the adviser logo

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.

Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more