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EU competition regulators are “poised to levy multi-billion euro fines on banks that took part in a cartel to rig two key global interest rate benchmarks,” reports The Financial Times.
Three banks — Royal Bank of Scotland, Deutsche Bank and Société Génerale — “are set to pay fines next month to settle allegations that they acted in concert to manipulate either Euribor, Yen Libor or both benchmarks”, explains the daily.
Three other banks — JP Morgan, HSBC and Crédit Agricole — which are still “holding out” will probably face fines at a later date.
The business daily notes that the ultimate cost of a settlement, which could amount to “as much as €800m” per institution —
… is expected to smash antitrust records in Europe […] If the Commission issues fines at the top of the range for all six banks, the aggregate could hit €5bn.
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