European Commission to fine six banks

The European Commission will fine six banks for manipulating the Euribor rate, according to the Reuters news agency. Among these banks are Deutsche Bank and JP Morgan, among others.

This is the first time that the European Commission has imposed a fine for such a manipulation scandal. Earlier it was announced that Rabobank was fined 774 million euros for manipulating the Libor rate. The Libor rate is the British variant of the Euribor rate.

Barclays seems to have avoided this fine because they have acted as whistleblowers. The remaining four banks would be HSBC, Royal Bank of Scotland, Crédit Argricole and Société Général. In the case of the latter four, it remains to be seen whether they would also be fined in the short term. For example, Reuters indicates that there are some banks that have opted for a lower fine.