The European Commission has JPMorgan, HSBC and Crédit Agricole, a fine will be imposed that combined more than 485 million euros. The fine is the result of a research that the European competition authorities over the past five years did to the so-called ‘Euriborkartel’. From this research it appears that the banks, the interest rates have been manipulated.
According to european Commissioner Margrethe Vestager for Competition, the banks would have unauthorized agreements regarding the prices of interest rate derivatives; these are financial products that are interest-rate changes to absorb. JPMorgan is the heaviest fined with more than $ 337 million. Crédit Agricole needs to 114,6 million euro pay and HSBC gets a fine of 33.6 million euros.
Deutsche Bank, Société Générale and Royal Bank of Scotland settled in 2013, to 820 million euros in the same study. Barclays brought the matter to light and would be a fine as a result escape.
Vestager stressed that banks comply with the EU rules on competition must be respected. “A reliable and competitive financial sector is essential for investment and growth.”
A spokesman for JPMorgan, which contested that the bank was involved in manipulation of derivatives. The bank “considering” at the penalty appeal.
In 2011, the research began to the Euriborkartel under commissioner Almunia. Previously, the EU imposed a fine of more than 1.8 billion euros for the manipulation of interest rates Libor and Euribor. Here were traders from the Rabobank is involved.
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