England began a trial about the manipulation of interest rates on interbank credits

England began a trial about the manipulation of interest rates on interbank credits

12.01.2016 News

England began a trial about the manipulation of interest rates on interbank creditsIn London is being heard the case about the manipulation of European interbank rates Euribor. The defendants are  11 former employees of large financial companies such as Deutsche Bank, Barclays and Societe Generale.

This trial is characterized like atypical, because for the first time in the case of manipulation of the bidding Euribor defendants are individuals:  6 defendants are the former employees of Deutsche Bank, 4 are the former employees of Barclays and one is the ex – employee of Societe Generale.

Investigations about collusion in the setting of international bank rates is maintained by regulatory authorities for more than two years. The first high-profile case was opened in 2012, where the defendant is the Barclays bank. The bank was awarded to pay a fine of $ 450 million. Also in about 10 financial institutions were prosecuted, the largest amount of the fine, which the respondent had to pay was $ 2,5 billion, this amount has been set for Deutsche Bank.

European Interbank Offered Rate, EURIBOR is the average interest rate on interbank credits, which are issued in Euros. Calculation and publication of the bet size are carried out daily at 11:00 am Central European Time, on the basis of information provided by the ten largest banking institutions (the defendants were among the employees of these banks).

Regulatory authorities thoroughly investigated the cases on manipulation of interbank rate Euribor for financial companies, the total amount of penalties to banks and brokerages  was $ 9 billion. Also, about 30 individuals fell under suspicion of regulators.

Source: rns.online

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