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“We are pleased to see that the agencies’ recommendations go in the same direction as the preliminary steps we have already taken to reinforce the index setting process and governance, with the aim to avoid possible future manipulations”, declared Guido Ravoet, Chief Executive of Euribor-EBF.
The benchmark-setting organisation is indeed in the process of reviewing the composition of its Steering Committee and has for a long time welcomed the possibility for European supervisors to be engaged in the supervisory process of Euribor. Euribor-EBF agrees with the agencies that more specific controls have to be in place and that banks have to implement strictly the Code of Conduct they subscribe to when contributing to Euribor.
“These recommendations put forward by EBA and ESMA provide a solid interim solution, on which we hope the regulators will be able to build in their future proposals”, concluded Ravoet. “They will certainly give us clear guidance with regards to our own reflection on the revision of Euribor.”