Economics

EU fines six banks record 1.7 bn euros for rate fixing

The European Union fined six finance groups a record 1.7 billion euros for rigging the Euribor and Japanese yen Tibor interest rates.

04.12.2013

(AFP) The European Union fined six finance groups a record 1.7 billion euros on Wednesday for rigging the Euribor and Japanese yen Tibor interest rates.

German Deutsche Bank, involved in rigging both rates, was fined a total of 725 million euros, and French Societe Generale was fined 446 million euros for manipulating the European Euribor rate.