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English Subtitles

It's been another bad year for the banks

And we've all learned another complicated acronym as a result

It's called 'Libor' and it stands for 'London Interbank Offered Rate', and it describes the rate the banks lend to each other...

...and lend to us

And what we found out was the banks were being rather naughty behind-the-scenes...

...and trying to fix that rate to their own end.

One bank in particular, Barclays, lost its chief executive as a result and was forced to pay an almighty £200 million fine

And it's causing a problem for the politicians here too

Because two of our state-owned banks, RBS and Lloyds, are also tied up in the scandal.

We're going to have to wait until early next year to see just how much their going to have to pay to clear up their side of this mess

Introduction

A review of the financial year (2012) in the UK. In this short report from Channel 4, the presenter speaks nice and clearly, so you should have no problems in understanding her.  A good introduction to words associated with investment banks and the financial markets.

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Channel Information
Channel 4 News
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