other investigations. audio recordings have been assured the mac revealed central banks and government were involved in trying to push libor and eurobor down in central bank 2008 financial crisis. you might say that his history but it has contemporaries significance bec