Ad
Bank vault: Almunia said he is 'appalled' by the scandal (Photo: Burning Robot Factory)

Banks to pay out €1.7 billion in rate-fixing scandal

Eight European banks have been fined a total of €1.7 billion after the European Commission found that they had been participating in illegal cartels to fix the multi-trillion euro market of financial derivatives.

The latest rate-fixing scandal, which involved a string of Europe's biggest high street and investment banks including Barclays, RBS, Deutsche Bank and Societe Generale, comes just over a year after a handful of banks were fined for manipulating the inter-bank lending rate that...

Get EU news that matters

Back our independent journalism by becoming a supporting member

Already a member? Login here

Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

Bank vault: Almunia said he is 'appalled' by the scandal (Photo: Burning Robot Factory)

Tags

Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

Ad

Related articles

Ad
Ad