EU To Offer Banks Settlements On Euribor Probe?

What's Next In Payments®
5:21 PM EDT February 24th, 2013

Rumour has it that the European Commission has offered several banks under suspicion of Euribor rigging the possibility to settle, to avoid hefty fees, in order to speed up the investigation.

Sources close to the investigation told Reuters that Antitrust Commissioner Joaquin Almunia “wants decisions on the cases by the end of the year.” If the banks were to tke up the offer the investigation could be concluded as soon as this year.

However, the same sources revealed that many banks are resisting a settlement, as they do not believe the charges can hold. If a bank opposes a settlement and then is found guilty, it could mean a fine equivalent to 10% of their annual revenue. This could be multiplied by three if the bank is guilty of manipulating more than one benchmark rate.

The beginning of 2013 has already seen RBS being fined by both the US and UK authorities. Other banks, which have also been affected by the scandal, might be tempted by the Commission’s offer as a way out for their growing legal fees.

The Commissioner has declined to comment on the possibility of the settlements.

Read the original story here.

Topics:
Comments
Also by This Author
What's Hot
B2B Payments
Europe Gains Western Union Money Transfer Options
Acquiring
EMV Company To Acquire EFT Source
B2B Payments
New Deal Brings IT Services And Cloud-Based Travel Management Together
Mobile
Best Buy Offers Gloomy Outlook
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
B2B Payments
Europe Gains Western Union Money Transfer Options
News
An Export Strategy To Bolster A U.S. B2B Workforce
Acquiring
EMV Company To Acquire EFT Source
B2B Payments
New Deal Brings IT Services And Cloud-Based Travel Management Together
View All Articles ››