I prefer a system where bankers are pelted with kiwi fruits if they’re caught lying but this one refers to New Zealand, where Libor rates are set on actual trades.
Foreign official are snooping around, according to the local press.
Atmore said the ECB had expressed an interest in the New Zealand system, which has been specifically built to produce the interbank rates here. …
“Honestly, for a country like us, and indeed Australia, I think we are miles ahead of where the Europeans are in relation to the way the interbank rates are set locally,” Main said. “I think we are very fortunate in having a very transparent, effective rate setting process.”
