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European banks fined record amount

by Staff Reporter6 minute read
The Adviser

Eight finance groups in Europe have been fined a record amount after rigging the Euribor and Japanese yen Tibor interest rates.

German Deutsche Bank was hit the heaviest, with finals totalling €725 million.

French bank Societe Generale was fined €446 million for manipulating the European Euribor rate and Royal Bank of Scotland was fined €391 million for involvement in cartels which rigged both rates.

The European Commission's anti-trust authorities had never previously imposed such big fines overall, competition commissioner Joaquin Almunia told a press conference.

Investigations are continuing concerning French bank Credit Agricole, HSBC of Britain and US bank JPMorgan – which was already fined $13bn in October.

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