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“Major European banks are paying dearly for their alleged participation in the manipulation of interest and exchange rates,” reports Der Standard.
On October 29, in the Netherlands Rabobank has announced that it has reached an agreement with US authorities, under the terms of which it will pay a fine of €774m for its involvement in the manipulation of the Libor and Euribor interest rates.
In response to the prospect of similar fines, Germany’s Deutsche Bank has set aside €4bn and Swiss bank UBS, which has already been forced to pay out more than €1bn, has prepared a provision of €500m, explains the daily. All of these sums will weigh heavily on the banks’ balance sheets.
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