We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Joe Giddens/PA Wire/Press Association Images
Rate Fixing

European banks to be fined up to €1.6 billion each today for rate-fixing

The fines could set EU antitrust records with banks accused of fixing the rate at which they lend to each other.

THE EU IS today preparing to levy record fines against a number of banks that are thought to have fixed interest rates.

The identities of the banks have not yet been disclosed by Brussels, but Reuters has named Citigroup, RBS, Societe Generale and Deutsche Bank.

It is thought that Swiss bank UBS will avoid a fine because it raised the issue with EU authorities.

The banks are accused of attempting to fix the rates at which banks would lend to each other.

Banks lend in either in euro (the Euribor rate) or yen (yen Libor, which is priced in London), or both.

The Japanese rate, known as the Tibor, is also being investigated.

Reports this morning suggest that each bank could be fined as much as €1.6 billion – €800 million for each rate. If true, that will be the largest antitrust fine in the history of the EU.

An announcement is expected from the EU’s competition commissioner this morning, but some banks are believed to be fighting the sanctions.

Read: Bank of Ireland to begin repaying €1.8 billion to the State

Read: Investor compensation fund able to deal with future significant company failures

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.