Swiss regulators fine eight large global banks $100m for rate-rigging
Geneva — Swiss competition authorities on Wednesday said they had handed eight large global banks a joint fine of nearly $100m for creating cartels and rigging international interest rates between 2005 and 2010. Barclays, Citigroup, Credit Suisse, Deutsche Bank, JP Morgan, Royal Bank of Scotland (RBS), Societe Generale and UBS were hit with fines totalling 99.1-million Swiss francs ($96.3m), the Swiss Competition Commission said. The commission, which first started investigating the banks in February 2012 for the suspected manipulation of a range of rates, said in a statement that it had pursued them through five separate procedures, "which today have been partially or totally concluded". The largest portion of the fine — 45.3-million francs of it — was imposed over the manipulation of the Europe Interbank Offered Rate, or the Euribor rate — a benchmark used to determine the price or interest rate for a range of financial products, including saving accounts and mortgages. The commis...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.