World Economy

Singapore Returns $9b to Banks

Singapore Returns $9b to BanksSingapore Returns $9b to Banks

Singapore’s central bank gave back as much as S$12b ($9.3b) that it took from 19 lenders last year as a penalty for trying to rig benchmark interest rates. The banks have taken steps to prevent a recurrence of attempts to manipulate the rates, the Monetary Authority of Singapore said in an e-mailed statement Friday, Bloomberg reported. UBS AG, Royal Bank of Scotland Group Plc and ING Group NV were among firms asked to post reserves ranging from S$100 million to S$1.2 billion for a year at zero interest in June 2013. The return of the funds follows investigations in Singapore that started last year amid a widening global review of benchmark rates.